The most important thing you can do to prepare for your annual bank review is start early. Now is the perfect time to look over your finances and gather what you need before meeting with your bank manager. A little preparation now will help you enter that conversation feeling calm, confident, and in control.
Loyalty Can Cost You, But Staying Can Still Be the Right Choice We often talk about how bank loyalty can sometimes cost you, but it’s important to be clear, just because you engage us doesn’t mean you have to change banks. We understand there are plenty of reasons why you might want to stay where … Continue reading No Pressure to Change Banks, Just Better Options
The past couple of years have been extremely tough for farmers, and your financials may not look the way you’d like right now. It’s easy to assume that a few poorer seasons mean there’s no chance of negotiating a better deal or exploring new finance options, and the idea of switching banks can feel especially … Continue reading Why a Tough Year Doesn’t Mean You Can’t Negotiate a Better Deal
One of Your Top 3 Expenses… and Barely Questioned? Interest payments are often one of the top three expenses on a farm business’s profit and loss statement. When other costs blow out like fuel, fertiliser or repairs most farmers take a good hard look at what went wrong and what they can do differently next … Continue reading Top 4 Reasons Farmers Avoid Reviewing Interest Rates
When it comes to securing finance, many people assume that if their current lender says no, the answer will be the same across the board. But that’s not always the case. Different banks have different risk appetites, policies, and lending criteria, and a rejection from one lender doesn’t mean you’re out of options. A recent … Continue reading Client Story – Don’t Assume a ‘No’ from One Lender Means a ‘No” from All
As "the broker in your corner" I am a constant in your business not matter what restructures are happening within your bank. Just before the EOFY I received a phone call from a farmer wanting to increase their overdraft to manage some June 30 tax decisions. With their bank manager recently retired and no replacement … Continue reading Client Story – Who is my Bank Manager?
LOAN SERVICEABILITY AND FARM DEBT TRENDS In recent years, we’ve seen significant increases in rural and agribusiness property values. There’s no doubt this is a positive development. But it has also led to some unrealistic borrowing requests. Many people assume the bank will always lend 60-70% of the land’s value. Unfortunately, land value is only … Continue reading Why The Bank is More Interested in your Cash Flow than your Property Value.
TELLING A COMPLETE STORY IS MORE THAN JUST NUMBERS Whether you’ve worked with me, another broker or contacted your bank directly, you know new loans equal loads of paperwork. And questions. So many questions. In this blog, I want to explain why I ask so many questions and why it's more than just numbers. I … Continue reading More Than Just Numbers – Why Do I Want to Know So Much About Your Business?
ARE YOU GETTING THE BEST DEAL FROM YOUR BANK? The right finance and working capital is necessary for your farm or agribusiness to grow. While the Reserve Bank sets the base rate, knowing how your bank calculates your customer margin will help you pay as little as possible in bank fees and interest. Well-managed businesses … Continue reading Fix Your Rates and you Fix Your Margin
How I helped my clients with farm finance to purchase a property and save $27,000 per year. Prior to engaging me, my clients approached their current bank to put in an application to purchase land not far from their current property. They didn't have any debt, just a small overdraft, but thought, as there was … Continue reading Client Success Story – NSW Livestock Producers ($2.9 million)
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