August 16, 2012 – 11:15am,
Credit bureau Veda says mortgage enquiries rose 44% in July emphasising renewed confidence in borrowing for both homes and businesses.
Veda said for the first time in five years its bureau statistics showed a rise in commercial enquiries, which is “enormously positive” for the economy.
“Businesses owners require a level of confidence in future growth to borrow funds to invest in their operations and expand,” Veda’s managing director John Roberts said. “Business has hung in through a slow economic recovery. An increase in enquiries is a welcome sign of emerging stimulation in the commercial sector.”
Roberts’ comments are similar to those from ASB CEO Barbara Chapman. After the bank released its annual results.
Chapman told interest.co.nz ASB had grown business lending by 6% in the year to June 30, well ahead of overall lending growth of just 1.2%, with the growth widespread.
Chapman said customers had worked out that they’d got through a tough period and their businesses were doing well.