Facebook statement by Prime Minister Viktor Orbán

We’re in a break in the government meeting, but now I have some good news to share with you. We’ve developed and adopted a 3 per cent home loan programme. In recent years house prices in Hungary have soared. Most families own their own property, of course, and for them this may be good news, but there are many who haven’t yet been able to afford their first home - to buy or build their first home. The new support is available to anyone who wants to buy their first home or house. The property can be anywhere, from the smallest village to Budapest, and there’s no age limit - although the way that life goes it tends to favour young people. One can borrow up to 50 million forints at an interest rate of 3 per cent for the full term, which can be up to 25 years. The down payment will be 10 per cent. This is a big subsidy, because today the market has high interest rates of 6.5–8 per cent, and this is less than half of that. We’re not stopping there. On 1 September we’ll be launching the next programme, which will provide opportunities for home renovators, and we hope it will benefit hundreds of thousands of families.