The fastest business loans aren’t the ones with the fastest lenders. They’re the ones where the owner had everything ready. This checklist covers what New Zealand lenders typically ask for, split by route, plus the questions worth answering before you apply.
Part 1: the basics (every application)
- Photo ID for every director, owner, trustee or guarantor — NZ driver licence or passport.
- Business details — trading name, legal entity name, NZBN, company number if a company.
- Structure — sole trader, company, partnership or trust. Trusts: have the trust deed and trustee details handy.
- Contact details and a good time to call.
- Purpose — what the funds are for, in one or two sentences.
- Amount — a figure or a realistic range.
- Exit — how the loan will be repaid, and roughly when.
You can check your details on the NZBN register and, for companies, the Companies Office register — lenders will.
Part 2: property-secured loans
For a property-secured business loan, no financials or tax returns are needed for the initial assessment. You’ll need:
- Property address(es) you’re offering as security.
- Who owns each property — you, a company, a trust or a supporting party.
- Estimated value and how you arrived at it (recent valuation, agent appraisal).
- Current mortgage balance(s) and who the lender is.
- Any other lending secured on the property — revolving credit, second mortgages.
- Rates and insurance — confirm they’re up to date.
- Supporting party — if someone else’s property is involved, their agreement in principle and awareness they’ll need independent legal advice.
Use the property equity estimator to check the numbers before you call.
Part 3: unsecured loans and lines of credit
These are assessed mainly on turnover and bank statements, usually for businesses trading six months or more:
- Recent business bank statements for your main trading account — many lenders connect securely to your bank.
- Any other business accounts that receive customer payments.
- List of existing lenders and repayments — vehicle finance, equipment loans, advances.
- IRD position — whether GST, PAYE and provisional tax are current.
- Explanation of seasonality or one-offs — one short paragraph.
See what lenders look for in bank statements to tidy yours up first.
Part 4: purpose-specific extras
| If the funds are for… | Have ready |
|---|---|
| Equipment or vehicles | Quote or listing, seller details, PPSR search if used |
| Stock | Supplier quote or order, expected sell-through timing |
| IRD debt | Latest IRD statement showing what’s owed |
| Bridging | Sale agreement, refinance letter or contract showing the exit |
| Taking on a contract | Signed contract or letter of award, payment schedule |
| Buying a business | Sale and purchase agreement, key figures |
Part 5: questions to answer for yourself
Before the call, write down short answers to these:
- What problem does this funding solve?
- What happens if I don’t get it? (Lost contract? IRD penalties? Downtime?)
- What’s the smallest amount that solves the problem?
- What will repay it — and what’s my plan B if that’s late?
- What repayment could I comfortably handle in my quietest month?
- Is there anything in my credit history I should mention upfront?
The last one matters. Bad credit, defaults and arrears are considered case by case for property-secured loans, and weaker credit is considered for unsecured. Surprises slow things down; disclosed issues can usually be worked around.
Part 6: questions to ask the lender
- What’s the total cost over the expected life of the loan?
- What are the repayment frequency and amounts?
- Are there establishment, legal or valuation costs?
- What are the early repayment terms?
- What security or guarantees are required?
- What happens if a payment is missed?
- How long until funds are available after approval?
Common mistakes that slow things down
- Guessing the property value high. Build in a buffer.
- Forgetting a second account that customers pay into.
- Leaving out existing debts. They’ll show up in statements anyway.
- Vague purpose. “Working capital” is fine; “working capital to cover wages until the Rolleston subdivision contract’s first progress claim is paid” is better.
- Applying to lots of lenders at once. Multiple credit enquiries can count against you. A specialist can target the right lender first.
What happens after you apply
Once you’ve sent an enquiry, a Loanster lending specialist calls to talk through the purpose, amount and route. If you decide to proceed, the lender assesses the application — property details and possibly a valuation for secured loans, bank statements for unsecured — and issues loan documents. Read them carefully, ask questions, and get independent advice where the documents recommend it (always for a supporting party offering property). Unsecured decisions are sometimes same day; property-secured loans can fund within 24 hours of approval in some cases.
When you’re ready
Sole traders, companies, partnerships and trusts can all apply. Loanster only helps with business-purpose lending. Send a 60-second enquiry — it’s free, doesn’t affect your credit score, and a lending specialist will call you back to work through the list with you.