Bank of Melbourne Business Loans
Business loans starting from $20,000, with no maximum amount. Interest rates vary based on security offered.
Bank of Melbourne offers a range of secured business loans with fixed and variable interest rate options. It also offers some of the longest lending terms on the market, with variable rate commercially secured loans available on terms of up to 25 years and variable rate residentially secured loans available on terms of 30 years. Long terms, however, mean more interest paid. Their variable interest rates start from 2.68% p.a., but this is only applicable for their special offer, which has a limited loan term up to 5 years. For longer term loans, rates start from 4.83% p.a. These rates can vary based on a number of factors, including the type of security provided.
15 to 30 years
|Product Name||Bank of Melbourne Small Business Loans|
|Min. Loan Amount||$20,000|
|Max. Loan Amount||No maximum amount|
|Loan Term||15 to 30 years|
How does a loan from Bank of Melbourne work?
Bank of Melbourne offers secured business loans to Australian businesses for a range of loan purposes. If you're looking to support your cash flow, invest in business growth or purchase new equipment for your company, Bank of Melbourne may have a loan for you.
To apply for a loan with Bank of Melbourne you will need to have a registered Australian business and valid loan security. Eligible security for Bank of Melbourne business loans includes cash, commercial or residential property, a guarantee, or business assets.
Depending on the type of finance you opt for with Bank of Melbourne, you may also be eligible to certain tax benefits.
What features does Bank of Melbourne offer with its loans?
Some of the features you can expect from a business loan from Bank of Melbourne include:
- Extended loan term. Bank of Melbourne recently extended its loan terms to some of the longest loan terms available on the market. Variable rate commercially secured loans are available on terms of up to 25 years (up from 15 years) and variable rate residentially secured loans available on terms of up to 30 years (up from 25 years). Fixed rate loan terms will depend on your circumstances.
- Loan amount. Loans are available from $20,000. Maximum loan limits will depend on your circumstances and level of security.
- Security options. Cash, property, business assets or guarantees are eligible as loan security.
- Penalty-free repayments. If you opt for a variable rate loan, you will be able to make additional repayments, penalty-free.
- Fixed or variable rate. You can opt for either a fixed or variable rate with a business loan from Bank of Melbourne:
- Fixed rate: Interest can be paid in advance for the year or on a monthly basis to help manage cash flow.
- Variable rate: Flexible repayment structures include Interest Only or Principal, Interest and Fees.
How much does the loan cost?
The cost of your loan will depend on your circumstances, business data, loan security and whether you opt for a fixed or variable rate loan. Here is a general outline of the costs that you can expect:
- Interest rate. An interest rate of 2.68% p.a. currently applies to variable rate business loans.
Terms and conditions apply and additional fees and charges are available on request. Please contact Bank of Melbourne directly or click "Go to site" on this page to find out more.
How to apply
To apply for a loan from Bank of Melbourne, you can click "Go to site" on this page for more information or request a callback. Callbacks usually take up to two business days for a response. Alternatively, you can drop into your local branch. To apply, you will need:
- Your Australian business number – ABN, ACN, ARBN and ARSN are accepted.
- Loan security (cash, business assets, commercial or residential property and guarantees are accepted)
Additional business data may be required. Always compare loan options carefully before submitting an application.