Auswide Bank Business Line of Credit
Borrow from $50,000 up to $5,000,000 and pay interest only for what you use. You must be a member of Auswide Bank to apply.
This line of credit offered by Auswide Bank has large minimum and maximum amounts, ranging from $50,000 up to $5,000,000. You can only apply if you’re a member of Auswide bank. This loan is secured. Depending on the type of security you offer, you can get a limit up to 70% the value of commercial property or 80% the value of residential property. Your interest rate will also vary based on the security offered. For residential security, your rate will be 5.00% p.a., while for commercial or other security it will be 5.45% p.a. While you will only pay interest for what you borrow, there are additional fees to account for. The establishment fee will be 0.5% of the loan amount, the minimum being $600. There will also be a valuation fee, for which charges vary. You will also have to pay solicitor fees, compliance costs and legal agent fees, costs for which vary.
Max. Loan Amount
|Product Name||Auswide Bank Business Line of Credit|
|Min. Loan Amount||$50,000|
|Max. Loan Amount||$5,000,000|
How does the Auswide Bank Business Line of Credit work?
You must be a member of Auswide bank in order to apply for this loan. On application, Auswide will ask for your business details and your current assets and liabilities position to determine whether or not you have the capacity to pay off the amount you've applied for. As this is a line of credit, you only make interest repayments on the amount you have drawn, so you could go for months without having to make a single repayment on this business line of credit.
Features of the Auswide Bank Business Line of Credit
Here are some of the features with this line of credit:
- Personalised support. You have access to business bankers who are interested in helping your business grow. They can be contacted via email, over the phone or in face-to face-meetings about the growth and future potential of your business.
- Easy access to funds. With this line of credit, you have easy access to the funds you have been approved for, through the services that are offered with Auswide, up to your approved credit limit. You can access your funds through Internet, mobile and phone banking with the ability to check your loan balance and account history. You also can send secure emails to Auswide through these services.
- Large limits. You have access to a limit that starts at $50,000 and can stretch up to $5,000,000. This is bound to help the cash flow of your business as well as irregular capital expenditures.
- Free statements. You have access to one free statement per month with this line of credit.
- Large LVR limits. Depending on what type of security you offer for this line of credit, you can arrange a limit of up to a 70% loan to value ratio (LVR) on commercial or 80% LVR on residential security.
- Split your credit limit. You are able to split your overall credit limit into Access Accounts for different loan purposes.
- Varied security types. You are able to offer cash, residential property or commercial property in order to ensure your line of credit is secured.
How much does the loan cost?
There's a variety of fees you should expect with this loan:
- An account service fee of $25 a month.
- A $5 charge for a direct debit payment.
- A $7.50 charge for wanting to stop a direct debit to your account.
- If you use another financial institution and use Auswide to process that payment, there is a $5 charge.
- A $20 same-day payment charge on a real-time basis.
- A telegraphic transfer fee (if you want to send funds overseas) of $50 per transfer.
How to apply for the Auswide Bank Business Line of Credit
In order to be eligible for this line of credit, you click on "Go to Site" and meet the following:
- Be an Auswide customer. This is important so that you will have access to the line of credit funds you need.
- Be a registered business within Australia.
- Offer a type of security with the loan, whether it be cash or residential or commercial property.
Some documents you might be asked to show are:
- Evidence your business has been trading for at least 12 months.
- Your current asset and liabilities position, as Auswide wants to be sure you're going to be able to meet your commitment to this loan.
With easy access to funds and interest-only terms, this line of credit is one to consider for your business. Always investigate whether it meets your individual business needs before applying.
Comparison of other business loans
Whilst we don't directly compare the Auswide Bank Business Line of Credit, compare other business loans offering similar features.
We update our data regularly, but information can change between updates. Confirm details with the provider you're interested in before making a decision.