Mr says
Getting loan-ready in 90 days means three phases. Days 1–30: separate business banking, lodge every outstanding BAS and return, deal with any ATO debt and order your credit reports. Days 31–60: clean up account conduct, consolidate stray debts, chase debtors and fix credit errors. Days 61–90: build your document pack, write a one-page purpose and repayment plan, and talk to a specialist before formally applying anywhere.
Key points
- Lodgements first: unlodged BAS is the most common application blocker.
- Three clean months of bank statements change how a lender reads you.
- Check your own credit report free and fix errors early.
- Build the document pack before you need it.
- Talk to a specialist before applying, not after a decline.
Why 90 days?
Because it’s long enough to change what a lender sees, and short enough to actually do. Three months of clean bank statements, current lodgements and an organised document pack can turn a “maybe later” into a “yes” — or turn a “yes, but expensive” into a better offer.
It’s also the timeframe in which most owners can see the need coming: a lease renewal, a tax bill, a busy season, an expansion, a business for sale down the road. If you know you’ll want finance after Christmas, start in October.
Mr’s plan has three phases of 30 days. Do them in order where you can — the early steps make the later ones easier.
Days 1–30: Get the foundations straight
Separate the money
If business and personal money share an account, stop now. Open a business-only account (or use the one you have properly) and run every business dollar through it. business.gov.au’s preparation advice starts with understanding your own finances; lenders can’t understand them either if they’re mixed with groceries.
Lodge everything
Every outstanding BAS. Every overdue tax return. Even if you can’t pay what they show. Lodging and paying are separate, and unlodged statements are the single most common blocker Mr sees. Your bookkeeper or accountant is the person to call this week.
Deal with the ATO
If there’s a tax debt, engage. Owing $200,000 or less? The ATO indicates you may be able to arrange a plan yourself online. A plan that’s being kept tells a lender the debt is managed, and engaging also keeps a large business tax debt from being reported to credit bureaus. For larger debts, talk to the ATO directly. See business loans with an ATO debt.
Order your credit reports
Moneysmart says you can get your credit report free every three months. Order yours, and each director’s, from each credit reporting body. Checking your own report doesn’t hurt your score. You’re looking for errors, forgotten defaults and old accounts you’d assumed were closed.
Phase 1 checklist
- Business-only bank account in use
- All BAS and returns lodged
- ATO plan arranged or ATO contacted
- Credit reports ordered for the business and every director
Days 31–60: Clean up what a lender will read
Tidy account conduct
For the next 60 days, your bank statements are your CV. Aim for:
- no dishonoured payments;
- as few overdrawn days as possible;
- regular, visible deposits;
- no large unexplained transfers.
If a big one-off movement is unavoidable, write a one-line note about it now while you remember.
Consolidate or clear stray debts
Several small loans with daily or weekly repayments drag on your capacity and worry lenders. Where you can, clear the smallest and most expensive ones, or plan to consolidate them in the new loan. Don’t empty your cash reserves doing it — a healthy balance matters too.
Chase your debtors
business.gov.au’s cash flow advice includes invoicing earlier and pursuing overdue accounts promptly. Every invoice collected now strengthens your statements and reduces how much you need to borrow. Our page on customers paying late has a chasing rhythm that works.
Fix credit errors
Dispute any incorrect listings with the credit provider or reporting body. Pay or settle any defaults you can — a paid default reads much better than an unpaid one. Write a short, honest explanation for anything that stays.
Phase 2 checklist
- 60 days of clean account conduct underway
- Stray debts cleared or listed for consolidation
- Overdue invoices chased
- Credit errors disputed, explanations written
Days 61–90: Build the pack and the pitch
Assemble the document pack
Using the business loan document checklist:
- six months of business bank statements (official PDFs, every account);
- last four BAS;
- latest tax returns or financial statements, if you have them;
- photo ID for each director;
- property documents if you’ll offer security: rates notice, mortgage statement;
- ATO statement of account and plan details, if relevant;
- purpose documents: quotes, contracts, a contract of sale.
Name files clearly and keep them in one folder.
Write the one-page pitch
Lenders start with two questions: what is the money for, and how will it come back? Write the answers on one page:
- Purpose — what the money buys, line by line.
- Amount — and why that amount, not more.
- Repayment — from trading, a contract, a sale or a refinance, with evidence.
- Context — anything a lender will notice and wonder about, explained in a sentence each.
What lenders look at first explains why this order matters.
Talk before you apply
This is the step most owners skip. Before any formal application, talk to a specialist who can match your file to a suitable lender. One well-placed application beats five scattered ones — each formal application can leave a mark on your credit file. See whether asking about a loan hurts your credit.
Phase 3 checklist
- Document pack complete and organised
- One-page purpose and repayment plan written
- Specialist conversation booked before any formal application
An illustrative 90 days
A Newcastle fabrication workshop wants $250k in February for a second CNC machine. In early November, the owner finds two BAS unlodged and business costs running through a personal card. Phase 1: BAS lodged, ATO plan arranged for $38k, business card separated. Phase 2: two small equipment loans paid out, three overdue invoices collected, a wrong default on a director’s file removed. Phase 3: pack assembled, one-page plan written with the machine quote and the contract it will service. In February, the owner talks to a specialist, applies once and has a clean file to show.
Illustrative only.
What if you can’t wait 90 days?
Then don’t. Urgent needs — a director penalty notice, a settlement date, an ATO deadline — need a conversation now. A specialist can work the plan in parallel and tell you which steps matter for your situation. Mr’s loan-readiness interview gives you a personalised “fix first” list in about two minutes.
What if you find something you can’t fix in 90 days?
Some things take longer: a default that will stay listed for years, a trading history that’s simply short, a property with little equity. Don’t hide them and don’t stall the whole plan waiting for them. Instead:
- Document it. A clear explanation turns an unknown into a known.
- Offset it. Property security, a smaller first facility or a co-borrower can balance a weakness.
- Sequence it. Borrow what’s realistic now, build a clean repayment record, and refinance or extend later.
Lenders deal with imperfect files every day. What they struggle with is an imperfect file that arrives with no explanation.
Who should be on your 90-day team?
- Your bookkeeper — reconciling accounts and lodging BAS.
- Your accountant — tax returns, financial statements, advice on structure and deductibility.
- A lending specialist — matching your file to the right lender and telling you which steps matter most.
- Your co-directors or co-owners — anyone who’ll need to sign or guarantee should know the plan from day one.
A short weekly check-in, even ten minutes, keeps the plan moving. Ninety days goes quickly.
Mr’s 90-day one-pager
If you only remember three things: lodge everything, keep the bank account clean and talk before you apply. Everything else in this plan supports those three. Print the phase checklists, stick them on the wall and tick them off as you go — the satisfaction is free.
Ready on day 90 — or sooner?
Tell Mr where you’re up to in about 60 seconds — what you need, when, and which steps are done. There’s no credit check to enquire, your details aren’t passed around a list of lenders, and a real person will tell you what still matters and what doesn’t. Answer the form accurately and your 90 days of work gets matched to the right lender first time. See if you qualify.
Frequently asked questions
Can I really improve my chances in 90 days?
Often, yes. Lodging overdue statements, arranging an ATO plan, cleaning up account conduct and preparing documents can all be done in that time, and each makes a lender's job easier.
What if I need the money sooner than 90 days?
Don't wait. Start the conversation now and work on the plan in parallel. A specialist can tell you which steps matter most for your situation and which can wait.
Should I pay off debts before applying?
Paying off small, expensive or nuisance debts can free up capacity. But don't drain your cash buffer to do it — lenders also like to see some money in the account.
How do I get my credit report?
Moneysmart explains that you can get your credit report free every three months from the credit reporting bodies. Checking your own report doesn't affect your score.