The government has secured resources in the draft budget for 2024 to help Poles buy their first flat or house. “The 2% secured loan, in its current format, will be replaced by another offer that is beneficial to borrowers”, announces the Ministry of Development and Technology.

Due to the exhaustion of the statutory total limit for 2023 and 2024 for the 2% safe credit subsidy, the Ministry of Development and Technology is working on a new scheme to support borrowers.

“Our aim is that the new instrument will, on the one hand, be more attractive to people with lower incomes and larger families and, on the other hand, reduce its abuse by people whose high earnings allow them to obtain a loan in the usual market offer. An important assumption is also that there will be less pressure on the housing market and the associated impact on price increases, as well as precisely targeted state aid”, explains the Ministry of Development and Technology.

The statutory spending limits for the 2% safe credit subsidy assumed that around 50,000 loans could be supported in 2023 and 2024. By 21 December 2023, around 55,800 loan agreements had been supported. This means that the total funds allocated for the secure 2% loan for 2023-2024 have been exhausted and, at the beginning of the new year, it is necessary to stop accepting new applications from participating banks. All applications submitted by the end of 2023 will be processed.

“Due to the high interest in the borrower support programme, we want the legislative process to proceed as quickly as possible with all the necessary elements (e.g. public consultations). The new scheme will be presented at the beginning of 2024, as soon as the drafting work is completed”, announces the Ministry of Development and Technology.

Adrian Andrzejewski