How to make the most of your loan application - an accountant's tips

Non-financial information, such as details of past experience and qualifications, can be as important as financial information in giving a lender confidence, writes tax advisor Kieran Coughlan. Here's how you can get the full picture across.

For larger facilities, the lender is looking for a track record and trend in profitability, a handle on existing debt and repayment commitments, and personal living costs, writes farmer and tax advisor Kieran Coughlan.

Getting your loan application right will save time, and will result in a better outcome with much less frustration. 

The first step is to understand the process for the particular loan product you’re after. For example, a prospective borrower may be auto-approved within their bank's own internal system for some smaller loans and overdrafts; this means the application process can be as straightforward as simply requesting the facility.