Financing a property is not getting any cheaper. On the contrary. The magazine “Finanztest” compared the conditions of more than 70 banks.
Anyone who wanted to finance a property in September had to dig deeper into their pockets than they have since the end of 2011. This was determined by experts from the magazine “Finanztest” (11/2022). On average, banks charged 3.4 percent for loans with a ten-year fixed interest rate – with 80 percent financing and 3 percent repayment.
According to the survey, the cheapest interest rate offers in this constellation were offered by Creditfair, DTW, 1822direkt, Comdirect and Consorsbank with 3.16 percent. In August it was 2.49 percent at best. With a 20-year fixed interest rate, the best interest rate was slightly higher at 3.37 percent (Enderlein). For comparison: In the same month last year, loans were still available here for conditions of 2.79 percent.
Owners who need follow-up financing now or in the coming years can have the interest rate fixed now – keyword forward loans. The risk of a further increase can thus be ruled out.
“Finanztest” advises those affected to check this possibility in any case. Because the premium that banks take for a forward loan is only 0.23 percent on average with a lead time of two years. In September alone, building interest rose more than twice as much. At the end of August, the average effective interest rate for loans with a 10-year fixed interest rate was 2.90 percent. With 20 years of fixed interest rates, it was 3.26 percent.
According to the testers, real estate buyers will probably have to adjust to interest rates of 3 percent and higher in the longer term. In a long-term comparison, however, this is still cheap. But for most borrowers, given high home prices and skyrocketing energy costs, that will be cold consolation.
Building loan interest comparison
