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Having Student Debt is Not an Obstacle to Your Dream of Becoming a Home Owner, Says Rick Otton(May 23, 2014)
(PRWEB) May 23, 2014
Andrew Beer, a director from the University of Adelaide, warned that government reforms on education would make it harder for students to save up for deposits on houses for sale once they leave university, the Sydney Morning Herald reported on 17 May 2014.
Students now face higher fees for courses and interest rates for student debt under the reforms which will take effect on 2016.
The changes mean that students from universities around the country will have more debt on their names after they graduate. As a result, young Aussies would have to spend their salaries on paying off their student loans, rather than allot a portion of it for a large cash deposit and eventually get their very own home, explains Rick Otton, the host of the highly anticipated seminar-tour Ready, Set, Boom.
It would be a real struggle for a generation of Aussies to snag a property for sale in a system like this, especially now that the New Credit Code is already in full swing and those with existing debt will have a harder time getting new home loans, he added.
Mr. Otton then said in a recent interview for his second round of Ready, Set, Boom seminars around the country that despite the abundant obstacles fresh university graduates could still enter the property market, if they start to think of a creative solution to their property problems.
Saving up a large deposit fee and applying for new home loans are outdated processes to get your foot in the property ladder, because they were created at a time when banks had a lot of money to lend to everyone. The good times, however, ended during the global financial crisis and those who do not pass the new standards put up by the banks end up being locked out of the market, commented Mr. Otton.
Thats why I recommend young Aussies to enter the market with the help of seller finance strategies, since it allows anyone to buy houses for sale with just a small upfront fee and flexible payment terms between the seller and buyer, he said.
You can listen to Rick Otton talk about his creative strategies live in Brisbane on 15 June 2014, Sunday, and 16 June 2014, Monday. Visit readysetboom.com.au to register for your free seat to the event.
For over 23 years property millionaire Rick Otton has built an impressive real estate portfolio using innovative strategies that he has developed strategies in which transactions are made without the need for traditional bank-type loans.
He constantly refines his techniques as he buys and sells properties through his We Buy Houses business which operates in Australia, New Zealand and the UK.
A gifted speaker and educator, Mr Otton conducts regular workshops across Australia, which build on the the concepts he shares in his 2012 book 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.
He regularly records and publishes iTunes podcasts via his channel Creative Real Estate.
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.
To register for one of Mr Ottons free upcoming Australian seminars, visit ReadySetBoom.com.au or phone, in Australia, 1300 888 450.
Read the full story at http://www.prweb.com/releases/student-loan-debt/saving-for-deposit/prweb11876410.htm.