Financing a cooperative share - make the most of all the options available to you
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WHAT REQUIREMENTS DO I HAVE TO MEET FOR A COOPERATIVE APARTMENT?
A cooperative apartment is often cheap, but you first need a share to be able to move into the apartment of your choice. First register for a project in your federal state of choice and note that you should meet the following requirements:
You have Austrian citizenship, EU or EEA citizenship or a residence permit or refugee status according to the Geneva Convention
You are at least 17 years old when you register - you must be at least 18 years old when you move into the apartment.
You do not exceed the upper income limit (varies depending on the federal state).
You use the cooperative apartment as your main residence.
You can find current or planned projects at non-profit building associations (GBV).
It is also important to know what rights you have as a tenant of cooperatives (AV).
WHAT DOCUMENTS DO I NEED TO REGISTER FOR A COOPERATIVE APARTMENT?
You will need the following documents to register:
Proof of citizenship, EU/EEA passport or proof of refugee status
Birth certificate
Passport
Social insurance card
Proof of income
Marriage certificate, if available
ARE THERE ALSO SUBSIDIZED COOPERATIVE APARTMENTS?
To be able to move into a cooperative apartment, you not only pay the monthly rent, but also need a financial contribution for the basic and construction costs. Depending on the federal state, there are various subsidies or financing offers for your cooperative apartment.
You can also consider an equity substitute loan before external financing. However, you must meet certain requirements for this.
WHAT OPTIONS DO I HAVE FOR FINANCING MY COOPERATIVE SHARE?
You can consider various options for financing. Of course, it depends on your personal situation:
Bank loan
If you have a regular income from employment and a good credit rating, you should have no problem getting a loan from the bank. The important thing is that there is enough money left in your household budget for the monthly installment.
With this type of loan, the possible payout amount depends on the value of your car. To access the maximum amount, simply enter your vehicle details into the calculator and you will immediately receive an offer including an overview of fees.
Credit card installment payment
If you have a credit card with a limit that covers the amount of your cooperative share, you can also switch to paying in installments and withdraw the money in cash to pay your cooperative share. However, make sure that you have a weekly limit and therefore have to withdraw the amounts in installments.
Salary advance
If you work for a company that has the option of paying you a salary advance, you can borrow payable overtime or your vacation pay as an advance and pay it back in installments. To do this, contact your HR department or your direct superior.
Credit from private individuals
If you have a good to average credit rating, you can also get a private loan as a self-employed person with an irregular income. The requirements here are generally not as strict, so you have a better chance of being approved.
If you are in possession of one or more items whose total value covers the amount of your cooperative share, you can pawn them at a pawnshop. The advantage of this is that your financial situation doesn't matter and you will be paid out your money immediately.