Business, Equipment & Home Finance for SMEs
If you are borrowing money for a new home, renovations, investment, or a car, it is important to understand what the true cost of the finance - the comparison interest rate. A recent Survey undertaken by Loan Market revealed that up to 40% of borrowers didn't know what a comparison interest rate was! Why the [...]
With Lenders rigorously assessing Home Finance applications, two common finance traps to be mindful of that may impact the amount you can borrow are: Credit Cards Use of popular Payday Schemes Even if you have no debt owing at the time of application, both credit cards and using payday schemes can limit your borrowing capacity. [...]
The biggest issue which results in a frustrating, lengthy and time-consuming loan approval process, is information required by Lenders to process loan requests not being provided upfront by applicants and/or in an incorrect format. Information Required by Banks - Treat Requests Like a Tennis Match To facilitate a faster turnaround when the Lender requests information, [...]
While the cost of finance is important, ensuring you have the right business finance structure is even more critical. When a finance structure is incorrect, it can have serious implications for a business. Business operations can be impaired and relationships with Lenders strained, not to mention how time consuming, and costly, it can be to [...]
Providing Lenders and Brokers work together, the Broker involvement should not necessarily result in refinancing to another institution. With the right mindset on the part of both parties, Finance Brokers can help Lenders retain & improve their existing client relationships. Situation We were recently approached by an experienced small business owner to assist with refinancing [...]
During the past week the Small Business Ombudsman, Kate Carnell, highlighted the issues facing small business when seeking loans. In an interview in the Financial Review, she said "as much as Banks will say we have plenty of money to lend and they have, the problem is the Banks have a huge risk aversion and [...]
As Melbourne gradually opens for business, are we starting to see the green shoots of recovery as business owners shift their focus from survival, to rebuild and growth. Whilst many businesses and individuals have been severely impacted by COVID-19, the green shoots of a recovery are finally starting to appear! Stronger Recovery says Commonwealth Bank! [...]
We are delighted to announce our team member, Sharon Piening has been selected as the Victorian Equipment Finance Broker of the year for 2020 as part of the MFAA Excellence Awards. This is richly deserved recognition for someone who is exceptionally client focused The MFAA Excellence Awards are given to Finance Brokers who "display exceptional [...]
The new year is a time when we often reflect and set goals for the coming year. These can be both business and personal goals. However unfortunately research (& lived experience) demonstrates that whilst we may start out with great intentions, far too often our goals fall by the wayside as life takes over! Why [...]
The challenge of cashflow management is nothing new to most business owners! It is a reality they face every day! That said, a combination of: Low economic growth Tighter payment terms Customers paying slower Finance being more difficult to obtain and taking longer to access have all combined to make life even more challenging for [...]
