1. Applying without clear financial records
Lenders usually ask for financial statements, BAS statements, bank statements and tax returns. Having them organised before you apply makes the process smoother.
2. Choosing the wrong type of finance
Different needs suit different loan structures. Buying equipment may suit asset finance, while day-to-day working capital may suit a business loan.
3. Only looking at one lender
Each lender has its own credit policy, products and terms. Looking at more than one option helps you understand what's available for your situation.
4. Ignoring the impact on cash flow
Repayments need to fit comfortably within your business's cash flow. Check that the business can afford them before you commit.
5. Not asking for help
Lender requirements can be detailed. A finance specialist who knows how lenders assess applications can help you prepare and save you time.
This guide is general information only. It doesn't take into account your objectives, financial situation or needs. All finance is subject to the lender's credit assessment, terms and conditions, and fees and charges apply.