First home loan
With a first home loan, you get an extra low interest rate when you buy your first home
– at any age.
Entering the housing market is demanding for many, and we are there to help you apply for a first home loan. First home loan is the loan for you who are going to buy your very first home. First home loans have many advantages, such as the opportunity to get a mortgage with less equity at a lower interest rate.
Advice on first home loans
Having a conversation with a bank can be seen as a bit intimidating for some, but the advisers at Eiendomsfinans are there to help and support you. We explain banking in a simple way. We will calculate how much you can get in a first home loan so that you do not take out a loan that you cannot repay. The adviser can also help you create a financial plan so that you can reach your dream home faster.
We will send you a link that you can approve with your bank ID. Your adviser then collects information about your finances, for example tax returns and pay slips. All of this is sourced directly from Altinn and other government services. During the conversation with the adviser, you will find together the best solution for your finances and your needs.
If the loan application is not for your first home, but you are under 34 years of age, you can read more about BoliglÄn UNG here.
Who can get a first home loan?
A first home loan is a loan for people who want to buy their first home. The following criteria must be met to be able to get a first home loan:
- You must be over 18 years of age
- You must be resident in Norway
- You must be permanently employed or have an income that provides good financial ability to service the loan
- You must be a first-time buyer, that is, you have not owned a home in Norway in the last three years
- You must have equity of at least 15% of the home’s purchase price plus costs, or additional security with a guarantor.
You must consider this:
It is important to consider the following when taking out a first home loan:
What can you pay?
The bank advisor will work with you to assess your fixed expenses and income. You must be able to pay the loan even if the interest rate rises.
Equity
The bank can only lend up to 85% of the property’s value, so you must have at least 15% of the purchase price yourself, or have a guarantor.
Family relationships
Your family situation can affect your finances. Some examples: If you have a partner who can borrow with you, if your parents can borrow with you or if you have parental responsibility for children
Other debt
If you have other loans, this will affect how much you have left to pay off the mortgage. This can be a consumer loan, student loan, car loan or joint debt.
What is a first home loan?
A first home loan is a loan designed for young adults aged 18 to 34 who want to buy their first home. This loan gives you the opportunity to borrow up to 85% of the purchase price, and in some cases up to 100% if you have a guarantor. You should be aware that you cannot borrow more than 5 times your income, including any other loans such as student loans and consumer loans. The banks in Norway are regulated by the Lending Regulations and you must be able to service the loan with an interest rate increase of 3 percentage points.
For those older than 34, it will depend on the individual bank whether you will be able to get a first home loan. Some banks also offer first home loans to people over the age of 34.
With a first home loan, you can finance up to 85% of the home’s value. If you have additional security, it is also possible to apply for full financing of 100%.
Can you transfer your first home loan?
You have the option of transferring an existing first home loan from one bank to another, as long as the loan has not been changed in any way other than repayment.
If the loan application is not for your first home, but you are under 34 years of age, you can read more about BoliglÄn UNG here.
Proof of financing for the purchase of your first home
A loan certificate or financing certificate is confirmation that you can get a mortgage up to a certain amount from a bank. You can use the certificate as documentation that you can submit an offer for a home. You can present it to the seller or broker.
Read more about proof of financing here
Apply for a financing certificate via Eiendomsfinans.
The process is mostly both simple and fast.
It is an advantage to have a financing certificate when you want to buy a home.
With a financing certificate, you show that you have the necessary funds to make the purchase.
This gives you advantages in a bidding round with short deadlines.
In addition, it is an advantage for the seller or broker to see the proof that you have financing in order.