Construction financing is available

So, today was the final appointment at the bank. There were new interest rates again, and thanks to a bit of negotiation by my wife, the advisor gave in a little more. 1st component: Loan amount: 300,000 Interest rate: 1.30% Interest fixed for: 15 years Repayment: 3.55% Special repayment: 5% 2nd component: Loan amount: 85,000 Interest rate: 0.95% Interest fixed for: 2 years Repayment: 2% Special repayment: - I don’t have the installments on hand now; we will receive the offer to sign. I am more than satisfied. And all this without Interhyp or insurance companies. At the local Sparkasse, with a direct contact person. Now it can start :-)

Depending on how much equity you bring in, this is either a good or a mediocre/bad offer. For up to 60% loan-to-value, there are significantly cheaper offers. Take a look at the usual [Baufinanzierungsrechner]. Have you ever thought about possibly taking out a loan and agreeing on a 10% or 15% special repayment? Then you can simply use the (potential) profit from the apartment sale to pay down the loan via special repayment and you are not tied to the second loan. You might also find that you need more money for things you haven't thought of yet. Then you are more flexible.

Sounds good. I would sign that too. By the way, we also got impeccable terms at the local bank, almost identical to the best offer from Interhyp.

For me, who graduated [vor 2 Jahren] sounds like a dream.

: Do mortgage calculators have any significance? They provide a guideline, but nothing more.

And the split part is good as it is, the 85k represents the equity, so it will be paid off quickly. But that doesn't mean there won't be more money left from the sale.
And regarding the 10 or 15% special repayment, I would have to buy that with a worse interest rate (and how often will it happen that I can make a special repayment of 38.5k or more???)

You posted the request here and it sounded as if you wanted feedback. That’s why I responded to you. An assessment largely depends on the percentage at which you are financing the construction project. Without that information, it is difficult to make a statement.

Regarding the reliability of construction financing calculators, I can only speak from my experience. For my first construction, I ultimately received a better offer from a local bank than through the construction financing calculator. For the second construction, I found a broker via the construction financing calculator who brokered exactly the offer that was presented in the calculator. Interestingly, this was also a local bank whose terms were so much better through the broker that the caseworker did not believe it was an offer from his own bank when signing.

Banks know that they are only relevant for online distribution if they appear on the first results page. Ideally among the top 3. That’s why you often get completely different terms there than when you ask the bank directly.

Regarding the special repayment: You may be offered 10% without an extra charge for a loan of this size. This was the case for me, for example, with the second construction. If you have the 85k included in the main contract, then you can incorporate a possible excess proceeds from the apartment sale into the financing through the higher special repayment option without time pressure.

That you will get 85k more from selling the apartment is only certain once you have a solvent buyer who pays the 85k more. Until then, it is an expectation you have. I would not rely on that.