Home topics news Kevin James, Chief Solution Officer at Equifax News News The rate rush is over, and the data shows how many Australians got caught in it Yajush Gupta February 24, 2026 Gen Z surged back to credit cards at the fastest rate in three years, yet lenders have already responded by cutting limits. What’s happening: New data from Equifax’s Consumer Market Pulse for Q4 2025 shows Australians dramatically lifted their borrowing across mortgages, credit cards, and personal loans in the December quarter. Why this matters: The borrowing surge came just before the Reserve Bank confirmed a 25 basis point rate rise in February 2026, meaning many Australians may have rushed into debt at what turned out to be the tail end of a lower-rate window. Australians moved quickly to secure home loans in the final quarter of 2025, with mortgage credit demand rising 12.3% compared to the same period a year earlier, according to Equifax’s Consumer Market Pulse for Q4 2025, released on 23 February 2026. It marks the strongest growth in mortgage applications in nearly five years. Kevin James, Chief Solution Officer at Equifax Australia, said the spike was likely driven by two forces colliding. “This is a significant increase in mortgage demand, and a level of activity we haven’t seen in nearly five years. It’s likely to have been supercharged by the government’s expanded 5% First Home Buyer Deposit Scheme that became available in October 2025, and buyers acting on the impression that rates had peaked