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Cost-effective Business Vehicle Finance to improve productivity on new utes and commercial van purchases
. 6 min read
Expected productivity improvements from new work vehicles can be enhanced with cost-effective business vehicle finance at cheaper interest rates. The expectation when acquiring new work vehicles such as commercial vans, light duty trucks and utes is that greater efficiencies and performance will be realised along with improved productivity to result in increased profitability. But where the finance to acquire these vehicles is not workable for the business, is secured at a higher rate than it could have been, or is not structured to suit specific objectives, those expectations may not be realised. The interest rate is a major component of vehicle finance and with the current scenario of the RBA raising rates, many business operators may have put purchase decisions on hold. But for others, ageing vehicles may make those buying decisions for them. All machinery, include vans and utes come to a time when their best days are behind them and they can become more of a liability than an... Read More
Latest data on construction activity may create need for business finance support
. 5 min read
The August construction activity report reveals another drop in some sectors which may create a need for some operators to require business finance support. The data reveals variations in some sectors that may indicate varying prospects for different operators. Prospects which may require either general finance to support the business or asset acquisition finance to support growth. The Ai Group reports the construction activity and the August results show a third month of contraction. However, the rate of that contraction is lower than for the previous month. In addition there are increases in new orders in some areas of the market. For business owners that refer to these reports for forecasts and possible indicators for their planning purposes, the August report may have mixed outcomes. Those operating in sectors which have continued to show a fall may seek support by way of restructuring existing loans through refinancing and other solutions. Those in sectors that reveal a level of improvement may... Read More
When finance offer differs from finance calculator result
. 5 min read
There are a number of factors to consider when the finance offer received from a bank or lender differs from the result obtained by using a finance calculator. Calculators are a great resource for businesses to utilise ahead of making major equipment and vehicle acquisitions and taking our business loans and overdrafts. They allow for quick and easy calculation of repayment estimates and enable businesses to plan how they may like their finance structured. Using a finance calculator is extremely for preparing budgets, scheduling asset acquisitions, comparing possible repayments on different priced equipment models and generally assisting with the purchase and investment process. But key to effective use of a calculator is the proper use of the resource and having a full understanding of what these finance tools can and cannot do. A key issue to realise is that there can be a difference between the finance offer received – in terms of interest rate, repayments and even loan terms,... Read More
Sole Trader Business Finance at Better Interest Rates
. 6 min read
Those in the process of planning to work for themselves in a one person operation, sourcing sole trader business finance at the cheapest possible interest rates is achievable through the right lenders. The dream or even the definite career plan for many aspirational individuals is to work for themselves. To, at some point in their working life or career, to make the transition from employee to boss. This may mean setting up as a sole trader in any number of fields such as:- contracting in the business services including tech activities, contract delivery work, construction and trade work, turning a hobby into the main income stream, establishing a beauty business, owner-driver and many others. Many of these types of businesses will require the purchase of some form of equipment and/or general financial support at least in the initial phases. Finance may actually be needed to establish the operation with the purchase of a van, truck, IT equipment, tools and possibly... Read More
June Unemployment Rate – red flag for rate hikes & business operators
. 5 min read
The release of the June 2022 unemployment rate is a sign to business operators of ongoing issues in the labour market and further justification for more and larger interest rate hikes. The Australian Bureau of Statistics, the ABS, compiles and releases the employment figures and provides detailed data on the breakdown of the statistics. In the June reporting period the unemployment rate fell markedly and quite unexpectedly by many, by 0.4% from 3.9% to 3.5%. The June figure represented the lowest Australia unemployment in 50 years. Low rates of unemployment are a major economic goal for governments and something for them to celebrate as confirmation of the success of policy decisions. But in the midst of the economic conditions being faced in Australia, especially for business operators, these latest figures pose cause for concern for many. It increases the probability of further rate rises and signals continuing shortages in the labour market. Further rate rises are already expected, the RBA... Read More
Affordable Business Overdraft in a Rising Cost Climate
. 5 min read
2022 is certainly presenting quite a different set of economic and business circumstances to the previous two years. While the pandemic-related issues of 2020 and 2021 presented business owners with plenty to contend with, the government stimulus measures and record low interest rates were of great assistance to many. With both those supports now not available and inflation and operating costs surging, businesses need to look to other means. Business Overdraft is a traditional and very popular form of business finance which can be used to cover short-term or recurring shortfalls in income and cash flow. Shortfalls and pressure on cash flow is currently being felt and will increase for many operators as prices on goods and services including materials and supplies increase and due to a number of other decisions. We cover off on current cost drivers, how an overdraft may assist, the options in sourcing a Business Overdraft and what other options may also work for an individual... Read More
RBA July Rate Decision – what it means for business finance
. 5 min read
After two months of significant rate rises, all eyes were on the RBA July rate decision. As predicted and pre-empted, the Reserve Bank Board lifted the cash rate by another 0.5% at its meeting on Tuesday 5 July. The RBA July rate decision sees the cash rate at 1.35% and represents a 1.25% increase in just 3 months and a wake-up call for those needing business finance. Significant increases and based on comments by Philip Lowe, Governor of the RBA, July will not be the last rate rise this year. The recent rises in the cash rate are a winding back of what the bank described as extraordinary support which was provided to stimulate the economy and returning interest rates to normal levels while addressing soaring inflation rates. Rate rise decisions by the RBA result in interest rate rises across loan markets including business finance products. Though the timing and amount of any lender rate rises will be guided by... Read More
After an extended period of record low interest rates through 2020 and 2021, the Australian economy is now experiencing the first rate rises in around 12 years. A scenario which will be something very new to tackle for many businesses seeking financing. As the RBA undertakes a process of normalising monetary policy and raising the cash rate businesses need to prioritise seeking the cheapest financing rates to ensure cost-effective and workable business finance is achieved. To achieve this objective, business operators can address the key factors which contribute to being offered the best interest rates. In addition, a range of options in regard to lender, finance product and finance structure can be considered to ensure the overall financing is as affordable as possible. RBA Scenario The RBA held the cash rate at the historic 0.1% since November 2020 and consistently repeated its position as remaining patient and waiting for inflation and unemployment to be in target range to trigger a... Read More
As the new financial year gets underway, it’s opportune for businesses to review their finance options in light of current taxation measures. While a cheap interest rate is integral to cost-effective business finance, tax deductions can represent a real saving. Deductions reduce taxable income which lowers the amount of tax payable in that financial period. All forms of business finance have tax deductible elements. But the amount of the deduction and the timing in when that benefit may be realised, varies with different finance products. Deductions are subject to rulings as made by the ATO. In addition to the standard tax rulings, the Federal Government can introduce special measures, often with a timeframe, to support and assist business. Such was the situation in April 2020 when the Federal Government introduced Instant Asset Write-off as a tax measure for eligible businesses and assets as part of the COVID-19 stimulus package. This measure was amended several times later in 2020 to temporary... Read More
New Financial Year Commercial Finance Considerations
. 5 min read
The start of the new financial year is a far more significant ‘new year’ for the business community than the start of the calendar year. 1 July means a lot more to business operators than 1 January, when many could possibly be relaxing on holidays. 1 July is a time to get seriously involved in many aspects of the business. 2021 has additional significance, due to ongoing risks and threats to operations presented by the coronavirus pandemic. While Australia has done extremely well in economic terms re the pandemic, ongoing outbreaks and snaps lockdowns are constant reminders of the lurking risks. Astute business owners will be taking time out mid-year to assess their finance requirements moving forward. Growing a business can involve investing and that involves sourcing cost-effective commercial finance. But not all business investments involve the purchase of equipment, plant or physical assets. There are non-tangible purchases to be made in order to affect business expansion. We explain the... Read More
