Business credit demand moderates in September quarter

Business credit demand stabilised, down -1.2% year on year in the September quarter of 2023, following a strong June quarter 2023 result. Overall demand has steadied, with solid demand growth in the Accomodation and Food Services sector, offset by some softness in the Construction sector.

Personal loans on the rise as overall consumer credit demand continues to stabilise

Despite uncertain market conditions consumer credit demand rose slightly in the September quarter of 2023, according to the latest Equifax Quarterly Consumer Credit Demand Index (September 2023). The September quarter saw further stabilisation of retail credit demand, with solid growth in July and August, tempering through September in the run up to the election.  The growth in demand was largely driven by personal loans (up +16.7% vs the same period in 2022).

Positive signs of recovery as business credit demand grows

Business credit demand grew +6.3% year on year in the second quarter of 2023, the biggest increase in two years. This is a positive sign for NZ businesses and the economy as demand returns to pre-pandemic volumes. According to Equifax, asset finance (+13.2%) and business loans (+7.2%) were the largest contributors to the June quarter increase, with trade credit relatively soft (+1.1%) year on year. This is a strong turnaround from previous quarters.

Unsecured credit drives resurgence in consumer credit demand

Following seven consecutive quarters of decline, consumer credit demand increased +5.3% in the June quarter of 2023 vs the same period last year. Unsecured credit demand increased markedly, up +15.1% year-on-year for the June quarter, driven by ongoing growth in credit card demand (up +16.0% vs the same period in 2022), along with strong personal loan demand (up +14.5% vs the same period in 2022). Mortgage demand dipped slightly, -1.7% in the June 2023 quarter versus the same quarter 2022.

Business credit demand softens amid economic headwinds

Business credit demand fell -6.6% year on year in the first quarter of 2023, with demand across all commercial credit types below pre-pandemic levels. Demand is now at its lowest level since the initial lockdown in H1 2020, with a greater than average seasonal dip and severe weather events contributing  to the decline. 

Consumer credit demand declines despite ongoing appetite for credit cards

The March Consumer Credit Demand Index shows consumer credit demand is at its lowest point since the first Covid lockdown in 2020, despite credit card resilience. Mortgage demand dropped by a fifth compared to the same quarter last year. The data indicates a dip in consumer sentiment as consumers are concerned about taking on new spending in an uncertain and increasingly expensive environment.

Learning about credit in the classroom – future directions for our young Kiwi

We sat down with Banqer co-founder Kendall Flutey to reflect on the past six years and talk about future directions in credit education.

Business Credit Demand in Negative Territory During the Q4 2022 quarter

Overall business credit demand was down -1.7% year-on-year in the December 2022 quarter. 

Home Demand Down, Credit Card Appetite Continues To Increase

The latest Quarterly Consumer Credit Demand Index for the quarter ending December 2022 shows a continuing stable trend in overall consumer enquiry volumes across 2022.  However, demand remains below pre- and post-pandemic volumes, with a notable dip in home lending appetite for the last quarter of 2022.

Credit Card Appetite Drives Improved Retail Credit Demand

The latest Quarterly Consumer Credit Demand Index reveals an improving trend in overall consumer enquiry volumes for the quarter ending September 2022. 

Business Credit Demand up 3% during the September 2022 quarter

Business credit demand has been relatively soft since the August 2021 lockdown, however commercial lending appetite has been steadily improving since the start of 2022 and is slowly nudging towards pre-pandemic levels.

How Being Credit Smart Can Help Protect Your Small Business

Some small businesses can view credit checks as too expensive or time consuming. Business credit checks, however, are an investment that pays off if you want to understand how risky a client's business is

Growing Your Small Business – Three Ways To Protect Yourself

Cash flow is an integral part of any business, particularly for small and medium-sized enterprises (SMEs).

How Yonda Wants To Change The Way We Think About Credit Scores

We have recently partnered with Yonda, a New Zealand based fintech to help Kiwis better understand credit and credit scores via a new app.

Business Credit Demand down 12% during the June 2022 quarter, Business Loans below 2020 lockdown levels

Overall business credit demand is down year-on-year for the 4th consecutive quarter, and remains below pre-COVID volumes.

Consumer Credit Demand Decline Continues, with Credit Card Demand showing signs of recovery

Overall consumer enquiry volumes declined for the 4th quarter in a row, with a year-on-year reduction of 23.6% for the quarter ending June 2022.

Helping mortgage brokers succeed in the current market

With softening demand and prices in New Zealand’s housing market, mortgage brokers need to know their customer before putting forward a deal to a lender.

Mitigating credit risk – how to know if a business is struggling

The reality of running a business is that, from time to time, a venture is not as successful as initially planned or hoped for.

Determining Mortgage Affordability – Practical Insights for Mortgage Brokers

We sat down with Senior Product Manager Angeles Retamal to find out how Equifax New Zealand’s Affordability Solutions are solving those challenges for Mortgage Brokers. 

Credit demand remains soft as consumer re-financing activity hits new lows

According to the latest Quarterly Consumer Credit Demand Index, overall consumer enquiry volumes declined for the 3rd quarter in a row, with a year-on-year reduction of 32% for the quarter ending March 2022.

Business Credit Demand down 9.2% during the March 2022 quarter

Business credit demand continued to be soft, declining for the third consecutive quarter, with a 9.2% reduction in overall business credit enquiries year-on-year for the March 2022 quarter.

Kids vs Adults on Credit: How Kids are Learning Better, Faster, Stronger Than Us

Equifax's partnership with financial literacy platform Banqer means thousands of Kiwi kids are learning about credit. Here are some of Banqer’s secrets to successful learning in the classroom.

How to Harness Income and Expense Data Quickly for Greater Efficiency

No one wants to continue assessing customer income and expense data manually. Lenders are all too aware of the inefficiency of paperwork-heavy processes, and today's borrower wants a simplified and fast loan application experience.

Navigating credit in the classroom

Kirsty Anderson wishes she’d known more about credit as a young adult. As a teacher at Christchurch’s Broadfield School, she’s been learning alongside her students as she teaches our young Kiwis how to be credit smart.

5 clever third-party audience strategies to supercharge holiday campaigns in 2020

Considered as the money-spinning quarter every year, especially for retail, finance and e-commerce, the holiday season this yea

How to reduce credit risk in a pandemic impacted economy

The financial impact of the Covid-19 pandemic means now, more than ever, creditors need to actively manage their debtors’ book.

Protecting our older whanau from scams

We have all seen them – the scam emails, often thinly veiled as windfall or sudden inheritance of millions that will change the

Financial stress due to COVID–19: Where to get help

When debt becomes overwhelming, it can take a toll on your physical and mental health.

Demand for consumer credit declines by more than 70% during lockdown

AUCKLAND, New Zealand, May 7th, 2020:  Research released today by Equifax New Zealand shows that consumer credit demand fell by up to 71% during the C

COVID + Credit: Protecting yourself and your credit file

The Covid-19 crisis is affecting many aspects of our lives, and protecting your credit is a critical part of navigating these c

COVID + Credit: How to prioritise when money is tight

While you should do your best to pay your bills on time every month,  that isn't always possible.

Your questions answered - the impact of COVID-19 on your credit file

At Equifax we have had a number of queries from customers asking how the current situation will impact their credit report and

Paying your bills - how to catch up when you’ve fallen behind

It can feel impossible to catch up on paying bills after you've fallen behind, but it’s important to remember that the COVID pa

Preparing for changes to lending legislation

Amendments to the Credit Contracts and Consumer Finance Act 2014 (CCCFA) came into force in December 2019, but many of the chan

Kiwis need to look beyond their credit score

AUCKLAND – November 22nd, 2019: Misconceptions around credit scores may be affecting the financial wellbeing of Kiwis according to the head

How to secure long term donors for your charity

Maintaining a steady stream of regular donations is critical to the survival of all charities.

Why your sales strategy isn’t yielding results

It’s Monday evening and most people have just arrived home from work.

NZ Tech Week 2019: Triumphs and challenges of a tech startup

In 2017 we partnered with Banqer, an online financi

Protecting privacy is everyone's responsibility - Privacy Week 2019

The Office of the Privacy Commissioner has once again rolled out a week of events to help educate businesses, organisations and agencies about their rights a

Kiwi kids get credit smart

In the real world, twelve-year-old Bella Reinecke would be one of the world’s youngest credit smart property investors. Her perfect credit score of 1000 has helped her purchase...

The power of positive credit reporting: Part 2

In part one of our blog on the power of positive credit reporting, we highlighted the five ways mid-market lenders can benefit. In part two, we talk to one of our partners about how to get up and running.

The power of positive credit reporting: Part 1

In this two-part blog on the power of positive credit reporting, we highlight five ways mid-market lenders (MMLs) can benefit.  In part two, we’ll share an interview with one of our partners helping take the pain out of onboarding for lenders with limited resources.

Strength in numbers: the power of property data

In 2016, Equifax partnered with Valocity, to deliver property solutions.

Using visuals to tell data stories

Using visuals to tell data stories is a great way to engage your audience. That’s because our brains absorb and retain images more easily than words. What’s more, you don’t need to be an expert -  here’s how to get started.

Why kids should learn about credit in the classroom

We ask web based financial education platform Banqer's co-founder about creating a future of more credit-savvy individuals via New Zealand classrooms.

Five ways data storytelling can drive business

What does a data storyteller do? And is it worth the investment? Read on to find out.

Humanising data – how to get started

The big data hype has seen companies amass a herculean amount of information. But what are we doing with all that data? And how can it help both businesses and consumers?

Four steps to building a data driven marketing strategy: part 4

The final part of our blog series examines the use of combined data and customer profiling to implement data driven marketing and increase your return on investment.

Keeping the cash flowing - tips for getting paid on time

Small to medium sized business? Check out our top tips for better cashflow control.

Four steps to building a data driven marketing strategy: part 3

Part three in our four-part blog series looks at how to combine your own customer data with that of a third party to better tailor your marketing strategies.

Four steps to building a data driven marketing strategy: part 2

Part two of a four-part blog series. Learn the four essential components for building a data driven marketing strategy.

Four steps to building a data driven marketing strategy: part 1

Part one of a four-part blog series. Learn the four essential components for building a data driven marketing strategy.

What is the role of a credit bureau?

What is a credit enquiry?

Credit enquiries can have an impact on whether a lender accepts your application or not. Learn more.

School students to become credit-smart as new financial literacy partnership launches

AUCKLAND, March 20, 2017 – Educating school students on the pros and cons of credit so they become more financially savvy is driving a new partnership which will be launched at Murray’s Bay Intermediate School in Auckland today.

Booming residential construction increases the risk & rewards for the construction sector - Fuse September 2016

The New Zealand property market has experienced rapid growth over the last 18 months as demand outstrips supply across most parts of the country.

Economy showing resilience to low dairy prices - Fuse July 2016

Since the 2011/12 peak pay-out and the dairy industry has experienced a multi-billion dollar reduction in income.

Congratulations Start-Up Innovator of the Year!

The New Zealand Innovation Awards 2016 were held late last month with Ligar – Ligar for the Environment taking home the enviable title of Start-Up Innovator of the Year, a new category sponsored by Equifax New Zealand.

Strong housing market drives retail spending

Auckland, New Zealand, Wednesday, 4 May 2016: Activity in the New Zealand housing market remains strong, with mortgage applications up 11.6 per cent year-on-year in the March 2016 quarter according to Veda, the leading provider of data analytics and credit information in New Zealand and a wholly-owned subsidiary of Equifax.

New Zealand reaches Comprehensive Credit Reporting milestone

Auckland, New Zealand, Thursday, 31 March 2016: Tomorrow marks the four-year anniversary of Comprehensive Credit Reporting (CCR) being permitted in New Zealand. With the industry transition to CCR now well progressed and real benefits being realized, both credit providers and consumers have cause to celebrate.

Comprehensive Credit Reporting the key to responsible lending

Auckland, New Zealand: Tuesday 1 December, 2015 – Analysis by Veda, the leading provider of credit information and analytics in Australasia, has found that lenders participating in comprehensive credit reporting (CCR) are reporting an increase in approval rates of between 10-20 per cent for new-to-lender applicants.

216,000 Kiwis present real credit application fraud risk. Does New Zealand have a fraud problem?

Auckland New Zealand, Monday 2 February 2015: According to New Zealand’s largest credit bureau, Veda,  216,000 New Zealanders, over the age of 18, use more than one name to apply for credit and have an adverse credit history, potentially presenting a real credit and fraud risk to banks, finance companies, lenders and other credit providers such as telcos, and energy companies.

Veda first to launch Passport Verification Service

Auckland New Zealand: 10 November 2014 - New Zealand’s leading credit bureau, Veda, has extended its extensive suite of electronic identity verification products to include a real-time Passport Verification Service via the Department of Internal Affairs.

Veda dubs New Zealand’s Gen Y as Property Orphans

Auckland, New Zealand, Tuesday 23 September 2014: New data from Veda shows that Generation Y’s home ownership prospects appear to be rapidly declining in New Zealand.