Mortgage Broker Cannington | Cannington Home Loans

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Buying a home in Cannington

Home to a Westfield, parklands, a train line, schools, and numerous other small and large businesses, the suburb of Cannington truly has it all! The Cannington Leisureplex has everything you need to stay in shape, and if all this wasn’t enough, you’re only a short trip from both the Perth CBD and the airport. For a fun day out, you have your choice of activities, including trampolining at BOUNCEinc, mini golfing at Holey Moley, or a trip to the cinemas. And when you’re ready to wind down, the Cannington streets are quiet and safe - the perfect place for you to make your home!

In 2022, the median house price in Cannington was $496,500, and the median apartment price was $381,750. If you’d like to buy a property in Cannington, talk to Luke Lu and his team today to discuss your financial situation.

Using a guarantor to buy your home

We know it can be difficult to save up for a 20% deposit, particularly when you are already paying for rent and other financial commitments. Unfortunately, when you have a smaller deposit you will generally be subject to Lenders Mortgage Insurance (LMI), an additional cost that you would no doubt love to avoid if possible. You can avoid LMI by saving a larger deposit, taking advantage of some government schemes, or by using a guarantor.

Your guarantor offers part of their own home as security on your loan, mitigating the need for LMI, however, this also means that they will be responsible for your loan if you cannot make repayments. Your guarantor is usually a close relative, often a parent, though this is not a hard and fast rule. With this strategy, you can get into the property market faster, instead of slaving away indefinitely for a deposit.

If you are considering using a guarantor on your home loan, book an obligation-free appointment with Luke Lu and his team to come and talk about your options. Luke can explain all of the benefits and drawbacks of using a guarantor. He knows that every person and every situation is unique, and will offer you valuable expert advice to help you succeed in your financial journey.