Stupid question- when exactly did my business start?

[dana_c_83]

I am currently looking to buy my first apartment and am busy perusing home however a common question is 'how old is your business?'. As my business has been running for under two years many small lenders won't consider taking my business income into consideration until it has been two years. Now I began my business in August 2010, however I applied and received my ABN in October 2010. However this June will be my second end of financial year. Can anyone shed some light on what is considered the exact start date of my business?

Kind Regards
Dana

[AdvancedPetSitting]

I think most lenders need to see the financial statements from the last 2 financial years.

[Khalid Adam]

From the bank's perspective they want financial statements for 2 years. You could have started 6 years ago but when did you actually generate income?

They also want to see regular stream as much as possible as a wage. Not too many outgoings.

IF you have a large enough deposit, there are always non bank lenders...

[AgentMail]

Also remember of you only have 2yrs of financials, most lenders will average the earnings out, so if you spent the 1st year writing everything off and then did well in the 2nd year, your actual borrowing capacity is likely to be a lot lower than your current income might suggest.