Finance applications

The preparation of a finance application can range from mundane to deeply complex. And while “basic” can hold little appeal, we always remember that a finance application at a basic level is essential to the person making the application – it could be their home, first investment property or their new car.     

At a basic level, your business accountants will assist in helping you with an application by sending a bank copy of your ATO of Tax Assessments and a printout of your current tax debts to show the bank that you currently have no obligations ATO. This simple act, done quickly and promptly, can distinguish between a family being successful or not with a finance application.  

For more complex financial applications, the bank should be treated as an investor in your business. This could be through a bank presentation of a business plan, 3-way forecasts with board minutes comparing forecasts to actuals and market analytics.    

The bank assesses a business within the “5 C’s” of lending – namely, a finance application impacted by the Collateral (net assets offered as security), Capacity to pay (level of profits), banking Covenants (like monthly reporting obligations and such), the Credit history of the person making the finance application and the Character of the person making the finance application.    

The Character of the finance application is generally seen as the most important in the process. And it is where, at Westcourt, we make a real difference.  

The engagement of your bank as an investor will make a significant difference to your financial application. So, items like bank reporting, timely tax lodgments (including a clean Statement of Tax Record), market position review, competitor analysis and security positions offered are all relevant to the success of a bank finance application.  

At Westcourt, we help clients facilitate and prepare their finance applications with their finance broker, mortgage originator or bank. And because we are independent, we can work collaboratively with your financier and your team to get you the best option for your loan application without the pressure to cross-sell you to another party for a conflicted remuneration model.     

With our real-life business experience in creating a business, commitment to independent advice, focused service offering, timely turnaround, proven tax excellence and upfront pricing. Westcourt is ideally suited to act as your business accountant and help with your finance applications – so why not call us today?  

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