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Compare business loans in Australia

Business loans come in many shapes and sizes, and can be a lump sum or revolving credit. Compare your options to find the best deal for your business.

We’re reader-supported and may be paid when you visit links to partner sites. We don’t compare all products in the market, but we’re working on it!

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Promoted
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. Note: Loans settled by 30 June 2022 are eligible for a no repayment period for the first 6 weeks of the loan.
Name Product Min. Loan Amount Max. Loan Amount Loan Term Upfront Fee Filter Values
Swoop Finance Business Loan
$18,000
$90,000,000
3 months to 30 years
Depending on your loan contract
Apply online and borrow between $18,000 and $90,000,000. Options for good and bad credit borrowers.
Lumi Unsecured Business Loan
$5,000
$300,000
3 months to 3 years
2.5% establishment fee
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. Note: Loans settled by 30 June 2022 are eligible for a no repayment period for the first 6 weeks of the loan.
ebroker Business Loan
$5,000
$5,000,000
1 month to 30 years
$0 application fee
Small business loans available between $5,000 and $5,000,000. Get access to 70+ non-bank lenders on this independent platform.
Valiant Finance Business Loan Broker
$5,000
$1,000,000
3 months to 5 years
$0 application fee
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.
Moula Business Loan
$5,000
$250,000
1 to 2 years
2% Establishment fee
A loan of up to $250,000 that can be approved and funded within 24 hours. Available to businesses with 6+ months operating history and $5,000+ monthly sales.
Max Funding Unsecured Business Loan
$3,000
$30,000
1 month to 1 year
$0 application fee
An unsecured business loan from $3,000 that offers convenient pre-approval and no early repayment fees.
OnDeck Business Loans
$10,000
$250,000
6 months to 2 years
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.
Banjo Business Loans
$20,000
$1,000,000
6 months to 3 years
up to 3% for the 36 month loan term
Available for businesses that are at least two years old and has an annual turnover of $500,000.
Heritage Bank Equipment Loan
$20,000
$500,000
Up to 5 years
$450
This business loan is designed to buy new or used equipment and has borrowing amounts between $20,000 and $500,000. No monthly fees and the loan is secured against the assets purchased.
NAB Business Recovery Loan
$20,000
$5,000,000
Up to 10 years
No approval or administrative fees
An Australian government backed loan with competitive rates to assist businesses after lockdowns. Borrow up to $5,000,000. Variable rates from 4.5% p.a. up to 3.95% p.a.
Prospa Business Loan
$5,000
$500,000
3 months to 3 years
3% origination fee
Small business loans are available from $5,000 - $500,000 on terms of up to 3 years. At least six months trading history and a monthly turnover from $5,000 is necessary. Note: Loans approved by 30 June 2022 are eligible for no repayments for the first 8 weeks of their term.
Octet Trade Finance
$100,000
$12,000,000
1 month to 2 years
Transaction fee 2.5%
Access a line of credit to pay suppliers in over 65 countries. Borrow from $100,000 up to $12,000,000.
CommBank SME Restarter Loan
$10,000
$5,000,000
Up to 10 years
No approval or administrative fees
This loan only applies to businesses eligible under the SME Recovery Loan Scheme. Borrow up to $5,000,000 with a special, low rate loan supported by the Australian government to help businesses recover from lockdowns. Variable rates range from 2.6% p.a. to 3.75% p.a.
Earlypay Equipment Finance
$20,000
$1,500,000
2 to 5 years
$750 - Establishment fee
Upgrade or expand your business's equipment with equipment finance from Earlypay. Borrow from $20,000 to $1,500,000.
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What is a business loan?

A business loan is a loan used to help a business run, whether that be through purchasing commercial real estate, meet operating costs, source equipment, or manage cash flow.

Business loans, or business finance, can come in lump sum form, or as revolving credit. They can also be secured or unsecured (usually by residential or commercial property), or have either fixed or variable interest rates. No one business is the same as another, and so the many different types of business loans are designed to meet different business needs.

Comparing your business loan options is an important step in finding the best loan for your business. Finder has collected as many products as possible so you can easily compare which product works best for you, regardless of your business size.

What types of loans are there for businesses?

Business finance comes in two forms: debt finance and equity finance.

Debt finance is offered by banks, credit unions or business lenders. It involves receiving a loan from a lender.

Equity finance is when someone invests money into your company in return for shares.

There are a range of short-term and long-term business debt finance options available. They include:

How do I know which loan is right for my business?

To work out which type of finance is the right fit for your business, consider the following questions:

Why does your business need the loan?

Are you looking to start a new business from scratch, upgrade your equipment or overcome a cash flow shortage? For example, if you're looking to invest in new business equipment, you'll want to consider your equipment finance options.

What's the state of your business finances?

The current financial performance of your business will not only affect the type of funding you need, but also your ability to qualify for different types of loans. Your credit history will also affect the range of financing options you are able to access.

What industry is your business in?

The industry you're in also affects your funding needs and finance options. For example, a retail store will have different financing requirements to a microbrewery, which will have different needs to a beauty salon.

Once you've answered these questions you'll have a better idea of which type of finance is right for you. Then it's time to start comparing the different loans and sources of funding available.

What is a good business loan interest rate?

A rate of around 6% p.a. could be considered a low rate. There may be loans with lower rates on offer, especially government-backed loans, which may come with a 2% p.a. to 4% p.a. rate. However, a number of factors will play into what rate you will actually receive, such as your business profile, including your risk profile, the security offered (if any), and any additional fees in the business loan.

It is important to account for establishment fees, monthly or annual account keeping fees, late fees, early repayment and early exit fees. High fees could risk offsetting any savings you stand to make.

How do I compare business loans?

You first need to work out what type of loan your business needs. You can then start comparing lenders and products. Here's what you need to keep in mind while comparing:

  • Eligibility criteria. Check the lender's criteria and see if you meet them. This can help you narrow down your choices and find a loan you can apply for. If you don't meet the eligibility criteria, you shouldn't apply for the loan. Every loan application and rejection will appear on your company's credit file. This could downgrade your score. Click the "More info" button on the comparison table to find out the eligibility criteria of each lender.
  • Cost. What can your business afford? Look at your income and expenses. How much can you comfortably repay without straining the cash flow of your business? If it's a loan for a startup, you'll need to rely on cash-flow projections.
  • Interest rates and fees. After working out what you can borrow, you should start comparing the rates and fees of loan products. With some loans, the interest rate may be low but additional fees high. All these costs add up, so be sure to include both interest rates and fees in your calculations. Comparing can help you find the best loan product for your business.
  • Repayment terms. Which repayment terms suit your business's cash flow? Lenders offer repayment terms with varying degrees of flexibility. Some may allow you to repay the loan daily, weekly or monthly. Find a loan product that gives you the flexibility you need to manage your business.

Can I get a business loan for my start up or small business?

Business loans exist for start ups, however approval may be challenging as lenders often require proof of revenue or sales. Ensure you meet the lender's eligibility criteria, have a clear business plan, and have all the supporting documentation on hand in order to maximise your chance of approval

Small businesses will generally find approval easier, as they will have enough of a financial history for the lenders to look through. Again, to maximise your chance of approval - ensure you meet the lender's eligibility requirements, have a clear goal for the funding, and all the supporting documentation.

With both start up business loans and small business loans, the amount you will be able to borrow will depend on your financial and credit history, the age and revenue of your business, and also if you are able to secure the loan against commercial or personal property.

Is my business eligible for a loan?

Each lender will look at your application with their own eligibility criteria, so be sure to check before you apply. In general, most lenders will be looking at least at the following:

Age of the business

You'll usually need to have been operating for at least six months to a year for most unsecured business loans offered by alternative lenders and banks, but some do offer unsecured startup finance. Invoice factoring and equipment loans have less stringent criteria on business age, but you'll need to have been operating for at least one year for business overdrafts or lines of credit.

Turnover

Your business may need to be making a certain amount of turnover in order to be eligible for a loan. This revenue may be monthly or yearly and can range from $50,000 to $200,000+ p.a. Other lenders simply require you to connect your business's accounting software or financials as part of the application process so they can calculate a loan your business can afford.

Credit profile

The lender may check the personal credit histories along with the company's credit (unless you're a startup). If the business has unpaid defaults or tax debt, you may need to find a bad credit business loan. However, most invoice financing companies do not require perfect credit histories.

ABN/ACN

You'll need to have an Australian Business Number (ABN) or Australian Company Number (ACN) to qualify for any form of business finance.

Should I apply for a charge card instead of a business loan?

If you're looking for business finance, you could opt for either a business loan or a charge card. But there are significant differences between the two you may want to consider. These include:

Business credit cardBusiness loan
FundingA specified amount of money that you can spend as a flexible, ongoing, revolving line of creditOne defined lump sum or multiple set payments
RepaymentMinimum monthly repaymentsA set repayment schedule
EligibilityTypically has strict requirementsMany options with less strict requirements are available
Interest ratesVaries, most offer purchase rates of between 10-20% p.a.Can be a monthly or annual rate. Typical annual rates for secured loans range between 3-10% p.a.
FeesAnnual fees, late repayment fees and more may applySignup fees, late repayment fees and more may apply
Other featuresRewards points, complimentary insurance and link-ups to accounting softwareTypically has no special features other than online account management
AdvantagesFlexible funding, continuously available money and bonus featuresMany different options, can be closely tailored and a choice of many providers
DisadvantagesTypically cost more than standard loansHas few special features, loan quality varies widely

If you're looking to apply for a charge card, we've curated a list of cards for you to compare:

1 - 4 of 4
Name Product Bonus points Complimentary travel insurance Annual fee Interest-free period
American Express Platinum Business Card
300,000
Yes
$1,750
Up to 55 days on purchases
Available to ABN holders w/ $75,000 revenue. Features no pre-set spending limit with up to 55 days to pay for your purchases and a Flexible Payment Option. Plus, rewards, insurance covers and up to 99 additional cards for no annual fee.
American Express Qantas Business Rewards Card
150,000
Yes
$450
Up to 51 days on purchases
Available to ABN holders w/ $75,000 revenue. Features no pre-set spending limit with up to 51 days to pay for your purchases and a Flexible Payment Option. Plus, Qantas Points, travel insurance covers and up to 99 additional cards for no annual fee.
American Express Gold Business Card
100,000
Yes
$169
Up to 51 days on purchases
Available to ABN holders w/ $75,000 revenue. Features no pre-set spending limit with up to 51 days to pay for your purchases and a Flexible Payment Option. Plus, optional rewards and business travel insurance.
American Express Business Card
N/A
No
$109
Up to 51 days on purchases
Available to ABN holders w/ $75,000 revenue. Features no pre-set spending limit with up to 51 days to pay for your purchases and a Flexible Payment Option. Plus, the ability to make secure payments via American Express AccessLine.
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Frequently Asked Questions about business loans

Still have questions? We've done our best to answer the most common questions people have about business loans.

Read more on this topic

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34 Responses

  1. Default Gravatar
    vinodsinghJune 26, 2018

    i am recently retired man. i am on aged pension. i need business loan to purchase established business. i want to put some $25000 –$ 35000/ in to it from super annuation funds. i am regularly getting aged pension from centrelink.please guide me the lenders who are liberal in granting business loan to me.

    • Default Gravatar
      NikkiJune 27, 2018

      Hi Vinod!

      Thanks for reaching out to us.

      To apply for a business loan, generally, you will need a summary of your business’ financials, a business plan, financial forecasts (including cash flow forecasts), and your personal information. However, many new lenders simply request to log into your business’ accounting software to get this information for themselves.

      You may refer to our list of Centrelink business loans to know which lender may consider you for a loan. Please click the name of the lender or the “More info” link to be redirected to our review page and learn more about the lender’s loan offer, rates, and requirements as well as the pros and cons of using their loan service. When you are ready, you may then click on the “Go to site” button and you will be redirected to the lender’s website where you can proceed with the application or get in touch with their representatives for further inquiries you may have.

      Before applying, please ensure that you meet all the eligibility criteria and read through the details of the needed requirements as well as the relevant Product Disclosure Statements/Terms and Conditions when comparing your options before making a decision on whether it is right for you. You can also contact the provider if you have specific questions.

      Hope this helps.

      Regards,
      Nikki

  2. Default Gravatar
    ClaireApril 7, 2018

    my question is l am looking for information for a business online banking account, what will be the monthly fees be to have this online account? l have obtained information from NAB and CWB that the account will be zero a month for an online account when you do not use the branch, all banking is done online. to have an OD attached to this online banking business account the fees are below for an unsecured amount.
    for OD facility NAB is 14.5% with 1.75% annual fees
    for OF facility with CWB 14.75% with 1.75% annual fees
    what is will the account fees be with ANZ and Westpac
    l cannot see where l find these on your site.
    also how long back did a zero fee for online banking start with an online banking account, what year?

    • Avatarfinder Customer Care
      MayApril 9, 2018Staff

      Hi Claire,

      Thank you for your questions.

      1. l am looking for information for a business online banking account, what will be the monthly fees be to have this online account?
      Depending on the type of account, some banks have nil monthly fees, others may charge as much as $20. You may refer to our list of business bank accounts to compare your options. Most banking accounts these days can be done easily online.

      2. What is will the account fees be with ANZ and Westpac?
      You can find more information about ANZ business accounts and its fees from our comparison table. For Westpac, Depending on the account, they charge $10 monthly account fee for their Westpac Business One Account – Low Plan and $20 for Westpac Business One Account – High Plan

      3. How long back did a zero fee for online banking start with an online banking account, what year?
      I’m afraid we don’t have information in that regard. But most banks offer cheaper if not zero fees on some of their online bank accounts to their customers helping them save money on monthly charges.

      Hope this helps.

      Cheers,
      May

  3. Default Gravatar
    TomFebruary 13, 2018

    small business unsecured loan of 300,000. to buy an existing profitable business , with low fixed interest , no early payout fee ,over 5years approx. Have financial statements of business and $800,000. assets of my own , so could be secured loan.

    • Avatarfinder Customer Care
      RenchMarch 4, 2018Staff

      Hi Tom,

      Thank you for your inquiry.

      Buying a business is a great undertaking and requires a lot of work. If you haven’t already, you might find our guide in buying a business useful. On the page is a comparison table you can use to find the right lender for you. Once done comparing, you may tick the “Go to Site” or to request a call click the available “Enquire now” button. Before applying for a loan, it would be good to check their eligibility requirements as well as their terms and conditions.

      Best regards,
      Rench

  4. Default Gravatar
    MikeAugust 31, 2017

    Hello,
    Just wondering if there are any finance options available for me. Right now all I have is my business plan and projections from my account. That’s it, no assets, no defaults on my credit score however I do have 3 inquiries(Business related). I’m looking for funding for my equipment, without the equipment we can’t start. Is there any chance at all for me?

    Regards,
    Mike.

  5. Default Gravatar
    TrevorAugust 30, 2017

    Is there a possibility of being funded without collateral and a guarantor? Low doc, etc..?

    • Avatarfinder Customer Care
      HaroldAugust 31, 2017Staff

      Hi Trevor,

      Thank you for your inquiry.

      You may want to consider the following low doc loans.

      Low Doc Personal Loans
      Low Doc Home Loans

      I hope this information has helped.

      Cheers,
      Harold

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