Bank Australia Commercial Loan

Minimum loan amounts are $10,000 with no set borrowing limit. Costs include an upfront fee of 0.5% the loan amount.

Bank Australia’s Commercial Loan has no set borrowing limits and starts from $10,000. Their terms are from 1 to 10 years, which can be short if the loan amount is large. Loan terms are based on your assets and liabilities. You have the option to fix your interest rate in case you want predictable monthly repayment. You can also pay interest only for terms up to 5 years. Interest rates start from 2.49% p.a. While this loan does not come with monthly fees, there is an establishment fee of 0.5% of the loan amount. The minimum fee is $100, and includes the valuation fee and Bank Australia solicitor fee.

0.5%

Upfront Fee

$1,000,000

Max. Loan Amount

1 to 10 years

Loan Term

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Details

Product NameBank Australia Commercial Loan
Min. Loan Amount$10,000
Max. Loan Amount$1,000,000
Loan SecuritySecured
Upfront Fee0.5%
Loan Term1 to 10 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.
  • Maximum Loan of $1M. With this loan you can apply for a minimum of $10,000. You can apply maximum limit of $1M.
  • 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 10 years.
  • Option to fix the interest rate. The standard rate for this loan if you provide security is 2.49%. 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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ANZ Secured Business Loan
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Benefit from a low rate when you secure this loan with property and/or business assets. Loans from $10,000 available.
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
$3,000
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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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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
$100,000
$10,000,000
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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
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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.
Westpac Business Loan
$20,000
$3,000,000
1 to 30 years
$0 application fee
Purchase a new vehicle, equipment or support your cash flow with a business finance solution from Westpac.
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