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Case study: Refinancing a business

            Does your business need refinancing or restructuring? As this tale of a business with urgent liquidity problems shows, having a credit adviser managing the project can be the key to success. When a cotton grower in central Australia lost his financier during a period of aggressive expansion, he was facing a liquidity crisis and approached an accredited equipment and commercial credit adviser for help…  Read more

Six ways to fund a renovation

Any renovation project, large or small, can be all-consuming in terms of your energy and money. Here are six loan types that can help you with the latter. Considering transforming your home from ‘blah’ to ‘brilliant’, but lacking the funds to support your major makeover? Never fear, we’ve rounded up a few different home renovation loans to help you turn your dream into a reality. Whether you want to make…  Read more

How lenders work out whether you can afford a loan

          Different lenders use different formulas to work out how much you can borrow, but the biggest loan isn’t always the best idea. Being able to secure your ideal loan amount can seem like a battle of balances. Once you’ve worked your budget and finances through a spreadsheet, there’s still the one issue left to deal with: assessment rates. This is also known as an ‘interest…  Read more

How to pay off your mortgage faster

          When was the last time you looked closely at your loan, the progress you are making on paying it off and how it compares to others in the market? Analysing your mortgage could mean savings for you, as well as the opportunity to pay it off more quickly, invest in other assets or reach financial freedom sooner. Make smaller payments, more often To cut the…  Read more

How to get the biggest ROI on an investment property

When purchasing an investment property, there are a number of factors that could increase or reduce your potential return on investment. In this case it’s not just location, location, location. When considering a property for investment purposes, the most important question to ask is ‘will be attractive to tenants?’. But how do you know what will appeal to someone you’ve never met? Settling on a handful of locations is a…  Read more

What counts as genuine savings in a loan application?

        If you apply for a home loan, particularly if the loan is for more than 80 per cent of a property’s value, you’ll more than likely have to prove to lenders that you have a satisfactory amount of savings. This is to demonstrate your ability to funnel a portion of your income into repayments. Although it can differ, in most cases lenders generally look for consistent…  Read more

Bridging loan or deposit bond?

          When selling one property and purchasing another, the funds from the sale may not be available in time to use for the purchase deposit. There are typically two options in this scenario: a bridging loan and a deposit bond. A bridging loan is a short term home loan designed to allow you to initiate the purchase of a property before you have sold your previous…  Read more

Why your business loan was rejected

            Due to the risks involved, strict guidelines are imposed on business finance, so securing approval can be difficult. Here are a few mistakes to avoid to increase your chances of approval. Not knowing your credit score Many consumers may not realise the importance of a credit score. Not only is it taken as a reflection of your ability to make repayments, it also highlights…  Read more

Is a family guarantee right for you?

          Entering the property market is no easy feat for a first homebuyer, but even parents who aren’t prepared to hand over cash for a deposit may help by being a guarantor on a loan. Before taking the plunge however, it’s crucial to be aware of the implications involved. Here are three questions to ask yourself to see if a family guarantee is right for you:…  Read more

Exit costs when refinancing

          Refinancing can be a great way to save money if you believe you are paying too much for your loan, but there is more to it than just finding a loan with a lower interest rate and making the change. Before making the switch, ensure the savings you could make outweigh the fees involved. Here are the different exit costs to consider: Exit fee Although…  Read more

Small business finance without the bank

While SMEs account for 97 per cent of Australian businesses, it can still be difficult to make a case to a bank when looking for finance to start a new business or invest in the growth of an existing one. The good news is that applying for commercial finance through a bank is far from the only option. Personal loans A relatively young enterprise that doesn’t have a track record…  Read more

Understanding which home loan features are right for you

          Loans are by no means ‘one size fits all.’ Different loan types suit different age groups, different living situations and even different attitudes to money. A common trap some home-owners fall into is to consider a mortgage ‘set and forget’. You did your research, shopped around, found the right option and now you’re reluctant to revisit the process – even if your personal circumstances have…  Read more

How to create an advisory board for your business

Many remarkable entrepreneurs, including Warren Buffet, Sheryl Sandberg, and Richard Branson, have credited their success, in part, to the advice of their mentors. An advisory board is an informal group of mentors whose collective business expertise—and objectivity—can help you make better, more informed decisions, thereby accelerating growth. Unlike business consultants (whose fees may well exceed your budget), advisory board members may agree to provide advice pro bono, for a small…  Read more

Encouraging word of mouth

If you have any doubt that word of mouth referrals are important, consider these recent stats: According to Neilson, 92% of shoppers trust recommendations from friends and family more than traditional advertising 20% to 50% of consumer purchases are made because of a word of mouth recommendation 81% of buyers are influenced by their friends’ social media posts. So how can you encourage positive word of mouth for your small…  Read more

New payment methods to consider in 2018

A new year is the perfect time for business owners to set goals to improve profitability. If you aren’t yet familiar with digital wallets and the latest mobile payment technologies, you might be interested in the benefits they afford small businesses, such as: instant access to funds and real time financial data cost savings on third party transaction fees and POS systems competitive edge—making it easy for customers to pay…  Read more

Is business insurance worthwhile?

If you’re like many small business owners, your business may not be adequately insured in the case of a fire, flood, natural disaster, theft, or personal injury. Often home-based business owners assume they are covered under their homeowner’s policy. Other entrepreneurs, working long hours and pulled in too many directions, may never get around to talking to an insurance agent about their business. If you’ve been procrastinating on business insurance,…  Read more

How Accounting Software Can Increase Profits

Most small business owners who use accounting software quickly master the basics. They automate processes like invoicing and payroll, track expenses and view real time financial reports to manage cash flow and make better business decisions. But what many business owners don’t take advantage of are key insights that can improve customer care and increase sales. Here are some smart ways you can use your accounting software to help boost…  Read more

What to Look For In A Payment Management System

Quick and efficient payment options benefit both small business owners and their customers. Consumers are used to flexibility – cash, check or charge? – when buying from large retailers. If you’re a cash-or-check only operation, consider how many sales you may be losing – and how your business would grow if your customers could pay with debit or credit cards. If one of your goals is to start selling online,…  Read more

How to Avoid Costly Inventory Problems

Inventory is the lifeblood of your business. It is the largest asset on your balance sheet and your company’s biggest revenue-generator. It goes without saying that poorly managed inventory can do serious damage to your bottom line. Businesses without clear strategies for streamlining the in and out flow of goods will have trouble meeting their customer’s demands and will see mismanaged stock corrode their profits. Follow these tips to ensure…  Read more

Strengthening your balance sheet

Your balance sheet (now more correctly called a Statement of Financial Position) reveals a great deal about your business, including the total value of your assets – the things you own; how much you owe to others – your liabilities; and the level of your solvency. These three aspects will be studied carefully by lenders and investors − and by buyers if you intend to sell your business. But they…  Read more

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