Mortgage Enquiry Volumes Dwindle

BNPL inquiry volumes hit new highs in February
Experian data shows that BNPL inquiries grew by 55% in February 2023 compared to January. The credit bureau says that February’s inquiry volume was the highest observed since November 2021 and covered pre-Christmas spending.
Although BNPL services will be subject to regulation under the Credit Act, Taylor says it is too early to say whether this has affected consumer or BNPL provider behavior.
In November, Taylor commented on BNPL inquiries recorded in consumer credit reports by Borro founder and mortgage broker Cara Giovinazzo, saying it could lower credit scores and reduce borrowing capacity. Taylor says not all BNPL lenders currently report inquiries to credit bureaus.
“Once new regulations are implemented, we expect this area to change,” he says. For BNPL lenders reporting inquiries to credit bureaus, these inquiries will reflect on credit reports like any other credit application and will also be factored into credit scores.
If you’re looking to refinance your home or need assistance from A Mortgage Broker, Speed Lending in North Sydney, now may be a good time to explore your options in this quieter market.