What’s changing in your budget on June 1: Insurance, mortgage, gas prices, taxes, train

As the first day of each month, a series of news that affects personal finances comes into force. In addition, if it was possible to complete your tax return online from April 13, the process should be completed no later than May 1, 25.^Eh June or June 8, depending on housing units (by midnight on May 22 in paper form).

Cancellation of insurance “with three clicks”

1 of these^Eh June, insurers (auto, home, health, family insurance, etc.) will be required to allow their customers to easily cancel the contract online – on a website or mobile app – if the contract is signed online, or if, on the date of termination, those companies sell the contracts online.

As a result of the August 16, 2022 law on purchasing power, this measure, which the government nicknamed the termination. “Three clicks”, aims to simplify the procedures and thus strengthen the competition in this market. Applies to new contracts such as already completed but not professional insurance.

Real estate credit: Amortization rate is close to 4.70%

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The maximum home loan rate (including borrower’s insurance and miscellaneous costs) is now 4.68% for fixed-rate loans for twenty years or more and 4.45% for ten to nineteen-year loans. Banks are not allowed to set a higher rate. These levels are constantly increasing from the beginning of 2022 on the back of rising lending rates.

Calculated by the Banque de France, these Uzbek rates usually change every three months, based on the rates used in the previous quarter, but they will be specially reviewed every month from February 2023. This humiliating practice should continue until June 2023 (including). Will it last? “No decision has been made”“, – says the Bank of France.

The status quo of regulated gas prices during the last month of their existence

Regulated gas price does not change at 1^Eh June as provided by the Finance Act, 2023. Note that the freeze applies every month from November 2021, except for January 2023, a month marked by a 15% increase including taxes.

Without this “tariff shield”, according to the Energy Regulatory Commission, these rates in June would decrease by an average of 2.3% without tax (2.1% including tax) compared to the theoretical scale of the previous month. Current rates are now (slightly, about 5%) higher than the theoretical rates, ie what would have been in effect in June if there had been no frost.