What to Expect When Working With VIR Advisory: A Step-by-Step Guide

Why Choosing the Right Finance Broker Matters

Navigating Australia’s lending market can be a complex and time-consuming process. Whether you are buying your first home, expanding a business, or optimising an investment portfolio, the finance structure you choose has long-term implications. While approaching a bank directly is one option, partnering with an experienced finance broker offers distinct advantages that can save you time, reduce stress, and lead to a more favourable financial outcome.

A professional broker acts as your advocate, providing expert guidance and managing the entire loan process on your behalf. This guide explains what you can expect when working with VIR Advisory, outlining our step-by-step process designed to provide clarity, structure, and strategic support for your financial goals.

Access to a Wide Range of Lenders

One of the most significant benefits of using a broker is access. Instead of being limited to the products offered by a single bank, a broker provides access to a diverse panel of lenders, including major banks, smaller institutions, and non-bank lenders. This broadens your options, increasing the likelihood of finding a loan with competitive rates and features that suit your specific circumstances. At VIR Advisory, we leverage these extensive relationships to compare dozens of products and identify the most suitable solutions for our clients.

Expertise and Strategic Guidance

An experienced broker brings deep industry knowledge that goes far beyond simply comparing interest rates. We understand the nuances of different lender credit policies, borrowing capacity calculations, and loan structuring techniques. This expertise is particularly valuable for clients with complex financial situations, such as self-employed individuals, professionals with unique income streams, or investors with multiple properties. Our role is to translate your financial position into a compelling application that meets lender requirements and aligns with your long-term objectives.

Support with Complex Applications

For business owners, medical professionals, or those utilising trusts and Self-Managed Super Funds (SMSFs), loan applications can be challenging. Many major banks have rigid credit policies that don't easily accommodate non-standard income structures. A broker specialises in navigating this complexity, knowing which lenders have an appetite for specific scenarios and how to present your application for the best chance of success. This removes the guesswork and frustration from the process.

Saving Time and Reducing Hassle

The loan application process involves significant paperwork, follow-up, and communication with lenders, valuers, and solicitors. We manage this entire workflow for you, from compiling documentation to liaising with all parties involved. This frees up your valuable time and ensures the process moves forward efficiently, keeping you informed at every key milestone without overwhelming you with administrative details.

Ongoing Guidance and Reviews

A successful settlement isn't the end of the relationship. Your financial needs and the market itself will change over time. A key part of working with VIR Advisory is our commitment to ongoing support. We provide regular mortgage health checks and refinancing reviews to ensure your loan structure remains optimal, helping you adapt to new opportunities or life changes long after your initial loan is in place.

Step 1: Initial Consultation and Discovery

The first step in our process is a complimentary, no-obligation consultation. This initial meeting is dedicated to understanding you, your current financial position, and what you want to achieve. It’s a detailed conversation that goes beyond the numbers on an application form to establish a clear foundation for all subsequent advice.

Understanding Your Goals and Objectives

We begin by discussing your short-term and long-term goals. Are you buying a home to live in, purchasing an investment property, or looking to expand your business? Do you have plans to start a family, renovate, or invest further in the next five to ten years? Understanding these objectives is crucial, as it allows us to recommend a finance strategy that not only meets your immediate needs but also supports your future aspirations.

Assessing Your Borrowing Requirements

During the consultation, we will explore your specific borrowing needs. This includes the desired loan amount, the type of property or asset you wish to purchase, and your preferred repayment structure. We’ll discuss concepts like principal and interest versus interest-only repayments, the benefits of fixed versus variable interest rates, and how features like offset accounts could work to your advantage. This part of the conversation helps clarify your options and sets realistic expectations from the outset.

Reviewing Your Current Situation and Future Plans

We will also conduct a high-level review of your current financial circumstances, including your income, employment status, existing debts, and savings. This conversation helps us identify any potential challenges or opportunities early in the process. By understanding where you are now and where you want to go, we can begin to formulate a clear and actionable plan to help you get there.

Step 2: Review of Financial Position

Following the initial consultation, the next phase involves a comprehensive review of your financial position. This detailed analysis is essential for determining your borrowing capacity, assessing your eligibility with various lenders, and preparing a strong loan application. Our methodical approach ensures all necessary information is gathered and organised correctly from the start, preventing delays later in the process.

Income and Employment Verification

Lenders need to verify a stable and consistent income to service the proposed debt. We will guide you on the specific documentation required, which typically includes:

• Recent payslips (for PAYG employees)
• Group certificates or income statement.
• For self-employed applicants, we generally require two years of financial statements and tax returns for all associated entities (e.g., companies, trusts).

We understand that income can be complex, especially for business owners or contractors, and we specialise in presenting this information to lenders in a clear and favourable manner.

Assessment of Assets and Liabilities

A complete picture of your financial health includes a schedule of your assets and liabilities.

• Assets: This includes savings in bank accounts, share portfolios, existing property, vehicles, and superannuation balances.
• Liabilities: This covers all existing debts, such as mortgages, personal loans, car loans, credit card limits, and HECS-HELP debt.

This statement helps lenders understand your net financial position and is a critical component of any loan application.

Review of Existing Loan Structures

If you have existing mortgages or business loans, we will review their structure to identify potential inefficiencies or opportunities for optimisation. This could involve consolidating debt, refinancing to a more competitive interest rate, or restructuring loans to improve cash flow or tax effectiveness. This review is a key part of our strategic advisory role, aiming to improve your overall financial health, not just secure a new loan.

Credit History Check

With your consent, we will obtain a copy of your credit report. This allows us to review your credit history and ensure there are no inaccuracies or issues that could impact your application. Addressing any potential red flags upfront is a crucial step in preparing for a successful outcome.

Required Documentation Checklist

To streamline the process, we will provide you with a clear checklist of all the documents needed. This typically includes identification (like a driver's licence or passport), bank statements, and the income and liability documents mentioned above. Having a complete and organised file is fundamental to a smooth and efficient application process. For any questions that arise, our Frequently Asked Questions page is also a helpful resource.

Step 3: Strategy and Recommendations

Once we have a comprehensive understanding of your financial position and goals, we move to the strategy phase. This is where the value of working with VIR Advisory becomes most apparent. We don’t just find a loan; we design a tailored finance strategy that aligns with your specific needs and long-term objectives. This involves careful lender selection, optimal loan structuring, and detailed financial modelling.

Lender and Product Selection

Drawing on our knowledge of the market and different lender policies, we research and identify a shortlist of lenders and products that are the best fit for you. Our recommendation is based on a range of factors, not just the headline interest rate. We consider:

• Lender Policy: Which lenders have credit policies that suit your income type and employment status?
• Interest Rates and Fees: A comprehensive comparison of rates, application fees, and ongoing charges.
• • Loan Features: Access to features like offset accounts, redraw facilities, and the flexibility to make extra repayments.
• • Turnaround Times: We consider current lender service levels to ensure your application can be processed within your required timeframe.

Strategic Loan Structuring

How your finance is structured is just as important as the interest rate. We provide advice on the optimal structure to help you achieve your goals, whether that’s paying off your home loan faster, maximising tax deductions on an investment property, or improving cash flow in your business. This may involve:

• Splitting Loans: Using a combination of fixed and variable interest rates to balance security with flexibility.
• Offset Accounts: Utilising a 100% offset account to reduce the interest you pay on your home loan while keeping your savings accessible.
• Debt Optimisation: Strategically arranging your personal and investment debts for maximum efficiency and potential tax benefits.

We present our recommendations to you in a clear, easy-to-understand format, explaining the pros and cons of each option. We’ll model different scenarios to show you how various structures would impact your repayments and long-term financial position, empowering you to make an informed decision.

Client Example: Securing Finance for a Self-Employed Business Owner

A client, a successful director of a construction company, was declined by their long-term bank when seeking to purchase a new family home. Their income was derived from a complex structure involving a company and a family trust, which the bank’s automated credit scoring system struggled to assess. After reviewing their financial statements and tax returns, we identified that their actual servicing capacity was strong. We prepared a detailed application and presented it to a non-bank lender with a more flexible credit policy for self-employed borrowers. By clearly articulating the strength and consistency of the business's cash flow, we secured an approval at a competitive rate, allowing the client to purchase their dream home.

Client Example: LMI Waiver for a Medical Professional

A young doctor wanted to purchase her first home but had not yet saved the full 20% deposit required to avoid Lenders Mortgage Insurance (LMI). Many lenders offer LMI waivers to eligible medical professionals, recognising their strong future earning potential. We identified a lender that not only offered a full LMI waiver for doctors but also had a highly competitive professional package with discounted interest rates. This strategy saved the client over $20,000 in LMI costs and allowed her to enter the property market sooner with a smaller deposit. You can learn more about these specialised solutions in our guide to smarter lending for professionals.

Step 4: Application and Approval

Once you have approved our recommended strategy, we move forward with the formal loan application. VIR Advisory manages this entire process on your behalf, handling the paperwork, liaising with the lender, and providing you with regular updates. Our goal is to make this stage as seamless and stress-free as possible.

Preparing and Submitting the Application

We meticulously prepare the application and all supporting documentation to ensure it is presented to the lender in the best possible light. Our experience means we know exactly what credit managers are looking for, and we proactively address any potential queries before they are raised. This attention to detail significantly improves the chances of a swift and positive assessment.

Lender Communication and Negotiation

We act as the single point of contact with the lender. This means you don’t have to spend time on hold or chasing up different departments. We manage all communication, from answering initial questions from the credit assessor to negotiating terms and conditions. If the lender requests additional information, we will work with you to provide it promptly, ensuring the application maintains momentum.

Managing the Approval Process

The loan approval process typically moves through several stages:

1. Conditional Approval: The lender provides an initial approval, subject to certain conditions being met. This often includes a satisfactory valuation of the security property.
2. Valuation: We will order the property valuation on your behalf and liaise with the real estate agent to arrange access.
3. Formal (Unconditional) Approval: Once all conditions have been met to the lender’s satisfaction, they will issue a formal approval. This means your finance is fully approved, and you can proceed with confidence.

We keep you informed at each of these milestones, providing clear explanations of what is happening and what to expect next.

Step 5: Settlement and Ongoing Support

Receiving formal approval is an exciting milestone, but our work doesn’t stop there. We guide you through the final steps to settlement and remain your trusted finance partner for the long term.

The Settlement Process

After formal approval, the lender will issue formal loan documents and mortgage contracts. We will review these documents with you to ensure all details are correct before you sign them. We then work closely with your solicitor or conveyancer and the lender to coordinate a successful settlement. On settlement day, the funds are transferred, and the property officially becomes yours. We will confirm with you once settlement is complete and that your new loan account is active and set up correctly.

Post-Settlement Review

A few weeks after settlement, we will check in with you to ensure your loan is operating as expected. We’ll confirm your repayments are scheduled correctly, that any offset accounts are properly linked, and answer any questions you may have about managing your new loan.

Ongoing Mortgage Health Checks and Refinancing Reviews

The loan that is right for you today may not be the best option in two or three years. That’s why our service includes ongoing support. We recommend a regular "mortgage health check" to review your interest rate, loan features, and overall structure. If your circumstances change, or if more competitive options become available in the market, we can advise you on the benefits of refinancing. This proactive approach ensures your finance structure continues to serve your best interests over the life of the loan.

Why Clients Choose VIR Advisory

In a competitive market, clients choose to work with VIR Advisory for our expertise, personalised service, and unwavering commitment to their long-term financial success. Our approach is built on a foundation of deep industry knowledge and genuine care.

15+ Years of Banking and Finance Experience

Led by founder Raina Doshi, VIR Advisory brings over 15 years of high-level experience from within Australia’s banking and finance sector. This insider’s perspective on how banks assess credit and structure deals provides our clients with a distinct advantage. We leverage this knowledge to navigate complex lending scenarios, negotiate effectively, and deliver superior outcomes. To learn more about our background, you can read about Raina Doshi's professional experience.

Direct Access and Personalised Service

When you work with us, you have a single, dedicated point of contact throughout the entire process. We take the time to understand your unique situation and provide tailored advice. You won’t be passed between departments or have to explain your circumstances multiple times. This continuity of service ensures a smooth, efficient, and highly personalised experience.

A Comprehensive Suite of Services

We offer a full spectrum of finance solutions to support you at every stage of your financial life. Our expertise covers:

• Home Loans: For first home buyers, upgraders, and those looking to build.
• Refinancing: To secure a better interest rate, consolidate debt, or access equity.
• Investment Lending: Structuring finance for residential and commercial investment properties.
• Commercial Finance: For purchasing commercial property, including through an SMSF.
• Business Finance: Solutions for working capital, expansion, and asset or equipment purchases.

This comprehensive capability means we can act as your long-term strategic advisor for all your financing needs. You can explore our

[full range of services offered

](https://viradvisory.com.au/services-offered)here.

If you're considering a home loan, refinance, investment property purchase, commercial property finance or business lending, a conversation with VIR Advisory can help you understand your options and develop a strategy aligned with your goals.

Take the next step towards financial clarity and confidence.

Article by

Raina Doshi

Raina Doshi works with homeowners, property investors, business owners and professionals to secure and structure lending solutions across home loans, refinancing, commercial finance and business lending. Areas of expertise include investment property finance, debt recycling, commercial property finance, equipment finance and strategic debt structuring.