Surviving the recession and your homeloan

By Staff Writer
The recession is over, well the technical recession is over. Many of the financial problems that the world has faced over the last while started with bad homeloans. Homeloans that were approved when they really should not have been. There has also been an effect on homeloans here in South Africa, and many owners have been under pressure and have seen house prices falling. There have been two recent reports on the homeloan market that don't agree with each other. So is the homeloan market starting to recover?

 

  • FNB says it's getting better
  • Standard Bank says it's getting worse
  • Both only use figures from their own books

 

Banks hold the homeloans and they check the performance of those homeloans. The fact that the banks have different figures is not really surprising as they would have had different homeloan criteria when they approved those bonds. The fact that two major banks can have contradictory figures more than likely suggests that whilst some of the homeloan market is coming right, not all of it is yet, and that whilst technically the recession is over there are still pockets of problems in the homeloan market.

The recession will still have effects on us for the next few months at least. You may be feeling the effects of the recession still and want a bit of pressure taken off. There are professional mortgage application specialists out there who may be able to help you refinance your house while you wait for the economy to improve again. Rather than defaulting on your payments, get a homeloan specialist to help you hold on to your house and survive the recession in South Africa.

Recent Articles

Featured What happens to your medical aid when you move overseas?

While exploring a different country, you may rely on the built-in travel insurance that forms part of your medical aid. However, what happens when you stay for longer than a typical vacation? This week Justmoney has a look at what you should do with your medical aid if you decide to move overseas for a period of time.

Read more

How to apply for government funding for your start-up business

Starting your own business can be challenging, especially if you don’t have the capital to get it off the ground. Fortunately, there are many ways to fund a new business in South Africa. This week Justmoney found out more about these grants, how to apply for them, and what you can do to make your business stand out from the rest.

Read more

MoneySmart: Is it worth your while?

Budgeting apps have revolutionised the way in which consumers manage their finances. From being able to access all your bank accounts to gaining access to budgeting tools, savings structures, and having your spending habits tracked – all in the palm of your hand.

Read more

Local elections, international uncertainty: How will the rand respond?

As we dust off the Easter Holiday cobwebs, we enter the business end of the local election. This brings about a lot of local noise which could increase volatility in the rand. The market will look at any headline news which could lend short-term momentum to the rand after a period of range-bound trading. 

Read more

Sign Up

To our weekly newsletter for advice you can bank on

Deals

KFC Variety Boxes Special

Price: R95
When: Daily
Where: Online

Colosseum Hotel Weekend Special

Price: Available on request
When: Until 25 August
Where: Cape Town

XPRESSO Café Deal

Price: R10
When: Daily
Where: Cape Town