Applying for a loan: how our team can help!

Picture this: you’re applying for a loan for your business (or yourself!), but you don’t know where to start. You try to find everything you need on Google but have no luck. You don’t have a complete list of assets and expenses. Your application is then unsuccessful because you were missing vital elements.

When you’re applying for a loan, you should always seek assistance from a professional team of business advisors or accountants to ensure you have everything you need.

And guess what? Our team can help! We can assist with helping you apply for both business and personal loans. Read on to find out how.

The difference between a business loan and a personal loan

There is a big difference between applying for a business loan and a personal loan. They each have different requirements and vary based on what you’re using the loan for.

Usually, a business loan is requested when an owner is looking to:

Instead, a personal loan is usually requested for:

Both loans can be applied at your chosen bank but should always be discussed with your accountant or business advisor first.

Would you receive surgery without your doctor’s advice? No! So, you should always receive advice from your advisor before applying for a loan.

Business loans

As specialised business accountants, our team knows a thing or two about applying for a business loan. We will walk you through the vital steps you must take beforehand.

We will:

Help you understand your finances: You can’t apply for a loan if you don’t know your business’ financial situation! We’ll review your current cashflow and income. If you’re looking to start up a business, we’ll review your financial position before applying for a loan.
Help prepare your business plan: Most lenders want to see a business plan and your goals before they approve your loan. We’ll take the time to review your plan to ensure it represents what your business goals are.
Determine your financial limits: How much does your business need? What’s the maximum repayment you can afford? What’s your loan to value ratio? These are all questions we will help you answer.
Choose the right loan type for your business: Each loan type has different tax and GST implications which can affect your repayments. Based on your financial and business situation, we’ll help choose the right loan for your business.

Applying for a business loan is so much more than walking in with a business idea and your previous earnings. Luckily, our team are here to assist you every step of the way.

Read more about how you can prepare to apply for a business loan here.

Personal loans

Although our team works with businesses, we’re also qualified to assist with your personal loan application. If you’re looking to buy a house or car, renovate, get married or go on a holiday, we can help!

Just like a business loan, you must meet the common eligibility criteria for personal loans in Australia. You must:

Be at least 18 years old
Hold Australian or New Zealand citizenship, or Australian permanent residency, or an eligible visa
Live in Australia
Meet minimum income requirements
Be employed or receive regular income
Have a good credit rating

The Commonwealth Bank outlines further eligibility criteria here.

Are you unsure of your credit score? Need the income statements of your last three years of work? Need a full asset and expenses statement?

Our team can help you review your financial situation and confirm you have all the necessary paperwork required when applying for a loan.

Applying for a loan? Speak to our team!

So, you’re ready to apply for a loan – that’s great! But as mentioned, it’s important you don’t go at it alone.

Get in touch with our team of specialist accountants to ensure you’re in the right financial position to apply for a business or personal loan.

Our success comes from our clients’ success, and we want to see your application approved!