Crédito habitação: Quanto posso poupar com as novas medidas e com transferência?

Mortgage credit: How much can I save with the new measures and with transfer?

The measures announced by the Government to help the Portuguese with their home loans allow to slightly alleviate the amount they pay for the mortgage. But how much? And comparing with a home loan transfer, which option saves more? We explain, through concrete examples, the savings that can be generated by the various options.

17 Oct 20235 min

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To understand how much you can save in your specific case in various situations, talk to a credit intermediary, such as Poupança no Minuto, to request simulations from banks based on your credit conditions. It will be easier, quicker, and more realistic. But first, understand how much you can potentially save in general.

How do the new measures regarding housing credit work?

First, let's review what are the new measures of the Government regarding housing credit and how they work:  

Fix and reduce the monthly payment 

  • It can be requested from the bank from November 2 until the end of the 1st quarter of 2024, by borrowers of housing loans with variable rate (or mixed, in variable period);
  • Eligible contracts must precede March 15, 2023 and have a residual term of five years or more
  • It allows to fix the installment for two years, through the application of a new index equivalent to 70% of the 6-month Euribor;  
  • Four years later, the differential value between the installment payment made and the one remaining to be paid with the measure must start to be settled, diluted throughout the remaining term of the contract.

Temporary interest bonus 

  • Reinforcement of the previously effective bonus measure;  
  • Bonus now calculated on the amount above 3% of the benchmark
  • Applies to borrowers with incomes up to the 6th bracket, without differentiation;
  • Bonus is applied at 100% when the effort rate is equal to or greater than 50%, and at 75% when the effort rate is between 35% and 50%;
  • The annual limit of the subsidized amount cannot exceed 800 euros.  

In practice, how much can I save with the new measures?

So, in practice, what will be the impact of these measures on the monthly provision of housing credit? Let's see the examples that the Government provided, to understand how much it is possible to save. Note that you can ask the bank to have access to both measures simultaneously, as we will see next.

Considering a debt capital of 100,000 euros, an index of 4.1%, a spread of 1.5%, a residual maturity of 30 years, borrower in the 4th income bracket and with an effort rate of 40%, accessing the fixation and reduction of the installment, has a new index of 2.85% (70% of the 6-month Euribor).  

The new index allows for a reduction in the installment by 76.33 euros. And by also applying the interest discount, subtracts an additional 66.70 euros from the amount paid monthly. In total, this means 143 euros less per month, and 1,716 euros less annually. The customer was paying an installment of 574.08 euros, and will now be paying 431 euros.

Now taking into account a debt capital of 200 thousand euros, a current index of 4.1%, 1.5% spread, 30 years of residual maturity, a borrower in the 7th income bracket, and an effort rate of 20%, fixing the installment, it remains with the new index of 2.85% (70% of the 6-month Euribor). This measure alone reduces the installment by 152.65 euros monthly, and 1,831.8 euros annually. In this case, the customer cannot apply for interest discount due to their income bracket. However, by paying a monthly installment of 1,148.16 euros, they will pay 995.5 euros with the application of the first measure.  

And how much can I save with a credit transfer?  

But can you save even more with a home credit transfer?

Let's analyze the following example, of a couple who carried out a transfer process with the credit intermediaries of Poupança no Minuto: Carlos and Inês (fictitious names) had a debt capital of 285 thousand euros, a repayment period of 30 years, a variable rate with the Euribor at 12 months and a spread of 1.40%, and paid a monthly installment of 1,141.73 euros.  

The couple requested new proposals and the best one they received was to fix the rate for two years and, after this period (in which, probably, their rate would continue to rise), return to the variable rate. So, with a mixed rate, and the same credit conditions, the holders started paying 881.43 euros for the monthly installment.

By transferring their housing credit, they accessed a savings of €260.30 per month, and started saving €3,123.60 annually.  

Can I apply the measures simultaneously with a transfer?  

Yes, it is possible to apply for both measures simultaneously (if eligible), as well as for a mortgage credit transfer.  

However, note that you must first join the support program, and then proceed with the credit transfer. Because it is only possible to activate the support if you have a variable rate in your contract, and by joining the mixed-rate regime with the transfer, you will no longer be able to benefit from the measure.

Activating both measures will allow you to access the highest possible savings with your home loan, and ease the monthly family budget.    

Request proposals with the help of a credit intermediary 

In case of a transfer, it is always ideal to seek help from a credit intermediary who communicates with banks to present you with several proposals and help you compare and understand which one is the most beneficial.  

The credit intermediary services of Poupança no Minuto are completely free and personalized, with access to an agent throughout the entire process until the transfer is completed.

Start saving now with your mortgage credit, and anticipate possible expenses in 2024. Contact us so we can help ensure budget flexibility!  

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