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First Financial Sees Central Bank Unlikely to Ease Housing Market Controls in Short Term Due to Key Reason
Liberty Times Net | Local Language | News | Dec. 5, 2025 | Regulation
First Financial reports that the central bank is unlikely to ease housing market controls in the short term. Since the introduction of the seventh wave of credit control measures and aggregate concentration controls last year, the mortgage market has cooled significantly. First Bank deputy general manager Tsai Shu-hui noted that mortgage applications fell about 40%, and disbursement amounts dropped roughly 34% compared to the same period last year. Despite this decline, housing prices have remained high without significant decreases, which is the primary reason the central bank is hesitant to relax restrictions, especially for non-owner-occupied housing.
Mortgage application numbers fell sharply in mid-2025 before stabilizing by late in the year, with disbursement volumes nearing levels seen at the end of 2024. First Bank expects next year’s mortgage volume to be similar to this year’s, possibly slightly lower. Housing prices show some variation in premiums depending on the area, but developers are reluctant to significantly reduce asking prices due to high upfront costs and commitments to presale customers. Instead, they tend to maintain stable prices while offering incentives such as free renovations and discounts.
Policy adjustments have been made for owner-occupied housing, particularly with the exclusion of Qing’an loans from Article 72-2 of the Banking Act, which has improved disbursements for the Qing’an program. Mortgage application waiting times have shortened considerably, mostly eliminating queues, though year-end demand caused slight congestion with waiting periods under one month. After January 2026, disbursement speeds are expected to return to normal, typically 10–14 days. Regular mortgages outside the new Qing’an program still require scheduling based on bank workload.
First Bank’s outstanding mortgage balance grew by about 5–6% in 2025 and is expected to maintain this growth rate in 2026. Despite reduced disbursement volumes, slower repayment speeds—due to extended grace periods and difficulty in refinancing—support continued growth in mortgage balances. Stricter controls have led to fewer home changes and limited bank valuations, contributing to the ongoing increase in outstanding mortgage balances.