Canberra's contractor economy
Canberra's business community grows up around government. Consultancies, IT and digital firms, defence and security contractors, project managers, recruiters and professional services firms all depend on Commonwealth and ACT government work. Construction is busy across the newer districts of Gungahlin, Molonglo and Belconnen, and the hospitality scene in Braddon, Kingston and the city centre keeps growing. Trades and industrial businesses cluster in Fyshwick, Mitchell and Hume, with Queanbeyan just across the border.
Government work is reliable, but it creates a particular cash flow problem. Contracts often require a business to hire, onboard and pay a team for weeks before the first invoice is approved. Payment processes can take time, and a new contract or a contract extension can arrive with short notice. A business can be completely sound and still be short of cash at exactly the wrong moment.
Equity Tap Pty Ltd is a direct, independent private business lender. We lend our own money from $50k to $5m, for one to twelve months, secured by a first mortgage, second mortgage or caveat over residential or commercial property anywhere in Australia, including the ACT. Our office is in North Sydney, and Canberra loans are arranged by phone and email.
Typical Canberra situations
- Ramping up for a new contract. For example, a consultancy wins a large engagement and needs to bring on several contractors immediately. A short-term loan secured over the director's home pays the team until the first invoices are paid.
- Waiting on invoices. When an approval or payment process runs longer than expected, a loan bridges the gap, with the outstanding receivables as the exit.
- Buying out a business partner. Professional services firms often change hands between partners. A loan can settle the buyout fast, with a bank refinance once the new structure has a track record.
- Construction cash flow. Builders and trades in the newer suburbs carry wages and materials between progress payments.
- Hospitality fit-outs. A new venue in Braddon or the Kingston Foreshore can cost a lot before it opens.
Each of these has a clear exit, and that is what a short-term loan needs. Our guide to business loan exit strategies covers how to plan one.
A note on ACT leasehold
Residential and commercial land in the ACT is held on long Crown leases rather than freehold. That is normal for Canberra property, and the lease details simply form part of the title information we review when assessing the security. It doesn't change how quickly we can give you an answer.
Canberra property used as security
| District | Typical security |
|---|---|
| Inner North and Inner South | Established homes and townhouses in Ainslie, Braddon, Turner, Griffith, Red Hill, Kingston |
| Belconnen and Gungahlin | Family homes and newer townhouses in Bruce, Macquarie, Franklin, Harrison, Casey |
| Woden, Weston Creek and Molonglo | Family homes and newer builds in Curtin, Garran, Weston, Coombs, Wright |
| Tuggeranong | Family homes in Kambah, Wanniassa, Greenway, Banks |
| Industrial and commercial | Units and premises in Fyshwick, Mitchell, Hume, Phillip and the city centre |
| Across the border | Homes and acreage in Queanbeyan, Jerrabomberra, Googong, Bungendore, Murrumbateman |
Where we lend across Canberra
We lend against property in every Canberra district: the city centre, Braddon and the Inner North; Barton, Kingston and the Inner South; Belconnen; Gungahlin; Woden Valley and Weston Creek; Molonglo Valley; and Tuggeranong. We also lend in the surrounding NSW region, including Queanbeyan, Jerrabomberra, Googong, Bungendore and the Yass Valley, and down to the South Coast. A second mortgage lets you keep your existing home loan in place, although the first lender's consent may be needed.
Why not wait for the bank?
Many Canberra business owners have good income and solid equity, so a bank feels like the obvious option. But a bank refinance commonly takes up to three months or more and needs years of financials, and the contract that triggered the need will not wait that long. A short-term secured loan gets the money in place now and lets you refinance on your own timetable, if you still need to once the invoices are paid. Compare the options in secured vs unsecured business loans.
What we need
We need ID, property and existing mortgage details, the purpose and evidence of the exit, such as the contract, purchase order or invoices. We don't need tax returns, BAS, profit and loss statements, an accountant's letter or bank statements for a property-secured loan. There is no credit check at initial assessment. We don't order a valuation before approval, so nobody has to leave a client meeting to let a valuer into the house.
How it runs
Call 1300 123 024. The person you speak with can often give conditional approval on the call, and a term sheet follows in about 30 minutes once we have the scenario, showing the full cost. Documents are signed, and settlement happens electronically. Eligible loans can settle in as little as 24 hours. Each loan is priced on your individual circumstances, aiming for the sharpest rate available for your situation. Interest can be paid monthly, or interest for up to the first six months can be prepaid or added to the loan.
Get started
Call 1300 123 024 or apply online. Canberra brokers can send scenarios through our broker page.
Business-purpose lending only. Approval, timing and terms depend on the scenario.
Frequently asked questions
Do you lend against ACT leasehold property?
Can a government contractor borrow while waiting on invoices to be paid?
Can I get funds to staff up for a new contract?
Do you lend in Queanbeyan and Googong?
Do you lend on industrial units in Fyshwick or Mitchell?
Will a valuer need to visit my Canberra home?
Brokers: send the scenario through the Equity Tap broker channel and you will deal with the same lending team.