On commercial deals, the ASIC extract brings the directors in as guarantors. Beneficial owners can take one more step.
Directors
Once the ASIC extract runs, each director appears on the application as a guarantor - see Search ABN and ASIC details. Complete each one's details:
Residency status, and visa details if they hold one
Address history - if they've been at their current address for less than three years, the form asks for previous addresses
Living arrangements
Dependants
Assets and liabilities
Beneficial owners
Where a company owns the business, the ASIC extract lists that company rather than the people behind it. To find them:
Find the owning entities in the ASIC extract.
Run an ASIC extract on each one.
Add the individuals who own them as guarantors.
Each person you add appears as a guarantor, ready for their details.
You don't run credit checks on the owning entities - they're only there to identify the people.
Guarantor numbers depend on the lender
Some lenders take a maximum of two guarantors; others want every director and every beneficial owner. The lender's required-fields count tells you what it still needs - see Required fields in an application.
Add someone the extract didn't bring in
Select the option to add a guarantor, then complete their details as above.
Who can do this: running an extract on an owning entity needs the Services → ASIC extract permission. Each extract is charged - see Set up billing and payment.