Personal loans becoming popular again

Personal loan applications rose three per cent nationwide, while mortgage applications plunged 15.7 per cent, according to credit information provider Veda Advantage.

Mortgage applications from the resource-rich states nose-dived, with Queensland volumes down 26.4 per cent during the 12 months to March 31, NT volumes falling 22.5 per cent, and WA volumes dropping 18.4 per cent.

Mortgage inquiries also continued to decline after strong activity up until the March 2010 quarter, said Veda's head of consumer risk, Angus Luffman.

Source: Herald Sun