Bank Australia Commercial Loan

Take advantage of the flexibility offered with a secured or unsecured commercial loan from Bank Australia.

The main feature of this commercial loan is that you can use it for whatever you need to, as long as it's a worthwhile purpose for your business. This means the funds can be used for anything that can help your business grow, whether it be purchasing that space that would help get more foot traffic, a marketing idea, or consolidating the debt that has accrued over the years. You can also use it to cover operational costs. Find out how this loan works and if it's the right option for your business.

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0.5%

Upfront Fee

Up to 5 years

Loan Term

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Details

Product NameBank Australia Commercial Loan
Min. Loan Amount$10,000
Max. Loan AmountNo maximum amount
Loan SecuritySecured
Upfront Fee0.5%
Loan TermUp to 5 years

How does the Bank Australia Commercial Loan work?

You have to be a member of Bank Australia to apply for this loan. You need to submit your personal data and assets and liabilities situation, which Bank Australia will then use to determine whether or not you can get this loan.

Once you submit your loan application you will have a response within the next 24 to 48 hours. You can submit your application by telephone, online or in person at a Bank Australia branch.

Features of the Bank Australia Commercial Loan

Here are some features of the commercial loan offered by Bank Australia:

  • Fast response. Once you have submitted your loan application you can expect to have an answer within 24 to 48 hours.
  • Minimum of $10,000, no set limit. With this loan you can apply for a minimum of $10,000. There is no set maximum limit that you can apply for as this loan is assessed on what you can afford to borrow and pay back.
  • Flexible loan terms. The terms for this loan are based on your assets and liabilities, which are submitted with the application form. This means that the loan terms are flexible as they are dependant on what you can afford to borrow and pay back.
  • No ongoing fees. This loan offers no ongoing fees, just the application fee that is charged at the start of the loan. This means no monthly or account-keeping fees will be charged.
  • Available for any worthwhile purpose. As long as you can show within your application that the amount you need to borrow is for a worthwhile purpose, such as refinancing or expanding your business, you can apply for this loan.
  • Flexible repayments available. You have the option to make flexible repayments with this loan that can be tailored to the cash flow of your income. You can choose from weekly, fortnightly or monthly repayment options.
  • Extra repayments welcome. You are able to make extra repayments on the amount you owe at no extra cost. Just make them whenever you've got the extra cash!
  • Interest-only option available. You are able to repay this loan with the interest-only option that is available. This means that you only pay back the interest that has accrued on this loan. This option is available for a maximum of 5 years.
  • Option to fix the interest rate. The standard rate for this loan if you provide security is 4.99%. The rate will fluctuate if you do not provide security. You also have the option to fix the interest rate so it doesn't change and you are aware of what your monthly repayments will be.
  • Start-up businesses can apply. Start-up businesses can apply for this loan as long as they have a detailed plan outlining where they see the business going in the future.

How much does the loan cost?

Here are the fees associated with this loan:

  • A one-off establishment fee of 0.5% of what you're borrowing. This is a minimum of $100 and also includes the valuation fee and Bank Australia solicitor fee for preparing the security and loan documents.

There are no other fees, such as a monthly fee, associated with this loan. Once you pay the establishment fee, you're ready to go!

How to apply for the Bank Australia Commercial Loan

Some documents you need to provide in order to be eligible for this loan include:

  • Two years of tax assessments
  • Profit and loss statements
  • Balance sheets
  • A business plan if your business is a start-up

Some other information you need to provide:

  • Your personal information
  • How long the business has been operational for
  • What you need the loan for
  • Financial information, such as your assets and liabilities
  • The type of security offered, such as a car or house

With flexible repayments offered and start-ups able to apply, this commercial loan offered by Bank Australia is one to consider for your growing business needs. However, consider a range of business loans before applying.

Comparison of other business loans

Whilst we don't directly compare Bank Australia Commercial Loan, compare other business loans offering similar features.

Name Product Min. Loan Amount Max. Loan Amount Loan Term Upfront Fee Filter Values
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Swoop Finance Business Loan
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Depending on your loan contract
Apply online and borrow between $1,000 and $100,000,000. Options for good and bad credit borrowers.
ebroker Business Loan
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Lumi Unsecured Business Loan
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Apply for up to $300,000 from Lumi and benefit from short loan terms, no early repayment fees and once approved receive your funds in just one business day.
Max Funding Unsecured Business Loan
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An unsecured business loan from $3,000 that offers convenient pre-approval and no early repayment fees.
Valiant Finance Business Loan Broker
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A Business Lending Specialist from Valiant Finance can give you access to competitive business loans from over 70 lenders. Loans between $5,000 and $1 million are available. Request a call – your loan can be funded in 1 business day.
OnDeck Business Loans
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3% of loan amount
Apply for up to $250,000 and receive your approved funds in one business day. Minimum annual turnover of $100,000 and 1 year of trading history required.
Octet Trade Finance
$200,000
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Transaction fee 2.5%
Access a line of credit to pay suppliers in over 65 countries. Borrow from $200,000 up to $7 million.
Prospa Business Loan
$5,000
$300,000
3 months to 3 years
3% origination fee
Small business loans are available from $5,000 - $300,000 on terms of up to 3 years. At least six months trading history and a monthly turnover from $6,000 is necessary.
Heritage Bank Fully Drawn Business Loan
$20,000
No maximum amount
1 to 25 years
Application fee is available upon application
Get access to a loan from $20,000 with no maximum limit with Heritage Bank. Loans can be secured by residential and non-residential property and have terms of up to 25 years.
Westpac Business Loan
$20,000
$1,000,000
1 to 30 years
$0 application fee
Purchase a new vehicle, equipment or support your cash flow with a business finance solution from Westpac.
ANZ Secured Business Loan
$10,000
$10,000,000
Up to 15 years
$600
Benefit from a low rate when you secure this loan with property and/or business assets. Loans from $10,000 available.
ANZ Unsecured Business Loan
$10,000
$1,000,000
Up to 15 years
$600
Apply for a loan from $10,000 with no security required and benefit from flexible repayment terms.
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