Get a discounted variable rate with multiple security options.
The BOQ Discounted Variable Business Term Loan is a secured business loan that lets you use both residential and non-residential property as security. The interest rate and terms of the loan will vary based on the type of security you use.
See if it's right for your business below.
|Product Name||BOQ Discounted Variable Business Term Loan (100% Residential Security)|
|Max. Loan Amount||$100,000,000|
|Min. Loan Amount||$200,000|
|Loan Term||Up to 25 years|
How does the BOQ Variable Business Term Loan work?
This secured loan is designed for businesses looking to borrow at least $200,000, with no maximum loan amount. You'll receive a discounted variable rate based on the type of asset you use as security.
For businesses using a residential property as security, you'll receive a rate of . For those looking to use non-residential or mixed property as security, the rate is .
The minimum loan term is months, with the maximum loan term of 180 months for those using mixed or non-residential security, or 300 months for those using residential property.
Features of the BOQ Variable Business Term Loan
- Security options. You can use either a residential property or mixed/non-residential property as security against the loan. The type of security you use will determine your rate and maximum loan term.
- Discounted variable rate. You'll receive a rate of if using residential security or if using mixed or non-residential security.
- Loan amount. You can borrow from a minimum of $200,000, with no maximum loan amount.
- Variable loan terms. For businesses using residential property as security, the maximum loan term is 300 months. For those using non-residential or mixed security, the maximum loan term is 180 months.
- Repayment options. You can make weekly, fortnightly or monthly repayments. A fee applies for making additional payments that exceed the number of agreed-upon instalments by $5,000.
- Redraw facility. You can redraw on any additional payments you make.
Fees and charges
- Application fee. You'll pay an initial fee of 0.75% of the loan amount.
- Monthly fee. There is an ongoing $20 service fee.
- Security fee. If you wish to use more than one form of security, you'll need to pay a $150 fee.
- Exit fee. There is also a $320 exit fee attached to the loan.
- Early repayment fee. If you pay off the loan early, you'll need to pay a fee equal to 0.5% of the approved loan amount, which is capped at $1,200 if you pay off the loan within 1–3 years.
- Settlement fee. You'll pay a $150 fee once the loan has been paid back.
You may need to pay additional fees or charges depending on the terms of your loan, such as a construction fee or emergency limit fee.
How to apply for the BOQ Variable Business Term Loan
You can apply for this loan by clicking "Go to site" above. You'll need to provide the following information and documentation as part of your application:
- Whether or not the loan will be held by a trust
- Details of all signatories and partners
- Personal and company financial information
The documents you need to provide include:
- A current Australian driver's licence
- A valid Australian passport
- A tax file number (optional)
The BOQ Discounted Variable Business Loan offers a low variable rate for businesses looking to borrow more than $200,000, especially for businesses looking to use a residential property as security. You should compare a range of finance options before choosing the one that's right for your business.