PROFILE - Between a rock and a good place

Mortgage Choice franchisee Nick Cook got into the industry after his career as a geologist landed him on the rocks. But his passion for the prehistoric is still very much alive

GROWING UP in southern New Zealand, Mortgage Choice franchise owner Nick Cook had plenty of reason to be passionate about the outdoors.

“I was a very keen bush walker from a young age and have always been interested in mountains and outdoor science,” he says.

“I’ve always had a sort of science brain, I suppose, and it’s the science and process part of geology that I enjoy most.”

Mr Cook’s passion led him to the University of Otago in Dunedin, where he studied geology.

After completing his degree he worked on boats for seven months before coming to Australia to work at the University of New England, where he earned a PhD in geology.

“I actually worked as a geologist until 2000,” Mr Cook says.

“But the company I was working for in 2000 got taken over by Rio Tinto and we all got given a holiday – a big holiday.”

FROM BOULDERS TO BROKING

It was then that Mr Cook was approached by a friend who was looking at Mortgage Choice as an option.

“I lived out in Ipswich so we had a house out here and I thought this would be a good place to run that sort of business,” Mr Cook says.

The decision was a successful one.

Having recently celebrated his 10-year anniversary as a Mortgage Choice franchisee, Mr Cook admits the business is doing well, despite the recent challenges affecting much of South East Queensland.

“We’re still running along at 75 per cent of peak volume, which is pretty amazing given the current market conditions,” he says.

With the business ticking along, Mr Cook is keen to get back into the field.

Not that he’s kept much of a distance over the years, that is.

“I’m currently running an exploration program for a junior company and I’m a consultant for a much bigger company called MMG, working in their copper team,” Mr Cook says.

Mr Cook’s ultimate goal is to have his mortgage business running self-sufficiently.

“I suppose I’m really trying to make my broking business run as a standalone business rather than me being the principal earner of income, because obviously small businesses are much more stable and probably worth more as well if they are not completely reliant on the earner to earn the income,” Mr Cook says.

“Besides, it’s a good time to be in minerals exploration,” he says.

So can we expect him to strike it rich soon?

“There used to be a joke in the industry,” he says.

“What’s the difference between a pizza and a geologist? At least a pizza can feed a family of four.”

Mr Cook admits that while there are now plenty of jobs for geologists as a result of the resources boom, the likelihood of finding something of value to mine is small.

BRINGING IT HOME

With so much of his time spent exploring the world for minerals, it’s a wonder how Mr Cook manages to run such a successful mortgage business.

Mixing business with pleasure is not always advised, but Mr Cook has struck gold on occasion.

“We managed to get a client’s loan approved one time because I could write down about the underground mining of the property,” he says.

“The assessor came back and said there was underground mining that was causing significant issues for the property,” he says.

“I wrote back and said how deep it was and the fact that this was the old mining of the 1920s, not the ’74 stuff, and I sent them the mining plans and got the client’s loan approved.

“Occasionally [my knowledge] comes in handy.”