Landing Page Headers_1600x420_FAQs.jpg

Application process

  • How do you keep data secure?

    We are partnering with Microsoft to manage the user identification process, which is why you'll see a Microsoft url when you register or log in to the EficDirect portal. This allows us to take advantage of the very latest online security systems and ensures the information that you provide to us is as secure as it can be.

  • Can I amend the application that has been submitted?

    Yes – you can phone us on 1800 740 557 or email eficdirect@efic.gov.au after your application has been submitted if you notice changes are required. One of our staff will assist you with your application.

  • Why do I have to pay an application fee?

    Before we make a decision on your application, we need to check the information you provided and undertake a credit assessment of your company. An upfront application fee of $100 is payable by credit card at the time of application. If the loan is approved, a further $1,000 will be deducted at settlement to cover the cost of a detailed credit assessment of your business.

Business details

Idenitification

  • Why do I need to provide personal identification information?

    All commercial lenders are required by law to collect this information when assessing a loan application. We will be undergoing checks on the key individuals influencing or benefiting from the business' operations as part of our assessment.
  • What if Australian identification is not available?

    If the individual does not have any form of Australian identification, you must provide certified copies of ID which are translated to English by a qualified translator if necessary.
  • Who will conduct a credit assessment of my business?

    Equifax (formerly know as Veda) and its subsidiary Corporate Scorecard is a data analytics business that provides credit reports and other information relating to individuals and businesses. We have partnered with Equifax/Corporate Scorecard to complete the identity checks and credit assessment for each application. They also act as a credit reporting agency to whom Efic may report information relating to loan defaults from time to time.

Export contract/order

  • Do I need an export purchase order or contract in order to apply for this loan?

    Yes you will need this to submit your application.

  • What do the export purchase order(s)/contract(s) need to contain to be sufficient?

    The export purchase order(s)/contract(s) need to contain the following to be sufficient for your loan application:

    • issued to the same legal entity applying for the loan
    • clearly identifies the buyer and the destination of the goods
    • is on the buyer’s letterhead or otherwise clearly identifiable as having originated from the overseas buyer
    • is not an invoice
    • is signed by the overseas buyer
    • includes payment terms
    • includes a clear description of and total value of goods
    • includes shipping date
    • includes delivery terms and port of departure.
  • I don't have an official purchase order, do you accept email confirmation made by the overseas buyer?

    An email order from your overseas buyer could be sufficient providing it contains the following:

    • buyer's email signature includes address and company details which are clearly identifiable as having originated from the buyer
    • issued to the same legal entity applying for the loan
    • confirmation it is an order
    • includes payment terms
    • includes a clear description and total value of goods
    • includes shipping date
    • includes delivery terms including port of departure and destination of goods.

Australian content

  • What does Australian content mean and why is it important?

    As Australia’s export credit agency, our role is to help with the export of Australian goods and services, which is why the export purchase order(s) / contract(s) require a minimum level of Australian content. Australian content includes the gross margin and costs of producing goods or services in Australia, such as:

    • services rendered in connection with the contract
    • Australian-owned intellectual property or product design
    • components and raw materials manufactured or produced in Australia
    • labour and manufacturing costs incurred in Australia
    • gross margin from the contract which flow into Australia.

Export & loan details

Market gap

  • Do I need to confirm with my bank that they cannot help me before I apply?

    Yes. As Australia’s export credit agency, we do not to compete with the banks and can only approve a loan if your company’s bank is unable to do so. You can view our 30-second market gap video to learn more about why we need you to confirm that your bank cannot provide this loan. We simply need to check with your bank that this is the case as part of our loan approval process. This check has no connection with your credit rating.

Interest rates

  • Why is the interest rate higher than that offered by my bank?

    We charge a margin higher than what you may be used to with your bank due to the associated risks of providing an unsecured loan. We are backing the business' performance to deliver on the export contract and service the loan. As Australia’s export credit agency, we’re not allowed to compete with the banks and so can only approve a loan if your company’s bank is unable to do so.

Loan repayments

Business finacials

Personal information

Need to talk?

Talk to a SBEL expert

1800 740 557