Business Finance

106 How assest finance can help your business grow.

How asset finance can help your business grow

As a business owner, it’s likely you have no shortage of competing demands on your capital. In your quest for growth, you might want to hire additional staff, move to bigger premises, increase production capacity, diversify your product range or spend more on marketing. Using traditional loans or cash to pay for new equipment and vehicles can put a strain on your cash flow and tie up funds that could be used to help your goal of growing your business. Asset finance can be a more economical option. It can allow you to obtain the assets you need to expand without incurring the high upfront costs associated with buying vehicles and equipment. Instead of acquiring an asset outright, asset financing allows you to spread
104 A simple guide to small business loans

A Simple Guide To Small Business loans

Most small businesses use finance when they’re starting out. Access to finance can also help you manage your cash flow, cover unexpected expenses and purchase the equipment you need to grow. Different loans are designed for different circumstances so it’s important to find one that meets your needs in a cost-effective way. To help you get started, we’ve taken a look at the pros and cons of some of the most popular options. An overdraft or line of credit How they work Both an overdraft and a line of credit can provide access to revolving credit, which means the money you repay is available for you to use again as you need it. An overdraft allows you to overdraw on your business bank account
101. Seven tips for securing a business loan v3.0

Seven 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 chances of success. 1.    Work out what is realistic It’s a good idea to find and compare credit options based on the amount of money you need to borrow, how you want it supplied and the type of security you want to provide (residential, non-residential or none at all). 2.    Find a
99. 3 reasons to use a mortgage broker for your next business loan

3 reasons to consider using a finance broker for your next business loan

Whatever your business needs, a finance broker can help you get approval for the most appropriate and cost-effective solution. Small business owners who need money to expand, invest in new equipment or smooth out their cash flow often head straight for the bank. However, just as a mortgage broker can draw on a wide range of options to help you find the right home loan, so a finance broker can help you source the most suitable loan for your business needs. Here we share three reasons why you might want to consider talking to a finance broker next time you need a business loan. (1) Access to a wide range of products A banker is usually limited to the products and services offered by
98. thinking of buying a commercial property for rental - heres what to consider

Thinking of buying commercial property for rental? Here’s what to consider

When it comes to property investment, people tend to think of residential. But commercial property can offer some big advantages as well, either as a space for your own business or as an income provider. We examine the pros and cons of going commercial. From warehouses and offices, retail to car parks, there are some serious potential benefits to non-residential property when you’re considering investment options.  If you already have residential investments, adding commercial property is a way to diversify your portfolio. Plus, if you own a business and are currently leasing premises, owning your own place can deliver another set of rewards. Many people overlook commercial property when looking to invest.  It flies a little under the radar, but it’s a different way
95. more than home loan - brokers can help with business finance too

More than home loans: brokers can help with business finance, too

Most Australians know mortgage brokers can help them find a home loan that meets their requirements. What a lot of people don’t realise is brokers can also help small business owners secure the right commercial finance for their business too. Many small business owners use the equity in their homes to cover their start-up and expansion costs. It’s often the only option in the early days but, as your business becomes established, external funding can help you take advantage of expansion opportunities. Commercial or business finance refers to a range of financial products and loans designed for businesses. Growing businesses can seek funding for several purposes, from acquiring and fitting out new premises to taking on staff and maintaining cash flow. The purpose of the
93. refinancing - what you need to know

Refinancing: what you need to know

Confused about the ins and outs of mortgage refinancing? There are two key considerations when you’re looking at taking the step – why and how. Here, we examine both. A home loan is generally a long-term proposition, but in some situations it can be suitable to refinance your mortgage. Refinancing involves taking out a new mortgage and using those funds to pay off your existing mortgage. Doing it right could deliver significant financial gains over time. The two key things you need to know and understand before you go ahead are your reasons for doing it and how to go about it. Good reasons to consider refinancing (1) You want a lower interest rate The loans market is highly competitive and interest rates can
85. explainer fixed rate loans

Explainer: fixed-rate loans

With interest rates at an all-time low, taking the option of locking in an interest rate on your home loan to guard against possible future fluctuation may be attractive. However, it pays to know the ins and outs of fixed-rate loans before committing to one. When purchasing a property, borrowers can decide between fixed-interest loans that maintain the same interest rate over a specific period of time, or variable-rate loans that charge interest according to market rate fluctuations. Fixed-rate loans usually come with a few provisos: borrowers may be restricted to maximum payments during the fixed term and can face hefty break fees for paying off the loan early. However, locking in the interest rate on your home loan can offer stability. For those
73. refinancing traps to avoid

Refinancing traps to avoid

Whether you’re after lower repayments or want to tap into the equity sitting in your home, refinancing can offer a world of benefits. Here are some things to be aware of so that you don’t find yourself hooked into a bad deal. Don’t be fooled by the interest rate Finding a lower interest rate doesn’t necessarily mean you’ve scored yourself a better deal. In fact, a product with more features may cost you a bit more in fees or interest, but could save you more in the long run. Including features such as an offset account will prove valuable as it will allow you to make larger repayments or put any extra cash against the loan. Products without this feature may charge a fee
72. explainer_income_protection

Explainer: income protection insurance

Insurance for something you can’t see or touch, such as your income, may seem strange. But how would you pay your mortgage if you were unable to work? When considering insurance, it’s common for people to pass it off as a pesky added fee involved in owning a car, running a business or protecting a house against damage. Income insurance, on first glance, can seem like another costly precaution that’s unlikely to prove useful. But when you think about how your income facilitates your lifestyle, it’s often at the top of the list in regards to things that you can’t afford to lose. Cars and houses can be replaced, but losing an income, perhaps for life, could see both lost. Income protection insurance covers
71. how the rba rate changes affect your interest rate

Explainer: how RBA rate changes affect your interest rate

With the RBA setting the official cash rate at all-time lows, it’s a good time to work out how this impacts the interest rate on your home loan and whether you are getting a good deal or not. When the interest rate on your home loan fluctuates, it can feel as though you don’t have control of your debt. Despite being frustrating, interest rate changes are a part of every loan’s lifespan and warrant your consideration. The interest rates that banks charge on their home loans are influenced by the Reserve Bank of Australia’s (RBA) cash rate. The cash rate is reviewed by the RBA on a monthly basis in order to safeguard Australia’s economic stability. The cash rate is the rate charged on
69. why your business loan was rejected

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 your financial history which is why understanding what it is and how it can be improved can be vital. We have seen cases where businesses were oblivious that they had a credit default until it was time to submit an application. Lack of planning Understanding the assessment criteria and having a well-prepared application increase your chances of approval. The key

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