The Housing Finance System

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    A. Primary Housing Finance Market

    A.1 Industry Structure and Performance
    VariableEnd of 2017End of 2016End of 2015SourcesVar ID
    Types of originating lenders/market share:A.1.2
    Are there (quasi) public mortgage lenders:YesYesYes
    OENB Austria
    		A.1.4
    Typical lending spreads for mortgages  Not available
     
    		A.1.5
    Level of Non-Performing Mortgage Loans (90 days or more past due):A.1.6
    Average 1997-2007 A.1.7
    Lowest decile of the income distribution served by the dominant mortgage lenders  Not available
     
    		A.1.8
    A.2 Size of Mortgage Finance Sector
    VariableEnd of 2017End of 2016End of 2015SourcesVar ID
    Total amount of home mortgage loans outstanding at the end of year in millions of USD:117,530 USD (millions)112,409 USD (millions)102,729 USD (millions)
    HypoStat 2018
    		A.2.1
    Total amount of home mortgage loans outstanding at the end of year as % of GDP (current)28.2%28.75%27.4%
    HypoStat 2018
    		A.2.1.1
    and as % of all credits outstanding21.27%23.18%22.23%
    WDI
    		A.2.1.2
    Total amount of home mortgages made in calendar year in millions of USD  Not available
    Country Editor
    		A.2.3
    A.3 Housing Finance Products
    VariableEnd of 2017End of 2016End of 2015SourcesVar ID
    Mortgage products as % of all mortgages (approx.) in local currency:A.3.1
    Non-fully amoritizing loans (e.g. Price level adjusted/Interest only)   Not available
    Country Editor
    		A.3.1.5
    Loans based on foreign currency as % of all mortgage products13%16.9%23.1%
    HypoStat 2018
    		A.3.2
    Most prevalent type of foreign currency mortgage used:A.3.3
    Most frequent interest rates on fully amortizing:A.3.4
    Typical lender fees associated with mortgage origination: A.3.6
    Typical third party fees associated with mortgage origination:A.3.7
    Loan-to-Value (LTV) on first mortgage: A.3.8
    Maximum LTV808080
    HFN
    		A.3.8.1
    Typical LTV at origination606065
    Country Editor; European Banking Authority
    		A.3.8.2
    Maximum term over which pmt is calculated? 27.5 years27.5 years25 years
    HypoStat 2018
    		A.3.9
    Mortgage pmt-to-income ratio A.3.10
    Typical pmt-to-income ratio (Individual income)  Not available
     
    		A.3.10.4
    A.4 Lending and Servicing Process
    VariableEnd of 2017End of 2016End of 2015SourcesVar ID
    Does the mortgage industry use standard principles/guidelines for underwriting?YesYesYes
    Federal Ministry of Finance
    		A.4.1
    Which institutions define underwriting rules? A.4.2
    OtherYesYesYes
    Federal Ministry of Finance
    		A.4.2.4
    A.5 Credit Risk Assessment
    B. Funding Sources for Mortgages and the Secondary Mortgage Market
    VariableEnd of 2017End of 2016End of 2015SourcesVar ID
    What are the main funding sources for mortgages?B.1
    Retail funding (deposits/other) primaryprimary
    HypoStat 2017
    		B.1.1
    Funding through mortgage bonds secondarysecondarysecondary
    Hypostat
    		B.1.3
    Funding through securitization of mortgagestertiary tertiarytertiary
    ARE
    		B.1.4
    C. Housing Microfinance
    VariableEnd of 2017End of 2016End of 2015SourcesVar ID
    Types of lenders operating in the housing micro-finance (HMF) sector:C.2
    Level of NPLs (>90 days past due) in HMFC.4
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    Notes: The proportion of sub-standard accommodation can be mainly attributed to the housing stock in Vienna, where still 3.2% of the total housing stock fall into this category.
    Notes:
    Notes:
    Notes:
    Notes: (median equivalised national income / average exchange rate)*average household size
    Notes: (median equivalised national income / average exchange rate)*average household size
    Notes: (median equivalised national income / average exchange rate)*average household size
    Notes: (median equivalised national income / average exchange rate)*average household size
    Notes: (median equivalised national income / average exchange rate)*average household size
    Notes: (median equivalised national income / average exchange rate)*average household size
    Notes: (median equivalised national income / average exchange rate)*average household size
    Notes: (median equivalised national income / average exchange rate)*average household size
    Notes: (median equivalised national income / average exchange rate)*average household size
    Notes: (median equivalised national income / average exchange rate)*average household size
    Notes: (median equivalised national income / average exchange rate)*average household size
    Notes: (median equivalised national income / average exchange rate)*average household size
    Notes: (median equivalised national income / average exchange rate)*average household size
    Notes: (median equivalised national income / average exchange rate)*average household size
    Notes: (median equivalised national income / average exchange rate)*average household size
    Notes: (median equivalised national income / average exchange rate)*average household size
    Notes: (median equivalised national income / average exchange rate)*average household size
    Notes: €63.157 Billion converted to USD at $1.472 per €1
    Notes: €69.174 Billion converted to USD at $1.392 per €1
    Notes: €70.486 Billion converted to USD at $1.441 per €1
    Notes: 1 Dollar = 0.68 Euro 65897 Euro/0.68 = 97006.97
    Notes: 1 Dollar = 0.69 Euro 73455 Euro/0.69 = 105819.27
    Notes: 1 Dollar = 0.72 Euro 72061 Euro/0.72 = 100287.29
    Notes: 1 Dollar = 0.73 Euro 48078 Euro/0.73 = 65487.04
    Notes: 1 Dollar = 0.75 Euro 80000 Euro/0.75 = 106896.00
    Notes: 1 Dollar = 0.76 Euro 60737 Euro/0.76 = 79990.63
    Notes: 1 Dollar = 0.76 Euro 86161 Euro/0.76 = 113680.82
    Notes: 1 Dollar = 0.77 Euro 83960 Euro/0.77 = 113680.82
    Notes: 1 Dollar = 0.79 Euro 39746 Euro/0.79 = 50199.20
    Notes: 1 Dollar = 0.85 Euro 53815 Euro/0.85 = 63485.56
    Notes: 1 Dollar = 0.95 Euro 35998 Euro/0.95 = 37751.10
    Notes: 1 Dollar = 1.13 Euro 29632 Euro/1.13 = 26114.68
    Notes: 2010 = 100
    Notes: 25-30 years
    Notes: 25-30 years
    Notes: A majority of the homebuyers in Austria utilize the Bauspar (Contract Saving) Scheme, a low interest long term depository loan primarily used to finance single family housing.
    Notes: around 4.8%
    Notes: around 4.8%
    Notes: around 5% of formal sector/registered units completed/year
    Notes: around 5% of formal sector/registered units completed/year
    Notes: around 5% of formal sector/registered units completed/year
    Notes: around 5% of formal sector/registered units completed/year
    Notes: around 5% of formal sector/registered units completed/year
    Notes: around 5.4%
    Notes: around 5.7%
    Notes: around 6.0%
    Notes: Differs across income sectors. 50% for the lowest income sector, but 12% for the highest income sector.
    Notes: Extensive system of housing subsidies in the authority of provinces
    Notes: Extensive system of housing subsidies in the authority of provinces
    Notes: Federal Ministry of Finance
    Notes: Federal Ministry of Finance
    Notes: Federal Ministry of Finance
    Notes: Federal Ministry of Finance
    Notes: Federal Ministry of Finance
    Notes: Federal Ministry of Finance
    Notes: In 2016 according to the ECBC Fact Book data, covered bonds play an important role in mortgage funding as mortgage backed covered bonds account for around EUR 30.8 bn, which is roughly equal to one third of the outstanding residential mortgages.
    Notes: In 2016 according to the ECBC Fact Book data, covered bonds play an important role in mortgage funding as mortgage backed covered bonds account for around EUR 30.8 bn, which is roughly equal to one third of the outstanding residential mortgages.
    Notes: In 2016 according to the ECBC Fact Book data, covered bonds play an important role in mortgage funding as mortgage backed covered bonds account for around EUR 30.8 bn, which is roughly equal to one third of the outstanding residential mortgages.
    Notes: In Austria, the usual maximal loan-to-value (LTV) ratio amounts to 70 per cent, although Bausparkassen hypothecate up to a LTV ratio of 80 per cent. On mortgage bonds, pfandbriefe, there is a legal cap of 60% as stated by Mortgage Bank Act of 1899, amended in 2005.
    Notes: In Austria, the usual maximal loan-to-value (LTV) ratio amounts to 70 per cent, although Bausparkassen hypothecate up to a LTV ratio of 80 per cent. On mortgage bonds, pfandbriefe, there is a legal cap of 60% as stated by Mortgage Bank Act of 1899, amended in 2005.
    Notes: less than 5%
    Notes: less than 5%
    Notes: less than 5%
    Notes: less than 5%
    Notes: less than 5%
    Notes: less than 5%
    Notes: less than 5%
    Notes: less than 5%
    Notes: less than 5%
    Notes: Mortgage lending is mainly financed via banks and Bausparkassen.
    Notes: Mortgage lending is mainly financed via banks and Bausparkassen.
    Notes: Nominal Growth - Inflation = Real Growth
    Notes: Nominal Growth - Inflation = Real Growth
    Notes: Nominal Growth - Inflation = Real Growth
    Notes: Nominal Growth - Inflation = Real Growth
    Notes: Nominal Growth - Inflation = Real Growth
    Notes: Nominal Growth - Inflation = Real Growth
    Notes: Nominal Growth - Inflation = Real Growth
    Notes: Nominal Growth - Inflation = Real Growth
    Notes: Nominal Growth - Inflation = Real Growth
    Notes: Nominal Growth - Inflation = Real Growth
    Notes: Nominal Growth - Inflation = Real Growth
    Notes: Nominal Growth - Inflation = Real Growth
    Notes: Nominal Growth - Inflation = Real Growth
    Notes: Nominal Growth - Inflation = Real Growth
    Notes: per square meter (unweighted average)
    Notes: per square meter (unweighted average)
    Notes: per square meter (unweighted average)
    Notes: per square meter (unweighted average)
    Notes: per square meter (unweighted average)
    Notes: RMBS play a more marginal role in Austria and according to the AFME database the alpine country had around EUR 1.5 bn RMBS outstanding in 2016.
    Notes: The usual maximum LTV amounts to 70%. However, Bausparkassen allow up to a LTV of 80%
    Notes: The usual maximum LTV amounts to 70%. However, Bausparkassen allow up to a LTV of 80%
    Notes: The usual maximum LTV amounts to 70%. However, Bausparkassen allow up to a LTV of 80%
    Notes: There is no government maximum LTV but private LMI companies will only insure properties with LTV <80%
    Notes: Though the share of foreign currency loans in households’ housing loans has continued to decline in recent months, these loans still imply large exchange rate risks. Since the marked increase observed in January 2015 (from 22.1% to 23.9%) in the wake of the strong appreciation of the Swiss franc that occurred after the Swiss National Bank abandoned the exchange rate cap vis-à-vis the euro, the share of foreign currency loans in housing loans has fallen, coming down to 16.9% in April 2017. Almost all foreign currency-denominated housing loans outstanding are denominated in Swiss francs (close to 97%).
    Notes: unweighted average
    Notes: unweighted average
    Notes: unweighted average
    Notes: unweighted average
    Notes: unweighted average
    Notes: Urban Median Equivalized Income / Average Exchange Rate * Average Household Size
    Notes: Urban Median Equivalized Income / Average Exchange Rate * Average Household Size
    Notes: Urban Median Equivalized Income / Average Exchange Rate * Average Household Size
    Notes: Urban Median Equivalized Income / Average Exchange Rate * Average Household Size
    Notes: Urban Median Equivalized Income / Average Exchange Rate * Average Household Size
    Notes: Urban Median Equivalized Income / Average Exchange Rate * Average Household Size
    Notes: Urban Median Equivalized Income / Average Exchange Rate * Average Household Size
    Notes: Urban Median Equivalized Income / Average Exchange Rate * Average Household Size
    Notes: Urban Median Equivalized Income / Average Exchange Rate * Average Household Size
    Notes: Urban Median Equivalized Income / Average Exchange Rate * Average Household Size
    Notes: Urban Median Equivalized Income / Average Exchange Rate * Average Household Size
    Notes: Urban Median Equivalized Income / Average Exchange Rate * Average Household Size
    Notes: Urban Median Equivalized Income / Average Exchange Rate * Average Household Size
    Notes: Urban Median Equivalized Income / Average Exchange Rate * Average Household Size