7 Tips for securing a Business Loan

Securing a business loan in Australia isn’t necessarily difficult but knowing how to navigate your way can be the difference between success and failure. Banks and other financial institutions offer a wide range of business finance options, from commercial property loans, commercial vehicle leases, and commercial and equipment leases, to simpler options such as letters of credit, overdrafts and lines of credit. Here are some tips on how to improve your…  Read more

The common time waster that stops your business from growing

Being a small business owner can be fantastic. You get to be involved in every aspect of your business, from marketing to event planning, from sales to employee development. Being involved in so many areas of your business saves you from boredom and allows you to use skills you might not have known you had. There is one area that many small business owners hate to be part of but…  Read more

Benefits of using technology

These days, you can use technology to take care of almost any issue facing your business. If you have a task you don’t like to do, there’s an app or software program to take care of it for you. It might take a few moments of your time to learn and understand how the software or app works, but doing so will save you valuable time and precious energy. It…  Read more

The Number 1 Thing You Need to Know About Your Business

When you own a small business, it’s vital you understand how money flows into and out of it. At a basic level, you need to know where your income comes from and what your expenses are. At a deeper level, knowing how money moves through your business can help you make strategic decisions about growth, invoicing, and debt management. The consequences of not understanding money can be drastic—poor financial management…  Read more

Is it the right time to take out a business loan?

In the lean, early years of running a business – that crucial time when most startups need capital – qualifying for a loan can be difficult. Step one is to build a solid credit rating, so a lender feels confident your company isn’t a high risk for repayment and can say “yes” to your application. Once you’ve established a positive credit score, the perfect time to take out a business…  Read more

Explainer: construction loans

          If you are thinking of building your own home, you will need to be familiar with the ins and outs of construction loans. Construction loans are just not as straightforward as simple home loans. There are additional decisions to be made about the structure of the loan, additional documentation is required and the funding is released in an entirely different way. Documentation In addition to…  Read more

5 rules for your business plan

          Preparing a detailed business plan will inform the lender about your business proposal so that it can assess your application as favourably as possible. Know your numbers. In order to inspire confidence in you as a borrower, it’s important you are familiar with your key financial figures, even if you don’t prepare your own financial statements. This includes current income, net profit and expenditure. Include…  Read more

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

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