On the occasion of Home Expo (formerly the Autumn Fair), we've brought together all the important information you need to get started on your housing project! From financing to ecological subsidies, you'll find everything you need to know about your future home. Happy reading!
Financial tips for twenty-year-olds: here's what you need to know
First time at university, first job, first salary, first flat... and the list goes on! Life in your twenties is exciting. Everything is new and there is a myriad of ways to design your life. It doesn’t seem necessary to think about financial protection! However, now's exactly the best time to do so!
As soon as you start earning money, day-to-day costs also suddenly increase as you are no longer entitled to many benefits or student rates. For example, you are no longer insured by your parents’ liability insurance, child benefits fail to materialise and you need to start paying back your student loan (if you took one out).
Current buzzword: private pension scheme
It doesn’t sound very appealing to think about old age now, does it? That’s true, but if you want to enjoy your retirement and newly-won freedom with holidays and all the associated benefits, then you've got to think about it. State pensions are nowhere near enough to be able to give you the standard of life you want in old age.
Thanks to a private pension scheme, you provide for your future with regular savings deposits. When the agreement matures, at the earliest at 60, you have the option of a one-off payout of the collected assets of a payout in the form of a monthly payment (for the entire amount or a partial amount of the collected assets).
Building loan contract
You don't want to spend eternity living with your parents or paying rent? Then you'll face the question of buying your own home one day! With a building loan agreement, you can save to purchase, build or renovate a home over several years. Here are three good reasons why you should take out a BHW building loan agreement:
Remain flexibel
The BHW KomfortBausparen formula is aimed at young working people and offers a secure credit interest rate of 0.2% per year as well as the possibility to benefit from special conditions for a home loan. There's also a youngster bonus: Everyone under 25 years receives 0.6% on their building savings total.
State guarantee
The BHW agreement has the advantage of blocking the money saved until maturity. Why is that a good thing for you? In order to take out a housing loan with the Bank, you need to have basic capital. If this is not the case, the government may warrant for your loan via a government guarantee but only if :
Find out more here!Conditions for obtaining a state guarantee:
- Not be the owner of another property
- Have held a savings account with the same bank for at least 3 years
- Prove an increase of at least EUR 1.000 per year in the balance of this savings account for at least 3 years prior to the application
By blocking your savings in the home savings plan, you can benefit from this government guarantee.