Note: We are only accepting applications for business loans with a minimum deposit of 50%. We apologise for the inconvenience.
Don't let the banks take you for a ride!
A business mortgage broker specialises in tailoring finance solutions for business owners and self employed borrowers.
By going to a bank directly, you open yourself up to being charged large fees and high interest rates for a business loan that may not be the best loan for your needs.
A business mortgage broker can handle the application process for you but what should you look for in a broker?
Why wouldn't I go to a bank directly?
Firstly, banks don’t advertise their business loan interest rates or how much they’re willing to lend you, and they certainly won’t tell if you can get a better deal somewhere else.
Secondly, you’re dealing with a completely different department. Business bank managers are measured on their budget and their return on equity.
In other words, they are focused on the bank’s profits whereas most other bank employees don’t really care.
As a result, many borrowers lose out when they deal with the bank directly.
- If you are in a difficult situation, they’ll use this as an excuse to overcharge you.
- If you don’t know what competitors can offer, they’ll charge as much as they can.
- If you are a loyal customer with many accounts, they see it as that you’re far less likely to leave so they’re happy to charge you more!
Finally, and probably most importantly, business loans aren’t governed by the National Consumer Credit Protection Act 2001 (NCCP Act) which means that banks don’t have strict lending policies.
Isn’t that a good thing?
Potentially, yes!
In fact, there are bad credit and low doc solutions available.
However, commercial lenders look at business loan applications like a return on investment. They want to know what they’re getting out of lending you this money.
A business mortgage broker can help you to make the application process simple and negotiate strongly on your behalf.
Speak with one of our business mortgage brokers by calling 1300 889 743 or by filling in our online enquiry form today.
What are the other benefits?
You’ll get an easy application process
The main reason that business owners prefer to deal with a business mortgage broker is because they don’t have the time to worry about the application process.
They want someone to make it easy and handle the paperwork so they can focus on their business.
We’ll properly assess your needs
We understand that business owners are after finance solutions that can provide them with some stability in their income during troughs or to tackle new business goals.
By asking the right questions and getting your recent financials, we can assess what situation you’re in and how we can get you to your next business milestone.
We’re experts in a range of different business finance products
This includes:
We know what the banks are looking for
There’s a lot more to business lending than simply filling out an application form.
So you can get approved the first time around, it’s important that we highlight the positives in your situation and mitigate the negatives with good evidence and explanations.
Borrow more and at a sharper interest rate
Banks don’t publish their rates so being able to borrow up to the maximum amount and getting a great interest rate comes down to choosing the right lender.
It helps that experienced mortgage brokers have strong ties to the relationship managers at several lenders.
The very best have written many business loans with these lenders meaning that they have strong negotiation power.
It's not just about getting you approved!
As a business owner, your finance needs will change as you grow your business.
It can even change over just a 12-month period due to seasonal income requirements.
Having a good relationship with an experienced business mortgage broker can be the best thing you ever do for you and for your business.
In fact, they should form an integral part of your professional team, alongside your accountant and financial adviser.
What do I need to provide the mortgage broker with?
A business mortgage broker will firstly have a bit of a chat about your business needs and what you’re looking to achieve, even if you’re looking to renovate or buy brand new business premises.
We actually specialise in a number of different commercial property loans, whether you’re looking to buy an office, a warehouse, a factory, a pub or a shop.
After that, you’ll typically just need to provide your last 2-3 years business and personal financials including tax returns and business activity statements (BAS).
That’s about it! A business mortgage broker will do the rest and come back to you with an Indicative Funding Proposal (IFP) to confirm the interest rate and terms of the loan.
Do they need qualifications?
As a minimum, the business mortgage broker should have a Certificate IV in Finance and Mortgage Broking.
They should also be an active member of the Mortgage and Finance Association of Australia (MFAA) or the Finance Broker Association of Australia (FBAA).
Having a strong track record is just as important so ask them to provide you with some references in the form past and current clients. What has their experience been?
Any other tertiary qualifications or specialist training they have in business broking can also give you more confidence in your decision.
Finally, look for a commercial mortgage broker that is “accredited” or is able to write loans with a wide range of major banks, second-tier lenders and customer-owned banks like credit unions and building societies.
More choice in lenders means that you have a better chance of getting approved for a well-priced loan that suits your needs.
Speak with a business mortgage broker!
Please call us on 1300 889 743 or fill in our online enquiry form to speak to a specialist business mortgage broker today.