Paul Cook | Financial service

Paul Cook

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24.01.2022 Did you know if a home loan interest rate varies by 0.5% (on a $350K loan), that's a saving of $41,875.00 over the life of the loan? My free loan comparison service tells you how much you could save! Message me for a free check up today! PM me...

23.01.2022 Which is the right home loan for you? There are a bewildering variety of home loans available, and it can be confusing to figure out which type of home loan is the best for your circumstances. However, when you know the pros and cons of each type of loan, you can make a decision that will fit best with your financial situation. Fixed rate home loan...Continue reading

21.01.2022 What Is An Equity Line Of Credit? These loans are a great way to access the equity in your home to use for things like home renovations, investments or other personal purchases. Repayments on a line of credit loan are determined by the interest rate applicable at that time. If you have sufficient equity in your home, you will need to make a separate application for a line of credit loan. You have the added advantage of being able to make unlimited deposits / repayments as you... repayments are not set. You must check the conditions of these loans as they are sometimes more expensive than standard products. A line of credit is also a popular product with property investors as it gives them instant access for a cash deposit, and the ability to keep their properties separate from each other i.e. not cross secured. Think of it like a gigantic credit card with a limit. So planning and caution is strongly advised. For more information please click the 'Message' tab at the top to request a specialist finance broker to call you. We start with a review on your current situation, answer any of your questions and explore any opportunities available to save you money and/or invest.

21.01.2022 Welcome to Mortgage Advice Perth! Don't forget to like or follow us so you can stay up to date with all the latest tips, hints and rates for your mortgage. Please feel free to ask any questions you like here that may help yourself and others around their finance.

16.01.2022 Don't let this happen to you! Get a broker to find the right loan & get approved. Message me to give you a professional take on your situation.

10.01.2022 Why you need a property inspection Whether you are purchasing a new home or an investment property, you are about to embark on one of the most important financial investments of your life. So it is essential to ensure that you are getting a fair deal. Yet, while buyers can be scrupulous about checking contracts and researching market prices, a surprising number of people tend to skip the property inspection. This means that you are taking ownership of any issues that could d...Continue reading

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09.01.2022 Pros and cons of Guarantor Home Loans As it becomes more and more difficult to break into the housing market, many families are considering the option of a guarantor home loan generally used when parents provide their house as guarantee for a child’s loan. Basically, if you haven’t succeeded in saving enough for a deposit, another property can be used as equity in order to secure the loan. This is a serious financial step and not one to be taken lightly, so let’s look at t...he pros and cons of making this decision for your family. The pros Enter the property market sooner. If you are impatient to be in your own home, or if you are confident that your financial situation will become healthier further down the line, you only need a smaller deposit to have your loan approved. Avoid Lender’s Mortgage Insurance If your deposit is less than the 20% threshold, you are usually liable for lender’s mortgage insurance as risk protection for your lender. However, when you have a guaranteed loan, the additional cost of this insurance could be reduced or waived. Access to lower interest rates The security of the guarantee will give you greater flexibility and choice when you are applying for a loan. With a smaller deposit, you could only secure a loan with high interest, making it even more difficult to make any progress on repayments. However, some lenders will not approve interest only repayments for a guaranteed loan, as you need to pay off the principal to remove the guarantee. A temporary measure Once you have repaid a certain amount, you will have enough equity to remove the guarantee so your guarantor is no longer liable for your loan. The cons High risk to the guarantor. There is one primary con to the guarantee home loan. If you default on your repayments, your guarantor is liable for the portion of the loan they have guaranteed. This means their own home is at risk. Your mortgage broker can help you calculate your repayments in advance, so you can be confident that you will be able to stay on top of the loan. You can also take the precaution of only using the guarantor for a portion of the loan, so you can free your guarantor from responsibility as soon as that portion is repaid. A guaranteed loan can be a great way to help a younger family member embark on the journey towards home ownership. However there are significant risks involved, so this option should not be undertaken lightly, and you should always seek independent financial advice. If you would like to know more about whether a guaranteed loan is the right option for your family, contact us today for a free consultation.

07.01.2022 Finding the right property for you Property-hunting is a stressful exercise you are embarking on one of the biggest financial investments of your life, and you know you’ll have to live with your decision every day. Yet too many people rush into a property purchase, only to feel financially trapped in an unsuitable choice. The problem is that many properties on the market are presented in an attractive and appealing way, prompting you to make an emotive impulse decision. Yo...Continue reading

01.01.2022 Don't let this happen to you! Get a broker to find the right loan & get approved. Message me to give you a professional take on your situation.