Getting financing as a self-employed Aussie can feel like jumping through hoops. Unlike those with a steady nine-to-five, you don’t have a regular paycheck to show lenders, which can make them a bit hesitant. But there’s a way to turn things around: use tools like Monday.com to show you’re in control of your business and its finances.
Why It’s Tough for Self-Employed Aussies to Get Loans
Let’s face it: lenders can get nervous about self-employed folks because our income can be a bit unpredictable. They want proof that you’re earning steadily, and they’ll probably ask for all sorts of documents, like tax returns and business plans. The good news? You can use Monday.com to get organised and show them you’ve got your act together.
How Monday.com Can Help You Look Good to Lenders
1. Keep Track of Your Confirmed Work
Set up a board in Monday.com for all your confirmed jobs. Include:
- Client Names: Who you’re working for.
- Project Values: How much you’re earning per job.
- Deadlines: When the work will be done.
- Payment Dates: When you’ll get paid.
This gives lenders a clear idea of your upcoming income, whether you’re applying for a mortgage, a business loan, or even looking to refinance existing debt. Plus, because the data is live and updates in real time, lenders can see a dynamic, up-to-date snapshot of your business operations, leaving behind outdated methods like static bank statements and Excel spreadsheets.
2. Show Off Your Sales Pipeline
Create another board for potential work coming your way. Track:
- Leads: New clients you’re talking to.
- Deal Stages: Are you pitching, negotiating, or closing?
- Potential Income: How much the deal is worth.
- Expected Close Dates: When you think you’ll land the deal.
This helps show your business has growth potential, which is crucial for securing larger loans like mortgages or business expansion financing. The beauty of Monday.com is that your sales pipeline updates in real time, giving lenders confidence in your future earnings without the hassle of manually updating spreadsheets or chasing down outdated information.
3. Highlight Your Revenue Trends
Use Monday.com’s dashboards to create simple charts. Show things like:
- Monthly Earnings: How much you make each month.
- Repeat Business: Income from regular clients.
- Seasonal Trends: Any ups and downs you’ve managed.
With real-time updates, these dashboards provide an accurate, constantly evolving picture of your business. A picture is worth a thousand words, and lenders love seeing clear, up-to-date data, especially if you’re refinancing and need to demonstrate consistent income over time. Monday.com ensures you’re always presenting polished, professional insights without the confusion of static records.
4. Organise Financial Documents
Use Monday.com to store everything lenders might ask for, like tax returns, invoices, and contracts. You can also:
- Set reminders to update records.
- Share your board with your accountant to keep things accurate.
Because everything is stored centrally and updates instantly, you save time and show lenders you’re serious about managing your finances, whether it’s for a mortgage, a business loan, or a refinance application. Forget digging through email chains or old files—everything is live, organised, and easy to access.
Why This Works
Using Monday.com makes your business look more stable and predictable. It helps you:
- Build Credibility: Show lenders you’re organised.
- Be Transparent: Give them a clear, real-time look at your income.
- Save Time: Have everything ready when you apply.
Pro Tips for Your Loan Application
- Write a Simple Business Plan: Use data from Monday.com to show how you’ll grow.
- Watch Your Credit Score: It still matters, even if you’re self-employed.
- Talk to Lenders: Build a relationship so they see you’re trustworthy.
- Get Help: A financial advisor can make your application stronger.
Wrap-Up
Getting a loan when you’re self-employed doesn’t have to be a nightmare. Tools like Monday.com help you show lenders you’ve got steady income, future growth, and everything under control. The real-time nature of the platform means you’re always presenting the freshest data, whether you’re after a mortgage, a business loan, or refinancing existing debt. A little organisation goes a long way in proving your financial stability and keeping your business thriving.