Veda said for the first time in five years its bureau statistics showed a rise in commercial enquiries, which is "enormously positive" for the economy.

"Businesses owners require a level of confidence in future growth to borrow funds to invest in their operations and expand," Veda’s managing director John Roberts said. “Business has hung in through a slow economic recovery. An increase in enquiries is a welcome sign of emerging stimulation in the commercial sector.”

Roberts' comments are similar to those from ASB CEO Barbara Chapman. After the bank released its annual results Chapman told interest.co.nz  ASB had grown business lending by 6% in the year to June 30, well ahead of overall lending growth of just 1.2%, with the growth widespread. Chapman said customers had worked out that they'd got through a tough period and their businesses were doing well.

"So they're looking to invest now having gone through quite a difficult period and done reasonably well," said Chapman.

Meanwhile, Roberts said commercial credit enquiries, relating to business lending, rose by nearly 7% in the May-July 2012 quarter compared with the same period last year. Credit defaults listed on commercial credit files fell nearly 34% during the same quarter.

Veda also said mortgage enquiries jumped 44.36% in July 2012 year-on-year. The biggest rise came from Generation X, 28-43 year olds, with mortgage enquiries from them up 49.4%.

Roberts said a highly competitive housing market, both in terms of consumer demand and access to stable interest rates, was behind the rise.

“With the Reserve Bank’s Official Cash Rate remaining at 2.5% since March 2011 the banking industry has fiercely competed to attract new customers with very competitive interest rates - this is causing consumers to shop around to get the best home loan deal they can," said Roberts.

Veda said consumer enquiries for credit rose 8.75% in the May to July quarter versus the same period of last year. It's the second consecutive quarterly increase, suggesting a slow return to growth in consumer credit. For the month of July credit enquiries rose 9.14% versus July 2011.