Good Finance experienced a significant decline in the credit market in September. Compared to previous months, the circumstances are ideal if you are planning to buy a loan or take out a new mortgage. The personal loans market also remained cheap.
The population continued to consume consumer loans
The baby boom exploded, and this was partly reflected in the central bank’s July lending statistics: the population continued to consume consumer loans, but there was a slight decline in the amount of home loans taken. Despite the fact that young families had taken out a $ 54 billion baby loan at the time of the start of the government loan, the personal loan volume increased by 12 percent compared to the previous month.
After HUF 47.1 billion in June, we took out 52.97 billion from the hit loan of Hungarians. In the case of home loans, the situation is slightly different: the volume in July dropped to the level of March, but still exceeds the annual average. After the $ 82 billion in June, we only borrowed $ 76.49 billion, which is a 6.7 percent decline on a month-to-month basis, but of course the huge amount that Hungarians take out each month to buy a home. That is, previous findings that the baby loan will have a crowding out effect on the market are not yet made, but according to Good Finance, the August figure will be more telling.
We can get a home loan in practice on even better terms
Of course, the hunger of Hungarians is fueled by the fact that the 10 million baby boomers are often low on today’s real estate market, but Good Finance says that a new factor is the unprecedented level of interest rates, for example, its APR fell further to 5.06 percent in July from 5.08 percent a month earlier. As usual, the portal has already examined September home loan deals available in branches, which, as in previous months, once again show that we can get a home loan in practice on even better terms, even from the more secure 10 or 15 year mortgage.
Specials and interest rate falls with the onset of autumn
Let’s take a look at the major changes banks made in September:
GFIC Bank significantly reduced mortgage loans.
- The 10-year consumer-friendly loan can be taken at 5.05 percent instead of 5.94 percent,
- dropped from 6.7 percent to 5.37 percent for 15-year-olds, from 6.45 percent for 15-year-olds to 5.37 percent,
- and the fixed 20-year interest rate dropped from 6.45 percent to 5.37 percent,
- with a 5 year interest rate on conventional home loans, it fell from 5.45 percent to 4.46 percent,
- and the traditional 10-year interest rate has fallen from 5.94 percent to 5.05 percent.
not go too far when it came to mortgage rates:
- The interest rate fell from 4.58% to 4.35% over a 5-year period
- At 10 years, from 5.26 percent to 4.96 percent
- if we take a $ 200,000 income approach, the interest rate can be very impressive 2.75 percent and 3.36 percent.
Provident turns to the fall with a special personal loan . The main features of the Honest Bank are:
- available until October 14th
- Available loan amount: $ 350,000 – $ 600,000
- 20 months maturity
- interest: 10.41%
- THM: 10.9%
For the 5-year interest rate period, Good Lender Bank modified its loan from HUF 2-5 million from 6.49 per cent to 6.09 per cent, from HUF 5-20 million from 5.64 per cent to 5.24 per cent and above HUF 20 million from 5.34 per cent percent. At 10-year interest rates, you can borrow at the same amounts at 6.94%, 5.79% and 5.49%. Consumer-friendly loans are available at interest rates ranging from 2 to 10 million forints over a 5-year period with a 3.86 percent interest rate and above 10 million forints with a 3.84 percent interest rate. The interest rate is 4.65% and 4.42% for a 10-year period.
Changes around the baby room
Sberbank has tightened its action on a baby loan: it has so far been enough to open a checking account and raise income to use up to $ 50,000 worth of credit. From September, however, both the debtor and the debtor must open an account, and the credit is divided equally between them.
Until the end of October, CIB Bank will make a credit of HUF 15,000 to the borrower’s retail HUF bank account for repayment. The financial institution also came forward with a mortgage loan: a one-off credit of HUF 40,000 will be credited to the client’s bank account if the loan application is fully accepted by 31 December 2019 and the loan will be disbursed by 29 February 2020 at the latest.
It is worth paying attention, it is worth calculating
Good Finance draws attention to the fact that besides favorable interest rates, several banks are releasing start-up costs, saving us hundreds of thousands more. Using a calculator will not only determine the costs, but also what promotions are available to help you calculate which offer is best for you.
For almost three years, Good Finance has been helping the public be fully satisfied with their financial decisions in the long run. We can compare the most important banking products with the calculators of the specialized portal, and the analyzes and entries on the page help to inform the financial world, making an informed and appropriate decision in the given financial situation.