With the banks new tougher lending criteria and no change in sight most of us are looking for ways to finance or save for a deposit that will allow us to purchase property. Whether you are wealthy or just an average South African hoping to get into the property market it is alot tougher these days and may get even more so over the coming months and years depending on who you believe.
Some analysts reckon the market will recover by the end of 2009 and get a big boost next year with the advent of the 2010 Soccer World Cup and others believe it will take a further 4 to 5 years for any significant improvement to be visible. Whenever the recovery occurs most agree it is now a buyers market and those who can buy should do so. That brings us back to the question of how to finance a deposit that can be up to 25% of your prospective homes value.
We could save every cent we have available and still only be able to gather together enough money for a deposit in a few years time. By then the market may have shifted again and seen house prices skyrocket, isn’t there a faster legal way to finance a homeloan deposit?
If any of our readers have been able to finance a homeloan deposit in a way besides saving for years let us know how you did it.
