7 Apr 2009

Baby boomers lead push for mortgages

10:50 pm on 7 April 2009

Credit information company Veda says mortgage applications were up 38% in March compared with a year ago, and are the highest monthly total since November 2007.

Veda Advantage New Zealand managing director, John Roberts, says applications by baby boomers, those aged 44 to 62, are up by 45%.

Mr Roberts says applications by 28 to 43-year-olds increased by 34%, while those under 28 had the smallest increase, of 16%.

Mr Roberts says the much larger increase in baby boomers applying for mortgages, compared with younger age groups, suggests they are more cashed up and in a better position to snap up perceived bargains in the housing market.