Quick answer
Files stall for ten ordinary reasons: missing pages, mismatched names, unexplained deposits, late replies, undisclosed debts, changing details mid-file, unavailable signers, out-of-date documents, vague purpose and new credit opened during assessment. Each is cheap to prevent and expensive to repair. A ten-point check before you send, and prompt replies afterwards, remove most of them.
Key points
- Ten ordinary causes account for most stalled files.
- Most are paperwork, timing or communication, not the business itself.
- A pre-send check and prompt replies prevent the majority.
- Tell the specialist about changes immediately.
- Number of red flags
- Ten
- Cause type
- Mostly paperwork, timing and silence
- Best defence
- A pre-send check and fast replies
Why do files stall?
Mostly for reasons that have nothing to do with how good the business is. Think of a file as a conversation carried on by documents: if a document is missing, if two disagree, or if one side goes quiet, the conversation pauses. Pauses are normal, but long ones are costly.
The ten below account for the great majority. Read them as a pre-flight list, not as a catalogue of things that might go wrong.
What are the ten red flags?
| # | Red flag | Quick fix |
|---|---|---|
| 1 | Missing pages in statements or the deed | Page-count every document before sending |
| 2 | Names that do not match across documents | One-line note, or correct the source record |
| 3 | Unexplained deposits | A caption table, one line each |
| 4 | Slow replies to questions | Same-day acknowledgement, even if brief |
| 5 | Debts that appear on statements but not on your list | List everything, including small leases |
| 6 | Details changed mid-file | Tell the specialist first and send updates |
| 7 | A signer who is unavailable | Raise it on day one and plan around it |
| 8 | Out-of-date documents | Refresh ATO pages and statements before sending |
| 9 | Vague purpose for the funds | Write the two-line purpose and repayment story |
| 10 | New credit opened during assessment | Hold off; ask first |
Ten items. Most of them take less than an hour to prevent.
Which ones are about documents?
Numbers 1, 2, 3, 5 and 8 are document problems. They are the ones to catch in your own review. The ten-point pre-send check is designed to find them, and the page on unexplained deposits and mismatches shows how to caption the odd ones.
Number 8 deserves a note. The ATO’s online services for business gives you live access to account summaries, balances and plan details, so there is no reason for an ATO page in your pack to be weeks old. Download it the same week you send.
Which ones are about communication?
Numbers 4, 6 and 7 are communication problems. A file that goes quiet looks abandoned; a file that changes without notice looks unreliable; a signer who appears at the last minute looks disorganised. All three are fixed by saying things sooner than feels necessary.
A short email each time something happens costs two minutes. It buys credibility with a person who is trying to defend your file internally.
Illustrative example. A transport business files and, on day four, the owner buys a second-hand van on finance without telling anyone. The new repayment appears on the next statement. The assessor now has to re-run the numbers, ask why it wasn’t mentioned and wait for explanations. A single email on day four would have turned an awkward change into a normal update.
Which ones are about the story?
Number 9 is the quiet killer. “Working capital” or “growth” does not tell an assessor what the money does, so it cannot be tied to repayment. A clear purpose is the thing that makes the rest of the file coherent. The one-page summary forces the issue in two lines.
Number 10 is about discipline. While a file is open, treat your credit and commitments as frozen unless you have cleared a change with the specialist. It is not a rule of nature; it is simply the way to keep the picture the assessor has the same as the picture that exists.
What should I do if my file has stalled?
Three steps.
- Ask what is outstanding. “What are you waiting for, and from whom?” is a good question.
- Do your part immediately. Same day, in writing.
- Confirm the next step and date. So both of you know.
For deeper background on the stages themselves, see stages and timelines, and for the live exchange, answering assessor questions.
Which stalls are the most expensive?
The costliest are the ones discovered late. A missing page found on day one costs an email; found at the settlement stage it can cost days. A mismatched name caught in the first read is a one-line note; caught by the lender’s lawyers it can force corrected documents. An undisclosed debt noticed in the statements is a conversation; noticed after an offer it can change the terms or withdraw them.
The pattern is the same each time. Disclose early, check before sending and communicate quickly. Cost rises with delay.
How do I run a quick audit of my own file?
Set a timer for thirty minutes. Open the pack as a stranger would. For each file, ask three questions: Is this the whole document? Does it match the others? Is there anything on it I would want to explain? Write the answers on a single page. Anything with a “no” or “not sure” goes at the top of the repair list. Fix them in order, then run the audit again. Two passes are usually enough to bring a messy file into shape, and the whole exercise is cheaper than a single week of waiting on questions.
Ready to lodge?
If you want a clean start, lodge a free enquiry. It takes about a minute, involves no credit check at this stage, and goes to one real person, not a crowd of lenders.
Keep the form accurate, because everything later is checked against it. The more precisely you describe the amount, the purpose, the structure and any property, the fewer of the ten flags can ever be raised against your file.
Frequently asked questions
What is the single most common cause of delay?
Documents that are incomplete or hard to read, followed by slow replies to questions. Both are in your hands.
What if my file has already stalled?
Ask the specialist what is outstanding and whose move it is. Then do your part the same day, and confirm in writing.
Can opening new credit really hurt?
It can, because it changes your commitments and may add enquiries while your file is being assessed. Wait until the file is settled or ask the specialist first.
What if I need to change something mid-file?
You can. Tell the specialist, explain why and send updated documents. The problem is silent change, not change.
Do lenders mind questions from me?
No. Asking what is outstanding keeps a file alive. Silence is what makes people assume you have lost interest.