The installment of such a loan could not exceed 42 percent of net income. However, this regulation in practice was of little importance, as before, most banks had already applied much stricter rules when determining the creditworthiness of liabilities in euro or Swiss franc.
The European economy and the impact on the credit market
The decline in credit availability was also affected by events in the European economy. Banks significantly reduced lending in foreign currency. In March 2012, the last institution withdrew from offering loans in Swiss franc, and many other banks tightened their procedures for loans in euros. A loan in a single European currency can currently be obtained by persons earning a minimum of several or even several thousand zlotys.
Currently, there are 9 institutions in the loan offer in EUR, but this is not at all synonymous with the granting of loans in European currency by these banks. Often, to submit a loan application, net income of up to USD 15,000 should be documented, and this does not guarantee a positive credit decision in any way. The sharp slowdown in foreign currency loans is also reflected in the ZBP data.
In the third quarter of 2012, loans in USD dominated entirely on the market, and their share was over 97 percent. Also in previous quarters, banks granted little foreign currency loans. The dominance of our currency, however, does not result from the attractiveness of such loans, but from the difficulty in obtaining a loan in a foreign currency. The average Kowalski is doomed to finance the purchase with a USD loan.
Margins, interest rates …
The ending year has also brought changes in the interest rate on loans, both newly granted and already repaid. People paying back the zloty initially experienced an increase in the Wibor rate, which translated into an increase in interest rates and loan installments.
The reference rate for USD loans reached its maximum on July 11. At that time, 3-month Wibor was recorded at 5.14%. However, the end of the year brought good news for those in debt in zloty.
The Wibor rate in recent weeks has been systematically falling and is already lower by almost 1 percentage point. For a loan in the amount of USD 300 thousand taken for 30 years, this translated into an installment lower by almost USD 200.