How Vision Works With you
This pertains to our core business of residential home loan broking
What exactly does Vision do for me?
We follow a few very simple steps
- Discussion first – we talk with you and understand exactly what you need
- Documents required – we send you a list of documents that you need to gather in order to successfully obtain an approval
- Meeting – we meet to discuss your choice of loan structuring and loan product options. We can do this in our offices (so you can see where we are) or at your home / work if required
- Application – we assist you with the loan application process
- Internal credit process – your loan submission will go through Vision’s internal credit team – we want to make sure your submission is in ‘good shape’ prior to sending it to the lender
- Submit your loan – we send the submission to the lender and discuss your deal with the lender through to approval
- Communication – we ensure you are ‘kept in the loop’ with the progress of your approval
- Loan contracts – we ensure that your lender send you your loan contracts on a timely basis. We recommend that you have your solicitor go through the contracts. We can certainly ensure that the loan product is consistent with the loan application.
- Settlement – Vision acts as your Project Manager – making sure the lender, the solicitors are all talking with each other
- Post settlement – we assist you with all those little bumps that can occur – be sure that Vision will be here to help – and we want to help
What does it cost me?
Vision offers you a $0 service.
Who pays Vision?
The lender we arrange your loan through will pay us for our time of identifying your needs, matching you with a lender, organising your loan submission and following your loan through to a timely successful settlement.
How much is Vision paid?
This does vary.
- Upfronts – anywhere from 0.3% to 2.0% of the loan amount – however, typically around 0.6%-0.7%. This covers arranging the loan for you.
- Trailer fees – anywhere from 0.2% to 0.55% - however, typically around 0.25%. This covers looking after you on an ongoing basis – eg, assisting with switches, discharges, security substitutions, etc
What about hidden fees?
Vision goes to great lengths to ensure you understand the fee structures – we will issue you with a written schedule so you understand PLUS a lender will have them listed out on their loan contracts.