Getting a finance or Business Loan for small and medium-sized Australian businesses can be tricky at times, however, it’s an essential part of growing your business.
Before going out and applying for a loan, it’s important to get clarity around why you want a loan and what you’ll need.
Here are some tips:
Know the reason – it’s important to sit down ahead of time and work out the reason you want a loan, and how much you need. You must let a lender know what you intend to do with any money and incorporate that into your business plan. It’s best to be as transparent as you can about your situation.
How will you pay it back – lenders will want to know that you can manage your expenses and pay back any debts. This should also be outlined in a business plan.
Understand your credit score – it’s important to look at your own situation from the perspective of a lender. The first thing a lender will do is assess your credit score to determine the type of borrower you have been in the past.
Understand the costs – there’s a lot more to a loan than just the interest rate. It’s up to you to closely assess all the costs involved with any loan, which might include establishment fees, exit fees, interest expenses, monthly charges and any penalties that can apply to late payments.
Deals Mortgage is a professional Mortgage broker based in Bentleigh East, Melbourne. We put our customers first and ensure you get the best deals from our panel of 40+ lenders. Helping our clients find the best Home Loan, Business Loan, Investment Loan, Construction loan, Commercial Loan, Property Loan, Personal and all other types of Loans. We work closely with you through out the process to help you achieve your financial Goals. Till date we have worked with multiple clients all across Australia, We serve major states in Australia, with our presence in Melbourne Victoria, we cover Queensland, Auralia and South Australia. Our happy clients are present across the suburbs of Tarneit , Pankenham, Truganina, Cranbourne, Mckinnon, Werribee, Clyde, Ormond, Point Cook, Cheltenham, St kilda, Wyndham, Brighton, North Craigieburn and Bentleigh.
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