Supplementary funding - WohnRiester

Usually, you don't get the same conditions for refinancing as for the original loan. It's usually significantly worse (no idea in what range. Nobody likes to talk about it)

Depends. The two people who talked to me about it got significantly better interest rates than for the first loan. The first one was around 2018 and for 15 or 20 years. The refinancing for both was due to the outdoor facilities, which cost an unplanned 100k and more. These were then financed in 2020 over 10 years and the interest rate was significantly better than that of 2018.

But I also know the other case. A landscaping contractor suddenly issued an invoice for 50k instead of the 30k in the offer. The bank didn’t want to provide any additional money, they said to ask their family. It apparently ended up being a mix between a consumer loan and a family loan, but I don’t know exactly because people really don’t like to talk about that...

And regarding the duration, we were also told to expect 2-3 months until the Riester contract is paid out.

Unexpected 100k... what went wrong?

Unexpected 100k... what went wrong?

Not unexpected 100k. Expected 50k with exterior facilities and then it became 100k. This is because it is an extreme slope and all the retaining walls and stairs cost much more than one could have imagined beforehand.

Not an unexpected 100k. Calculated 50k with the outdoor facilities and then it became 100k. This is because it is an extreme slope and all the retaining walls and stairs cost much more than one could have imagined before.

Ah OK, thanks. I misunderstood.

Four months ago, I believe I was offered €15,000 for 2.5%, payout within 1-2 days. I don’t remember the interest rate exactly anymore, since I managed to get by without additional financing. With large amounts like, for example, €50,000, one could increase the mortgage and then the interest rate would of course become cheaper again.

please also consider that the withdrawn amount is interest-bearing at 2% in the [Wohnförderkonto]. If you have a long time until retirement, it adds up a lot. Therefore, [Wohn Riester] is never worthwhile and terminating it is better to avoid losing subsidies. Or you save for the garden, but that is probably too late