Although the recent interest rate increases may seem relatively small, they already noticeably translate into loan installments. And there are many indications that this is not the end, there will be more, and as a result, the main NBP rate at the beginning of next year may increase to 2.5%. from 1.25 percent currently, and Goldman Sachs even forecasts that up to 3 percent.
The last two interest rate hikes have already translated into the amount of mortgage installments. Following the increase in NBP rates, the market WIBOR rate is rising, and this is the basis for the interest rate on housing loans (the interest rate is WIBOR plus a fixed margin). ,
Currently, the three-month WIBOR is 1.66 percent. (November 18), and increased from 0.24 percent. at the beginning of October.
How did it translate into the installment of the loan taken for the amount of 330 thousand. PLN (more or less this is the average amount of recently taken loans) for 25 years and with a margin of 2.61%?
At the beginning of October, the installment was PLN 1,539, now it is already PLN 1,791. If the forecasts are confirmed, the rates will increase to 2.5 percent. you will have to pay PLN 1989 per month, which is PLN 450 more than before the increases – results from Expander calculations.
In the case of people who have bought an apartment in large cities on a loan, you have to take into account that they will pay off much more per month. The average Warsaw rate increased by 4.3% in the third quarter. and is already around 11.5 thousand. PLN per square meter, and in 14 districts already over 12 thousand. PLN – reported recently RynekPierwotny.pl. When buying a 60-70-meter flat with a minimum own contribution, you need to take about 700,000. PLN loan.
The installment of a housing loan taken for this amount, i.e. 700,000 PLN has already increased to PLN 3,265 at the beginning of October to PLN 3,800 at present. If the forecasts come true and NBP rates increase to 2.5%, the installment will amount to PLN 4,220, so it will be as much as PLN 955 higher than at the beginning of October.
Jarosław Sadowski, an analyst at Expander, reminds that most banks use the WIBOR 3M rate to calculate the interest rate and update the interest rate every 3 months, but there are several large banks that use the WIBOR 6M rate and the interest rate is updated every 6 months. Because not everyone will get the installment update after the increases at the same time. When this happens, anyone can check on their loan agreement.
Unfortunately, this is not the only housing tug on the pocket. In addition to the increase in installments, the costs of housing maintenance are rising, i.e. rents in cooperatives and communities, fees for waste disposal or electricity.
According to data from the Central Statistical Office of Poland, in October the prices related to the maintenance of a flat increased by 8.1% compared to the previous year. Looking at the subsequent announcements of energy and heating companies, one must take into account the increases and the fact that these expenses in household budgets will weigh more and more.