The launch of the Federal Government’s Personal Property Securities Register (PPSR) has signalled the start of a new and profound era for businesses and consumers across Australia.
The move to a single national register – and legal reform that underpins use of personal property as security for credit – impacts significantly on daily business processes, documentation, systems and the management of credit risk.
Comprehensive Credit Reporting (CCR) is all about a change in the credit information that can be shared by lenders in assessing credit. It will reshape the way lenders assess risk and consumers access credit.
In industry terms, CCR means a shift from negative to comprehensive reporting: more data, more often, shared more widely – which provides a more complete picture of a customer’s credit commitments - benefiting consumers, lenders the wider economy.
In 2014 the process of residential property settlement is going to become faster and simpler through an online platform supported by Property Exchange Australia (PEXA).
PEXA will be available to all lenders, lawyers and other professionals involved in mortgage and conveyancing processes, giving them the ability to perform electronic lodgements with Land Registries and settling funds online in a simple transaction.
Consumer Credit Demand Index
Veda’s quarterly Consumer Credit Demand Index measures the change in consumer credit demand for the quarter compared to the same period in the previous year. Through our data insights we provide information our customers can use to make informed decisions. Veda’s quarterly credit demand index provides the latest trends in demand for credit cards, personal loans and mortgages.
Veda’s data historically shows that mortgage enquiries are a good indicator of home buyer demand, and an excellent indicator of housing turnover, with movements in mortgage enquiries tending to lead movements in house prices by around six to nine months. Australian house prices have now returned to positive year-on-year growth, as foreshadowed by Veda mortgage enquiries.
- Sydney, 24 October, 2013: Veda, Asia-Pacific’s leading provider of consumer and commercial data intelligence and insights today revealed the results of its consumer credit demand index for the third calendar quarter of 2013. The index, which measures the change in consumer credit demand for the September quarter compared to the same period in 2012, showed that overall demand increased by 7.4% over the past year, up from 5.4% in the June quarter and the strongest quarterly result since 2006.Read more
- Sydney, Australia, 23 July 2013: Veda’s Quarterly Consumer Credit Demand Index: April to June 2013 - Consumer credit demand has increased 3.9% over the past year, driven by mortgage enquiries which jumped 6.9% and personal loans which increased 6.1%. The June quarter recorded the largest volume of mortgage enquiries in three years, suggesting that house price growth is likely to remain in positive territory in the near term.Read more
- Sydney, Australia, 9 May 2013: Veda’s Quarterly Consumer Credit Demand Index: January to March 2013 - Consumer credit demand has shown some positive underlying trends for the first calendar quarter of 2013 with overall demand increasing 4.7% of the past year, displaying the strongest rate of annual growth since the GFC. Personal loan applications continued to drive the demand for consumer credit with consumers’ appetite for car loans being a primary factor.Read more
Business Credit Demand Index
The business credit demand index measures the volume of credit enquiries that go through the Veda Commercial Bureau by credit providers such as financial institutions and major corporations in Australia. Based on this it is a good measure of intentions to acquire credit by businesses. This differs to other market measures published by the RBA/ABS, which measure new and cumulative dollar amounts that are actually approved by financial institutions.
- Sydney, 30 October, 2013: Veda, Asia-Pacific’s leading provider of consumer and commercial data intelligence and insights today revealed the results of its business credit demand index for the third calendar quarter of 2013. The index, which measures the change in credit demand for the September quarter compared to the same period in 2012, showed that overall business credit demand decreased to -0.7% over the past year, a sharp fall from 5.5% in the June quarter.Read more
- Sydney, Australia, 30 July 2013: Veda’s Quarterly Business Credit Demand Index: April to June 2013 - Overall business credit demand in the quarter increased to 5.5% over the past year as non-mining states grow faster than mining states for first time in two years. Growth has also been driven froma significant increase in commercial enquiries from new businesses, categorised as having less than four years of operation, relative to established businesses.Read more
- Sydney, Australia, 1 May 2013: Veda’s Quarterly Business Credit Demand Index: January to March 2013 - Veda’s business credit demand index for the first calendar quarter of 2013 showed slowing growth for the second consecutive quarter, the first time this has occurred since June 2010. The index showed a 2.2% increase YoY, with business loan applications increasing 5.4%, but trade enquiries contracting -2.5%. The overall weakening of business credit growth, given lower interest rates raises some concern as it may indicate that the medium term outlook for GDP growth does not look good.Read more