2023-08-12 20:00:31
The tightened criteria for housing loans have a massive impact on young families.
Innsbruck (OTS) – New criteria for housing loans have been in force for a year. Apart from the minimal simplifications that were introduced in April, the following has applied since then: To buy a property, 20 percent of the purchase price must be raised as own funds – and the loan installment may only account for 40 percent of the net household income. For many families in Tyrol, who may have been coyly dreaming of owning their own home, this is the final end of these efforts. Because it was hard enough without the tightening. Land has always been extremely expensive in Tyrol. Interest rates have risen sharply over the past twelve months. And, of course, inflation also has an impact on costs. The construction industry suffers from the criteria just as much as the young families, for whom the bill is no longer sufficient. Politicians are also lamenting – and evaluating to themselves. Still nothing has been changed.
The criteria should prevent a real estate bubble from bursting. A sensible approach. And it is not very useful to experiment in this area and constantly change the specifications. But: The framework conditions on the market have changed fundamentally within a year. Zero interest rates are history. But so is the construction boom. And some are already trying to get a loan abroad. Because the desire of many young families to buy property is there. And there’s nothing wrong with that at all.
That’s why federal politicians should finally stop whining regarding this regulation and start talking regarding solutions. A trend reversal and a viable solution are needed that young families can continue to build on in the future.
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