Legal Advice
When business’ obtain finance or lending a lender will often request or insist on the directors, shareholders or other person associated with the business provide a personal guarantee.
The business finance may be an overdraft facility, a loan for working capital, or a loan to help the business buy some plant and equipment.
A personal guarantee acts as security for the repayment of any business loan to the lender, in the event the business fails to pay.
If the lender requires it, you may have to obtain a personal guarantor certificate or a legal advice certificate to evidence that the guarantor has obtained independent legal advice about the risks and obligations associated with entering a deed of guarantee.
Queensland has now passed legislation that allows for Deeds to be signed electronically (and without a witness). Further, legislation was passed allowing a person to witness a signature remotely.
As such we offer this service to personal guarantors Queensland wide, and Australia wide!
We can accommodate most banks and lenders loan documentation in our fixed cost, see below for more details.
1. Get your Documents
The lender will send you a number of documents in the mail (or increasingly by email) addressed to you as the personal guarantor.
Once you have all those documents you need to read them yourself carefully.
Tip: Double check your documents to ensure the advice is a mandatory requirement. If not, getting the advice is your choice.
2. Contact Us
We will ask you to get a copy of all the documents to us so we can read over them before setting up an appointment to give you the advice you need.
That appointment normally takes around 30-45 minutes and must be attended by you only. The advice can be given in person, or video conference.
Tip: Come ready to ask all the questions you might have on the documents.
3. We provide your Certificate
After receiving our advice we’ll provide you with an independent solicitors advice certificate and you’ll be ready to provide that to the bank or other lender.
If you want to, and feel ready to, we will also witness you sign the personal guarantee document also.
Tip: Many lenders have now removed the need for the witnessing of a deed now.
So What does it all Cost?
We offer a fixed price service, that is applicable to most banks and lenders,* for the provision of the legal advice on being a business loan guarantor, completing the Solicitor’s statement, and witnessing the deed being signed by you.
A fixed fee, inclusive of G.S.T for reviewing the loan documentation, providing the necessary legal advice to you, and providing our advice certificate.
A fixed fee, inclusive of G.S.T for reviewing the loan documentation (same terms for each guarantor), providing the necessary legal advice to each guarantor separately, and providing our advice certificate.
If the loan or financial arrangements are particularly complex or involve multiple parties, private lenders, or the lender requires us to act as Identity Agent then such will take more time we may need to offer you with another fixed fee (no obligation) after receiving the documents, and before we give you the advice.
*Banks and Lenders covered, include: Commonwealth Bank, Macquarie, ANZ, ING Direct, NAB, Bank of Queensland (BOQ), Westpac, Bankwest, Suncorp Bank, Bendigo Bank, bcu, Citi, HSBC, Homeloans.com.au, La Trobe Financial, loans.com.au, ME Bank, Pepper Money, Nano, RACQ Bank, RAMS, St George, ubank, Yellow Brick Road, Judo Bank, and more.
If you are personally guaranteeing monies loaned to purchase a home (as an individual) then please head over to that particular service information. The service is different and so are your risks and obligations.
Guaranteeing an Investment Property Loan?
If you are personally guaranteeing monies loaned to purchase an investment property (through a company or trust) then please head over to that particular service information. The service is different and so are your risks and obligations.
Why Choose Queensland Legal
Queensland Legal is proudly operated by Michael Turner, the Principal Lawyer and Solicitor.
My ambition extends beyond mere legal representation; I am committed to fostering enduring partnerships with my clients, built on a foundation of trust and mutual respect.
It is my objective to continually deliver exceptional value to your business, ensuring prosperity and growth for years to come.
Let Queensland Legal be your partner in navigating the complexities of the legal landscape, securing a successful future for your business.
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