The first-home buyers grant incentivised young people to take out mortgages, however in the last few years the cost of living has increased considerably
(PRWEB) October 24, 2012
Figures collated from Australian Census data by Resolution Research has revealed that half of the property owners in Queensland are in ‘mortgage stress’, with one-third of their incomes needed to pay off their home loans. In his final free Brisbane seminar for 2012, property investment strategist, Rick Otton, is sharing strategies to help both buyers and sellers in this environment.
“People are ‘going without’ in order to meet their mortgage payments, but there are some who, no matter how many sacrifices they make, face the constant threat of defaulting on their home loans” explained Mr Otton. “When this happens, they don’t just lose their homes, but they carry a bad credit history for many years. This, in turn, impedes their borrowing opportunities, once their financial situation has improved.”
The research showed that home owners in suburbs in Brisbane’s south-west in particular were struggling, with 46 percent of the median income going to service home loans.
“This figure applies to Rochedale, Inala, Robertson and Durack - suburbs typically housing first-home buyers - those who often face the challenges of growing families as well” said Mr Otton.
“The first-home buyers grant incentivised young people to take out mortgages, however in the last few years the cost of living has increased considerably. This has put pressure on everyone’s ability to meet loan repayments - especially when incomes have not increased to the same degree” he continued.
“In my free real estate seminar in Brisbane I will be discussing options for those who may be better off removing themselves from a mortgage situation, but doing so in a way that does not involve defaulting on their loans” he continued. “And for those wishing to buy properties in this market, I have some innovative strategies to share.”
Mr Otton has been conducting a series of free property seminars following the release of his real estate book ‘How To Buy A House For A Dollar’ earlier in 2012.
The Brisbane event is being held on November 4. Bookings can be made at 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. Now, he’s teaching other Aussies how to do the same.
Otton is the founder and CEO of We Buy Houses, which operates in the U.S., U.K., Australia and New Zealand putting his strategies to work every day.
Otton got his start in alternative real estate investment in 1991 and within a year acquired 76 properties. In years after, Otton made a fortune using his low-risk, high-reward strategies to inexpensively acquire real estate.
Now, Otton wants to share the wealth by sharing the wisdom, teaching Aussies how to buy and sell real estate without cutting banks and other middlemen in on the deal.
Otton has been featured in a variety of television programs and magazines, including Today Tonight, A Current Affair, Australian Property Investor and more.
You can learn more about Otton and how to invest in residential real estate without using banks at RickOtton.com
Details of Mr Otton’s free one day training events can be found at HowToBuyAHouseForADollar.com