Home loans and superannuation during the credit crisis

Monday October 20, 2008

Within next few months, Australians are going to start feeling the pinch of the credit crisis. While steps have been taken to stave off a recession, as the rest of the world gradually slips into recession, Australia may not be immune. Depending on your age, you might be able to take action now to help get you through.

If you're in your 20's: Home loans might end up being hard to get. Don't despair. You can still get home loans and personal loans. Choose wisely, looking for home loans and personal loans with low interest rates. Avoid damage to your credit rating. Start working to get your superannuation back up.

If you're in your 30's: Save money to have a decent deposit, regular income and a good credit history if you want to apply for a home loan or a personal loan. Pay of any debts promptly in case your working situation changes. Keep an eye on your superannuation and any shares you may have.

If you're in your 40's: Keep an eye on your superannuation and put as much money towards it as you possibly can. Put away plenty of savings, even if it is just for a rainy day. Pay off any credit card debts and personal loans as soon as you can. If you want to take out home loans and personal loans, look for low interest rates.

If you're in your 50's: Focus on your superannuation. It has taken a blow, so replace as much of it as you can, otherwise you may end up needing to work until you're in your 70's. If you're interested in home loans or personal loans, shop around.

If you're using credit cards, look for a credit card that will suit you. The Woolworths Everyday Money credit card offers a rewards program that gives back instore gift vouches just for shopping at Woolworths stores. Take a look at the Woolworths credit card now.

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