FAQS

Whether you're approaching a lender directly or opting for a broker, certain documentation is essential, including identification (e.g., Medicare card, passport), proof of income (e.g., payslips, tax returns), evidence of savings (e.g., bank statements), details of liabilities (e.g., credit card statements, loan agreements, HECS balance), and monthly expenses.

However, engaging a broker streamlines the process significantly. Your broker will collate the necessary information, prepare, and submit the loan application on your behalf. They'll handle paperwork, negotiate terms on your behalf, and guide you through the entire loan settlement process. Furthermore, your broker is your primary resource for any questions or concerns, saving you time and alleviating stress. With a broker's expertise, you can navigate the complexities of securing a loan more efficiently and confidently

We can come to your home, or we can arrange a virtual meeting, or even meet at your Favorite café, and of course, coffee is on us, whatever suits you best.

The timeline for loan pre-approval isn't uniform across all lenders. While some may offer a quick turnaround of just a few hours, most typically take between 3 to 7 working days. To minimize stress, it's best to get organized well in advance

The timeline for receiving unconditional loan approval can vary significantly, spanning from 2 to 10 business days. This duration is influenced by various factors, such as the lender's workload and the thoroughness of the loan application. Providing comprehensive information with your application enhances the likelihood of swiftly addressing the lender's inquiries and expediting the approval process.

At VIP Lending we like to keep it simple.

The first step is we discuss what your financial needs and goals are. Then we research the many different products from a range of lenders to ensure we find the right solution. And just to make things even easier, we’ll do the paperwork, manage the application process, and then take it through to settlement.

Best of all, because this is what we specialist in, we get the process moving quickly. We use our relationships with lenders to secure your finance as fast as possible. We keep you informed at each stage of the process, and we stay in touch with the lender to see how the application is progressing.

Choosing the right
repayment frequency can make a difference over time, as well – choosing true
fortnightly repayments when you apply will allow you to make the equivalent of
one extra repayment per year, given there are 26 fortnights in a year. 

Money deposited to
the offset account reduce the balance of your loan, which means you are paying
less interest.

A break cost is a penalty fee charged by a lender if you pay off a fixed-rate loan
early or make changes to the loan before the fixed-rate period ends.

Fixed rate means the same
interest rate stays the same for a set time.

A redraw facility allows you to access
additional payments that you've made on your home loan. For weekly and fortnightly direct
debit payers, only funds over and above the minimum required repayments will be
available.

The main difference between a redraw facility and an offset
account is that the funds in your offset account are held in a separate
transaction account that’s linked to your home loan. A benefit of having a
separate savings account is that it makes it easier to withdraw funds.

A mortgage discharge is when a mortgage
securing your home loan is removed from the title of your property once you
have repaid your home loan in full. You’ll need to complete a mortgage
discharge or release form to release the mortgage over the property you have
provided as security to your home loan.