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Existing homes and subsidies from the public sector can again largely be counted as own funds. This helps families, for example, who live in a smaller apartment and need interim financing to buy a larger apartment in the future or to build a house. The ordinance is based on resolutions by the Financial Market Stability Committee (FMSG), which includes the Ministry of Finance, the Financial Market Authority, the National Bank and the Fiscal Council.
Bank representatives say the easing does not go far enough. And Finance Minister Magnus Brunner (VP) also sees “positive approaches”, but calls for more practical and flexible rules. “The adapted regulation brings concrete improvements that are necessary. But the major problems are not addressed.” The general conditions for the acquisition of property remain difficult, and therefore this can only be the beginning, not the end of the debate, says Brunner.
“Anti-property and anti-business”
Upper Austria’s deputy governor and housing consultant Manfred Haimbuchner (FP) criticizes Brunner for the regulation and says: “Despite the easing, the regulation is and remains hostile to property and also hostile to the economy.”
As reported, at least 20 percent of the equity has been required since August 2022, the monthly loan installment may not exceed 40 percent of the available net household income, and the financing term may not exceed 35 years. There are exceptional quotas, but according to the banks they are small and complicated.
Source: Nachrichten
