The Sydney Morning Herald reported Tuesday that banks have incurred losses for the past quarter which will most probably cause them to pull back from lending to new home owners. The report said that the Australian finance was made vulnerable by the Eurozone crisis. Property investment expert Rick Otton believes that this will make home ownership more impossible for Australians looking into buying properties.
“It will be tough for ordinary citizens to get a home loan, with the banks now unwilling to lend money to first home buyers. The loan requirements have been stringent as they were, much more with this current loss,” Rick Otton explained.
Jonathan Mott, a banking analyst and author of the report, was quoted saying “we estimate the banks are currently losing money on new mortgages written in the current funding environment. Unless the banks reprice mortgages or funding markets improve significantly, there is no direct economic incentive for the banks to continue to write new housing loans.”
However Mr. Rick Otton believes that it is possible to purchase property without getting loans from banks. Years ago, Mr. Otton has introduced bank-free strategies in real estate investing. His techniques are widely accepted in several countries including the US and the UK.
“Despite the economic drop, there are still investment opportunities for people who want to enter the property market. If the bank system fails, then we’ll just use strategies that do not rely on banks in order to buy properties,” he said.
Mr. Otton has broken free of the traditional system and has built himself a solid property portfolio through his techniques. With this, he teaches his student his property investment strategies in creating wealth in real estate through positive cash flow property investment.
“If I was able to do it, then everybody can. It doesn’t matter what the economic situation is, my strategies are flexible and can be adjusted to work in the current financial setting. You just have to learn how think outside the box,” Mr. Otton stated.
For more information on his strategies, you can visit his website at:http://www.rickotton.co.uk/sales-page
About Rick Otton
Rick Otton is an original pioneer of creative property strategies. He is founder and CEO of We Buy Houses, a leading property enterprise which operates in the property markets of the United Kingdom, New Zealand, USA and Australia.
In 1991 he uncovered an innovative strategy of buying and selling real estate and went on to amass a portfolio of 76 properties in his first twelve months of active investing.
Since 2001, Rick has taught over 30,000 students to buy, sell and trade residential property without banks, debt or risk. By employing these same strategies many of Rick’s students have made over a million dollars a year in cash and equity, using little or none of their own money, year after year.
In 2008 Rick revealed his strategies in the United Kingdom and became the creator of ‘Houses for a Pound’.
He has appeared in the following Australian TV programmes: 2004 ABC documentary ‘Reality Bites’ and on Today Tonight, Insight and A Current Affair. In October 2007 Rick gave a way a house on national TV during 2 episodes of Channel 9’s Hot Property.
Rick Otton has also been featured in Your Property Network, Australian Property Investor, Lifestyle Trader Magazines and in the books: The Secrets of Property Millionaires Exposed!, Ideas: Original Perspectives On Life and Business From Leading Thinkers, Think and Grow Rich in Property, Insider Property Secrets, and Walking With The Wise.
Rick Otton can be contacted via his website http://www.rickotton.com
