Question 1

How much can I borrow for a business loan in Australia?

Accepted Answer

Business loan amounts vary widely — from $20,000 for unsecured working capital loans up to $5M+ for secured commercial facilities. The amount you can borrow depends on your business revenue, trading history, assets offered as security, and the lender's credit policy. Fairbanks compares 90+ lenders to find the right fit for your business.

Question 2

What documents do I need to apply for a business loan?

Accepted Answer

For a full-doc business loan you typically need: last 2 years of business financial statements and tax returns, personal tax returns for all directors, 3–6 months of business bank statements, and details of any existing debts. For low-doc options, BAS statements or an accountant's letter may suffice.

Question 3

Can I get a business loan if my business is less than 2 years old?

Accepted Answer

Yes — some lenders specialise in startup and early-stage business lending. You may need to provide a personal guarantee, offer security, or demonstrate strong cash flow via bank statements. Fairbanks has access to specialist lenders who assess newer businesses on their merits.

Question 4

What is the difference between a secured and unsecured business loan?

Accepted Answer

A secured business loan requires an asset (such as property, equipment or a vehicle) as collateral. This typically results in lower interest rates and higher borrowing limits. An unsecured business loan requires no collateral but usually carries higher rates and lower loan amounts, and relies more heavily on your business cash flow and credit history.

Question 5

How quickly can I get a business loan approved?

Accepted Answer

Unsecured business loans can be approved and funded within 24–48 hours for straightforward applications. Secured business loans and larger facilities typically take 1–3 weeks depending on the lender's credit process and whether a property valuation is required.

Question 6

Is the interest on a business loan tax deductible?

Accepted Answer

Generally yes — interest on a business loan used for genuine business purposes is tax deductible in Australia. We recommend confirming the deductibility of your specific loan with your accountant, as the ATO's rules depend on how the funds are used.

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