This is an archived release.
Reduced growth in housing loans
The twelve-month growth in loans secured on dwellings to households was 6.0 per cent to end-July 2010, down from 6.9 per cent to end-July last year. In the same period, the twelve-month growth for credit lines secured on dwellings came down from 21.1 per cent to 14.4 per cent.
Loans secured on dwellings from Norwegian banks, mortgage companies and state lending institutions to households amounted to NOK 1 613 billion in July 2010, somewhat up from NOK 1 605 billion to the previous month. The twelve-month growth was 6.0 per cent in July this year, unchanged from the previous month. This is down from 6.9 per cent to end-July 2009 and 11.4 per cent to end-July 2008. Loans secured on dwellings accounted for 30.1 per cent of total assets from banks, mortgage companies and state lending institutions in July this year, up from 29.6 per cent in June and down from 30.3 per cent in July last year. This share was 33.8 per cent in July 2008.
Lower growth for credit lines secured on dwellings
Loans secured on dwellings are divided into repayment loans secured on dwellings and credit lines secured on dwellings. By end-July this year, credit lines from banks and mortgage companies amounted to NOK 388 billion, an increase of NOK 4 billion from the previous month. The twelve month growth for credit lines secured on dwellings has been high since the registration started in December 2005. However, the growth has decreased, and went down from 14.5 to 14.4 per cent from June to July this year.
Rising share of credit lines of total loans secured on dwellings
Repayment loans account for the biggest share of total loans secured on dwellings, and it amounted to NOK 1 226 billion by end- July 2010. The twelve-month growth was at the same time 3.6 per cent, unchanged from the previous month and up from 3.4 per cent to end-July last year. The twelve-month growth is higher for credit lines than for repayment loans, and the share of credit lines of total loans secured on dwellings is therefore increasing. This share was 24.0 to end-July 2010
Compared to total assets from banks, mortgage companies and state lending institutions, the share of credit lines has increased from 6.7 per cent in July 2009 to 7.2 per cent to end-July this year.
|Twelve-month growth||Credit line shares|
|Loans secured on dwellings||Credit lines||Repayment loans|
Credit lines secured on dwellings are loans secured on dwellings where a certain credit ceiling is issued, usually within 60-80 per cent of the value of the dwelling in which the loan is secured. There are no restricions on how or what the credit is used for. Interest is only paid for the amount of credit the customer has used at the given time. Only banks and mortgage companies are offering this type of loans.
Households are defined as quasi-corporate private enterprises (e.g. partnerships), private non-profit institutions serving households, unincorporated private enterprises, employees, pensioners, social secured recipients, students etc. and unspecified sector.
The statistics is now published as Banks and mortgage companies.