Quick answer
To prepare for a first call with a business lender, know how much you need and exactly what it is for, how long you have traded, your average monthly deposits, existing debts, credit history, any ATO debt, whether property is available and how the loan will be repaid. Have your bank statements and recent BAS handy. Honest, specific answers lead to the right route quickly.
Key points
- Know the amount, purpose and repayment plan
- Have trading, turnover and existing debts at hand
- Be upfront about credit issues and tax debt
- Mention any property you or a director could offer
Why the first call matters
The first conversation with a lender is where the route is chosen: unsecured or secured, low doc or full doc, a loan or a line of credit. A clear, honest call leads quickly to the right option. A vague call leads to wrong turns, extra paperwork and sometimes declines that could have been avoided.
The questions you will be asked
Expect questions along these lines. How much do you need, and what exactly will it do? How long has the business been trading, and what does it do? Roughly what goes into the business account each month? What loans or finance do you already have, and what are the repayments? Is there anything on your credit file, yours or any director’s, that a lender will see? Do you owe the ATO anything? Do you or any director own property, and roughly what is owed on it? How will this loan be repaid? How quickly do you need the money?
Preparing your answers
Write the answers down before you call. For the amount, have a figure and a reason for it, ideally backed by a quote, invoice or cash flow forecast. For turnover, check your last few months of statements for an average. For existing debts, list each one with its repayment. For credit history, check your reports first; see how to read your credit report. For property, know the address, a rough value and the mortgage balance.
Be upfront about problems
The worst outcome is a lender building a deal around a picture that turns out to be wrong. Defaults, tax debt, late returns, other lenders’ declines: mention them on the first call. A good lender has heard it all, and early honesty saves time for everyone. Our guide on explaining bad credit helps you put it concisely.
Questions you should ask
What route do you think fits, and why? What documents will you need? Will you run a credit check, and when? What is the likely timeline? How are costs structured, and when will I see them in writing? Is my information shared with anyone else?
What to have open during the call
Your latest bank statements, recent BAS, a list of debts, any ATO correspondence and, if relevant, the property’s rates notice and mortgage statement. Having them open lets you answer accurately instead of guessing.
After the call
If there is a fit, you should receive a clear list of documents and next steps. If there is not, a good lender tells you plainly and, ideally, what would change the answer. Our guide on what happens after you apply covers the process from here.
An illustrative example
An events business owner called with her answers written down: the amount for marquee stock, the quote, twelve months of average deposits, two existing equipment loans, a paid default from years ago and no ATO debt. Within fifteen minutes the route was clear: equipment finance for the marquees. Documents went in that afternoon.
Common first-call mistakes
Underestimating existing debts, forgetting a past default, guessing turnover wildly, or not mentioning that another lender declined you last week. Each one leads to a route that fails later. Accuracy on the first call is the single biggest time saver.
Make your first call count
Send a 60-second enquiry and we will call you. There is no credit check for a first chat, a person checks it, and your details stay private. Book your first conversation.
Frequently asked questions
Will the first call affect my credit file?
A conversation does not. A credit check only happens if you decide to apply, and the lender should tell you before it runs one.
How long does the first call take?
Often ten to twenty minutes for a straightforward situation.
What if I do not know my exact turnover?
A reasonable estimate is fine at first. Bank statements will confirm it later.
Should I mention other lenders I have spoken to?
Yes, especially if you have been declined. It helps avoid the same dead ends.
What happens after the call?
If there is a fit, you will be told which documents are needed and what the next steps are.
Prefer to start now? Enquire here
About 60 seconds. No credit check when you first enquire, and a person who handles unusual deals calls you back.