Phil Chun Home Loans | Mortgage brokers

Phil Chun Home Loans

Phone: +61 408 433 344

Add/Update information

Reviews

Tags

• Businesses
• Financial service
• Loan service
• Mortgage brokers
• Finance

25.01.2022 Hi phil, It might be January, but there’s plenty of big news around right now: Good news for mortgage broker customers New home sales jump 91.8%...Continue reading

24.01.2022 APRA KEEN TO STEP BACK FROM INVESTOR LENDING RESTRICTIONS Something most of us already knew in the article below from SPI- Restrictions placed on investors were only meant to be temporary, APRAs chairman said, as the restrictions might have unintentionally caused additional profits for the big four banks. Restrictions placed on investors were only meant to be temporary, APRAs chairman said, as the restrictions might have unintentionally caused additional profit...Continue reading

23.01.2022 Interesting to see such low numbers....

23.01.2022 BREAKING NEWS CUT IN OFFICIAL INTEREST RATE As was widely predicted, the board members of the Reserve Bank of Australia have today made the decision to cut the official cash rate by 0.25%- the official interest rate is now at a new record low of 0.50% pa. All eyes are now on the banks to see whether they will pass this on to their customers. Debt-free in 2020?... Most people dream about being debt-free. With record low interest rates, if you have equity in your home it may save you a lot of money to relook at your home loan with a view to paying off all of your debts. If you have a number of higher interest rate debts, consolidating your debts will allow those higher interest debts to being rolled into your home loan, so they would be covered by a lower interest rate. Credit card debt is a perfect example. Many people have more than one credit card; often, they are close to the limit. Take a look at the interest youre paying on your cards. Then, compare them with your home loan interest rate. Any other loans you may have personal loans, overdrafts etc can also be consolidated into a single monthly payment. And because its spread out over a longer period of time, as per most home loans, the addition to your monthly mortgage payments may be surprisingly low. Refinancing your biggest asset has many advantages. But remember, its not as easy as simply switching banks to a lower interest rate its a complex issue that needs careful consideration. However, if you do it right, you could save a bundle. If you have any questions regarding this or any other aspect of your mortgage, please feel free to give me a call.

22.01.2022 The upsides and downsides of home loan debt consolidation All your debts in one basket - Why home loan debt consolidation could be the right move.... A lot of small debts can balloon into one big headache. A simple way to get things under control could be to refinance your home loan to consolidate debt. So is it right for you? What it is Simply put, debt consolidation is combining all your debts credit cards, car loans etc. into one single debt with a single monthly payment. When they are individual loans each of them have their own specific interest rates, conditions and balances so rolling them all into one loan is both efficient and easy to manage. But before you head down the debt consolidation route, here are some of the upsides and downsides to help you make a well-informed decision. The upside Instead of several times a month, pay once. Managing your debt becomes a lot easier when you pay down all your credit cards - as well as any interest you owe - with one repayment every week, fortnight or month over a fixed amount of time One fixed rate and term. This gives you certainty over payment amounts and keeps you disciplined in paying down debt Less to pay each month. You may end up paying slightly more overall but stretching the term on your loans means that you could well be spending less each month. The downside There are always pros and cons to any loan decision. Here are some of the cons of using a home loan for debt consolidation: You could accumulate more debt. When you consolidate debt, you free up credit. This might make you think you can spend more and, as a result, you end up with even more debt than you had before Pay more overall. A loan with a longer term can help you reduce your monthly repayments but a longer term means more interest overall Your credit score could take a hit. In the event you dont keep up with the single monthly repayments on your loan, you could end up hurting your credit score or be in serious financial hardship. If youd like more information talk to us today about how we may be able to put you in touch with a lender that can help you consolidate your debts. Contact Phil Chun on 0408 433 344 or [email protected].

22.01.2022 I posted this on a broker industry page the other day & received over 100 likes. It is good to know that many of us are parents doing what every parent does while juggling a career- "I had a moment this morning where I was making pancakes with my 3 year old daughter & realised how lucky we are as self-employed people to be able to balance our work & life in such a way as to be able to experience something most parents, in particular dads miss out on. Amongst all of the stress & mayhem of winning deals & fighting for approvals sometimes I lose sight of the real benefits to my family which do not include money."

22.01.2022 In light of yesterday's rate cut-now it's time for emergency measures

20.01.2022 Phew. What a journey!

18.01.2022 Interesting article if you are considering or have bought off the plan.

17.01.2022 Fact: https://www.facebook.com/zarko.jokic.7169//347586729217674/

17.01.2022 Give me a call if you would like a no obligation home loan review.

17.01.2022 Good to see the truth being told here. There seems to be a lot of misinformation around about brokers this year. To be frank we are all hard working, well meaning, honest Aussies trying to provide a great experience for clients & eek out a living for our families doing something we love.

17.01.2022 Wishing everyone a safe and happy Christmas and New Year break.

16.01.2022 Interesting read for those looking ahead.

16.01.2022 Big news for investors

16.01.2022 Good to know about this newcomer in the market.

15.01.2022 For those who have been keeping up with the current banking Royal Commission it is good to see some level-headed comments. https://www.simplyaskit.com.au//finance-brokers-call-for-p

15.01.2022 Here we go again.....

13.01.2022 A measly 0.25% is barely going to be noticed by the regular Aussie family.

12.01.2022 Here is the link for the latest QBE Housing Outlook Report 2017-20. An interesting read so I hope you find some value in it. https://www.qbe.com.au/campaigns/housing-outlook

11.01.2022 Good advice from one of the most respected agents in the business.

11.01.2022 Have a safe and happy new year everyone.

10.01.2022 In a time where every dollar counts..... As always I am here to help you if you want to look at options.

10.01.2022 Customers lose from the Royal Commission?..go figure.

10.01.2022 MEDIA RELEASE Loan approval turnarounds from the major banks penalising mortgage brokers and their customers The mortgage broking industry has voiced concern over recent statements by the major bank CEOs that their approval times on home loans through branches were now reduced to a matter of hours, or ...Continue reading

09.01.2022 Here is a brief but useful article from my friends at the MFAA about simple ways to pay off your home loan faster. How to pay off your home loan faster and save big bucks: Reducing the life of your loan isnt difficult; there are many simple things you can do to cut years off your mortgage. Here are some tips that will help you be mortgage-free sooner than planned.... Small extra repayments: One of the most obvious ways to pay off your home loan quicker is to make extra repayments. Depositing lump sums, such as a tax return or work bonus, will always be beneficial, however it doesnt always take large amounts or windfalls to make a substantial difference planning for regular, small cash injections can have a great impact over the life of a loan. Lets say we give an extra $50 a fortnight on a $500,000 loan, that saves you $32,000 of interest over the life of the loan which in turn will save you just over two years, explains Phil. Thats only $25 a week. Switch your payment intervals: If you find that you dont have the discipline to make extra repayments, then simply switching your payment structure can also help save years off your mortgage, as well as simplifying your finances if you are paid fortnightly. Because there are 12 months in a year but 13 four-week cycles, by switching your payment intervals from monthly to fortnightly, you are essentially paying off an extra month per year, says Phil. Make sure you have the right type of loan: Ensuring your loan allows extra repayments without penalty will let you to make the most of bonuses or funnel small extra payments to reduce the loan principle more quickly, saving on interest immediately, while an offset account will use your savings or living expenses to reduce your principle, while still allowing you to access these funds from a transaction account. Set the mortgage on your investment as interest-only but make the principle and interest payment equivalent by putting surplus rental income into an offset account, says Phil. Because interest is calculated daily but charged monthly, any money sitting in the account will help reduce the loan. Although you may have to pay extra fees for the offset or redraw account, these may well be lower amounts than the interest saved. Talking to a finance broker like Phil is the easiest way to work out whether this option is financially sound. Paying off your home loan faster isnt difficult, however, it does require financial discipline and expertise in ensuring the right loan features are in place. Let me know if you have any other questions or want to discuss how to save on your mortgage.

09.01.2022 Some positive news for many.

09.01.2022 Headline: Is one phone call really all it takes to secure a lower interest rate? With official interest rates trending downward, shrewd mortgage holders may take the opportunity to call their lender to ask for a better deal. But when even a small interest rate reduction means potential savings of thousands of dollars, is a simple phone call really enough to get you there? In 2019, your interest rate should have a three in front of it, is common advice for home owners consid...ering the competitiveness of their loan settings. But while a number of lenders offer lower rates to new customers, its not always so simple for existing customers to secure the same outcome. A leading mortgage and finance broker says that if people want a better deal on their mortgage, there are basically two options: 1. Call your bank and ask them to match the new rate, or 2. Contact me and vote with your feet. And although the first option is commonly recommended, lenders arent always so obliging when it comes to rate-matching to get you a more affordable mortgage. As an existing client, it can be disheartening to see your bank offer new customers a lower rate to the one you currently have. Lenders regularly try to win new customers by offering low rates. It is a great acquisition strategy. But if they refuse to match your current rate to this new offer, you can always contact me and refinance with a lender who is hungry to win your business. Mortgage brokers, on average, have access to a panel of 34 lenders and this creates competition amongst lenders. Mortgage brokers are also in a position to offer you a more in-depth and customised level of service. This can allow them to find their customers a mortgage product that may suit their current needs, wants and circumstances. Contact me if you would like to know more. See more

08.01.2022 On a day of previously unseen fire conditions across NSW and QLD, please spread the word to anyone who may need to know, or know of someone that needs to know, ...that many of the banks at times like this, implement "Emergency Assistance Packages" for clients.... this often equates to emergency housing assistance, expedited insurance claims, extension or reprieve of finance obligations, and other benefits.... let's spread the word, let those in need know - Rachael.

07.01.2022 If you feel you should be getting a better deal from your lender just reach out to me.

07.01.2022 Great to see I made the right.... Choice!

06.01.2022 There is still time if you have been thinking about a refinance. Don't wait until it is too late please.

05.01.2022 Reliance on Mortgage Brokers over banks increases to confirm that consumers are getting smarter & using brokers like myself to ensure they get exactly what they want with plenty of options to choose from. Below is an edited excerpt of the recent announcement by the MFAA: The mortgage broker channel has recorded its highest ever market share result with brokers settling 60.1 per cent of all residential home loans during the July September 2020 quarter, according to the lates...t data released by research group comparator, a CoreLogic business, and commissioned by the MFAA. MFAA CEO Mike Felton said the result demonstrates more than ever the critical role that brokers play in supporting their customers and the economy and the impact they have made at a time when they were needed most. This phenomenal market share result reflects the tireless support and assistance brokers have provided their customers to help them navigate the challenges posed by COVID-19 and the first recession Australia has experienced in 29 years, Mr Felton said. It is also evidence of the ever-increasing trust and confidence that consumers are placing in mortgage brokers...." While I am always proud of the hard work and professionalism of everyone in our industry, the way brokers have overcome their own challenges and vulnerabilities this year, maintained their focus on their customer’s needs, while achieving their highest market share result to date, has been nothing short of inspirational, Mr Felton said. Comparator compiles quarterly broker statistics for the MFAA by calculating the value of loans settled by 18 of the leading brokers and aggregators as a percentage of ABS Housing Finance commitments. The MFAA releases these statistics each quarter. This data can only be used publicly by referencing the MFAA as the owner of the data and its use in communications.

05.01.2022 Shout out for my colleague & friend, Rachael Krstic who took out an award at the Choice Aggregation National Conference. I don't think I know anybody who works harder or deserves this more.

05.01.2022 You should review your loan every year as products change and lenders have better pricing at different times. Ask me about it.

04.01.2022 Seems to be the same story every day for the past 5 years. Property is a long term investment so not sure why any buyer or owner would be concerned. And if you happen to be a seller & held your property for more than 7 years then statistically you have an asset worth twice what you paid for it any way. This is typical scaremongering & belongs on A Current Affair.

03.01.2022 I am stunned by the rubbish coming from CBA today. Looking forward to my industry body responding.

02.01.2022 Now may be the perfect time to consider a non-bank lender.

02.01.2022 Some good info here for those about to sell.

01.01.2022 The latest property update for those interested.