Can we use our economics sensibly?

Hello everyone.

The VWL from me and my wife are currently unused.

Can we use them MEANINGFULLY and perhaps do something "good" for our home financing (possibly also in the distant future!)?

I would prefer not to rely on any bank advisors who like to sell you the "good" products (for the bank...).

For understanding... you already have an ongoing financing?

Had dealt with that too. I cashed in my old building savings contract because of the land purchase into which the [VWL] had flowed, and I didn’t want a new one.

You can probably use the [VWL] for repayment, but it’s not necessarily common; our person was initially overwhelmed with it.

In the end, I still took out a small building savings contract (just for the [VWL]) because otherwise I would have given up the [VWL] for many months (the construction financing isn’t running yet).

For understanding... you already have an ongoing financing?

I should have expressed myself better, sorry.

Yes, we already have financing and construction is about to begin... the land is already paid for, etc.

Now we are looking for a way to USE our VWLs USEFULLY.
We are not sure if "stupid saving" through a building savings contract is the most sensible.

Preferably, we would like to secure or save something for our remaining amount in 10 or 15 years (10 years remaining amount KFW loan, 15 years remaining amount Sparkasse loan).

I redeemed my old building savings contract because of the land purchase into which the capital-forming benefits (VWL) had been paid, and I didn’t want a new one.

In the end, I still made a small building savings contract (only for the VWL) because otherwise I would have forfeited the VWL for many months (the building financing is not running yet)

That is pretty much the worst case you can choose. If you had simply kept the old one and, for example, split it, there would have been options to access the capital. That way you immediately pay a hefty closing fee for the new one.

I canceled my building savings contract last year. I had once gotten it as a gift from my grandpa and had been saving with my VWL in it since then. I now prefer to invest the money in an ETF. Since then, VWL also flow into an ETF savings plan.

I wouldn’t put the VWL into the repayment – I don’t even know if that’s possible. Better to save a bit of capital with it, which then immediately goes towards repairs etc. on the house. That way you have a cushion created.

I wouldn't put the VWL into repayment - don't even know if that's possible.

Why?

It would have been possible, but you should take it into account right away, afterwards it's probably very difficult to fit in, you can ask your financing bank. Directly repaying with it is definitely not a waste, no extra fees, etc.

There aren't many other options. Building society savings can make sense, but only if you also intend to use the loan in the end. That's why the contract should already reasonably fit the interest rate lock-in, etc.

Personally, I find saving in a fund the best. Of course, you should basically believe that stocks grow in the long term, not panic if it halves in the meantime, and have no problem leaving it longer than originally planned if necessary.

For the sake of completeness, there is also the possibility to include the pre-financing through a direct insurance...