Are you purchasing a new business or franchise, or need capital to invest in a current business?
FAQ for Business Loan Applicant(s)
How long have you been in business?
What is your business plan and strategy?
What is your monthly revenue?
What will the funds be used for?
How will the business be affected if you don't receive the funds?
How much can I borrow on a Business Loan? What is a Business loan repayment term like?
If the business acts as a security, bank and non-bank lenders will lend maximum 50% of the value of the business or purchase price of the business excluding GST. Most business loans have a repayment period between 5-6 years and their interest rates are usually 3-4% higher than standard home loan rates. If you have borrowed some money to utilise in the business by offering a residential property in security, lenders generally lend maximum 80% (Owner occupied) or 60% (investment) of the value of the asset being offered as security.
What documentation do I need for a Business Loan?
Evidence of business's financial performance and history such as profit & loss statement and assets and liabilities statement prepared by a Chartered Account.
Business Sale and Purchase Agreement.
Copy of the Lease Agreement if business is going to operate out a commercial premises.