Auswide Bank Business Term Loan

Not yet rated

Get personalised support to help your business grow with an Auswide Bank Business Term Loan.

With an Auswide Bank Business Term Loan, you are able to apply for a minimum of $20,000 and a maximum of $5,000,000, a wide range in capital that allows you freedom to grow your business. With this loan type, you are able to spend it on whatever you need, whether you buy new equipment, hire more staff or finally expand.

How does the Auswide Bank Business Term Loan work?

You can apply for a minimum of $20,000 up to $5,000,000, with an option to choose between a fixed rate or variable rate. Depending on whether you have a commercial or residential asset, this will impact your loan terms. With commercial security you can get up to 15 years to repay the loan, whereas securing a residential asset can increase your term to 25 year(s). You can apply for business loans online or over the phone.

Once you have been approved for your loan amount, you will receive a personalised Business Banking Manager who will help you through the process.

Features of the Auswide Bank Business Term Loan

Some features include:

  • Large borrowing rate. You can borrow from $20,000 up to $5,000,000.
  • Fixed or variable rate options. You are able to choose between a fixed rate or a variable rate option, each with their own advantages. With a fixed rate loan, you know what the repayments are going to be because you have locked in that interest rate. With a variable rate loan, you have the option to make extra repayments without charge.
  • Personalised support. Once you have been approved for your loan, you will receive a Business Banker who is dedicated to help your business thrive.
  • Varied loan terms. You can have up to 15 years on commercially secured loans or up to 25 year(s) with a residentially secured business loan.
  • No account fees. There is no fee when you use a Visa Debit Account.
  • Frequent payments. You can make more frequent payments, such as larger repayments than scheduled or lump sum payments throughout the duration of your term.
  • Redraw option. You are able to redraw and access any extra money you’ve deposited into the loan. This is only available with the variable rate loan option.
  • Internet banking. You have access to Internet, mobile and phone banking for your convenience. This means you’re able to check your loan balance, account history and send secured emails at the touch of a button.
  • Startup businesses can apply. With this loan, startup businesses can be eligible to apply. All you need is a very detailed business plan that outlines future cash flow projections and future trading. Auswide Bank needs to see that you’re going to meet your commitment to this loan.

How much will the loan cost?

There are a variety of fees you should expect with this loan:

  • An establishment fee of 0.5% of your loan amount with a minimum of $600.
  • A fixed interest rate lock-in fee if you decide to lock in the rate prior to the loan being drawn up, which is 0.15% of the loan or $250.
  • An account service fee of $20 a month.
  • If you decide to switch interest types (for example, fixed to variable) there is a fee of $500.
  • Break costs which are quoted to you at the time of your request to switch.
  • Default interest rate fee of 4.5% for overdue payments.
  • A $20 fee if you request a fund transfer to another Australian financial institution on the same day.
  • A paper statement fee of $1 per printed statement.
  • If you want an additional statement, the cost is $7.50 per statement.
  • If you decide to sell the secured asset you used to obtain this loan, there is a $250 fee.

How to apply for the Auswide Bank Business Term Loan

To apply for a business loan, click on “Go to Site” and meet the following criteria:

  • Be based in Queensland. Although this isn’t a strict requirement, it helps you keep in contact with the personalised business representative assigned to you.
  • Provide a secure asset. If you do not have a commercial or residential asset to secure this loan, you will not be eligible.
  • Have an ABN or ACN. You need to be a registered business within Australia to be eligible for this loan.

The documents you need to provide are:

  • Bank statements from the last 6 months to prove your ability to pay off the loan.
  • A business plan that outlines your cash flow projections and future trading opportunities.

With Auswide Bank’s fixed and variable rate options, you’re able to get your business off the ground faster. Compare business loans and discover which one meets your needs.

Comparison of other business loans

Whilst we don't directly compare Auswide Bank business term loan, compare other business loans offering similar features.

Rates last updated August 19th, 2018
Name Product Min Loan Amount Max. Loan Amount Loan Term Application Fee Product Description
NAB QuickBiz Loan
$5,000
$100,000
1 to 3 years
$0
An unsecured business loan from $5,000 that can be processed in 1 business day.
Valiant Finance Business Loan Broker
$5,000
$1,000,000
0.25 to 5 years
$0
A Small Business Lending Specialist from Valiant Finance can give you access to competitive business loans from over 60 lenders. Loans between $5,000 and $1 million are available. Request a call – your loan can be funded in 1 business day.
Moula Business Loan
$5,000
$250,000
0.5 to 2 years
$0
Small business loans of up to $250,000 approved and funded within 24 hours.
Transparent fees and rates. Note: Business must have been operating for at least 6 months and have monthly sales of at least $5,000.
Spotcap Loans
$10,000
$400,000
0.25 to 2 years
$0
Take advantage of a fixed interest rate and no upfront fees with this business loan, available up to $400,000. Note: Business must have been operating for at least 18 months and have turnover over $200,000.
Lending Express Business Loans
$5,000
$500,000
0.25 to 2 years
$0
Apply online for up to $500,000 and get access to over 25 lenders through Lending Express.
Ferratum Business Loan
$2,000
$150,000
0.5 to 1.5 years
2.5% origination fee
Competitive business loans from $2,000 based on your business’ cash flow.
Prospa Business Loan
$5,000
$250,000
0.25 to 2 years
$0
Apply for up to $250,000 and receive your approved funds within one business day. Note: Businesses must have a turnover of more than $6,000 per month and provide 6 months of trading history or 3 months history if you've purchased an existing business.
OnDeck Business Loans
$10,000
$250,000
0.5 to 2 years
2.5% origination fee
Apply online for up to $250,000 with OnDeck and receive approved funds in one business day. Note: Minimum annual turnover of $100,000 and must be able to demonstrate 1 year of trading history.

Compare up to 4 providers

Was this content helpful to you? No  Yes

Ask an Expert

You are about to post a question on finder.com.au:

  • Do not enter personal information (eg. surname, phone number, bank details) as your question will be made public
  • finder.com.au is a financial comparison and information service, not a bank or product provider
  • We cannot provide you with personal advice or recommendations
  • Your answer might already be waiting – check previous questions below to see if yours has already been asked

Finder only provides general advice and factual information, so consider your own circumstances, or seek advice before you decide to act on our content. By submitting a question, you're accepting our Privacy & Cookies Policy and Terms of Use, Disclaimer & Privacy Policy.
Ask a question
Go to site