Commercial property funding depends on the income, security, and repayment plan behind the property.商业物业融资需要清楚的收入和抵押逻辑。

Buying or leasing commercial premises: a financial comparison

购买还是租赁商业场所：财务比较

Buying or leasing a commercial premises affects the business's cash, flexibility and long-term commitments. The decision depends on the stage of the business, available capital and how long the location is likely to be needed.

购买或租赁商业场所，会影响企业现金、灵活性和长期负担。选择要结合企业所处阶段、可用资金，以及预计会使用该地点多久。

Buying creates a property asset and can make the space easier to adapt. Loan repayments may eventually end, while rent can rise through reviews. The property might also be held in a separate entity and leased to the operating business, but the tax and asset-protection consequences need professional advice.

购买会形成物业资产，也更方便按企业需要改造空间。贷款最终可能还清，但租金会随着市场和租约审查上涨。物业也可以由独立实体持有，再出租给经营企业，但税务和资产保护影响应先向专业人士确认。

Leasing usually needs less capital at the start and makes it easier to move if the business grows, contracts or changes location. The landlord generally carries major property risks, although the tenant still needs to review repairs, outgoings, compliance and make-good obligations in the lease.

租赁前期占用资金通常较少，企业扩大、缩小或改变地点时也更容易搬迁。主要物业风险通常由房东承担，但租户仍要仔细查看维修、运营支出、合规和租约期满复原责任。

For illustration, a $1,200,000 purchase with a 35% deposit would require $420,000 of equity and a $780,000 loan. At 6.5% over 25 years, repayments would be about $1,180 a week, before roughly $200 a week for rates, insurance and maintenance. Equivalent premises might lease for about $750 to $950 a week, but the business would not own an asset at the end of the term.

举例来说，120 万纽元的物业如果首付 35%，需要 42 万纽元净值，贷款为 78 万纽元。按 6.5% 和 25 年期估算，每周还款约 1,180 纽元，另加约 200 纽元的地税、保险和维护费用。同等场所租金可能约为每周 750 到 950 纽元，但租赁期满后企业不会拥有物业资产。

Compare the capital tied up, total occupancy cost, expected holding period and the effect on business cash flow. A Plus Finance can help model the lending side of a purchase.

比较时要把占用的资本、总使用成本、预计持有时间和对企业现金流的影响放在一起看。A Plus Finance 可以协助测算购买物业涉及的贷款部分。

Commercial property loan: what lenders look for in the asset

商业物业贷款：贷款机构会看资产哪些方面

A commercial property application is assessed on both the borrower and the property. The type, location, leases, valuation and building condition can all affect the LVR, rate and approval conditions.

商业物业申请会同时评估借款人和物业。物业类型、地点、租约、估值和建筑状况，都可能影响 LVR、利率和批准条件。

Retail, office, industrial and hospitality properties with an established market are usually easier to explain than specialist or single-purpose assets. A car wash, service station, cold store or highly customised building may be harder to sell or re-lease after a default. Mixed-use property can be treated differently by each lender.

零售、办公、工业和餐饮等有成熟市场的物业，通常比专业或单一用途资产更容易说明。洗车场、加油站、冷藏设施或高度定制的建筑，在借款人违约后可能较难出售或转租。混合用途物业则可能因贷款机构不同而有不同处理。

Lenders also look at the location and leasing market. Main-centre properties may receive different terms from smaller-town assets, and steady tenant demand with low vacancy is generally easier to support. Long leases with strong tenants can reduce risk. A WALT of three to four years is often preferred, while high vacancy or leases expiring within 12 months can lead to tighter LVR limits.

贷款机构也会看地点和租赁市场。主要城市物业与小城镇物业可能适用不同条件，租客需求稳定、空置率较低的地段通常更容易评估。实力较强的租户和较长租约可以降低风险。贷款机构常偏好三到四年以上的加权平均租约期限，空置率高或 12 个月内有租约到期的物业，可能面临更严格的 LVR 限制。

An approved panel valuer will usually need to confirm the current market value. Investment-property LVRs are often around 60% to 65%, and specialist, vacant or short-lease assets may be limited to 50% to 60%. Owner-occupied property may receive a higher LVR from some lenders, but this is not automatic.

贷款机构通常会要求认可名册内的估价师确认当前市场价值。投资型商业物业的 LVR 常在 60% 到 65% 左右，专业、空置或短租约资产可能只有 50% 到 60%。自用物业有时可以获得更高 LVR，但并非自动适用。

Older buildings may require an inspection, weathertightness report or seismic assessment. Buildings below 34% NBS are generally difficult to use as security, while a building between 34% and 67% may be considered with a lower LVR.

较旧建筑可能需要建筑检查、防风雨或抗震评估。NBS 低于 34% 的建筑通常较难作为抵押，34% 到 67% 之间的建筑可能需要按较低 LVR 评估。

Refinancing commercial property: when it may make sense

商业物业转贷：什么时候值得考虑

Refinancing moves a commercial property loan to another lender. It may improve the rate or structure, release equity for business use or bring several facilities together, but the costs need to be measured first.

商业物业转贷是把现有贷款转到另一家贷款机构。它可能改善利率或结构、释放净值用于企业，或把多个额度合并，但要先把所有成本算清楚。

Possible reasons include a fixed rate ending, a better offer, equity released for equipment or expansion, several facilities held with different lenders, or a structure that no longer fits the business. A new lender may also offer a different offset or revolving facility, subject to its policy.

固定利率到期、出现更好报价、需要释放净值购买设备或扩张业务、不同机构之间有多个额度，或现有结构已经不适合企业，都是可能考虑转贷的原因。新贷款机构也可能提供不同的 offset 或 revolving facility，但要看自身政策。

Check break costs, legal and valuation fees, establishment fees and any application fee. A new valuation and mortgage documentation can cost around $1,500 to $4,000 depending on the property and the work involved. Compare the total cost with the expected saving over one to three years.

需要检查 break cost、法律和估值费用、贷款设立费及申请费。新的估值和抵押文件可能产生约 1,500 到 4,000 纽元费用，具体取决于物业和工作复杂程度。把转贷总成本与一到三年的预计节省进行比较。

Refinancing may not help if the property value has fallen, the current LVR is already high, the business has weakened or the break cost is larger than the likely saving. In some cases, waiting for the fixed term to expire is the better option.

如果物业价值下跌、当前 LVR 已经较高、企业财务状况变弱，或 break cost 高于可能节省的金额，转贷未必有帮助。有时等固定利率自然到期更合适。

A Plus Finance can review the existing terms, model the costs and benefits and compare suitable options from its lender panel. Approval and pricing still depend on the lender's assessment.

A Plus Finance 可以审核现有条款，测算转贷成本和收益，并比较合作贷款机构的可行选项。最终审批和定价仍取决于贷款机构评估。

It varies by property type, borrower strength, lease income, and lender appetite.

这取决于物业类型、借款人实力、租金收入和贷款机构偏好。

Yes. Tenant quality, lease term, and rental income can significantly affect how the deal is viewed.

重要。租客质量、租期和租金收入会明显影响贷款机构看法。

It may help in some structures, but it increases exposure and needs careful review.

部分结构中可能有帮助，但会增加风险，需要谨慎评估。

Often yes. Terms, review dates, margins, fees, and repayment expectations can differ.

通常不同。期限、复审日期、利差、费用和还款要求都可能不同。