Three things to have ready before you call about a business loan
The three things that turn a first call about a business loan into a conditional answer: the property and roughly what it is worth, what the money is for and how much, and how the loan will be repaid.
- The property: which one would secure the loan, roughly what it is worth, and what is still owed on it.
- The purpose and the amount: what the money is for, and how much you need.
- The way out: how the loan will be repaid, whether that is a sale, a payment you are waiting on, or a refinance.
- With those three answers, a conditional answer is often possible on the first call. A person makes it, not a scorecard.
Why three answers are enough for a first answer
A bank's first meeting is spent collecting documents because its decision rests on whether trading will repay the loan. A loan secured on real estate rests on different questions: is there enough equity, is the money for a business purpose, and how will the loan end? The video's three things are those three questions. Have the answers ready and the call can move straight to whether the loan works.
1. The property, and what is owed on it
Name the property you would offer as security, give a rough idea of its value, and know the balance of any loan already on it. The balance matters as much as the value, because equity is the gap between the two. An accurate payout figure is one of the things that keeps a file fast; a surprise on the title is one of the things that slows it down.
2. What the money is for, and how much
Be specific: an ATO debt, a supplier, stock, equipment, a settlement, an opportunity with a deadline. The purpose is what makes it business lending, and it often points straight at the exit. The amount needs to sit within the equity available and within the range of $20,000 to $5,000,000.
3. Your way out
This is the answer most people have not prepared, and the one that decides the most. A contract with a payment date, a property on the market, a refinance a bank is already working on: any of these is an exit. The exit strategy video goes through each.
After the call: the three documents
If the conditional answer is yes, the formal application needs only a rates notice for the property, three months of recent mortgage statements and photo ID. From there, the HomeSec clock shows how a clean file runs from application to funds in the account.
Read the transcript
Calling about a business loan? Have these three things ready. One, the property behind the loan and roughly what it's worth. Two, what the money is for and how much you need. Three, your way out. A sale, a contract payment, or a refinance. That's usually enough for a conditional answer on the first call. No AI, no scorecard. HomeSec Business Finance, Australia's fastest and most flexible business loans.
Transcribed from the recording's own captions, with the spelling of HomeSec corrected.
Questions people ask next
What documents does HomeSec need to fund a loan?
Do I need to know exactly what my property is worth?
What if I am not sure how I will repay it yet?
The video is the short version. The written guide has the detail: our procedures, from the first call to settlement.
To talk it through about your own property, ring a Lending Manager on 1300 93 83 87, Mon–Fri, 8:30am – 5:30pm Melbourne time.
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See if you qualify in sixty seconds
Three short questions, no credit check to apply and no financial statements. A Lending Manager reads it and calls you back with a real answer — not a call centre, not an algorithm.
That's the HomeSec Advantage.
Reviewed by Jason Brockmuller, Joint Chief Executive