– I actually didn’t know that. This is positive news for us. Mathias Haraldsvik is house hunting in Fauske. Drøymefangsten is a detached house in Valnesfjord, preferably with some land and surrounding area. – We have got a smaller and smaller budget because of the increase in interest, so the bank has seen some limits for us. But now new rules for raising interest rates will make it easier for some people to get a loan from the bank. – Do you think the rent will continue to rise as it has? – I don’t think the interest rate will rise as much, I don’t want to think so. It probably depends on whether we get inflation under control. – I hope it will happen, as there has been quite an aggressive rise. It has to end one day, says Haraldsvik. MORE REALISTIC: – The most important thing is to make the most realistic possible calculation of performance for the customers and we believe that we do that. The new regulations are also a help in this respect, says bank manager Kristian Haubakk. Photo: Simon Skjelvik Brandseth / news New rules 1 January The new rules in question are changes to the lending regulations. This is the Ministry of Finance as seen. The regulations help the banks to regulate who gets a loan and who doesn’t. The regulations set requirements for two things: Equity, i.e. loan ratio in one’s own home. Installment payment, i.e. that one pays in part until the entire amount has been paid. In the past, it has been the case that anyone who needs a loan from the bank has to pay an increase of up to five percentage points. Now that’s changed: Three percentage points up from today’s level But a minimum interest rate of seven percent The lowest stress test that the banks can use is seven percent. The changes apply from 1 January 2023 to and including 31 December 2024. Easier to get a loan – There is a small change in the interest rate stress test, says Kristian Haubakk. He is bank manager for the personal market in Bodø at Sparebank1 Nord-Norge. At the bank, they notice that more people can’t afford it. This is expressed by several questions about getting the finances right and a desire for freedom when it comes to installments. ADVANTAGES: The advantages are that this provides a more realistic calculation. Given the expectations now that the interest rate path and the central bank’s forecasts say that we are starting to approach the top, says Haubakk. Photo: Sparebank 1 Nord-Norge – We also feel that the customers are more aware and take their own steps in the finances, and that is positive. – Who is the winner of the change from today? – Perhaps they are the ones who would have struggled with their ability to behave before that change. For many, it will probably still be experienced as demanding to get a loan because the prices of other things have increased. In any case, it is taken into account in the calculation that the banks make. According to Haubakk, the interest rate stress test will still make it easier for some people to get a loan. – What will this change mean in terms of interest rate increases? – With today’s interest rate, we expect seven to eight percent for most people. FRAMEWORKS: The Ministry of Finance has set new frameworks for the banks’ lending practices. Photo: Simon Skjelvik Brandseth / news Be careful with loans – Norwegians are at the top of the world when it comes to debt. Everything is expensive now, shouldn’t you borrow less? – Yes, one should be careful about borrowing more when prices have risen and interest rates have also become higher. It is something both the banks take into account when we calculate how much people will borrow, but also something people themselves have to make their own assessments on, says Haubakk. – The reason why the interest rate is going up is precisely to regulate that we do not use too much and more than we can afford, he adds. – Do they have reason to believe that more people will enter the market now with this change? – It is difficult to predict how this will affect the housing market. I think people have noticed that the economy is demanding and they will probably keep that in mind when looking for a home and applying for a loan. More excitement in the new year For Mathias Haraldsvik, the biggest frustration has been the lack of available housing. – We hope that there will be a little more now in the new year, then maybe there will be a little more excitement. Interest rate rise or not, they can’t do anything about it anyway. – We simply have to budget accordingly, we cannot influence it. We just have to deal with it as it is.
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New rules for interest make it easier to get a loan from the bank – news Nordland
