Sharp feet cut! It will be a year of cheap credit
The surprise after a sharp cut in the rates of the National Bank of Poland (NBP) is slowly passing. The Monetary Policy Council (MPC) surprised financial markets with a scale of reduction – the so-called The NBP reference rate (called the “main” rate) fell by as much as 50 points (from 2% to 1.5%).
A year of cheap credit is ahead of us – analysts predict
A year of cheap credit is ahead of us – analysts predict. Lower NBP rates mean a decrease in the WIBOR market indicator, which determines the amount of variable mortgage rates (WIBOR plus margin).
It is estimated that the installment of an average housing loan in PLN (PLN 300,000 for 30 years) will decrease as a result of the March decision of the MPC by about PLN 25 for every 100,000. PLN debt.
The problem is not interest, but an unfavorable exchange rate
Remember, however, that such calculations only apply to loans in PLN. The LIBOR index decides about the liabilities of franchise holders, which, by the way, is even lower. However, for those in debt in Swiss franc, the problem is not interest, but an unfavorable exchange rate.
People in debt in zlotys will have to be patient. The effects of the March cut in NBP rates visible in the home budget will have to wait. Banks tend to change quarter rates on installments. Therefore, in the quarterly cycle the amount of mortgage installments changes.
It is worth taking advantage of the last bargains
The MPC decision is not only important for borrowers. Most likely, interest rates on deposits will also fall. It is not easy to find a deposit with interest above 3% per annum now. It is worth taking advantage of the last bargains.
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