The Swiss franc exchange rate exceeded PLN 4.5 on Monday morning. According to Expander’s calculations, what this means for most Frank borrowers is that the next installment of the loan will be the maximum. Borrowers on PLN also do not have good information.
Swiss franc. Higher interest and loan rates
The CHF 4.5 PLN must be transferred before Monday noon. Apart from the sharp rise in CHF / PLN on January 15, 2015 (known as Black Thursday), this is a record rate if the Swiss franc is currently at PLN 5.17.
Taking into account the current situation on the foreign exchange market, Expander analyzed the cases of loans in different periods of time and in francs, which were issued at different rates.
– If Frank’s current exchange rate were 4.5 PLN, almost all Frank borrowers would pay the highest rate in history, explains Jaroslav Sadovsky, chief analyst at Expander Consultants.
– An exception were the unfortunate ones who bought the necessary francs on the memorable “Black Thursday” in 2015 to pay the installments. Then the rate even broke PLN 5 for a moment, but at the end of the day it fell to PLN 4.31, and after 2 weeks the rate fell below PLN 4 – he adds. “Unfortunately, nothing suggests that,” said the expert.
– Since the outbreak of the epidemic, the rate has been consistently above PLN 4. This year, at the beginning of June, the rate was PLN 4.07. The increase to PLN 4.5 PLN 189 has increased our sample loan rates compared to June 2021 – says the analyst.
Balance in Swiss Francs – The calculated balance in slots increases
“Such a high exchange rate increases the debt in slots considerably,” states the expert. – On a loan granted in January 2008, the loan increased from the initial 300 thousand, despite almost 14 years of repayment. up to 371 thousand PLN. Zloty. So you can get the impression that it is a loan that can never be repaid – emphasizes Satovsky.
– In fact, however, the debt expressed in francs is decreasing. With our model loan, once the loan is repaid, it will be 140.9 thousand. Francs, currently owed 82.5 thousand. Francs. However, as the franc continues to rise, the amount in the slots is still higher than the opening – he adds.
The loan installments on PLN will also increase
Jaroslav Sadovsky, The loan installments in PLN are also increasing, they are newly granted and repaid over many years. The reason in this case is the increase in the WIBOR fees. Thanks to this, we are approaching the point when the interest rate on some loans in PLN will exceed 5%.
– For example, WIBOR 6M is already 2.02 percent. So if the credit limit is 10 percent. For example, for your own, the interest rate on the loan would be 2.7 percent and 4.72 percent. – Document.
– On the other hand, with higher interest rates, banks are likely to slightly lower their margins on concessions. For “new” loans up to 5 percent. Maybe we won’t be there as quickly as in recent years – he explains.
– The rate of the newly issued loan with the above-mentioned interest rate of 4.72% is PLN 1,560 for 30 years, for an amount of PLN 300,000. For comparison: at the beginning of October, when the WIBOR 6M was 0.32%, it was 1,268 PLN. The rate was increased by PLN 291. In addition, the rise in interest rates also has a significant impact on creditworthiness. WIBOR 6M interest rate increase of 0.32%. The reduction in the available loan amount by 2.02 percent to 20 percent means that someone who could have counted PLN 300,000 in early October will now receive almost PLN 50,000. PLN less – explains Satovsky.
The expert emphasizes that the rates of “old” loans in slots are also increasing, that is, they are already being repaid.
– WIBOR 6M is currently the highest after January 16, 2015. Of all the loans granted after this period, the closest is possibly the highest in history. However, banks that use WIBOR 6M update the interest rate every 6 months, so for some the rate is not increased for some time – he explains.
Loans in Swiss francs and slots – comparison
Jaroslav Sadovsky compared the situation of borrowers in slots and francs.
– In both cases, the rates have recently increased significantly. Frankievsky pays the highest rates in history. The loan installment of 300,000 PLN for 30 years was issued in January 2008 and is 2,022 PLN. In the case of a similar loan in PLN, the current rate of WIBOR 6 million PLN is 1,336. So the difference is huge, but the level of interest rates in Poland will continue to rise and PLN loan rates can be even higher. For example, if the WIBOR 6M increases by 3 percent, the rate is 1,435 PLN – writes the expert.
He added that the comparison of the installments paid so far was unfavorable for the owners.
– In their case it was 282.9 thousand. Zloty. So far, the person repaying the same loan in PLN has paid PLN 251.9 thousand. Zloty. So Frankovich paid 31,000. PLN more. In addition, this difference grows from month to month because the loan installments in Swiss francs are higher than in the slots. In addition, the loan amount in CHF after conversion into PLN is PLN 361 thousand. For loans in PLN and PLN, it is 202 thousand. PLN – he explains.
Comparison of loans in CHF and PLN since January 2008 for 300,000 PLN
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