Thinking about changing your PAYG to become self employed?
Planning your cash flow can be stressful when you reach this stage in life. Business loans may require you to have a level of experience in this industry before you apply for the loan, or you may need a chunky deposit.
You might want to know if you have any alternatives? It can be possible, and will be based on your current circumstances.
Rather than have a stand alone business loan, some people may opt to use their house as security for their business. This strategy may or may not be right to you. I’m all about trying to protect my clients and make sure their house can’t be repossessed, so don’t be surprised if I come up with some alternatives or an strategy to protect your family home – so we may need to liaise with some other professionals to assist.
Business loans use to be for a term of up to 15 years. We are finding more lenders willing to consider 30 year terms now. It comes down to the conditions of the Business Loan – whether it is for a purchase of building/land or not. Payments can be interest only or principal and interest. Consideration for your required cashflow will be discussed as well.
If you would like to discuss your Business Loan, please call 0403 211 361 so we can explore your options.