When years ago the low-interest phase took its course, many people used the “opportunity” to secure the low interest rates through a home savings contract for later. Hardly anyone would have thought that interest rates would continue to fall. As a result, many homeowners are unsure. The once concluded home savings contracts have long been ready for rationing. However, the interest rates agreed at that time for a Bausar loan nowadays seem relatively expensive. It is often unclear how best to proceed.
Many sufferers want to know if they should accept the home savings loan or let it be better instead. However, a blanket recommendation is difficult to pronounce, because it depends entirely on the individual case. Depending on the situation, the possible conditions can vary enormously, so that it is important to check in detail which solution is recommended.
Do not apply for building allowance loans unaudited
There are homeowners who buy a home and take their home savings loan on principle – after all, they have paid over years in the Bauspar contract and also paid a termination fee. It seems illogical not to call the loan.
But in the end it depends on the conditions. Why should you, for example, take out a home savings loan with an interest rate of 2.5 percent if you have a conventional mortgage loan with 1.5 percent? The higher interest rate would lead to significant additional costs that would not have to be. Even if the difference between interest rates does not seem so great at first glance, it can have a serious impact on the total cost of financing.
To pay the Bauspar contract
If it is cheaper to finance the property with another loan, the former home savings contract is no longer needed. Then it is possible to contribute the saved money as equity into the financing. In this context, it should be noted that the Bauspar credit is usually not paid directly. Many building societies have a waiting period that extends over several months. Therefore, it is advisable to act as soon as possible after a decision has been made. This is the only way to ensure that the Bauspar balance is paid on time and available for financing as equity.
If you’re in no hurry, use Bauspar credit as an investment
It happens that the Bauspar contract is ready for rationing, but neither the Bauspar loan nor the Bauspar assets are needed directly. In such a case it makes sense to wait and see. Especially if the Bauspar credit is relatively high interest, the Bausparvertrag represents an interesting form of investment dar. Other secure investment forms, such as overnight money or fixed deposits, can not keep up with older building society savings.
Experts check your home savings contract
You have an older home savings contract and do not know if you should use it in your real estate financing? Our independent experts are happy to examine what options exist and which decision makes the most sense from a financial point of view. If you need a comparable interest rate or want to find out which conditions lure banks, we are happy to help.
We can compare interest rates on mortgage loans from more than 400 banking partners. Quickly and reliably, we will find out for you where the best conditions are. Make the comparison now – your request is of course free of charge and without obligation.