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Growth in Czech household spending and mortgage borrowing expected

23.08.2016  14:07

Czech consumer confidence re¬mains high, and analyst Daniela Milučká of Raiffeisenbank expects growth in house¬hold spending this year of 3%. Since the economic crisis, only last year’s growth in spending was faster. Mortgage borrowing is rising, and there is also a competitive battle among consumer lenders. The lowest rates are now below 6%. Also, Česká spořitelna launched an on-line mortgage-refinancing possibility. Moneta is offering a “thrifty” mortgage that makes it possible to cut the rate to as low as 1.48% by off-setting the size of the loan with the balance on a client’s current account. Fio banka and Raiffeisen are offering similar services with the possibility of 0% interest if the account balance matches the mortgage balance. ČSOB hinted that it might launch a mort¬gage program for university students.

Source: CTK, Fleet Sheet