Loans

To get a home mortgage, you usually need at least a 15 per cent down payment, and the amount borrowed cannot be more than five times your own income. There are especially favourable home mortgages for young people and for people buying an energy-efficient home.

More about home mortgages

A home equity credit line is also a type of home mortgage, but with much greater flexibility. It is also called a flex loan or home credit facility.

The home equity credit line allows you to borrow up to 60 per cent of the market value of the home. This sum is the limit for your loan. You can access the home equity credit line yourself in the mobile and online bank, and when you’ve paid down the loan, you can borrow up to this limit again when you want. For example, if you’ve paid down a loan of NOK 1.2 million to NOK 1 million, you have NOK 200 000 that you can use for whatever you want – whether it’s refurbishment, a new car or something else entirely.

Read more about home equity credit line

With a fixed-rate loan, you can fix the interest rate on your loan for a period of three, five or ten years. During this period, the bank cannot change the interest rate on your loan and this gives you very predictable costs. Historically, fixing interest rates does not save you money – but it can be seen as an insurance policy against higher interest rates. You can choose fixed rates on parts of your home mortgage, but you cannot fix the interest rate on more than 75 per cent of the value of the home.

Read more about fixed-rate loans

A consumer loan is a loan without collateral. This means that the bank does not take security in your assets if the loan is not paid down as agreed. The price for this freedom is a higher interest rate than other loans. You should therefore prioritise repaying the consumer loan quickly. The faster the loan is repaid, the cheaper it is. We also recommend that you only use consumer loans for entirely necessary expenses.

The term ‘small loan’ is often used for consumer loans up to NOK 50 000. If you have several small loans or credit card debt, you can save a lot by consolidating and refinancing the debt into one consumer loan. This will give you a much better overview.

A credit card , as the name dictates, gives you the option to pay on credit – i.e. with borrowed money. If you use it in the right way, it has many benefits, such as free travel insurance and payment deferral, which gives you peace of mind when shopping online, for example. You also get a number of discount and bonus schemes.

However, if you do not pay the money during the interest-free credit period – which is up to 45 days with Mastercard from DNB – you will be charged interest. Therefore, you should always pay back what you owe on the credit card as quickly as you can.

There are loan products for anyone who wants to buy a car, motorcycle, boat, mobile home or camper van. The different types of loans have slightly different down payment requirements and different interest rates.

If you are under 34 years old, DNB has especially good terms and conditions for car loans. The same applies if you are going to buy a zero-emission vehicle.

Read more about car loans

An interest-only period means that you do not pay the instalments on the loan – only interest rates and costs. In other words, you only pay the loan costs and postpone repayment of the loan itself.

An interest-only period can be of great help for a temporary period if, for various reasons, your household income is reduced for a period. However, remember that the interest-only period means that the total cost of the loan increases.

Read more about interest-only periods

An annuity loan means that you repay the loan in an equal amount every month until the loan is paid down – and this is the most common form of loan. At the beginning, the instalment part is small, while the interest rate part is large. Gradually, the instalment share increases, while the interest part decreases. Because you pay the same amount every month, annuity loans make it easier to keep track of your finances. If the interest rate changes, the monthly amount also changes, but that’s the same for all loans – unless you choose to fix the interest rate.