St.George Small Business Loan
- Upfront Fee
- $0
- Max. Loan Amount
- $3,000,000
- Loan Term
- Up to 30 years
Summary
Borrow from $20,000 up to $3,000,000. This loan has long terms but interest rates will vary depending on security provided.
Businesses can apply for loans from $20,000, with a choice of fixed or variable rates and secured or unsecured options. Terms of up to 30 years are available, depending on the loan type and security. Your interest rate will depend on factors including the security you provide. With a variable rate, you can make extra repayments without penalty. With a fixed rate, you can't make extra repayments. Fees and charges apply, so ask St.George for full details before you apply.
Details
Product details
| Product Name | St.George Small Business Loan |
| Min. Loan Amount | $20,000 |
| Max. Loan Amount | $3,000,000 |
| Loan Security | Secured |
| Upfront Fee | $0 |
| Loan Term | Up to 30 years |
How does the St.George Small Business Loan work?
You can borrow from $20,000 over a term of up to 30 years, with a fixed or variable rate and a secured or unsecured loan. Security can include cash, residential or commercial property, or business assets. You can make extra repayments without penalty on a variable rate loan, but not on a fixed rate loan. It can take from a few days to a month to go from application to settlement.
Features of the St.George Small Business Loan
Some of the features of this loan are as follows:
- Increased loan terms. St.George has increased the maximum loan terms on variable rate commercially secured and residentially secured loans. This increase has gone from to 25 years on commercially secured loans and from 25 to 30 years on residentially secured loans. These increases allow your business more time to pay off the loan.
- Lump sum repayment options. With this loan, you have the option to make additional lump sum payments throughout your loan. If you have a variable rate loan, you are able to make additional repayments at any time throughout the duration of the loan without penalty. If you have a fixed rate loan, you are able to make a lump sum payment at the end of the loan term without any penalty. However, if you wish to make a lump sum payment before the end of the fixed rate loan term, you will be charged a fee.
- Option of fixed or variable rate. With this business loan, you have the option of choosing between a fixed rate loan or a variable rate loan. Each loan type has advantages. For example, with the variable rate loan option, you can secure this loan with cash, property or business assets. With the fixed rate loan, you have the certainty of a fixed rate and set repayments which helps you with budgeting costs for your business. The variable rate for this loan is 9.48% p.a.
- Flexible repayment options. With your variable rate loan, you can choose between paying interest only, or principal, interest and fees. With your fixed rate loan, you have the option of paying interest in advance for the year or on a monthly basis to help you manage the cash flow of your business.
- Large minimum amount. You can apply straight away for a minimum of $20,000 with this loan.
How much does the loan cost?
As the rates and fees with this loan are dependent on whether or not you decide to get a fixed rate or a variable rate loan, it's important to keep this in mind before reviewing the fees below. Some of the fees you can expect to be charged with this loan are:
- A monthly account keeping fee.
- An initial account application fee for the loan.
- Interest rate charges. These will change depending on whether you've applied for a fixed rate or variable rate loan.
However, this depends on how much you apply for with St.George.
How to apply for the St.George Small Business Loan
To apply, you'll need to speak to a St.George business banker, either by visiting a branch or arranging an appointment. You don't need to be an existing St.George customer. To be eligible, you must be a business entity, or an individual aged 18 or over, based in Australia. You'll also need the funds wholly or mainly for business purposes and must meet St.George's credit criteria.
Before you apply, have your business financials ready:
- Australian Business Number (ABN)
- Existing businesses: your last 2 years of balance sheets, profit and loss statements and tax returns
- New businesses: a detailed business plan with profit and loss forecasts
- Buying a business: the profit and loss statements from the last 2 years
If your application is approved, you'll receive a contract to sign. The funds are usually available one business day after you return it. Before you apply, compare business loans to see which one best suits your business.
Comparison of other business loans
Whilst we don't directly compare the St.George Small Business Loan, compare other business loans offering similar features.
Finder Score for business loans
We assess over 150 business loan products for their rates, fees and important features, assigning them a score out of 10.
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