Kenneth Choo
Mortgage Broker Willetton, Winthrop, Shelley
When you start to think about buying property and looking for a home loan, talk to a mortgage broker! Our goal is to help you find the right home loan structure/finance option for you long term goals. Let us sit with you to see what's the right way to get where you want to go. I have over five years experience predominantly with a major multinational bank, including roles in credit, compliance/risk and management consulting.
Home Loans
Getting your home loan sorted out early can ensure you are in the best position to negotiate for your home on your own terms. And while the home loan application process can seem daunting, it is often simpler than most people think. I have access to home loans from a large range of major banks and secure lenders, and I truly understand home finance in a real estate context.
Qualifications
- BA Economics, MBA International Business
First Home Buyers
Buying your first home is an exciting experience, but there can be a lot to think about. I make the home loan application process as smooth and easy as possible, so you can concentrate on finding the right home. As part of my service, I will help you to understand the types of home loans available to you as a first home buyer and choose the right one for your situation. If you are eligible for the First Home Owners Grant or any state government first home buyer assistance, I will help you to fill in the paperwork.
Property Investment Loans
Property investment can be a smart wealth creation strategy, if you get it right. And that doesn't just mean finding the right property - you need the right investment finance as well, otherwise you may find yourself throwing money away for nothing. Your investment loan package should be tailored to your investment strategy and goals, so I work closely with your financial planner and/or accountant to make that happen. Whether you are an experienced property investor with a big portfolio, or just starting out with your first property, I can help you get the right investment loan for your circumstances.
Home Loan Tips
Home Loan Deposit
Most banks and lenders will require a minimum deposit of 5 per cent of the value of the property you are purchasing, before they will approve you for a home loan. Depending on the lender and your individual situation, you may be able to fund your deposit from a range of sources, including genuine savings, monetary gifts, inheritances and first home buyer incentives; it is important to note, however, that most lenders will require at least a portion of your deposit to come from genuine savings.
If you don't have the deposit required, you may be able to make use of family equity, also known as a limited guarantor loan. The most common form of family equity is where a family member, usually your parents, offers their existing property as security for a portion of the home loan, generally around 20 per cent.
Save Interest on Your Home Loan
A good way to save on interest paid over the life of your home loan is to pay more than your minimum monthly repayment. A general rule of thumb is that every additional $1 you make saves you $2 in interest over the life of your loan (depending on interest rates). But do check to see if your loan allows extra repayments and how much you may be charged for this (if at all), before starting to make additional repayments.
Remember to Budget for Additional Costs
Once you've saved up the deposit for a home, it's important to remember the fees you'll need to pay on top of the home loan. Things like stamp duty, legal costs, pest and building inspections and loan application fees, will all add to your overall loan costs. Generally expect to add 5% of the mortgage amount for fees - for example a loan of $300,000 would likely have about $15,000 in fees. If you're in Mortgage Insurance territory, you should figure on 6.5% for fees and insurance (approximately).
Does Paying My Home Loan More Frequently Really Work?
A lot of people recommend that one way to pay off your home loan faster is to divide your normal monthly repayment amount in two and pay this every fortnight (divide it into four and pay this every week). Be careful to specifically ask your lender to halve or quarter your monthly home loan repayment though. Often if you simply select a fortnightly or weekly repayment option the lender will just calculate the repayment and interest based on this timeframe and you won't reap the benefits of making extra payments.
My Community
- Perth Christian Life Centre
- Boomerangs Sports Aircraft Association
Customers Perth
I work with home loan clients in Applecross, Bateman, Bull Creek, Leeming, Mount Pleasant, Riverton, Rossmoyne, Shelley, Willetton and Winthrop.
- State: Western Australia, WA
- Broker region: South Metro
- Suburbs: Willetton, Winthrop, Shelley
- Kenneth Choo provides mortgage broking services in suburbs including but not limited to: Applecross, Bateman, Bull Creek, Leeming, Mount Pleasant, Riverton, Rossmoyne, Shelley, Willetton, Winthrop