Take advantage of Bendigo Bank’s Business Solutions term loan to grow your business, and choose your own repayment plan.
The sole purpose of Bendigo’s Business Solutions loan is to enable you to purchase or refinance assets for your business. It’s the perfect loan to consider if you are thinking about where you want to take your company in the future.
How does the Business Solutions term loan work?
In order to apply for this loan, you must be a Bendigo Bank customer. You are also required to submit your business data, which is used to establish whether you are suitable for the loan. Your home or other assets are used as security for the loan, the value of which determines how much you can borrow.
You can choose between a fixed or variable rate loan, as well as principal plus interest or interest only repayments. These options allow you to customise your loan to meet the cash flow needs of your business.
If you choose a principal plus interest loan you can pay fortnightly or monthly. If you go for interest only, repayments are monthly.
What features does this term loan include?
Some of the benefits you can enjoy with a Business Solutions term loan include the following :
- A single purpose. The only reason you would take out this loan is to purchase or refinance existing business assets to help your business grow. You don’t have to spend time weighing up other options.
- Two loan types. You can choose between a principal plus interest or an interest-only loan. Each has its pros and cons. With a principal plus interest loan, you gradually pay off the amount you borrowed. If you make interest-only payments, you are only paying off the interest on the principal.
- Assets as security. You are able to use your residential property as well as other assets as security on this loan.
- Loan amount in line with security. You can only apply for the amount that your asset secures you for. This ensures that you don’t borrow more than you can afford.
- Two interest rate options. You have the choice of a fixed or variable rate loan. You can secure the interest rate on a fixed loan for 5 year(s), starting at 4.99%. The rate of interest on a variable loan fluctuates according to the market. However, you have the ability to redraw funds as you need them to help your cash flow situation.
- Clear repayment terms. If you decide on a principal plus interest loan, you can choose between fortnightly and monthly repayments. The interest only option requires monthly payments. You can select which terms best suit your business needs before you make your application.
- Access to online banking. Bendigo Bank’s online banking system allows you to easily view your half-yearly statements and keep track of your funds.
How much does the loan cost?
The fees you can expect to be charged when you take out this loan include the following:
- An establishment fee or further advance fee of $800. This is the case no matter which loan type you decide to go with.
- A service fee of $15. This fee is charged monthly to your account.
- A redraw fee. If you take out a variable loan and need to redraw funds, you will be charged a fee.
How to apply for the Bendigo Business Solutions term loan
In order to be eligible for this loan, you need to meet the following requirements:
- You must be a Bendigo Bank customer.If you are not already a customer, you can join up online, over the phone or at a branch.
- You need to be over 18 years of age.
- You cannot be bankrupt.
- You need to have an Australian Business Number (ABN) or an Australian Company Number (ACN).
- You must have a residential or commercial asset that you can put forward as security.
Once you are sure you meet all the criteria, click on “Go to Site” to begin your application. Information you will need to submit includes:
- Proof of ownership of the asset that you are submitting as part of your application.This can include house deeds.
- Basic personal details, and details of your business such as how long you have been trading and the name of your company.
A Bendigo Business Solutions term loan may sound just right for your company, but you should also compare other business loans to make sure you are getting the best product for your needs.
Comparison of other business loans
Whilst we don't directly compare Bendigo Bank Business Solutions Term Loans, compare other business loans offering similar features.