Five Tips for Recession-Proofing Your Home

Have you thought about how prepared you are if the economy takes a downward swing? With these tips, you can help recession-proof your home and ensure changing economic fortunes don’t cause problems.

The recession has been a major talking point around the world in recent years. Since the economic downturn of 2008, many people have looked at the fallout of recession in more detail. The second part of the global financial crisis (GFC) had little effect on the Australian economy. Many think that part three is on its way and some experts believe it will have consequences for the whole world. Still, Australia is in a strong position right now. For many, it’s potentially the right time to get a home loan. But you have to remember that no country is immune to the effects of the GFC. This means you need to pay close attention to your own finances and prepare yourself for what might happen. That’s where these tips come in. By following these five tips, you ensure you’re as prepared as possible for GFC part three.

Tip #1 – Maintain Job Security

Job security offers many benefits. You reduce the amount of stress in your life because you feel comfortable in your work. A stable job also makes lenders more likely to consider you for a home loan. But you need to stay up to date with the latest advances in your industry to maintain your job security. Upskilling and educating yourself on the latest technologies make you an asset to your employer. This means you’re less likely to lose your job if a GFC happens. Furthermore, pay attention to your contract. You may find clauses that could cause issues if you aren’t careful.

Tip #2 – Get Rid of Your Debt

Those in debt experience a lot of problems during a GFC. Collectors come calling and interest rates spike as lenders try to protect themselves. Take a serious look at your debt situation and be honest with yourself. Are you needlessly building more debt to fund a lifestyle you can’t afford long term or in the event of increased interest rates? Now is the time to try to reduce those debts. Prioritise your payments, focusing on the largest debts with the biggest interest rates first. Budget according to your income, rather than trying to pay for a lifestyle your income can’t sustain.

Tip #3 – Keep Saving

Your savings offer you a safety net in the case of a GFC. But many people still don’t put any money away. It’s a good idea to put 10% of your pay into a savings account each month. Ideally, this account will have a high interest rate, so your money can earn more. With some accounts, you could earn up to 6.5% interest on your savings. As a general rule, look for a savings account that offers at least 4% interest.

Tip #4 – Manage Your Relationship

You may feel you’re secure because you’re managing your money alongside your partner. But you should remember that if a GFC affects one of you, it affects both of you. Sit down with your partner and draft a list of financial goals you both share. Also, be honest about your current expenditure. You need to confront the issue if one of you spends beyond your joint means. This requires good communication, as the subject of money can cause arguments if approached poorly. Always remember that the conversation should focus on making the financial base of the relationship stronger.

Tip #5 – Create a Budget

Another simple tip, but one that many people don’t follow. Creating a budget allows you to keep track of your income and expenditure. Create a list of everything you spend money on during the course of a month. This will include the essentials, like your home loan or rent payments and bills. You’ll also create a list of unnecessary expenditures, which is where you should look to save money. Cut down on any unneeded expenditures and put the money into a savings account.

What to do next

Recession-proofing your home can seem difficult. The burden of a home loan, alongside your other bills, can make it seem impossible to save money, but you can do it with the right help. Follow these three steps to get started:
Find a better deal on your home loan with UNO.
Calculate how much you need to borrow if you’re considering a home loan.
Book in a quick call with our customer care team.
This information is general in nature, and you should always seek professional advice when making financial decision. This information in this article is general only and does not take into account your individual circumstances. It should not be relied upon to make any financial decisions. UNO can’t make a recommendation until we complete an assessment of your requirements and objectives and your financial position. Interest rates, and other product information included in this article, are subject to change at any time at the complete discretion of each lender. Book a call in with UNO

5 stars for our service reviews from clients

Book Call Now

UNO home loans

Try Plans, by UNO
Mortgage calculators completely reimagined
Get Started
Considering a purchase or refinance?

Try Plans by UNO

Mortgage calculators completely reimagined
Get Started
☎️ 🚫 No cold call promise

Related Articles

TESTIMONIALS

What our customers are saying

Timothy Semsarian
May 17, 2025
5 stars for our service reviews from clients
UNO went above and beyond to help my wife and I with our home loan and settlement. Couldn’t recommend them enough - Jake Wood was an absolute legend! Kept us informed during the whole process and was very thorough with his work, even with a very tight timeframe. Thank you again for all your help, and looking forward to continue using your services!
Read more
Patti Jo Mogensen
May 16, 2025
5 stars for our service reviews from clients
100% Rockstar. We found Paul and Uno Home Loans from recommendations from people who had used his services. We know understand why he comes so highly recommended. We definitely put Paul and his team under pressure due to an oversight our end which meant that he had to don his superman cape and work miracles for us. We didn't appreciate the very very short window we created for ourselves (think less than two weeks for settlement). Paul was able to wave his magic wand, come up with multiple solutions to our situation and make it all happen seamlessly. It goes without saying then, without reservation that we recommend Paul and his team as our trusted mortgage advisor! Thanks again Paul. *****The limoncello is on route we promise :)
Read more
Lani Wards
May 13, 2025
5 stars for our service reviews from clients
Paul Davey worked very hard to get us the mortgage we required for our investment property. He is knowledgeable and approachable. Thanks Paul!
Read more
Michael Badham
May 13, 2025
5 stars for our service reviews from clients
Our entire process with Uno went very well. We had a unique set of requirements for our loan and our super friendly broker Mike Parsons managed to secure us the perfect outcome. Mike also worked above and beyond our expectations to make sure the whole process of completing the documentation of switching banks went smoothly.
Read more
Vanessa Koster
May 13, 2025
5 stars for our service reviews from clients
The service recieved from Paul was fantastic. He made the whole process stress free & easy. We started the process from NZ & Paul had everything ready for approval as soon as we landed in Aus. I would highly recommend Paul if you require a mortgage. You won't be dissapointed.
Read more
Peta Hemmings
May 13, 2025
5 stars for our service reviews from clients
Paul has been amazing throughout our entire home loan process, we have recommended him to many of our family and friends. He has been extremely helpful and professional right from the beginning.
Read more
Ryan Whittle
May 12, 2025
5 stars for our service reviews from clients
Highly recommended, Paul and his team made the process very streamlined delivering the best possible results.
Read more
Tiana Perez
May 10, 2025
5 stars for our service reviews from clients
Paul and Dalby were incredible to deal with, from the first interaction with Paul a few months prior, to getting approval to purchase, through to the last minute helping us with the final settlement details. Their communication was second to none and they truly went the extra mile. Paul managed to get us more borrowing power than dealing with the bank directly. I couldn't recommend Paul and his team enough. Paul and Dalby, thank you so much for putting hours and hours of work into our application. We really appreciate it!
Read more
Nicholas Violaris
April 14, 2025
5 stars for our service reviews from clients
Can not recommend UNO Home Loans enough, Scott Wilkinson and his team have helped us get a home loan in no time and they have been a breeze to deal with, great job guys, looking forward to working together more in the future
Read more
Lahnie Cooper
March 26, 2025
5 stars for our service reviews from clients
Jake Wood was a pleasure to work with and made this process extremely easy for me! I highly recommend Jake and the team at Uno.
Read more
Daniel Demosthenous
March 18, 2025
5 stars for our service reviews from clients
The team at UNO were absolutely fantastic at helping me set up and organise my new property purchase, Andrew answered all my questions promptly and went over and beyond to reassure me at any stage with his abundance of knowledge of the matter, also a big thank you to Dalby and Jena for helping with the process as well.
Read more
Sheree Tidswell
February 20, 2025
5 stars for our service reviews from clients
Scott Wilkinson and the team at Uno Mortgages were exceptional to work with. They were proactive, took the initiative at every stage, and kept us well-informed throughout the process. Their patience and relaxed approach made everything feel seamless, and we truly felt supported in achieving the best outcome for our needs. We highly recommend Scott and the Uno team for their professionalism and dedication!
Read more