High income, low equity

After looking around here for properties that are interesting to us, we were shocked by the price - 330,000 - 380,000 euros (we live in the Augsburg area, commutable to Munich). Since we studied for a long time and then had our children, we have relatively little savings, but a relatively high income.

Equity:
Our equity at the time of purchase will possibly be around 50,000 euros maximum. Additionally, we have some building savings contracts (including [Wohnriester]), but they will all still be running. We also have 2 life insurances (I believe about 100,000 euros at the payout date), and some funds are running. (I don’t know if the latter are even relevant).

Income:
Our total income is currently about 6000 euros (and I am still on parental leave). Next year it could even be 8,000 (if I go back to work part-time) and the year after even higher, as my husband is due for a promotion then.

We would like to repay about 1800 euros per month (by the way almost as much as we currently pay in rent).
Is the price of our property realistic in this price range?

With your income, provided it is secured long-term, you should get a good interest rate at any bank on earth. Financed over 30 years, you will easily reach your desired rate.

Whether 7000 or 8000 doesn't really matter as long as you have no other long-term liabilities. How much your rate will be exactly under what conditions can be told to you by a bank advisor. Or you can just play around with one of the numerous [Kreditnehmer] on the internet. Assume an interest rate of 4.5%. You will probably get a better one.

I can quickly tell you my key data: Loan amount 235K financed over 20 years costs just under 1500 per month. Additionally, I brought 45K equity. I will increase the latter share again by about 20K due to various special services.

Thank you very much for your repeated help.

Different scenario:
We will not cash out the life insurance and have only about 10,000 euros in equity. We want to buy a house worth 345,000 euros, so take out a loan of 335,000 euros. We would be happy with 4.5%, but online I find rates over 5%.

Where should we inquire? Sparkasse apparently wants at least 20%? Income is currently just under 7,000 euros per month. Who has suggestions in such a case? I find all possible financial institutions I have never heard of before... Maybe I should start a new thread on the topic of full financing??

Thank you in advance

Hello, so I also have a full financing at Postbank... First, I inquired at my regular bank, the bank advisor there played through all sorts of scenarios: "What if you get pregnant?" My answer: "Then I certainly have a partner!" -"And what if you get pregnant by someone?"... I mean, what does he actually think, to accuse me of something like that? Then I went to Postbank and got information there. I financed €170,000 and at that time earned €2,200 net, pay over 25 years, and the effective interest rate is 3.57%, I pay €690 per month for the loan. However, I really got burned with my builder, so tomorrow I have an appointment at the bank regarding additional financing/debt restructuring. Let's see how that goes—I currently still pay €390 cold rent, have been paying for the construction site toilet for 6 months (which is also €99.96 monthly!) + commitment interest for the not yet disbursed loan amount (€90 per month!). So about €600 still need to be raised for the additional financing. I currently earn about €2,500 net and I'm not yet at the top of my salary development, which will only be the case in August next year (I still have some steps to go until then!). I think, since you are two and also earn quite a bit, quite a lot should be possible. Regards Danie

Thank you Dani, we women probably have to deal with these comments often, even in job interviews, etc. Hopefully, you will find a favorable solution. We will probably cash out the life insurance early and at the same time take out a new one. In the long run, it is simply cheaper because of the interest. Thank you for your response