Five time-saving property tips for small business owners.

Getting ready to buy a new home or invest in property this spring? Here are five tips to help set you on your way.

A little preparation can go a long way when it comes to saving for a deposit and securing the finance you need. To get started:

  • Review your budget to discover whether you could be doing more to build regular savings and pay down debt. Saving more now will help you build up a bigger deposit — and a strong history of steady savings and regular debt repayments could also make a big difference to your borrowing power when you come to apply for a loan.
  • Chase up any outstanding invoices to maximise your income.
  • Make sure your personal and business finances are clearly separated. Remember, unless you’re a sole trader and borrow in your own name, money held inside your business structure can't be counted among your assets.
  • Pay down personal debts, such as your credit card. If you have unused overdrafts or credit cards, consider cancelling them or reducing your limit. The lower your current borrowings and the better your credit history is, the more likely it is you may be approved for finance.
  • Talk to your accountant about anything else you can do to organise your finances and show the strength of your business earnings.

It’s a competitive market out there — but you can give yourself an edge by getting the inside story on your chosen area, so you can have the confidence to act quickly when the right property comes up. And researching the market doesn’t have to be hard. You can:

  • Download the CommBank Property app to view suburb insights, a property’s estimated market price, calculators and affordability tools.
  • Use our easy online calculators to work out your upfront costs, calculate how much you may be able to borrow, then forecast your repayments, which can help you manage your cash flow.
  • Take advantage of our free Property Insight Report for your target suburbs and properties, with recent sales prices, current listings, and estimated prices for individual homes.
  • Be in control - With all the home loans available, your options might seem overwhelming — so it’s tough to know if you’re making the right choices at the right time. Our holistic services take into account all your business and lifestyle goals, offering you support at the right time of your home buying journey.

As a business owner, proving your income isn’t as simple as grabbing your last payslip- your income can vary from month to month and year to year. While your situation might be a little more complex than those of a wage-earner, this doesn’t mean you can’t get a great value home loan when you’re ready to buy. Make sure you have:

  • Business financial statements for the most recent year, including a balance sheet and profit and loss statement
  • Personal and business tax returns for the most recent financial year
  • Statements for any personal loans and accounts with other financial institutions.

By applying for conditional pre-approval, you can go about your property search with confidence, knowing how much you may be able to borrow. You can apply for a home loan in 15 minutes and get a response in just 60 seconds.

There’s nothing like expert support to help you save time and reach the right decision faster. A CommBank home lending specialist will give you the expert support at a time or place that suits you, can help you choose the right lending option and guide you through the process step by step. They can also help you structure a loan to suit your personal and business needs.

If you’re ready to start your home buying journey, help is always at hand to guide your decision making.


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Important information

This article contains general information only and has been prepared without considering your objectives, financial situation or needs; accordingly before acting on any information in this article, you should consider whether it is suitable for you. This solution is offered by Commonwealth Bank of Australia ABN 48 123 123 123 124 AFSL and Australian credit licence number 234945. Applications are subject to credit approval. Fees and conditions apply.