Business advice ?

Joe Gt

An opportunity of buying a well established , profitable small business has been put infront of myself and my gf to buy for a reasonable price , its in her line of business and would have been something she would have liked to do in a few years after she builds a client base and contacts in the business in the area .

What are the chances of the banks giving us a business loan to buy the business ?

Couple renting , combined wage of $145k , considerable savings of 15% of the purchase price , paying rent , no assets , here on my 457 visa ,

What is the likelihood of securing funds from the banks ?

s.c

Joe Gt wrote: »

here on my 457 visa

This is going to be a major issue when trying to obtain finance. I can't say for certain but because of the fact that you are on a temporary visa, I don't think any bank is going to give you any considerable amount of cash.

Joe Gt

I know it could be difficult , as far as I know its possible to buy a house on a 457 as an offshore investor and the deposit % is higher than normal .
Hope yo get into the bank on Friday and see what they have to say about it all .