Bank360: Important financial changes are coming in January 2025, here is the list

Bank account fees will increase

In August, the transaction fee increased by one and a half times, and from October, the government introduced an additional foreign exchange conversion fee. At the same time, the increase in retail bank account fees was prohibited until the end of 2024, but from January 1, this will no longer be binding on banks. Financial institutions have taken the opportunity and are incorporating the increasing and new transaction fees into their fees. This may affect customers in different ways depending on their bank account package. Customers can expect further price increases in the first months of 2025, as banks may even be able to factor in 2024 inflation into their fees.

The worker’s loan is coming

The majority of commercial banks have indicated that they will be marketing the new worker’s loan from the beginning of January. This subsidized loan can be taken out by young people between the ages of 17 and 26, if they have a registered job and are not eligible for the Student Loan. The maximum amount of the freely available worker’s loan is 4 million forints, the term can be 10 years, and it is interest-free for the borrower if they remain in continuous employment in Hungary for at least five years. If the young person has a child, they will be eligible for additional discounts, a suspension of repayments, and partial or full forgiveness of the debt.

Home renovation support restarts, but only in villages

The highly successful home renovation program of 2021-2022 is also restarting, but now only families with children living in small settlements listed in the law can participate. The conditions are similar to the previous ones, a maximum of 3 million forints worth of support can be requested, from which half of the raw materials and labor costs can be financed. They must pay this money in advance and the other half of the costs must be covered by them, but they can also take out a preferential, interest-subsidized loan for this purpose in the amount of up to 6 million forints as part of the rural home renovation program.

You can also renovate your home with pension money

You can also spend your pension fund savings on home renovation and several other housing purposes for one year from January 1, and not only in preferred small settlements, but anywhere in the country. In 2025, members of voluntary pension funds will be able to use their fund balances at the end of September 2024 for housing purposes for themselves or their close relatives. The savings can be used, among other things, to purchase, build, renovate residential property, repay a mortgage, and this amount can also be included as a co-financing for a housing loan.