Equifax reports a notable increase in Australians seeking approval for both mortgages and credit. Unsecured credit applications have seen a substantial year-on-year rise of 6.1 per cent, with personal loans increasing by 7.4 per cent and credit card applications surging by 14.4 per cent. Equifax is a global data, analytics, and technology company. The company provides insights that help businesses and consumers make informed decisions.
Mortgage demand has also experienced significant growth, increasing by 13.3 per cent compared to October 2024. This surge is reportedly supported by three cash rate cuts implemented throughout 2025. Year-to-date mortgage applications are up 7.6 per cent compared to the same period last year, indicating sustained momentum in the housing market.
Refinance enquiries for upgrades with the same lender have also seen an uptick, rising 6.3 per cent from September. This trend likely reflects increased renovation activity amid limited housing stock, as well as families supporting first-home buyers entering the market.
Equifax chief solutions officer Kevin James notes that consumer confidence has strengthened, with households showing less caution and actively re-engaging with credit. He suggests that consumers are moving beyond essential spending towards discretionary purchases, particularly in the lead-up to sales and the holiday season, signaling a positive shift in economic activity.
