Buying real estate is a complex and multi-layered process, where financial matters play a particularly important role. It is no secret that the vast majority of buyers require additional financing to purchase an apartment or house. In other words, they need to obtain a loan from a bank. By the way, we already wrote how to get a mortgage in 2025 in our article.
To simplify this process and increase the chances of obtaining a loan, more and more people in Austria turn to credit intermediaries (Kreditvermittler) or financial consultants (Finanzberater).
But who are these specialists? How do financial consultants differ from credit consultants, and is it worth contacting them? In this article, we will not only explain who they are and what they do, but also focus in detail on consultants who help obtain loans for buying real estate.
What does a financial consultant (Finanzberater) do?
A financial consultant in Austria is a professional who provides personalized advice in the field of finance. Their tasks include:
- Advising on proper investment strategies.
- Helping obtain a mortgage on the most favorable terms.
- Optimizing tax expenses.
- Selecting the right type and amount of insurance.
- Planning retirement income.
- Assessing risks and building a financial strategy.
Who needs the services of a Finanzberater?
Financial consultants can be useful for:
- Individuals — to achieve personal financial goals (such as buying real estate, saving for children’s education, or retirement planning).
- Self-employed persons and entrepreneurs — to protect assets, optimize costs, and select insurance products.
- Investors — when choosing investment strategies or diversifying portfolios.
- Foreigners living in Austria — to understand the local financial system, taxation, insurance rules, etc.
What are the categories of financial consultants?
In Austria (and generally in the EU), financial consultants are divided into several main categories depending on their area of activity. The most common ones are:
- Vermögensberater (asset management consultant) — the most common type of private financial advisor, offering advice on investment, retirement planning, insurance, and capital structuring. May be independent or tied to a specific product or company.
- Versicherungsberater / Versicherungsvermittler (insurance consultant / intermediary) — work in the field of health, property, and other types of insurance.
- Versicherungsberater — an independent consultant not affiliated with any one insurance company, typically works with various providers and selects the best offers for a fee.
- Versicherungsvermittler (or Makler) — represents the client’s interests but receives commissions from insurers.
- Wertpapiervermittler (securities intermediary) — provides advice on securities, stock products, bonds, investment funds, etc. They are not allowed to execute trades directly but may forward applications to banks or brokers. Must be supervised by licensed financial firms (Wertpapierfirmen) and the Austrian Financial Market Authority (FMA).
- Kreditvermittler (credit intermediaries / credit consultants) — assist individuals and businesses in obtaining loans, working with various banks.
So, the term “financial consultant” is broad and includes a range of specialists. Credit intermediaries are just one type of financial consultant, although these terms are often used interchangeably.
What do credit intermediaries do?
- Analyze the client’s financial situation (income, expenses, credit history, etc.).
- Estimate the maximum possible loan amount and provide an initial assessment of approval chances and likely loan terms.
- Gather the full loan application package and submit it to several banks simultaneously.
- Compare offers from different banks to find the best terms for the client.
- Support negotiations with banks.
It’s important to note that credit intermediaries are not financial institutions and work independently. They do not have the right to issue loans themselves, but they can provide advice and serve as intermediaries between banks and borrowers.
Unlike bank employees, who typically promote only their own institution’s products, an independent credit consultant can compare offers from various institutions and choose what is most advantageous for the client.
How are credit intermediaries paid?
Credit intermediaries are usually paid a commission by the banks if a loan is successfully issued. Therefore, their services are often free for clients. In some cases, they may also charge a fixed consulting fee.
Example of working with a credit intermediary
A client wants to buy an apartment in Vienna and needs a loan. After finding the right property and signing a preliminary purchase agreement, the client can either apply directly to banks or contact a credit intermediary who will:
- Assess the client’s financial capacity.
- Help prepare all documents and submit applications to multiple banks.
- Compare conditions and select the most favorable interest rates and repayment terms.
- Support negotiations with the bank and help finalize the loan.
As a result, the chances of loan approval and better conditions are significantly higher when working with a credit intermediary.
Conclusion
Credit intermediaries in Austria are indispensable partners when buying real estate. They offer comprehensive support throughout the process, helping clients make informed decisions, save money, and minimize risks.
