Still a short article that is worth it. How can you earn money on a longer-term mortgage when most of us assume that you will have to pay more interest in the long term together with the housing bonus reform. And yet it is possible. The reason for this is that the interest rates at the banks for a mortgage loan have fallen so drastically that it is nevertheless possible to get more tax benefit from the whole picture with the help of the housing bonus in the longer term.
There are, however, slaughtering news for single people. Even though they apply this rule, they will never again benefit by taking a longer mortgage loan. They can only enter the housing bonus once, while couples can do it twice. The interest on the loan does not, of course, change for single or couples.
Since 2015, the rules regarding the housing bonus have changed. You can still add 2,280 euros to the tax return each year. They have a 40% tax benefit. That is possible for 10 years. A couple, therefore, has 1,824 euros in benefits each year. If you have 3 children, you have an additional 80 euros in extra benefit.
On the 11th year you can only contribute 1,520 euros, which still yields a tax benefit of 608 euros/person.
The mortgage loan
In Belgium you can easily get a mortgage loan at an interest rate of roughly 2.1%. If you opt for a fixed interest, the calculation becomes fairly easy.
If you borrow 100% or 125%, you will not get the advantageous interest rates of around 2%. Do you want a company that calculates the cheapest loan for you? Then you can take a look at hypotheekwinkel.be.
When in 20 years you calculate how much tax benefit you have achieved and how much interest you have paid, you will see that as a couple you have achieved more tax benefit than you finally paid interest on the mortgage. The benefit strongly depends on the borrowed amount and the duration of the loan.
You will see that you can quickly earn several thousand euros by making a correct calculation of the loan amount, the term and the bank where you take out the loan.
Long term saving
Another interesting formula is the long-term saving that is also released when you withdraw. Or if you save for your dream house then a long-term savings account can also be interesting. Why Depending on your net taxable income, you can save up to at least 2600 euros, of which you receive a 30% tax benefit each year. If you have approximately 34,000 euros in net taxable income, you can save up to a maximum and enjoy the maximum tax benefit. That yields around 680 euros / person.
Since the housing bonus and long-term saving are in the same tax hive, it is not always possible to combine these. You must see that you do not exceed the basket of 2260 euros / person. If that is not the case, you can enter both.
The above section applies to individuals. If you are a sole trader, you can also enjoy the free supplementary pension for the self-employed where the tax benefits are even higher. This money can also be used for the purchase of a home or for paying the balance insurance. For this you can best consult a bookkeeper or a financial accountant who calculates the optimal financial situation for you.