Start with a phone call
The quickest way to get an answer is to call the lending team on 1300 123 024. Brokers often have the whole scenario in their head before they've written anything down, and a five minute conversation can tell you whether the deal works. There's no credit committee at Equity Tap, so the person you talk to is often the person who decides. If you would rather send it in writing first, use the broker page or apply and mark it as a broker deal.
The checklist for a fast indicative answer
You don't need a full application file to get started. For an indicative answer, these are the things we need to know:
- Loan amount. How much the client needs, between $50k and $5m, and whether interest is to be prepaid or added to the loan.
- Term. How long the client needs the money, from one to twelve months. Match it to the exit.
- Security property. Address, whether it is residential or commercial, who owns it, and a realistic estimate of value. We don't order a valuation before approval.
- Existing debt on the property. Who the lender is and roughly how much is owed. This tells us whether it's a first mortgage, second mortgage or caveat.
- Borrower. The company, trust or individual borrowing, and who the directors or guarantors are.
- Business purpose. What the money is for. ATO debt, a business purchase, stock, a settlement, working capital, a supplier, a refinance bridge.
- Exit. How the loan is repaid, and when. A bank refinance, property sale, business sale, receivables, insurance payout or cash flow.
- Anything we should know. Defaults, judgments, arrears, a recent decline. Tell us up front. None of these is automatically a problem, and surprises later slow everything down.
That's it for the first conversation. You'll notice what's missing: tax returns, BAS, profit and loss statements, accountant's letters and bank statements. We don't need them for a property-secured loan.
What happens next
Once we have the scenario, conditional approval can often be given on the phone and a term sheet issued in about 30 minutes. The term sheet sets out the loan amount, term, security, how interest is handled and the full cost. Each loan is priced on the client's individual circumstances, aiming for the sharpest rate available for that situation. If you're not sure what a term sheet covers, our guide on what a term sheet is walks through it.
When the client signs the term sheet, we collect the documents needed to fund:
- Photo ID for borrowers, directors and guarantors
- Rates notice or title details for the security property
- A recent statement for any existing mortgage
- Evidence of the purpose, such as an ATO statement, contract or invoice
- Evidence of the exit, such as a bank application or approval, a contract of sale or an insurance acceptance
A credit check may be made before funding, but there is no credit check at initial assessment.
A realistic timeline
| Stage | What happens | Usual timing |
|---|---|---|
| First call | You walk us through the scenario | Minutes |
| Indicative answer | Conditional approval, often on the same call | Same call |
| Term sheet | Written terms and full cost issued | About 30 minutes once we have the scenario |
| Documents | ID, property, mortgage, purpose and exit evidence collected | As fast as the client can provide them |
| Loan documents | Issued, explained and signed | Once the term sheet is signed and documents are in |
| Settlement | Funds paid out | Eligible loans can settle in as little as 24 hours |
The biggest variables are how quickly the client returns signed documents and, for a second mortgage, whether the first lender's consent is needed. We'll tell you early if consent is likely to be the slow step.
Tips that make deals faster
- Lead with the exit. The exit is the heart of a short-term loan. A clear exit gets a clear answer.
- Be candid about credit issues. A default or ATO debt you mention on the first call is rarely a problem. One we find later costs days.
- Get the mortgage statement early. It answers the equity question and tells us who might need to consent.
- Prepare the client for the conversation. We make sure every borrower fully understands the loan, the costs and the exit before proceeding. A client who knows that's coming signs faster.
What we do with your scenario
We look at three things first: the property security, the business purpose and the exit. If the equity is there, the money is for the business and the client has a realistic way to repay within one to twelve months, we can usually move quickly. If one of those pieces is weak, we'll tell you on the call and talk through whether a different structure, term or amount would work. A fast, clear answer is the point, even when it's not the answer you hoped for.
Not sure if it fits?
Check our scenarios we fund table, or just call. If the bank has declined, see when the bank says no. If your client's refinance is dragging, see client refinance taking too long. Call 1300 123 024 or start at apply.
Business-purpose lending only. Approval, timing and terms depend on the scenario.
Frequently asked questions
Do I need a full application before I call?
What documents does my client need to provide?
How quickly will I get a term sheet?
Do you do a credit check before giving an answer?
What slows deals down most?
Can I submit online instead of calling?
How soon can the client be funded?
Brokers: send the scenario through the Equity Tap broker channel and you will deal with the same lending team.