Getting a business loan and comparing rates

At Aussie, we know how busy you are when you’re running your own business. Trust us, we’ve been there. We can help make growing your business easier. 

man in workshop

When you’re running your own business, you may get too busy to sort through finance solutions and compare business loans. Luckily, comparing loans is our bread and butter.  

We can help you work out if a loan is right for you, get the right paperwork together, and compare options and interest rates across different loans. We’ll be there with you the whole way — so you can come to us with your growth goals and we can help you get there. 

What can you do with a business loan? 

There are many different business finance products out there. We can compare loans from our panel of over 30 lenders^ to make things easy for you.

We can help you with finance for; 

  • Commercial vehicles 
  • Heavy vehicles 
  • Plant equipment and machinery 
  • Business premises fit out 
  • Commercial property  

If you’re not sure if you want to get a loan yet, you can read more about what equipment and asset finance can do for your business. In the meantime, learn how to apply for a business loan through Aussie.  

If you have all the equipment you need, there are a few more reasons you might want to take out a business loan, including;  

  • Improving cash flow in slow periods 
  • Investing in production to fulfill an unexpected order 
  • Paying off or consolidating debts 
  • Working capital 
  • Financing a new website, or marketing promotion. 

What you need to prepare for a business loan 

Applying for a business loan may seem complicated, but Aussie can help you navigate through the paperwork. At a minimum, here’s some things you will need beforehand:  

  • Company tax returns 
  • Financial statements (e.g. profit and loss statements, cash flow statements) 
  • Your desired loan amount and how the loan could help you 
  • Details about outstanding debts, both personally and for the business 
  • Personal tax returns (if you’re a sole trader, in a partnership, or a shareholder) 
  • Dates of ABN and GST registration. 

Other things to consider 

In addition to your business’ financial performance, there are some other things to consider when applying for a business loan; 

  • Your credit history: including your existing credit card debts, personal loan repayment history, number of loans you’ve already applied for, bankruptcies, and joint applicants for other loans 
  • Security: if you want to open a line of credit, you may have to borrow against your home or other property. This means putting your existing property at risk if you can’t make repayments. 
  • Loan term: this is how long it will take you to repay the loan. You should consider how long it should take you to repay the principal, as well as how much interest you will end up paying over the life of the loan.  

Who can apply? 

  • An individual, sole trader, sole owner of your company or someone authorised to apply for finance and credit for a business 
  • Someone looking to finance for business purposes, such as vehicles, equipment, expanding your business and commercial property. 

Comparing interest rates and payment options 

Your Aussie Broker will guide you through the different interest rate options available and can arrange a pre-approval so you can decide which loan is right for you. Your main two interest rate options will be; 

  • Fixed interest rates: your rate will stay the same across the life of the loan 
  • Variable interest rates: your rate will change with market fluctuations over the loan term. 

If you’re unsure which one may be right for you, your Aussie Broker can help you understand the differences between fixed and variable interest rates. Some loans may only offer a fixed interest rate.     

If you want to learn more about how taking out a business loan can help you manage your business cash flow, and the interest rate that may apply to your loan, speak to your local Aussie Broker.   

If you’re not quite ready to take out a business loan, you can also learn more about; 

  • How equipment and asset finance can help grow your business 
  • Home loans for self-employed people 

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