Kirjautuneen henkilöasiakkaan päivittäiset uutiset

2.1.2023 09:10

ASP legislation changed on 1 January 2023 – how you can benefit from the changes

On 1 January 2023, amendments to the ASP legislation, that is legislation on the home saver’s bonus scheme, entered into force, improving the opportunities for people in different life situations to own a home. The amendments affect saving with the ASP scheme and the ASP interest subsidy loan. Our new customers and those who have already started their ASP saving will benefit even more from the reform.

Key changes to the ASP legislation

Changes related to the ASP account and deposits

  • The maximum age limit increases. The maximum age limit for when you can start ASP saving increases to 44. A person who has turned 15 but not yet 45 years old can become an ASP home saver. Previously, the maximum age limit was 39 years.
  • Opening a joint ASP account becomes easier. You can open an ASP account with another person, or you can add another depositor to the account later. As of 1 January 2023, a common-law spouse who fits the definition given in ASP legislation can be added as a second depositor for the ASP account, even if they are already 45 years old. 

What is an ASP account?  

  • An ASP (home saver’s bonus interest) account is a convenient and rewarding way to save for your first home. It also offers a better interest rate on your savings. Once you’ve saved the required amount and are ready to buy a home, you can take out an ASP loan with attractive terms and conditions.  

Changes related to ASP loans: 

  • The amount of ASP interest subsidy loan increases if there are two ASP savers. You can receive an ASP interest subsidy loan of 50% more if two ASP savers buy a home together. That means that two ASP savers can get an interest subsidy loan of 50% more than the given regional limit. In Helsinki for example, one ASP loan applicant can receive a maximum of 215,000 euros, while two ASP loan applicants can receive a maximum of 322,500 euros. 
  • The maximum state guarantee increases by 10,000 euros. The maximum amount of state guarantee increases from 50,000 euros to 60,000 euros, reducing the amount of other necessary side collateral. 
  • You can get an ASP loan for a home in which the ASP saver already lives. From now on, you can get an ASP interest subsidy loan for a home in which the ASP saver already lives before making the sales, even if they have no active lease agreement for it. In future, the borrower can buy half of their common-law spouse’s home where they already live, for example.

What is an ASP loan? 

  • You can apply for an ASP interest subsidy loan when you have saved at least 10% of the home’s purchase price. At least part of the savings must be in the ASP account, and you must have made deposits to the account for at least eight quarters.
Did you know that as an owner-customer of your OP cooperative bank, you will also earn OP bonuses on the money in your ASP account and the ASP loan? OP bonuses are used to pay insurance premiums and bank service fees, for example. You will also get valuable discounts on banking and insurance services.