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Home Equity Loan is a perfect solutions for property owners:
From 1 March 2023 we suspend the offer of mortgage loans with variable interest rate options for the entire life of the loan.
Mortgage loans with a periodically fixed interest rate for the first 5 years remain in our offer.
We are working on the implementation of a new mortgage loan offer based on the WIRON reference index.
The target mortgage loan collateral at Bank Millennium are:
Remember! The target loan collateral may be also a mortgage on the property other than that financed with the loan, owned by you or a third party.
Additionally, if the loan is secured by a single-family home or by an undeveloped plot of land, the following may be required:
Conditions for margin reduction
Margin reduced by 0,5% for Clients who fulfil the below conditions throughout the credit period:
Information about the WIRON benchmark
On September 27, 2022 on the website of the Polish Financial Supervision Authority the so-called Roadmap was published, which defines the basic assumptions of the process of replacing WIBOR and WIBID benchmarks with the WIRON index (Warsaw Interest Rate Overnight).
The Roadmap was developed and agreed upon by the so-called National Working Group on Benchmark Reform ('NGR'). The Group is made up of representatives of:
According to the Roadmap Schedule, the process of replacing WIBOR is to be spread over time:
This process is very complicated. There are many related elements in it. For this reason, the Roadmap and the dates indicated therein may change.
You can find the Roadmap here.link otwiera się w nowym oknie
Currently, we do not offer mortgages with interest rates based on the WIRON benchmark. Preparation of systems and operational processes in banks takes time. In our bank, we are working intensively on adapting IT systems, regulations and documents that will allow us to introduce the WIRON benchmark as soon as possible.
We will inform you in advance about the date of introduction of WIRON.
If in the future we are no longer able to use the WIBOR benchmark indicated in your contract due to the fact that it will cease to be published by the administrator, we will replace WIBOR in the contract with a new benchmark, in accordance with one of the following solutions:
Information about the WIRON benchmark
More information about the planned replacement of the WIBOR benchmark by WIRON can be found at following websites:
Cost of loan and legal note
APR FOR A PERIODICALLY FIXED INTEREST RATE
Annual Percentage Rate (APR) is 11,02 % and has been calculated with the assumption that the interest rate during the first 60-month fixed-rate period is 9,20% (as of 14.02.2023), while later the variable interest rate is 11,36% and WIBOR 6M is 7,31% (as of 31.01.2023). If at the time of APR calculation, the fixed interest rate is higher than the variable interest rate, then the APR calculation after the fixed rate period shall use the fixed interest rate. The total amount of the home equity loan (net of loan-financed costs) is 206 502 PLN, total amount to be repaid by the consumer 558 645,81 PLN, total cost of the home equity loan 352 143,81 PLN (including: fee for loan approval 0 PLN, interest 331 668,91 PLN, fire and other accident insurance of the real property according to the offer available through the bank 8 587 PLN, life insurance according to the offer available through the bank 11 668,90 PLN, tax on civil law transactions 19 PLN and court charges for setting up the mortgage 200 PLN), loan tenor 23 years, loan instalment 1 800,23 PLN, number of instalments 277.
The calculation was made as of 14.02.2023 on a representative example, assuming that: the loan will be secured with a mortgage on a newly acquired real property worth 413 004PLN, loan margin is 3,70%, if you have a Millennium 360° account with us, which is credited every month with your salary or other net income and have a debit card with this account, and you make non-cash transactions with this card in the amount of at least 500 PLN per month. The Millennium 360° account is kept free of charge. The for service of the debit card or BLIK contactless payments is 0 PLN, if in the previous month i.a. you pay once with the card or by BLIK (if you are aged 18-26) or 5 times (if you are aged over 26).
Fees, commissions and interest rates are specified in the Mortgage/Home Equity Loan Price List. Details regarding the principles and conditions of granting loans are stipulated in the Regulations on Lending to Individuals in Mortgage Banking in Bank Millennium S.A. The Regulations and the Price List are available in the Bank’s branches and on the www.bankmillennium.pl. website. Before granting a loan the Bank always evaluates the Applicant’s credit capacity and worthiness on a case-by-case basis; in justified cases it may refuse to grant the loan. The Customer may present, as security of the Bank’s receivables, real property or life insurance - outside the offer available through the Bank - under an insurance agreement concluded with an insurer from the list published by KNF.
The fixed interest rate shall remain valid for 5 years. During this period the monthly principal-interest payment of your loan will not change, because it does not depend on change of the benchmark. There is the risk that during the fixed interest rate period your monthly payment may be temporarily higher than if it were calculated on the basis of the current WIBOR 3M reference rate, used as the benchmark in calculating variable interest rate. If during validity of fixed interest rate the amount of maximum interest decreases, the fixed interest rate during this period will not change.
A fixed interest rate shall remain valid for 5 years. During this period the principal and interest instalment amount of your loan will not change, because it does not depend on changes in a benchmark. There is the risk that during the fixed interest rate period your monthly payment may be temporarily higher than if it were calculated on the basis of the current WIBOR 6M reference rate, used as the benchmark in calculating a variable interest rate. If the maximum interest rate decreases during the fixed interest period, the fixed interest rate will not change during this period. After the end of a 5-year period you can choose to apply a periodically fixed interest rate (note: it may differ from the interest rate in the previous period) for a further period of 5 years (similarly in the following periods) or to apply a variable interest rate. When you were repaying your loan instalments at a fixed interest rate, the WIBOR 6M benchmark may have increased. This means that after the end of the fixed rate period your instalment may be higher, and the total cost of the mortgage loan will grow.
During the period when a variable interest rate is applied there is a risk of interest rate fluctuations. The risk of interest rate fluctuations means that if the WIBOR 6M reference rate increases the interest rate on the loan will be higher; the amount of the monthly principal and interest instalment will then increase and this in turn increases the cost of interest and thus the total cost of the equity loan. If the reference rate is zero or negative, the interest rate on the loan during this period will be equal to the Bank’s margin.