Business Loan

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 70% (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. 

What can a working capital loan be used for? 

• Employ additional resources.
• Purchase inventory.
• Cover payroll.
• Day to day operational costs. 
• Marketing. 
• Unexpected expenses.