This was contrary to other credit types over the same period, with enquiry volumes for buy now pay later (BNPL), credit cards and personal loans increasing by 28%, 31% and 26% respectively. Over the two years from February 2021, the rise in the level of enquiry across these credit types was even more pronounced.
Experian said that its analysis showed that Australians were turning to short-term lending options to help them to deal with the rising cost of living amid inflationary and other pressures.
Experian general manager of credit services Tristan Taylor (pictured above) said that the lending landscape had changed “significantly” over the last two years, driven by the evolving needs of Australians as the country tackled higher inflation and other economic forces.
“Many Australians with mortgages and loans are likely to be feeling the economic pinch, so lenders need to adapt,” Taylor said.
Given the outlook, for credit providers committed to proactively monitoring their customers’ financial health, automation, data and analytics and decisioning would be “key”, he said.
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- Source: https://www.mpamag.com/au/specialty/alternative-lending/mortgage-enquiry-volumes-dwindle/450541
