Demand, competition and technology are driving seismic changes in the financial landscape, with power heading from the banks to the people…
Nearly half (44%) of Gen Y (also referred to as millennials) small businesses have applied for finance in the last year and more than a third (39%) of those applications were declined. This is according to the latest findings from the MYOB Business Monitor. The report, which explores the state of play of 1,000 Australian… Continue reading Lack of millennial home ownership results in rejected business loans
Around 9 out of 10 Australian SMEs are frustrated about their business funding, naming onerous loan conditions, having to provide property security and a lack of flexibility as their major concerns. These are the findings of the latest SME Growth Index, conducted independently by banking market analysts East & Partners, on behalf of national working capital… Continue reading National research reveals SMEs’ top five funding frustrations
The challenge of securing bank finance is seeing a growing number of small and medium enterprises (SMEs) turn to online lenders. One in four SMEs have been knocked back for bank finance Among SMEs rejected by a bank, one in three have turned to family/friends or a credit card for funding Of those SMEs that… Continue reading Banks rejecting SMEs for finance
Staying with a Big 4 bank could cost you $6,007 in extra interest on a $250,000 business loan over 5 years The average Big 4 business loan rate is 88 basis points higher than the average of the challenger banks The Big 4 failed to pass on the 100 basis point cut to the official… Continue reading Stay savvy with business loans and save
Business owners can be cautious thinkers, looking out for every possible roadblock their business may encounter. It is a both a blessing and a curse, as there are situations when it can serve a business owner well and other times, being ultra conservative can be a hindrance. Being over cautious is often the case when it comes… Continue reading 7 Business loan myths busted
You’d be surprised how many business owners sign a personal guarantee with the bank without fully understanding the risks, which can be as extreme as loss of the business and the family home.
We asked a handful of banking experts for their top tips on fostering an effective two-way relationship with your business bank.
National Australia Bank has sparked a home loan rate war by undercutting Westpac’s interest rate rise of 45 basis points earlier this week, keeping their interest rate rise in line with the Reserve Bank’s increase of 25 basis points. The interest rate rise will take NAB’s standard variable home loan rate to 6.49 percent, effective… Continue reading NAB undercuts Westpac rate rise
Choosing the right bank is not just a matter of comparing products and facilities. It’s also about choosing the right finance partner. Consider these suggestions, so you can better maintain business banking relationships and get the most from your bank.