What documents do you need for a business loan in Australia?

Most full-doc applications ask for some or all of the following.

• Photo identification for each director and guarantor
• Business details: ABN, ACN where applicable, entity structure
• Financial statements: profit and loss and balance sheet, usually for the last two years plus year-to-date
• Tax returns for the business and, where guarantors are involved, for the individuals
• BAS or activity statements, usually the most recent several quarters
• Business bank statements, commonly the last three to six months
• A schedule of existing debts and facilities
• Details of security: property addresses and valuations, or asset details for equipment and vehicles

Invoice finance lenders will ask for an aged debtors ledger. Equipment finance needs a supplier quote or invoice. Property finance needs a contract of sale or current loan statements, and often a valuation. An acquisition needs the sale agreement and the target's financials. ATO debt refinance needs your ATO account balance and recent lodgements.

Low-doc business loans exist for established businesses that cannot produce up-to-date financials. They typically accept an accountant's declaration, BAS and bank statements in place of full accounts, and are usually priced higher to reflect the lender's lower visibility.

Have lodgements current, keep business and personal finances separate, and prepare a short explanation of what the funds are for and how they will be repaid. A complete, well-organised file is often the biggest single driver of turnaround time.