Online commercial loan searches spike

by Ben Abbott23 Nov 2011

Enquiries for business and commercial loans online have jumped by 133% in recent weeks, according to an examination of mortgage industry web traffic.

Conducted by Experian Hitwise for mortgage broker Loan Market, the survey of web traffic shows a jump in online searches for variations on 'business loan' since the RBA rate rise on 1 November.

Loan Market chief operating office Dean Rushton said the findings show the RBA cut had had a significant impact on credit appetite, with Loan Market's own commercial enquires seeing a boost.

“The first interest rate cut by the RBA in more than two and a half years has obviously had a positive impact,” Rushton said.

“People are becoming more confident about taking on credit and they are looking to invest in their businesses."

Rushton said interest rates for commercial loans have become more appealing, with competition between the various lenders resulting in more attractive loan products being offered.

Personal loans also experienced a boost, with Experian Hitwise finding a 78% jump in enquiries.