After 20 years as a customer of the same bank, Audun Wiik switched from Arendal bank before Christmas. Through the Consumer Council’s financial portal, he received a good offer from a purely digital bank. In the past, he has had the interest rate negotiated down several times. But this time, DNB did not want to give the same interest rate terms that he was offered by the competitor. The consequence was that he moved the mortgage. – For me, NOK 3,000 is significantly lower expenses on the home loan. All sensible people will not stand and throw NOK 3,000 in the rubbish bin a month if they can leave it alone, he says. Audun Wiik from Arendal Photo: Erik Wiig Andersen / news He is now a customer of Bulder bank, a branch of Sparebanken Vest. The bank is only available in an app on the mobile, and he saves three thousand Swedish kroner a month. The actual savings are lower because fewer interest kroner paid reduces the tax deduction in the tax return. Audun believes that banking via the mobile phone may not be suitable for everyone. Interest calculator The calculator uses the formula for annuity loans to calculate your monthly costs. Nominal interest is used here. This means that there will be an additional transaction fee which will vary from bank to bank. Today’s interest rate is taken from DNB’s mortgage interest rate for young people, and different banks will have different interest rates. The figures given here will therefore be approximate for you. Monthly expenses are interest and repayments combined. Read more about sources and reservations here. See how much you have to pay if the interest rate increases. – For my part, it was a bit scary to not be able to use the good old online bank via the PC, but only look after an app on the mobile phone, he says. DNB will not comment on Audun Wiik’s change of bank. The bank points out that customer relationships are covered by a duty of confidentiality and that in practice they are not allowed to comment on individual cases. See DNB’s response to the bank’s general loan terms further down in the case. Figures from the comparison services Renteradar and Finansportalen show that many people can save a lot by switching banks. It is particularly important when interest rates are high, and on Thursday it is expected that Norges Bank will increase interest rates further. The Consumer Council: – Don’t wait to contact the bank The Consumer Council’s financial portal shows that there can be large interest rate differences in the list prices at the banks. But the list price is often not the actual mortgage interest people pay. In several banks, the list price is only indicative and can be negotiated. Jorge Jensen is professional director of the Consumer Council. Photo: Stig Jaarvik / news – Our encouragement goes out to the approximately 75 per cent of customers who do not contact the bank. The banks don’t mind that and usually have a good offer for you, so there’s no good reason to wait, says Jorge Jensen, who is director of the Consumer Council. – If you have poor means, it is wise to start where the expenditure items are the largest, and that is on home loans and insurance. – Our overview of home loan prices on Finansportalen shows that the cheapest banks are the purchasing communities that the trade unions have, and then the banks without a large distribution network, the challenger banks, he says. Policy rate in percent The policy rate is set eight times a year by Norges Bank. The policy interest rate governs the interest rates in the banks, and affects your housing costs. The aim of raising the interest rate is for the high prices to come down again. The forecast tells us how Norges Bank thinks interest rates will develop in the future. Read more about sources and reservations here. A higher policy rate means increased expenses if you have a home loan DNB: – Will get the best offer the bank can give Director of Communications Vibeke Hansen Lewin tells news that the bank gives customers individual terms based on the finances of the loan customer. Vibeke Hansen Lewin, director of communications at DNB Photo: Stig B. Fiksdal – We give a price to the individual customer based on performance, safety and risk. If you have good behavior and low risk, the offer will reflect that. We recommend and would like customers to contact us, she says. – And then will those who make contact get a lower mortgage interest rate? – Those who contact us will receive advice and offers tailored to their finances, so they will receive the best offer we can give to suit your overall finances, she says. DNB is particularly competitive on housing loans for young people who are buying a home for the first time and on housing loans for nurses. – Most people can save the equivalent of one interest rate jump. The commercial service Renteradar is owned by the founders and, among others, Amedia. Sindre Noss is marketing manager and founder of the company behind Renteradar. In contrast to Finansportalen, it is a commercial service which, in addition to list prices, also has overviews of the actual interest rates customers pay in various banks. Photo: news Tenesta collaborates with several banks and keeps track of the interest rates that customers actually pay in addition to list prices. The overview provided by Renteradar is not complete. For example, DNB has blocked the automatic collection of interest rates. – On average, most of our users can save on an interest rate increase by switching to a digital bank, or taking advantage of one of the trade union offers, says Sindre Noss, who is marketing manager at Renteradar. Many people can save significantly more. Home loan customers with the best guarantee for their home loan have the most to save. This means that they have a home loan that is lower than 60 per cent of the home’s value. Digital banks such as Bulder, Sbanken, Nybygger and Himla can have far lower prices than the traditional banks, especially for customers with a low level of credit. Although a majority of home loan customers qualify for these offers for trade union members or digital banks, Renteradar claims that only around 20% make use of them.
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– Can save at least one interest rate jump on the home loan – news Norway – Overview of news from different parts of the country
