Help with Finance Applications

Lenders lend on paperwork. Whether you are buying a home, refinancing or borrowing for the business, the bank or your broker will ask for evidence of your income – and if you are self-employed or run a business, that evidence comes from your accountant. We prepare it, and we make sure it is up to date and consistent before the application goes in.

We are accountants and registered tax agents, not a lender or a mortgage broker. We do not arrange loans or recommend lenders; we get your financial position documented properly, so the people who do can assess it.

What lenders usually ask for

Every lender has its own checklist, and your broker or bank will tell you exactly what they need. For self-employed borrowers and business owners it usually includes some of the following – all things we prepare:

• Personal and business tax returns for the last one or two years, lodged and with the notices of assessment
• Financial statements – profit and loss and balance sheet – for the business, company or trust
• Recent BAS, showing current turnover
• An accountant's letter confirming your income, your business or your tax position
• Cash flow forecasts and projections for a business loan, showing how the repayments will be met

The most common hold-up is simple: the latest tax return has not been lodged, so the most recent figures the lender can see are more than a year old. If you are planning to borrow, talk to us early so the returns and statements are done and lodged before you apply.

How we help

1. Before you apply – we look at your current financial position and tell you what a lender is likely to see, including anything that might raise questions.
2. Bring the paperwork up to date – overdue tax returns, BAS and financial statements prepared and lodged.
3. Prepare what the lender asks for – statements, forecasts and an accountant's letter, based on lodged figures.
4. Answer the follow-up questions – lenders and brokers often come back with questions about the numbers. With your authority, we answer them.

Plan the purchase, not just the loan

Before you buy a property or take on business debt, it is worth asking who should own it and how the interest will be treated for tax. Buying in the wrong name is expensive to undo. See business structuring and tax planning, and if you are buying your first home, our post on the 5% deposit scheme for first home buyers. For businesses, cash flow management covers how to keep the repayments comfortable once the loan is in place.

What it costs

Preparing financial statements, forecasts and accountant's letters is charged at our hourly rates, which range from $220 to $420 an hour plus GST depending on the accountant. If the tax returns themselves are outstanding, the fixed fees on our price list apply. We will tell you the cost before we start.

Questions people ask