MichiQM
2014-12-31 15:23:52
- #1
Hello,
In advance: Budget for land and house 200,000
I want to start building in 3 years. At the moment I don't have any equity.
My current income is: 1600 net and my girlfriend 800 net.
I am doing part-time further education (finished in 2 years), so I can later expect a salary of 2500-3000 euros net.
Of course, children should come at some point and I will have to pay the loan alone until then.
My bank said I should start paying into a building savings contract [Bausparvertrag] immediately and then convert it early; that would be cheapest for me.
Basically pay in for 3 years and then take out an advance loan [Vorabdahrlehen], which will then be repaid later when the building savings contract [Bausparvertrag] is due.
What do you think of this idea?
That would then be monthly 600 euros each from now until 2017 and then 600 euros (250 interest + 350 repayment) from 2017-2037 and from 2038-2045 it would be 1200 euros monthly.
Do you think this is a good idea?
Thanks in advance for your help.
Regards Michael
In advance: Budget for land and house 200,000
I want to start building in 3 years. At the moment I don't have any equity.
My current income is: 1600 net and my girlfriend 800 net.
I am doing part-time further education (finished in 2 years), so I can later expect a salary of 2500-3000 euros net.
Of course, children should come at some point and I will have to pay the loan alone until then.
My bank said I should start paying into a building savings contract [Bausparvertrag] immediately and then convert it early; that would be cheapest for me.
Basically pay in for 3 years and then take out an advance loan [Vorabdahrlehen], which will then be repaid later when the building savings contract [Bausparvertrag] is due.
What do you think of this idea?
That would then be monthly 600 euros each from now until 2017 and then 600 euros (250 interest + 350 repayment) from 2017-2037 and from 2038-2045 it would be 1200 euros monthly.
Do you think this is a good idea?
Thanks in advance for your help.
Regards Michael