FOCUS Online : you have total 2018 until October, when the New contracts clearly. Low interest rates help the building societies business?
Jörg Münning : people can feel the restlessness in politics and in the financial market. Therefore, you are looking for more tangible security, such as real estate. The rise in prices in many places, it is important to keep the monthly Rate for financing low and to agree on a long fixed-Interest periods. Since our products have their Strengths.
FOCUS Online : don’t Shoot the Run on real estate, in the meantime, over the target?
dpa/Friso Gentsch Jörg Münning, Chairman of the Board of the LBS West. Münning : In each of the locations in the big cities: Yes. Overall, a clear “no”. The real estate market in Germany is basically healthy, the prices are, in many places, is appropriate. Above all, the financing is solid. It is, however, important that the housing market is in some big city areas to a pure investor Party. We need to ensure that families with children slipping in the permanent Mietabhängigkeit.
FOCUS Online : With baukinder money and Wohn-Riester that the policy is trying to cushion the impact, or?
Münning : And that is basically correct. Residential Riester is a useful product, there would need to be simplified. And by the term Riester it’s negative connotations, although it works. Anyone who completes a Riester contract, supported these significantly higher and stronger than a cash – or-Fund-Riester. These customers are more disciplined and come faster into the property. In order to gain Mietunabhängigkeit – now and especially in old age.
FOCUS Online : And what is bothering you then at Wohn-Riester?
Münning : The state is not in his support consistently enough. The state Riester allowances, help customers, equity build up savings and to pay off its debts, its property faster, you need to be taxed at the time of retirement. Here, the control amount using a fictitious residential funding account is calculated on the state support to continue and interest will be written. The current rate of interest was set in 2008 and amounts to 2 per cent. Against the Background of today’s low capital market interest rates, this is not, in our view, in line with the market. For what is the savings account I’m currently 2 percent interest? The product would be more attractive by a fair, market-based interest rate.
In addition, the process of the streamlining would help to make the product for customers and providers more manageable. Building Fi-COMPARISON
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“As key words the terms “construction” and “children of money” of course,”
FOCUS Online : Is your opinion of the baukinder money positive?
Münning : The terms “construction” and “children’s money” as the key words, of course, and the need to step into the residential property to get as a family start-up assistance, is clearly there.
FOCUS Online : How to respond to your customers on the baukinder money?
Münning : The interest and the information needs are incredibly high. Unfortunately, it took a very long time, until the Details of the baukinder money were known. And now it seems to take a very long time, until the state-owned KfW Bank, which handles the grant applications for the Federal government, pays really. Anyway, it is from the point of view of the families unhappy, that the application will not be processed in the context of financial planning, but only after the catchment can be made. I would hope that we can help as the Finance provider will receive the opportunity to improve the process from the customer’s point of view. Support for construction calculator
With state funding-effectively
to build Here, it goes to the computer FOCUS Online : What is the effect of the baukinder money from your point of view?
Münning : baukinder money in the short term, but not sustainable. And it costs the state plenty of money. Baukinder money we need, but only for two reasons: firstly, because in Germany, eating in addition to costs, such as land transfer tax, a lot of capital. And on the other, because the policy elsewhere with your artificial intervention in the interest rate market of the real estate Boom supports and the savers for years, the interest and compound interest. So those who have it is necessary to form, too little equity. We strive to ensure that early Savings will be promoted again adequately.
FOCUS Online : what measures would you want to increase the relatively low rate of residential property in Germany?
Münning : Our approach is the allowance in addition to a simplified Wohn-Riester stronger support by saving promotions such as the housing construction premium and the employee Savings. These promotions move much, because they start early and initiative while Saving reward. They cost the state relatively little, but the right impulses. It is time to weigh those instruments back stronger – just when traditional interest rate mechanisms have been set by the ECB.
“I can do no better retirement than to live rent-free.”
FOCUS Online : And the state could afford such a thing, given the low rates of interest.
Münning : of Course the Federal government and the States benefit from the current level of interest rates. Our approach we are also represented in Berlin, is The state benefited by low interest rates of the Debt, but to accumulate wealth for private individuals without interest rate and interest rate interest rate effect is all the more difficult. Now give time as a politician, it’s a little of what you have saved, back to the citizens. Have it makes it easier to operate the pension, the is detectable. I can do no better retirement than to live rent-free. Who has a home, saving of 600 euros per month in the age. This is the key and we want to help. PDF 20 steps to own a home of Our PDF guide explains how you can plan step by step your dream house, Fund, and build.To the PDF guide FOCUS Online : Mr Münning, the phase of low interest rates has left the building societies tracks. How are you currently?
Münning : At a constant low interest rates: good. In the case of rising interest rates: even better. Our business model works for more than 90 years in the case of changing interest constellations and a wide range of market developments. Because we manage money from over 25 million savers, we control very carefully and for the long term. The artificial intervention in the financial industry, the ECB has restricted massively.
FOCUS Online : another challenge for building societies, the competition from web-based brokerage platforms, such as Interhyp is certainly. How to set it?
Münning : We have established the Forum directly Finanz GmbH. The competition turns often directly to the end customer. We want to provide you with our platform, the brokers an opportunity to obtain comprehensive information in order to recommend the customer the best possible products. The FORUM started very promising in the market.
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