How to Prepare Your Financials Before Applying for Practice Finance

Whether you’re buying a practice, refinancing existing debt, or seeking equipment finance, most delays in the application process come down to the same thing: financial documentation that isn’t ready when the lender asks for it. Here’s how to get ahead of that.

Personal financial documents

• Tax returns and Notices of Assessment — usually the last one to two years, more if your income has been variable
• Recent payslips — if you have any employed income, even alongside self-employed or practice income
• Existing loan and credit statements — home loan, car loans, credit cards, any other business debt
• ID documents — current driver licence or passport
• Bank statements — typically the last three months across your main accounts

Practice financial documents (if applicable)

• Profit and loss statements — usually the last two to three financial years
• Balance sheet — current practice assets and liabilities
• Business Activity Statements (BAS) — recent lodgements, particularly if your latest tax return isn’t recent
• ABN and business registration details
• Lease agreement — if the practice operates from leased premises

Practical steps that speed things up

Get your accountant involved early. If you know a finance application is coming in the next few months, ask your accountant to help make sure your financials are current and clearly presented — this alone can save significant back-and-forth later.

Reconcile any inconsistencies before you apply. If there are unusual transactions, one-off expenses, or gaps in your financial history, having an explanation ready (rather than the lender asking and waiting on a response) keeps things moving.

Know your numbers before the first conversation. You don’t need audited financials memorised, but having a general sense of your revenue, expenses, and existing debt means you can have a more productive first conversation with a broker.

Don’t wait for “perfect” documentation. Financials rarely look perfectly clean, particularly for a growing practice. A broker can usually work with what you have and advise on what’s genuinely needed versus nice-to-have.

A simple pre-application checklist

Our broker readiness checklist covers the core items in an interactive format if you want to track your progress as you gather documents.

The bottom line

Most of the friction in a finance application comes from documentation gaps, not from the underlying financial position being unworkable. Getting organised before your first conversation with a broker — even just roughly — tends to make the whole process faster and less stressful.