Short answer: In Australia, the fastest business loans are cash-flow loans assessed on bank statements, which can be funded in as little as 2 hours. Property-secured loans can be funded in as little as 24 hours. Traditional bank business loans typically take several weeks.
Typical timeframes by loan type
| Loan type | Typical time to funds |
|---|---|
| Cash-flow (unsecured) loan | As little as 2 hours |
| Caveat loan | As little as 24 hours |
| Second mortgage | 24 hours to a few days |
| Private first mortgage | A few days |
| Bank business loan | Several weeks |
What makes a loan fast
- In-house decisions: no committee queue
- Bank-statement technology: trading verified in minutes
- Property security: no financial review needed
- Electronic settlement: PEXA and fast payments
How to get funded faster
- Apply before early afternoon on a business day
- Have your driver licence and ABN ready
- Connect the bank account your business income goes into
- For property loans, have a rates notice and your existing loan statement handy
- Answer calls and emails quickly. Most delays happen while we wait for a reply.
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