The Importance of Comprehensive Mandatory Advice for Real Estate Loans

More comprehensive mandatory advice is needed, Holzmann told Ö1.

A real estate loan is one of the biggest financial decisions in life. However, this cannot be made in a one-hour consultation, as several scenarios have to be thought through. A consultation must therefore last several hours.

In order to reduce the risk associated with a variable-interest loan, consideration could also be given to always granting a loan with a fixed interest rate for the first five or ten years, said Holzmann. There are some states that would do it that way.

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