Before you start looking for your first home

Read our guide for first-time home buyers – Step 1. What things should you consider when you start looking for your first home?

Buying or renting?

Your home is one of the most important things in your life. Choosing your home is first and foremost affected by your situation in life: are you a student or working , do you want to live alone or together with others, and of course, what is your financial situation like. Living in a rental home and buying your own home both have their advantages..

Find out what kind of a home you can afford

Before you start looking for a suitable home, check what kind of a loan you can get. Your income, savings and the price of the home will affect the loan amount. Housing prices vary a lot across Finland. Use the loan calculator to check how a housing loan would affect your monthly expenses.

What would your monthly loan payment be?

Use the housing loan calculator

Buy your own home with an ASP loan

In order to be granted a loan for your first home, you must have savings of your own. For an ASP loan, for example, you must save 10% of the home's price. We suggest you start saving up early on so that you can buy a home once it suits your life situation. A good way to start saving is to open an ASP account. An ASP account is intended for first-time home buyers aged between 18 and 39. It offers various useful benefits and you will receive a good interest on our savings as well as a state guarantee!
Read more about the benefits of an ASP account

Buying a home without an ASP account

You can of course get a loan for your first home also without an ASP account, as long as you have payment ability, regular income and savings which cover at least 5% of the value of the home. A maximum of 75% of the purchase price of the home can secure your loan, but for the remaining part you often need additional real security, for example, the home of your parents. If you cannot raise additional security, you can also purchase a guarantee.
Read more about Nordea’s OwnGuarantee

Buying a home together with someone else

Homes are expensive, especially in the greater Helsinki area, so dividing the costs can be a wise decision. You can buy a home together with your partner or with your parents, for example. You can take out the loan jointly or separately.

If you take out a joint loan, it is a good idea to draw up a detailed repayment plan and perhaps open a joint account where both of you transfer money monthly for servicing the loan. This way, both of you can check if the loan has been serviced as agreed. The easiest way to avoid any disputes is for both parties to take out their own housing loans. This means that both are only liable for the payments of their own loan. Remember that you must own at least 50% of the home to be eligible for an ASP loan.

Time to find your new home

Ask us about buying your first home

Call Nordea’s Customer Service

0200 70 000

Go through the steps of the buyer's guide