Guiding consumers since 2009

Homeloans in the recession

By Staff Writer

We are still officially in a recession and the housing market has been crashing out all year. The market moves in cycles and while we are in a downturn now the upturn will happen at some point in the future. Getting prepared for better times has no better time than now to get started. Planning for the future is always necessary for you to get what you want. So what are the factors in the homeloan market at the moment?

 

 

The big homeloan lenders were not even lending whole homeloans out, not that long ago. They were requiring deposits of up to 30% which can a whole whack of money on an average homeloan. The lending criteria have recently been somewhat relaxed and it is now possible to get full 100% and 100% plus homeloans again. However that deposit and saving for it is not a bad idea.

When you put a sizeable deposit down on a homeloan that goes directly to servicing the capital and that can save you thousands on interest costs over the lifetime of a homeloan. It is also possible to negotiate a better homeloan rate than you have now by engaging the services of a homeloan specialist who will be able to approach all the lenders on your behalf with a view towards getting you a better deal. The homeloan market is coming back into fashion again, it has not totally corrected yet, but it is no longer as bleak as it was before.

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