There is a clear recovery in banks: for 3 months, the demand for housing loans has been at the level since the beginning of 2019. The sale of loans will only grow: a few days ago, a wave of people wishing to receive a loan with a subsidy began. Interest rate cuts may soon begin, making it easier for everyone, not just a select few, to have access to a “mortgage.”
According to BIC, in June the demand for loans was 1/4 higher than a year ago. The fact that we are dealing with a consistent improvement in the economic situation in the mortgage market, which has been going on for 10 months, gives us more optimism. As a result, demand for loans fluctuates by about half compared to August 2022, which is the month of the worst mortgage drought.
Banks are boiling. Poles apply for a loan
The reconstruction of the credit market is the result of at least several changes. Recall that the Polish Financial Inspectorate allowed banks to take a more liberal approach to credit checks, and MPC stopped raising interest rates. This has already forced many compatriots to restore their creditworthiness. Therefore, some buyers returned to the market. An additional motivator was the early launch of a cheap loan program for people buying their first apartment (“Reliable Loan 2 Percent”), read in an analysis prepared by Bartosz Turek, chief analyst at HREIT.
The number of submitted loan applications is growing day by day: clients who were waiting for the start of the subsidy program started with a full package of documents. Exact data on the number of applications submitted will be known only in a month, but it is already clear that the interest in the program of subsidizing government loans is huge. This is not surprising - “Safe Loan 2 Percent”. enticing with an interest rate 3-4 times lower than a standard “mortgage”, and when applying for a loan with a subsidy, you only need a much lower income than with ordinary debt.
2% secure loan The minister no longer talks about 10,000. interested
The analyst believes that the government’s estimate of 10,000 people who may be interested in the loan is certainly too low. One way or another, the government quickly began to correct the calculations that were included in the rationale for the bill. Already after the first day of the program, Minister Waldemar Buda told the media about 12,000 people. potential buyers are interested in a cheaper “mortgage”.
At the same time, data on Internet traffic suggests that interest in “Reliable Credit 2%” is not weakening, but is growing exponentially. I think no one should have any doubts that by the end of the year there will be more people who want to get a cheap loan than the ministry expected. It is quite realistic to issue even 40-60 thousand preferential “mortgages”.
There are no restrictions in the first year of the program, so any applicant who meets the conditions will receive a grant. From 2024, there will be limits, but it has not yet been announced how they will be built: whether they will relate to the number of applications or the amount allocated for subsidies.
Source: Wprost
I am George Brown, author at Daily News Hack. I mostly cover economy news and I have been doing this for quite some time now. I have a lot of experience in this field and I’m always looking for new opportunities to learn more.
