The traditional process used to buy houses is already difficult enough. It’s even more difficult for first-homebuyers, many of whom are still progressing in their careers and don’t have an extensive credit history.
(PRWEB) June 15, 2014
First home buyers now only account for 12 percent of approved home loans in the state of Melbourne within the past 6 months. 10 years ago, first home buyers accounted for 20 percent of the state’s real estate market, news.domain.com.au published on 7 June 2014.
In response to this news, Rick Otton, renowned Australian property coach, tells buyers living in Melbourne that having a low approval rates doesn’t mean their dreams of becoming homeowners are doomed.
“A lot of components factor in the approval or rejection of home loan applications. Stability of employment, your immigration status, or having a bad credit score are just some of the things that bankers look into before they give a home loan application the green light. Just remember, a rejection from the bank doesn’t automatically mean ‘dead end’,” commented Mr. Otton.
“When the banks close their doors on you, keep in mind that there are other ways you can buy houses for sale. Alternative solutions are available if you are struggling to qualify for a home loan or to save for a deposit,” he added.
Mr. Otton then said in an interview for the Creative Real Estate Podcast that unorthodox property solutions like seller finance strategies can help struggling home buyers get into property for sale.
“The traditional process used to buy houses is already difficult enough. It’s even more difficult for first-homebuyers, many of whom are still progressing in their careers and don’t have an extensive credit history. With the help of seller finance, aspiring homeowners can make the buying process more accessible by negotiating flexible payment terms with the seller. And in making the process easier for all parties, buyers are able to get in more efficiently, and sellers are able to relieve themselves from unwanted debt quicker,” he shared.
The Creative Real Estate Podcast is a weekly broadcast featuring Rick Otton and his creative solutions on how to solve all of your property problems. Visit http://creativerealestate.com.au/ to access all episodes and transcripts.
Australian property investment specialist, Rick Otton, has been developing, sharing and teaching his innovative real estate strategies for 23 years. As the founder and CEO of We Buy Houses, which operates in the US, UK, Australia and New Zealand he is known for introducing cutting-edge techniques that have enabled previously disenfranchised people to get out of the rental cycle and into their own homes.
His innovative low-risk, high-reward approach to Australian real estate investing has been featured in a variety of television programs and magazines, including Today Tonight, Hot Property and Australian Property Investor. His real estate book, published in 2012, ‘’How To Buy A House For A Dollar’, voted by Money Magazine and Dymocks Book stores as one of the Top 10 Most Popular Finance Titles for 2013.
As well as conducting free seminars, workshops and conferences in the UK and Australia, Mr Otton releases a weekly podcast on iTunes, Creative Real Estate. In these he shares examples of real transactions, and you can listen to his students share their own experiences using his strategies.
Go to CreativeRealEstate.com.au to listen to Rick’s free podcasts.