ABN Holder Loans

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What Is An ABN Holder Loan?

ABN holders are people who run their own business in Australia. ‘ABN’ stands for ‘Australian Business Number’. The ABN number is used in all dealings with the Australian Tax Office to identify the business.

An ABN Holder Loan is simply a loan to someone who has an ABN.

How Is An ABN Holder Loan Different To A Normal Loan?

There are some great tax benefits for a ABN Holder to borrow money under their business name, rather than their own personal name. As long as the ABN Holder Loan purpose is 51% or more for business use, an ABN Holder can claim certain parts of the ABN Holder Loan as a tax deduction.

How Can An ABN Holder Loan Be A Tax Deduction?

The profit of any business is determined by the income it brings in, minus the expense of the business. An ABN Holder Loan increases the expenses of a business and in turn reduces the net profit of the business. Because an ABN Holder pays tax on their net profit, the lower this figure is, the less tax they pay. An ABN Holder Loan can be great because your accountant may be able to depreciate what you have purchased as well. This provides additional tax benefits for an ABN Holder and the ABN Holder Loan.

Can Anyone Get An ABN Holder Loan?

If you have an current ABN, then as long as you meet the Banks standard criteria, you are eligible for an ABN Holder Loan. One criteria for an ABN Holder Loan is that the loan purpose must be 51% or more for business use. That is, if you get an ABN Holder Loan for a car for example, then you must declare that you are using the car for at least 51% for business use,

How To Apply For An ABN Holder Loan

The application process for an ABN Holder Loan can be much easier than a standard loan. In many cases you can even get an ABN Holder Loan without providing financial statements. We have access to lenders who have Low Doc Loans for ABN Holders where you simply self declare your income and sign a statutory declaration saying you have told the truth.

ABN Holder Loan application can take 10 minutes to apply for in many cases and can be done over the phone with one of our LoanBay Lending Specialist on 1300 11 70 30.

How Long Does An ABN Holder Loan Take To Process?

In many cases, we can get ABN Holder Loans auto approved by one of our lenders. You will need to sign a privacy form and provided a copy of your drivers licence for identification purposes. The privacy form would be emailed to you and you can print and sign it, take a photo and SMS the form back together with a photo of your drivers license.

ABN Holder Loans are particularly quick to process when you have your name on a property. This includes if you have a mortgage on the property and are paying back a home loan.

When Would I Receive The Funds?

Once your ABN Holder Loan has been approved we would make sure it gets funded as urgently as possible. If you are purchasing a work vehicle for example, we would need a tax invoice from the car dealer made out to the Bank. We would request this from the dealer early in the process so we don’t hold up the process. If you are purchasing a new work vehicle, you should be able to collect it the day after the ABN Holder Loan is approved.

How Can LoanBay Help?

We are specialised finance brokers. We have access to lenders who provide some of the best ABN Holder Loans on the market. Because we specialise in ABN Holder Loans, we know which lenders have the most simple, streamlined processes and best deals. We are positioned to give you the best customer service available including acting professionally, being honest and upfront, and acting with a sense of urgency.

The most important part of our business is keeping our promise. We promise to find you the best ABN Holder Loan, FAST!

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Contact Information

  • Level 7, 120 Queen Street Melbourne, Vic, 3000
  • 1300 11 70 30
  • enquiries@loanbay.com.au