Refinance my business loan

For many businesses, the initial financing arrangements put in place at start-up are still in place many years later.

A business’ finances should be reviewed on a regular basis to be sure the current needs of the business are suited. Refinancing could be the right choice for your business if:

• you’re planning to renovate or update your fit-out;
• business circumstances have changed and the current loan no longer suits;
• you’re looking to reduce loan repayments;
• if you want to access the equity in your business;
• if your fixed term loan is coming to an end;
• or you want to consolidate your debts to make managing your business loans easier.

By the book

Refinancing is basically the replacement of current financial and debt management systems and products, with new ones.

Refinancing could involve switching to a new lender or changing the financial loans and accounts of your business with your current financial institution.

Don't get caught by surprise

Avoid any surprises and contact your current financial institution to find out what fees are payable if you refinance your existing loan.

Before you decide to refinance your business loan, it’s important to be aware of extra charges you may need to pay including:

• application fees
• settlement fees
• valuation fees
• stamp duty
• Government mortgage registration fees
• exit fees and
• early repayment fees.