home loans rose 2.3 per cent in the june quart

Rise in first home loan applications in June quarter
From: AAP July 28, 2010 11:31AM

Demand for first home loans rose 2.3 per cent in the June quarter, but overall demand for mortgages is down 20pc on last June quarter / Jeremy Piper Source: Supplied
Index tracks consumer inquiries
First home loan applications up 2.3pc
Demand for credit cards falling

MORTGAGE applications by first home owners rose 2.3 per cent in the June quarter, but credit card applications dropped nine per cent, credit agency Veda Advantage says.

Veda's latest quarterly consumer credit demand index tracked credit inquiries over the June 2010 quarter.

It showed first home owner mortgage applications firmed 2.3 per cent compared to the March quarter.

But mortgage applications fell 20.3 per cent compared with June 2009 quarter, as the first home owner grants were wound back, Veda said.

Applications for credit cards have been falling steadily for two years, and dropped another nine per cent in the June quarter, compared to the March quarter, Veda added.

There was also a 4.8 per cent decline in personal loan applications over the same period.

Veda compiled the June quarter data in mid-July from data collected across the June quarter.

Its credit demand index has collected data from more than 42 million consumer credit inquiries since October 2002.