How’re your business financials looking?
Coming into September and October banks start to be less reliant on business financials from 31 March 2017 as suitable proof of income.
If your business is only a couple of years old, having up-to-date financials can be the difference between an approval or decline.
If you are looking to potentially buy a home, investment or trade up your existing house, now is a good time to be putting pressure on your accountant to have financials ready. Banks sometimes ask if all tax obligations are up to date so have your accountant perhaps have a letter or email confirming this. A bank will also want to know your current business lending obligations such as vehicles or equipment finance. So have the amounts, terms and repayments readily available.
For those self employed who may not have full proof of income or financials ready, we still have non-bank lending options. This may involve bank statements and GST returns as a way of substantiating income.
Call us today for guidance 0800 000 518.