New years, new opportunities! In any case, it should be. However, if you want to take out a loan, this is different. This year is a new year, but there are fewer opportunities. As of January 1, 2021, the standards for borrowing money have been considerably stricter. Borrowing money in 2021 has thus become much more difficult.
What happened? If you want to take out a loan, a bank will assess whether you can also repay the financing.
The bank looks at your income and expenses. They take into account what you earn each month and how much you spend on your housing costs. They look at your rent or mortgage costs. The sum that is made is recorded in a 'standard calculation', this is the VFN standard. The standard is therefore the same for everyone.
Largest change in the loan standard in years
At the end of last year, it was decided to substantially adjust the loan standard. The VFN standard has been strengthened considerably. You can see what the differences are in the table below. As a rule of thumb, you can maintain that you can borrow the difference * 50 less. This is not true in every situation. Assessing a loan remains custom work, this is only intended to provide insight.
|Family situation||Storage 2020||Storage 2021|
|Single||$ 40||$ 275|
|Single + children||$ 226||$ 451|
|Married / living together||$ 119||$ 326|
|Married / living together + children||$ 224||$ 408|
To give a calculation example. If you can now borrow $ 25,000 as a single person, you will be able to borrow about 235 (difference between the 2020 and 2021 standard) * 50 less in 2021. A difference of a whopping $ 11,750. The maximum amount that you can still borrow is then $ 13,250.
Further strengthening in April 2021
The above indicates that taking out a loan will become more difficult in 2021. In 2021 this will be done even more. Borrowing standards will be made even more stringent. The VFN is currently working on the exact changes. As soon as these are known, we will of course immediately report this again. We can already lift a tip of the veil. In any case, the new standards will take more account of car ownership.
Easing of mortgages
In contrast to loans, it becomes easier to take out a mortgage. In the case of mortgages, the second income in 2020 was included for a maximum of 70%. In 2021 this percentage will be increased to 80%. In addition, the property transfer tax for home starters up to $ 400,000 will lapse. This makes it easier to refinance a mortgage or increase your mortgage .