Fast business loans in Hobart and across Tasmania

Tasmanian business has a rhythm all of its own. Summer brings the visitors, the festivals and the busy cafés of Salamanca. Winter brings quieter streets, and for many operators, quieter bank accounts. Add the realities of island freight and seasonal farming, and it’s no surprise that cash flow can swing hard. When there’s equity in property, a fast business loan can smooth the swings.

Caveat loans in Tasmania

In Tasmania, a private business loan can be secured by lodging a caveat on the property’s title with the Land Titles Office. Your existing bank mortgage stays in first place, at the same rate and repayments. If the property has no loan on it, the business loan can be a first mortgage, and a caveat can later be converted to a registered second mortgage.

No valuation is needed before approval, which keeps things moving quickly. Read more about caveat loans.

Step by step

1. Send your enquiry, which takes about 60 seconds. No credit check to enquire.
2. A lending manager calls, usually within 30 minutes during business hours.
3. Conditional approval with photo ID, your council rates notice and latest mortgage statement, with every cost listed.
4. Searches and loan agreements once you sign the approval and send your documents.
5. Funds in your account in as little as 24 hours.

Where in Tasmania we lend

• Greater Hobart: the CBD, Sandy Bay, Battery Point, Glenorchy, Moonah, Kingston and Sorell
• Launceston and the Tamar Valley
• The North West: Devonport, Burnie, Ulverstone and Smithton
• The East Coast and South: St Helens, Swansea, the Huon Valley and the Derwent Valley

Homes, holiday properties, commercial premises, industrial sites and farmland can be considered.

What Tasmanian businesses use fast loans for

• Tourism and accommodation operators refurbishing before summer or bridging the winter months
• Restaurants, cafés and bars fitting out or covering a slow season
• Farmers, orchardists and vineyards paying for inputs ahead of harvest
• Aquaculture and food producers funding equipment or a big order
• Builders and trades riding out slow progress payments

Planning around the quiet season

The best time to arrange funding for a quiet winter is before it starts. If you can see a cash gap coming from May to August, enquire in March or April, while the business is still trading strongly. With up to 6 months of no repayments, the loan can carry you through to spring, and you can repay early once the visitors return.

It’s the same with the Christmas period. Many solicitors, councils and businesses close between Christmas and New Year, so if you need funds before the break, start early. Our page on Christmas and New Year explains what slows down.

The island factor

Doing business on an island has its own costs. Freight across Bass Strait adds time and money, and suppliers often want payment before goods leave the mainland. A bigger stock order before peak season, a piece of equipment that has to be shipped in, or a refrigerated container for an aquaculture harvest can all need cash well before the customers pay. A fast, property-secured loan means you can place the order on time instead of waiting for the bank.

Using commercial and rural property

Many Tasmanian businesses own their own premises, whether that’s a café building in North Hobart, a workshop in Launceston or a farm in the Midlands. Commercial and rural property can secure a business loan as well as a home can, which keeps the family home out of the deal. Property owned by a company or a family trust is common and not a problem.

A Tasmanian example

A boutique accommodation business on the East Coast wants to refurbish six rooms before the summer season, at a cost of about $380k. Its bank won’t move before the season starts. The owners have equity in their home in Hobart.

A caveat loan is lodged over the home, the builders start the following week and the rooms are ready for December. There are no repayments for the first 6 months, and the owners repay the loan from the summer’s trading.

Terms at a glance

• $20k to $5 million, for business purposes only
• Up to 6 months with no repayments, with interest added to the loan
• Repay early at any time, or extend without penalties
• Past credit issues and ATO debt considered case by case

Next step

Find your latest council rates notice, mortgage statement and driver’s licence, and note down what the money is for and how you’ll repay it. Then send your enquiry. It takes about 60 seconds.

On the mainland? See Sydney and NSW, Melbourne and Victoria, Brisbane and Queensland, Perth and WA and Adelaide and SA.