Mortgage loan applications up 20% in first quarter
Singapore
MORTGAGE loan applications have seen a 20 per cent increase in the first quarter of 2017 from Q4 2016, Credit Bureau Singapore (CBS) has found in its second instalment of the Consumer Credit Index (CCI).
According to CBS data, mortgage loan applications saw the most growth, followed by motor vehicle loan applications at 4.13 per cent. Credit card and personal loan applications, however, dipped 5.97 per cent and 5.94 per cent respectively.
The CCI is a quarterly reporting of consumers' credit behaviour towards consumption of credit balances, payment delinquency and default rates in both secured and unsecured credit facilities. The age groups it examined were 21-29, 30-34, 35-39, 40-44, 45-49, 50-54, and beyond 54.
For mortgage loans, CBS found that the 21-29 age group had the most significant change quarter-on-quarter, with a 3.4 per cent increase. The total amount of mortgage loans taken by this group stood at S$347,636.
For motor vehicle loans, the report said the 30-34 age group had the most notable change in Q1 2017 from the previous quarter - an increase of 5.1 per cent. In total, S$36,968 worth of motor vehicle loans were taken by this group.
CBS said there was a 2 per cent decrease in the total number of new credit applications quarter-onquarter. In Q1 2017, there were a total of 331,606 new credit applications, of which 72 per cent were for credit cards, 14 per cent for mortgage loans, 10 per cent for motor vehicle loans and 4 per cent for personal loans.
For credit card consumption, the 30-34 age group saw the biggest change - a 7.3 per cent decrease. The same group also displayed the most notable change of a drop of 8.6 per cent for personal loans.
In consumer delinquency for credit card loans, the most significant change came from the 35-39 age group, which saw a 5.4 per cent decrease quarter-on-quarter. The same group also saw the most notable decrease of 8.74 per cent for personal loan delinquency.
For mortgage loan delinquency, the 30-34 group stood out with a 8.07 per cent increase, while in motor vehicle loan delinquency, the 45-49 age group had the most significant decrease of 12.5 per cent.
