Temporary Accommodations Coverage In Japanese Home Insurance Claims – TOKYO, Dec 22 () – When salaryman Takayuki Nakamura bought his house in Tokyo last year, he got a 0.35% floating rate mortgage and an assurance from the real estate agent that the fees weren’t going anywhere . After this week, he’s not sure.
“On Tuesday, I suddenly hear that interest rates are going up,” said the 48-year-old father of two. “It’s kind of obvious that I’m going to end up paying more.”
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The Bank of Japan lashed out at global financial markets when it said on Tuesday it would allow rates to rise a little higher, signaling a potential end to ultra-low rates and easy money after decades of attempts to revive the world’s third-largest economy.
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Like Nakamura, many Japanese fear that they may eventually start paying more on their mortgages. While any increase is likely modest, it would be an additional pain for families worn down by years of fixed wages.
“Even a small increase would have a big impact on consumers’ income,” said Masaaki Kanno, chief economist at Sony Financial Group and a former central bank official.
Fixed rates are seen rising first because the central bank has allowed 10-year yields to rise. This means new borrowers could start paying more than they did a year or two ago.
The government-backed Japan Housing Finance Agency offers 35-year fixed-rate mortgages starting at 1.65%. This compares to 1.33% in December last year and is more than four times higher than some variable mortgage loans.
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Floating rate mortgages are not expected to change anytime soon, as they are tied to short-term rates that are still stuck in negative territory. However, the central bank’s move left many borrowers worried that they might one day face higher payments.
Sony Financial’s Kanno estimates that 80% or 90% of homeowners opted for floating-rate mortgages in the expectation that interest rates would not rise. Many of them are probably now looking to switch to fixed-rate loans, he said.
Mortgage comparison site Mogecheck.jp was flooded with traffic that caused a server outage about 40 minutes after the Bank of Japan’s announcement. It was the first incident of its kind since the site launched in 2015, said Takashi Shiozawa, director of operations for online mortgage brokerage MFS Inc, which runs the site.
Customer inquiries have more than doubled, with many asking whether they should now consider getting a fixed-rate mortgage instead of a floating mortgage, Shiozawa said.
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The company is telling them that floating rate loans will not be affected as long as the central bank keeps short-term rates negative, he said.
Prime Minister Fumio Kishida has made higher wages the centerpiece of his domestic political agenda and voters are waiting to see how much of a pay increase unions will receive in their annual wage negotiations in the spring.
But a rise in mortgage costs could hurt spring wage growth. Negotiations between unions and major manufacturers such as Toyota Motor Corp (7203.T) typically set the tone for the rest of the Japanese economy.
“I heard clients saying they want to close their deals soon, before rates go up,” said an employee at a Tokyo real estate agency, who declined to be named because he was not authorized to speak to the media.
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Some potential buyers may now be hesitant, given the risk of not being able to manage a potential increase, he said.
For Nakamura, the salaryman, the issue highlighted the growing pain of single-income Japanese families like his.
“For a person like me, family income depends on the father – my wife is a housewife. The price of gasoline is rising, the price of everything is rising, but wages are not rising,” he said. he said. “It’s tough.”
Reporting by David Dolan and Daniel Leussink; Additional reporting by Kantaro Komiya and Sakura Murakami; Editing by Jacqueline Wong
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Daniel Leussink is a Japan correspondent. Most recently, he has been covering the Japanese auto industry, chronicling how some of the world’s largest automakers navigate a transition to electric vehicles and unprecedented supply chain disruptions. Since joining in 2018, Leussink has also covered Japan’s economy, the Tokyo 2020 Olympics, COVID-19, and the Bank of Japan’s ultra-easy monetary policy experiment.Looking for an apartment in Japan? Here are 10 essential things to prepare before starting your search
If you’re not prepared, trying to rent an apartment in Japan is like removing a bunion; incredibly exciting, but also slow, painful and requiring a lot of paperwork. Before you start apartment hunting, make sure you have these 10 things ready to make your experience at least less painful than foot surgery.
While it’s possible to minimize the damage, let’s just say that moving to Japan isn’t cheap and you’ll need to budget accordingly. The basic fees to consider are the deposit, the real estate agent’s commission, plus the first month’s rent, as well as a small property insurance fee, an annual maintenance fee and a key exchange fee.
You may have to pay key money too, although not all owners request this and some agents may waive the fee – GaijinPot Apartments (woo!) has a large list of agencies that offer a keyless cash service for foreigners if you sign through us.
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So for a standard 80,000 yen per month apartment, you can expect to pay around 400,000 yen in upfront costs before any moving services and the initial costs to set up your utilities.
Do thorough market research and then make a prioritized list of what you want before taking it to the broker along with all the necessary documentation. Keep in mind that there are certain conditions unique to Japan that will affect the price of a property, as well as regulations regarding pets and musical instruments. You’ll also need to take your overall cost of living into consideration when deciding your budget.
Japanese agents generally work within a local radius; Many people first decide the area they want to live in before looking for a local agent. The agent will ask you what you want before presenting a list of properties that suit your preferences. Then they arrange a visit and take you there, often on the same day when the apartment needs to be vacant in order to be seen (you can’t see a place that is still occupied). If you’re not confident in your Japanese, bring a friend to translate.
Another way is to check online listings and ask about places you like. In this case, you could be dealing with several different agents, but you should only pay the agent who handles your final contract. The GaijinPotBilingual Brokerage Assistance service offers completely free support during the search and after the move, as well as a recently launched moving concierge service to help you transfer your things and also to ensure that none of the important details get lost in translation or in shameless marketing plugs
Japanese Homeowners Face An Unfamiliar Headache: Higher Mortgages
To apply for an apartment or housing contract in Japan, you need to provide two forms of official identification: 1. your passport and 2. a visa, residence card or student ID. You will need to provide color copies of your passport photo page and visa page, or the front and back of your resident or student cards. If you have a tourist visa, you can only rent on short-term contracts that specifically do not require a guarantor. For long-term rentals, a 90-day tourist visa will not be accepted. However, those on short-term visas (both visitor and resident if you’re working) are fortunate to have much less stressful options for choosing a place. live – see below!
Negotiations with your agent will primarily happen over the phone, so you need to have an active phone number where they can contact you directly. In the unpredictable world of real estate, you will need to be reachable at all times and the use of modern technology like email is still quite uncommon among Japanese agents. If you are applying from abroad, an international number is suitable.
Although you don’t need to have a Japanese bank account when you start looking for apartments, you will eventually need one to pay your rent via bank transfer. For initial costs, such as the deposit, you can make a bank transfer from an international bank and some agents accept credit cards. Payment in cash is rare, although possible in some places. It’s best to check with the agent which method they prefer. For overseas applications, your local account will work, but you will have to cover any transfer costs.
These are the same documents you probably used in your visa application; any documents demonstrating your activities in Japan, such as a letter of employment, letter of invitation or certificate of eligibility from the immigration department. Often your employment letter will show information about your salary, but you should also prepare number 7 below…
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You will need to prove that you can pay the rent each month so the agents will ask for a copy of your payment slips for the last few months (usually 3 months), your proof of annual income
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