TOP 5 LOAN TIPS for Self-Employed

1. Be careful about mixing your personal and business debt into the one loan. Talk to a professional loan planner and make sure your debt repayments are structured right.

2. Don’t double up on overdrafts. Are you running a business overdraft and paying increased interest as well as having an overdraft secured by your home loan?

3. Make sure you talk to your accountant, financial planner at the same time as your loan planner. As a self-employed person there are important tax issues to consider.

4. When refinancing a home loan – ask for a little bit more. You will be better off having a ‘buffer zone’ for things such as business expenses. If the extra is not required, you can always repay the money back into the loan.

5. Review your loans on a regular basis. Rates, tax regulations and changing small business laws and incentives mean it is worth your while to review every couple of years.


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