The decision by the Reserve Bank will certainly help those who already have bank home loans, and by continuing to make repayments at their current level, they may be able to pay off their loans faster, or have something in reserve for leaner times.
Sydney, Australia (PRWEB) May 15, 2013
Australia’s Reserve Bank surprised all pundits last week by cutting the country’s official cash rate by 25 basis points, a move which took the rate to 2.75 per cent - a record low. While property investment expert Rick Otton applauds the decision, he has revealed that lower interest rates alone are not enough to get many people into their own homes.
“The decision by the Reserve Bank will certainly help those who already have bank home loans, and by continuing to make repayments at their current level, they may be able to pay off their loans faster, or have something in reserve for leaner times” said Mr Otton.
But the interest rate cut does little for those people who are not already in the market, particularly those who are unable to meet the requirements for a bank loan.
“To the everyday Australians who are refused bank loans for whatever reason, lower interest rates mean nothing” explained Mr Otton. “And there is an increasing number of these people who aspire to home ownership but who feel locked into a challenging rental market.”
For these people, Mr Otton has developed a range of strategies to help them get into their own homes. Mr Otton has developed and used these techniques for decades in his We Buy Houses business, and they are the subject of his real estate book “How To Buy A House For A Dollar”, which has been named as one of the ‘Top 10 Most Popular Finance Titles for 2013’.
“My property investment strategies do not involve approaching banks for a home loan. Rather, they are designed to bring motivated sellers and buyers together under conditions that are acceptable and manageable for both” continued Mr Otton.
“They are enabling the self-employed, those without a hefty deposit, and people with a question mark over their credit history, to enter a real estate market that bank requirements lock them out of.”
Mr Otton is scheduling a series of one day free seminars to explain how everyday Australians can become property investors, dates to be announced. In the meantime, he has made available a free-to-download Power Property Profits Pack at http://www.HowToBuyAHouseForADollar.com
About Rick Otton
Rick Otton has spent decades making money by snapping up inexpensive real estate and putting it to work building wealth, and teaching others to do the same.
He is the founder and CEO of We Buy Houses, which operates in the US, UK, Australia and New Zealand, and through this business he puts his strategies to work every day.
Mr Otton received his start in alternative real estate investment in 1991 in the US, and within a year acquired 76 properties. In subsequent years, he made a fortune using his low-risk, high-reward strategies to inexpensively acquire real estate. He continues to do so.
As well Mr Otton travels between his home in Australia, and the UK, sharing his wisdom and teaching others how to buy and sell real estate, free from the constraints imposed by traditional lenders.
In 2013 Rick is celebrating the 10 year anniversary of introducing his property option strategies to real estate investors in the United Kingdom - the first person to reveal these ground-breaking strategies. In 2008 he created the first of his ‘Houses for a Pound’ strategies, upon which he grows as markets and laws evolve.
Mr Otton has been featured in a variety of television programs and magazines and in 2013 he published 'How To Buy A House For A Dollar' for the Australian market. This book has been named in the list of the Top 10 Most Popular Finance Titles for 2013, as voted by Money Magazine and Dymocks Book stores. A UK version is on the drawing board.
Download his free Power Property Profits Pack at HowToBuyAHouseForADollar.com or phone, in Australia 1300 888 450