HomeSec Review for Potential Borrowers
HomeSec Business Finance Review in Numbers
|💰 Loan Amount||$20,000 – $2,000,000|
|💸 Loan Term||1 – 10 months (occasionally longer if required)|
|⛔ Unsecured?||Loans must be secured against Real Estate
Exit Strategy must be viable – generally one of; refinance, cash flow injection or the sale of an asset/property.
Bad credit business is not a problem.
|⌚ Requirements||Trading for at least 6 months
Turnover greater than $5,000 per month
|⭐ Client Reviews||N/A|
|⭐ Editorial Score||79% by Small Business Loans Australia|
|📝 ABN:||50 150 013 513|
|📝 Credit License:||150 013 513|
|🌝 Easy to Apply:||Yes|
|⏱️ Response Time:||24h.|
|📃 Required:||Basic business information and loan requirements.|
|💳 Minimal Interest Rates:||$495 Establishment Fee which includes valuation fee on your security.|
|💌 Online Feedback:||Genuinely fast loans – not just advertised but the core focus of the business.
Too many email marketing campaigns.
|🏆 Awards and Recognition:||N/A|
HomeSec Review Summary
Credibility - 85%
Client Reviews - 51%
Website - 84%
Compatibility - 96%
HomeSec Business Finance provides loans on a secured basis but as a result can be much more flexible with the types of businesses it can accept. Bad credit businesses and companies facing tax debt are welcome, providing they can provide a valid business purpose for the loan and a clear repayment strategy.
Funding is fast as HomeSec Business Finance clearly values the importance of speed in the lending process. Businesses throughout Australia and New Zealand can apply, including tradies and businesses in the construction industry who can feel the impact of cash flow deficiencies the most when in the middle of a project.
Any business that is not applicable for support from the Australian Government’s 2020 lending initiatives in response to the coronavirus, can benefit from a secured business loan from Homesec too.
Credibility & Company Story
HomeSec Business Finance has been one of the leading non-bank Australian lenders since 2004. They’ve been around long before the term ‘FinTech’ was invented but have always understood the demand from businesses to access funds fast. Forgetting complex lending algorithms and tech solutions to integrate with your accountancy software the firm has just always understood the need for its staff to act quickly at a time when business owners need it most.
Joint-CEO Paul Stone has more than 30 years of experience in the finance industry and has been the face of the business, seeking to bust the myth that small business loans are a scary proposition.
HomeSec Business Finance looks to combat these views with a straight-forward lending solution that any business can apply for. Security is required but it’s clear where HomeSec are positioning themselves in the market. If you’re currently in the midst of a temporary business crisis but are sure it’s only for the short term (1-10 months) then HomeSec Business Finance is there to help. Bad credit businesses and tax debt is OK. The firm boasts of their short term business loan solution as ‘legendary’ and whilst it might be quite a strong superlative it’s clear their solution has helped many business owners navigate some tough times. Even acting after hours and on weekends to ensure its clients receive financing before upcoming deadlines that could cause their business to fold.
HomeSec is one of the founding members of ASTLA. The Australian Short Term Lenders Association is a self regulating governing body for Short Term Business Lenders across Australia. Since 2016, HomeSec Business Finance has been partnered with Prospa Business Loans. All customers reaching out to HomeSec seeking unsecured business loans are passed through to Prospa. The fact the market-leader Prospa has been happy to establish a partnership with HomeSec Business Finance boosts their credibility in our eyes.
Prospa Loans is one of Australia’s leading business lenders. Their online application process is streamlined and their response and funding time are both in 24 hours or less. In many cases, the funds are received the same day you apply.
Prospa has a 97% approval rating, and has been recognized with countless awards – including the number one spot in the Financial Times 1000 High Growth Companies in 2018. Prospa has grown to a business of over 200 employees, hiring some of the best tech talent in Australia. It is regularly awarded for being an excellent company to work for, picking up the AON Hewitt Best Employer in 2017 and 2018.
HomeSec Business Loans Client Reviews
– TrustPilot Australia: No Reviews
– Google Reviews: Overall Score (based on only 6 reviews) – 2.3 / 5
With the feedback being heavily mixed, those praising the service had this to say:
“Finance approved in 24hours. Well done guys!”
“Super-quick Yes/No response. If Yes, funding can happen within 24-48 hours.”
“Homesec’s integrity is why I have no hesitation in recommending them to my clients.”
Pretty much all of the negative reviews complain of email spam from HomeSec:
“Pest spammers – 1 star is too many.”
Analysis of Client Reviews:
Of the six reviews that can be found on Google it would appear only three of them actually relate to businesses who have tried to take a secured business loan from HomeSec. Two of these three reviews rate HomeSec Business Finance as 5*, praising how fast customers receive a yes/no response and the fact that funding is possible in 24hours. The third HomeSec Business Finance review believes them to be unprofessional and time wasters. In this instance it would be likely the reviewer never received finance from HomeSec but was clearly unhappy with how their case was handled.
The three remaining HomeSec Business Finance reviews all complain of email spam with one even suggesting they have tried unsubscribing. It would seem HomeSec would certainly benefit from more focus on its marketing from both an operational and brand point of view. These three reviews, from people who aren’t even clients, rate HomeSec as 1* and bring down the HomeSec Business Finance Review score on google.
HomeSec’s Online Platform
HomeSec has a no-thrills, easy to navigate website. Information is featured on their two product offerings – short term business loans and 2nd mortgages. Promotional videos feature the company CEO, Paul Stone, highlighting when a small business loan from HomeSec could be of use and what businesses need to do in order to apply. Applications can be made through a simple 2-stage online application form and often conditional approvals can be given over the telephone.
HomeSec Loan Compatibility
- Startup: Yes, early stage businesses can be accepted.
- Bad credit: One of the main reasons businesses opt for HomeSec is that a borrower’s credit history is irrelevant.
- Sole trader: Yes, HomeSec can work with sole traders.
- Established business: Yes, HomeSec can provide loans up to $2,000,000
- Turnover: There are no minimum turnover specifications.
Even during the coronavirus crisis, HomeSec has been keen to stress they’re still available for financing, when many other lenders are delaying approvals.
HomeSec Australia Short Review:
Having been founded in 2004, HomeSec Business Finance is one of the oldest non-bank lending providers in Australia. As the name suggests, HomeSec Business Finance is a lending solution for borrowers who are happy to provide real estate as security in the lending process. Providing you have a genuine business purpose for the loan and an exit strategy in place to repay the short term loan then you could be eligible for financing from HomeSec Business Finance. More often than not, customers are repaying their loan with a refinancing or sale of a business asset.
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