Personal loans and mortgages for small business owners

Personal loans and mortgages for small business owners

The right accountant for your small business is the one that understands that you are not a financial expert. They help fill the gaps between your current knowledge of the financial sector, allowing you to make informed decisions.

In the case of Bizally, this knowledge extends to resolving the issues that most small business owners face when seeking personal loans and mortgages.

What banks and financial providers are looking for from small business owners

When reviewing the risk profile for financial products, such as personal loans and mortgages, banks and financial providers have a bias towards salary earners as they believe that small business owner’s financial situations are inherently more unpredictable and unstable. Bizally’s role is to work with you to convince them otherwise by providing the reporting and projection models that fit with banks and financial providers specific requirements. By engaging with Bizally in this capacity, you can improve your chances of successfully receiving loans and mortgages, as well as reduce the inevitable frustrations and time delays of repetitive interactions with an inflexible sector.

Bizally provides access to a loan and mortgage broker

As you would expect, gaining access to competitive priced personal loans and mortgages is a common request from Bizally’s clients, which is why Bizally has a relationship that helps clients streamline access to these financial products.

After an exhaustive review, Bizally has developed a strategic alliance with a mortgage broking group that specialises in small business owners, which provides our clients with access to over 30 lending institutions, offering hundreds of different loan products.

What are the benefits of a Mortgage broker over talking to your bank?

According to a recent report by Deloitte, in 2015 more than 52% of mortgages written were through a mortgage broker. The question is why do Australians now favour mortgage brokers. The answer is simple; comparison. Traditionally financial providers depended on two factors to maximise their returns on personal loans and mortgages; ignorance and inertia. Traditionally, lenders knew that customers didn’t have the time, resources or knowledge to go head to head with comparisons of competitive products. As such they were not required to be that competitive. The same is true of inertia. The customers could not be bothered changing lenders, simply because of the additional charges and paperwork, so they settle for less competitive rates.

With mortgage brokers, that has all changed. Now you can compare rates and terms. Government regulations have also changed, reducing the cost and paperwork of moving your loans to another provider.

What this all means is that small business owners now have a much greater chance of receiving competitively priced loans and mortgages. Over the long term, this can reduce loan repayments by 10’s or even 100’s of thousands of dollars.

Other ways in which Bizally and a mortgage broker can improve your financial position

In addition to accessing personal loans and mortgages as a small business owner, Bizally can work with you to consolidate or refinance existing debt, access lines of credit and investment loans. With Bizally’s assistance, you can also obtain competitive priced commercial and investment loans.

Access to these facilities is all part of Bizally’s focus on helping your business grow and securing your financial future.

Contact us today if you’d like to know more

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