Sweden’s spring budget: 45 billion kronor cash boost for healthcare, jobs and more

Sweden on Thursday announced its spring budget proposal in full, with measures to help the healthcare sector, job market and other areas such as climate policy amounting to 45 billion kronor ($5.3 billion) in total.

Sweden's spring budget: 45 billion kronor cash boost for healthcare, jobs and more
Finance Minister Magdalena Andersson presented the spring budget on Thursday. Photo: Fredrik Sandberg/TT

Most of the measures are linked to the Covid-19 pandemic, with money set aside for the healthcare sector and business support, but there were also cash boosts announced to support rural areas, climate policy, and law and order.

“This is a budget for how we can work, together, to get Sweden out of the crisis,” said Finance Minister Magdalena Andersson at the presentation of the measures on Thursday. This comes amid a rise in newly reported cases and intensive care admissions for Covid-19, with Sweden one of the European countries worst hit by a third wave of the virus.

She said the government was expecting that Sweden will lift many of its coronavirus measures this autumn, such as restricted opening times for restaurants and limits on customer numbers in many establishments. But that depends on the development of the pandemic.

“We still have the restrictions in place now during the spring, but the restrictions might be lifted in autumn. But if the vaccination programme is delayed, then it will take longer before they can be relaxed and longer before the economy can ‘restart’,” she explained.

The 45 billion kronor is made up of a separate amendment budget as well as 22 billion kronor which are part of the spring budget.

Unsurprisingly, a large chunk of the money will go directly to the healthcare sector, including 1.65 billion for testing and contact tracing work, one billion for buying more vaccine doses and 700 million to Sweden’s 21 regions to help them carry out vaccinations. An injection of two billion kronor will not only support healthcare directly related to Covid-19 but also other care that has been postponed due to the pandemic.

“Money cannot, must not, will not be an obstacle in limiting the spread of infection or in caring for the sick,” said Andersson.

The Finance Minister also announced several other measures, including Swedish language courses, summer jobs and extending business crisis support and coronavirus sick pay rules. Here’s The Local’s in-depth explainer on what the budget means for you.

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Which Swedish banks are lowering their mortgage rates?

Many banks in Sweden are starting to lower their interest rates on mortgages again following the Riksbank central bank’s decision not to raise its policy rate in November, the first time since May 2022. Which banks are lowering their rates and by how much?

Which Swedish banks are lowering their mortgage rates?

For most of the banks, rates are only being lowered on fixed-term mortgages. These rates all refer to the listräntor, the rate which the bank lists on its website and offers as a starting point, but most mortgage holders will have negotiated a lower rate, so the average interest rate – which they legally also have to show on their website – is actually lower.

Danske Bank

From November 17th, Danske Bank’s rate for two year fixed-term mortgages dropped by 0.10 percentage points to 5.24 percent, while three, four and five year terms all dropped by 0.20 percentage points, to 4.89, 4.79 and 4.56 percent, respectively.

Rates for six and ten year terms went down by 0.15 percentage points, to 4.61 and 4.52 percent respectively.

Rates on Danske Bank’s one year fixed-term mortgage remained unchanged, as well as its variable rate mortgage, which is technically a three month fixed-term mortgage.


At state-owned mortgage providers SBAB, all mortgage rates were lowered from December 1st, by between 0.1 and 0.15 percentage points.

After the drop, rates for a three month fixed term were 5.12 percent, a one year term was 5.17 percent, three years 4.58 percent and five years 4.41 percent.


Landshypotek Bank, one of Sweden’s top ten largest mortgage providers, cut its mortgage rates on December 6th for fixed-rate mortgages by between 0.25 and 0.40 percentage points, while variable rate mortgages remain unchanged.

Two-year variable rate mortgages saw the largest drop, 0.40 percentage points, with a new rate of 4.49 percent.

One year terms dropped by 0.25 percentage points to 5.09 percent, while three and four year terms were lowered by 0.35 percentage points to 4.32 and 4.17 percent respectively. Five year terms went down by 0.30 percentage points to 4.11 percent.


Pension company Skandia, which also offers mortgages, lowered its rates for all fixed-rate mortgages from December 7th, leaving variable rate mortgages unchanged.

Three year fixed rates were lowered the most, dropping by 0.30 percentage points to 5.14 percent. Five year terms dropped by 0.25 percentage points to 4.95 percent, while one and two year terms dropped by 0.20 percentage points to 5.69 and 5.29 percent respectively.

Sparbanken Syd

From November 30th, Sparbanken Syd lowered rates on two to five year fixed-term mortgages.

The largest drop was for five year fixed-rate mortgages, which decreased by 0.30 percentage points to 4.51 percent. One year rates decreased by 0.20 percentage points to 4.93 percent, and three and four year rates decreased by 0.15 percentage points to 4.73 and 4.60 percent, respectively.


Ålandsbanken, which uses Borgo, the same loan provider as ICA Bank, Ikano Bank, Söderberg & Partners and Sparbanken Syd, dropped rates on all fixed rate mortgages by 0.10 percentage points at the end of November.

Its lowest rate was for seven and ten year fixed rate mortgages, which both stood at 4.50 percent, while 1 year mortgages were highest at 5.35 percent.

Other banks and mortgage providers

At the time of writing, Swedbank, Nordea, Handelsbanken, SEB, ICA Banken, Ikano Bank, Söderberg & Partners, Hypoteket, Länsförsäkringar and Stabelo had not announced plans to lower rates on any of their mortgages.