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Business loan application checklist

You’ve made the decision to apply for a business loan or overdraft in the Business app. To keep the process as quick and easy as possible, there are a few things you can do before you apply.

What you need to apply for a business loan

If you’re a sole trader, the process of applying for finance will be simple in the Business app, especially if you’ve already set up your business profile.

If you run a company with other directors, you’ll each have a role to play to complete the finance application. Find out how to invite other company directors to your business profile here.

Before you start your business loan application, check that you’re eligible for finance. Then, calculate your repayments for the amount you’d like to borrow to see if you’re comfortable with the commitment.

Important documents for a business loan application

Identification

If you’ve already set up your business profile in the Business app, you’ve already provided your identification so your application will be even quicker.

If not, you’ll need to provide proof of I.D. in the Business app. Valid I.D. includes one of the
following:

  • Australian driver’s license
  • Australian passport
  • Australian Medicare card

We use secure technology to automatically verify your identity.

Business financials

Business financials detail your total income and expenses. To apply for a business loan, you’ll need to upload your business financials to the Business app.

Then, you’ll need give us details of your business’s liabilities. These could include other business loans, business credit cards or leases you have. Again, all this is done in the Business app, so you don’t need to print off your documents.

Business documentation

Lastly, you’ll need to upload a few documents to validate your business’s financial position.

These will include your business’s most recent tax return and Business Activity Statement (if applicable).

The good news is these documents can be uploaded directly from your phone to the Business app. Find out how to upload documents here.

Business loan checklist

When you apply for a finance in the Business app, you’ll get an early indication as to whether your application is on track for success. If it is, we’ll ask you for a specific list of documents we’ll need to see before formal approval is given.

Here’s a guide to give you some idea of what well need to see:

  • Last year's tax return for your business (or if you’re a Sole Proprietor, last year’s personal tax
    return)
  • Last two Business Activity Statements (BAS)
  • Last year’s ATO Notice of Assessment

The Business app’s notifications will let you know precisely what’s on your checklist.

Next steps

If you have all your documents in order and are ready to apply for a business loan or business overdraft, download the Business app and apply today.

It only takes a few minutes to set up your business’s profile (for new customers) and around 20 minutes to complete an application for finance.

If your application is successful, you’ll have access to your money the same day.

And, to really hammer home the point, it’s all done in the Business app. No hold music and no paperwork from start to finish.

General Advice Warning

The information provided here is general advice only. We haven’t considered your financial circumstances, needs or objectives. You should ask your Tax Advisor or Accountant before you decide about products mentioned in this article. All care has been taken to prepare this content, but no warranty is given for the information provided. Neither Great Southern Bank or its related entities, employees or agents are liable for the decisions or actions you take because of this information.