Speak with a mortgage broker that’s experienced lending to businesses. Also, your borrowing capacity can range from 5.2x to almost 8x your income depending on your lending profile and the lender you qualify with. Also, mortgage brokers operate under the best interest duty model which means that they are required to place you with the best lender for your situation, not just CBA. Take advice from a credit professional who is licensed and insured, and that’s a mortgage broker. The accountant has given some good points but some key errors have been made on the information around lending.
Thanks for the comment and watch! FYI this deepdive was designed to provide information before you speak to a broker or lender. Definitely, go speak to a licensed broker. I am not a broker nor do I want to be one. Maybe I wasnt clear but I was not directing business owners to go with CBA. I was just merely using their tool to help then do the research so they can get more information on how it all works.
Ah yes, borrowing, one of the early stages of insolvency. Good way to start a business, take advantage of lending... Perhaps when the economy was expanding not nose divine this was a convenience. If you REQUIRE lending, just quit while you're relatively ahead.
