CommBank BetterBusiness Loan
- Upfront Fee
- Depends on application and whether or not security provided
- Max. Loan Amount
- $1,000,000
- Loan Term
- 1 to 30 years
Summary
Choose between four interest rate options. To borrow large amounts, you will have to offer security.
The Commonwealth Bank's BetterBusiness Loan offers medium to long-term capital to begin or expand your business. While the maximum loan amount is high, there are borrowing limits if the loan is unsecured. Fees will depend on how much you borrow, but you will be charged an establishment fee and a monthly or quarterly recurring loan service fee.
Details
Product details
| Product Name | CommBank BetterBusiness Loan |
| Min. Loan Amount | $10,000 |
| Max. Loan Amount | $1,000,000 |
| Loan Security | Secured |
| Upfront Fee | Depends on application and whether or not security provided |
| Loan Term | 1 to 30 years |
How does the BetterBusiness Loan work?
When applying for this loan you will be given four interest rate options to choose from, each with its own benefits. Two of the options allow you to secure property against this loan. For the fixed rate options available, the borrowing limit on this loan is a minimum of $10,000. For the residential secured loans there is a minimum of $100,000. The loan terms for the fixed rate options are from 12 months to 7 years.
Features of the BetterBusiness Loan
There are a number of features with this loan, including:
- Special Offer. Eligible customers who apply by 29 February 2024 can borrow up to $1 million at a discounted variable rate of 6.5% p.a.
- Three interest rate options to choose from:
- Fixed rate: Loan term from 12 months to 7 years (or up to 10 years for agribusiness customers).
- Variable rate: A variable rate of 10.43%.
- Variable rate residentially secured: A variable interest rate of 8.35%.
- Two different types of loans to choose from. You can either secure your residential property against this loan in order to get a lower interest rate and a larger borrowing amount or you can choose from the unsecured loan option that allows you to borrow less for a shorter loan term. The unsecured loans have a higher interest rate as there is no collateral being put against the loan.
- Varying interest rates. As listed above, there are a variety of different interest rate combinations available, which is something to keep in mind before applying.
- Varying loan terms. For variable rate loans, the minimum loan term is 12 months and the maximum is 30 years. For other fixed rate loans, the minimum term is 12 months and the maximum is 7 years.
- Varying borrowing limits. For fixed rate loans there is a minimum borrowing limit of $10,000. For residentially secured loans there is a minimum of $100,000.
- Flexible repayment options. This loan offers a variety of repayment options, including interest only, principal and interest, interest in advance (only available on fixed rate loans with a rate that is linked to the market) and a loan redraw option, which allows you to redraw on repayments made ahead of schedule at no extra cost.
How much does the loan cost?
There are a number of fees with this loan, including:
- A one-off loan establishment fee charged when you take out the loan
- A regular loan service fee charged monthly or quarterly
These fees are dependant on how much you decide to borrow and the type of security that is offered on the loan.
How to apply for the BetterBusiness Loan
Click on the 'Go to site' button and ensure you meet the following requirements before applying for this loan:
- You must have a Commonwealth Bank Account.
- You must be over 18 years of age.
- You must not have previously filed for bankruptcy.
- You must have an ABN or ACN.
- For a secured loan you must have a residential property to use as security.
The BetterBusiness Loan offered by CommBank can help expand your business but it's important to consider whether this loan is right for your needs. Compare business loans before making a final decision.
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