Finansportalen.no It is a service from the Consumer Council. Here you should be able to compare the terms of loans, credit cards, insurance and financial investments. These are the so-called price list, indicative prices.
Most banks operate effective mortgage interest rates in Finansportalen.No did not arrive well in the 5s. Some banks offer mortgages at more than 6 percent. It meshes poorly with the interest rates that Renteradar users have.
– In the first week of August, our users had an average effective interest rate of 4.82 percent. This applies to all possible categories. If we correct for those without membership in organisations, the average interest rate is 4.88 per cent.
It may rise to 5.3 per cent when the Bank of Norway’s latest interest rate increase is applied. But the interest rate will still be somewhat lower than the list prices for regular customers of Finansportalen, says Sindre Noss i
Bad news for borrowers: This interest rate hasn’t been higher in 14 years
Don’t settle
Members of large professional organizations often get a better interest rate than most people. They mostly get the low price list offered to them.
– But do banks deliberately use these price lists against customers?
– Many of our users get lower interest rates when they negotiate with the bank, but some don’t. Many of these users respond that banks indicate that the interest rate they charge is lower than the list rate.
– It must be proof that they have a good interest rate. But Noss tells customers not to accept that.
Over time, he says, banks’ regular list rates are often half a percentage point higher than the average interest rate for Renteradar users.
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commissioned by the regulation
Topic manager Jorge Jensen at Consumer Council told Nettavisen that they check the indicative prices on the portal against the prices marketed on the banks’ channels. The banks themselves report the rates in the financial portal. They are required to do so by regulations.
– There will be discrepancies between the prices shown on Finansportalen.no and what the customer actually receives at the bank. It is related to the fact that most banks practice individual pricing. This has always been the case since the inception of the Bank Pages, says Jensen.
He says that this is not significantly different from now when you choose clothes in a clothing store at the price of one rack. However, the customer can get a different price at checkout by negotiating with the dispatcher.
– Jensen says that Renteradar experiences a difference between the indicative prices and the actual price which is probably not surprising since it acts as a kind of merchant for a number of consumers.
Terrifying figures on consumer loans: – The number is shockingly high
Individually priced
Nettavisen has written several times that the conditions in Finansportalen.no are not particularly representative. Handelsbanken is one of the banks that has a bit of a sense of a gateway.
– If you use the financial portal to check market interest rates, it is important to know that this says very little about the rate a customer can expect. Banks have to set the interest rate here.
– But since many banks price individually, there’s not much value in using this as a reference, said Communications Director Lars N. Sather at Handelsbanken to Nettavisen in April 2019.
The bank now has 5.65 percent in effective interest as “its” interest rate in the gateway.
Attractive prices
Banks often use enticement rates in their press releases after an interest rate increase. At the end of June, DNB declared 4.84 percent as the lowest interest rate. This lower rate of interest has been applied to young borrowers who are buying their first home.
– Yes, these interest rates include the so-called green loans, first home loans, and loans to those with membership in organizations. The majority of mortgage customers pay much more. But the interest rate differential between regular customers and first-time buyers cannot be explained on the basis of risk assessment, Noss replies.
– What do you think of the good and bad mortgage rate today?
– After the interest rate increases that are now in effect, our users will get an effective interest rate of up to 5 percent. The average interest rate after withdrawal will be approx. 5.3 percent. Those with lower interest rates get an interest rate of approximately 5.75 percent off the list price.
DNB with Super Profits: – The solution for you is to change banks
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Pure digital banks have the lowest rates in Finanportalen with interest rates as low as 4.5 percent. They are not represented. New customers at banks such as Himla Bank and Bulder receive interest rate increases at the same time as existing customers during August and end up at around 5 per cent.
In June, the Bank of Norway predicted that the average mortgage interest rate next year would be 5.4 percent. Low as it may sound, though, Norges Bank also includes fixed-rate loans. But these loans represent only 6 percent of total lending.
— Yeah, I think the numbers are about 0.25 percentage points too low, Noss comments. This corresponds to the normal interest rate increase.
June figures from Statistics Norway (SSB) Average mortgage interest rates appear to be around 4.7 percent, but those numbers are somewhat of a hindsight.
Good news from the experts: Now price inflation is coming down
Individual pricing
Press director Kathryn Graf at Nordea tells Nettavisen that they have individual pricing for their loans. List prices are indicative only.
– Regarding Statistics Norway, there is a delay in current loans due to the notification period. But it can also be the case for new loans, because loans that were agreed upon before the interest rate increase are repaid. Graf says it takes two to three months before you see the full impact of the interest rate increase on both new and existing loans.
SpareBank 1 SR-Bank press officer Craig Russell Londervik Bothon says the rates Nettavisen is referring to at Finansportalen were updated after the latest rate change. Customers who have loans from SR-Bank will only get the increase from August 8th.
– Thus, in recent weeks, customers will have entered prices from the old price list in Renteradar.no, while prices in Finansportalen from our new price list. The prices given in the price list are indicative, but in practice loans are priced individually based on a number of variables. A tangible loan can be above or below the guide rate, Bøthun says.
Noss says they don’t disclose average interest rates for each bank. But the average interest rate for customers, excluding membership agreements, in these two banks is not far from the average interest rate.
Bad news for you with a mortgage: – It will greatly weaken competition
Deposit customers are the losers
Banks currently have record high interest yields. It is deposit customers who have reason to be particularly dissatisfied.
– We see from our numbers that banks have raised mortgage rates by more than 90 percent of the increases in the prime rate since fall 2021. And so they got away with that a little bit cheaper.
– When we looked at the regular savings account before the summer, the increase here was approx. 60 percent of what the Bank of Norway raised interest rates with. It’s quite clear, Noss says, that banks are increasing interest margins by clamping down on deposit rates.
Nettavisen and Renteradar entered into a cooperation agreement earlier this year, with Nettavisen owning 8.3 percent of the company.
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