Commonwealth Bank Business Line of Credit - Review & Fees | finder

Commonwealth Bank Business Line of Credit

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Take advantage of the revolving door Business Line of Credit offered by Commbank to help your business grow.

Commonwealth Bank's Business Line of Credit offers flexibility to business owners as well as value and control. This line of credit is designed as a long-term debt facility, which means that you can use it to manage your ongoing cash flow. This CommBank line of credit is an option for those looking to expand their business or invest in other opportunities. With the financial opportunities to grow your business or invest in others, you're in control. Read on to discover more of the benefits.

The Commonwealth Bank no longer offer a business line of credit. Click here to learn more about alternative line of credit products.

$600

Upfront Fee

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Details

Product NameCommonwealth Bank Business Line of Credit
Min. Loan Amount$50,000
Max. Loan AmountNo maximum amount
Loan SecuritySecured
Upfront Fee$600

How does the CommBank Business Line of Credit work?

In order to apply for this line of credit, you must talk to a business banker from Commonwealth Bank – either a representative in a branch or over the phone. You also have to have a business account with CommBank to have access to the funds. You can apply for a minimum amount of $50,000.

Features of the CommBank Business Line of Credit

There are many features that come with this line of credit, such as:

  • Ease of access. You can easily access the funds up to your approved limit. You no longer need to renegotiate or contact your relationship manager in order to do this. You can access your funds via NetBank and CommBiz, as well as through ATMs, EFTPOS, via cheque or over the phone. In addition, you can withdraw funds through the Commbank app or in a branch. You definitely have a lot of options to choose from in order to access your business funds.
  • Large minimum amount. You can apply for a minimum of $50,000 which is a lot of capital for future expansion or a potential small business investment.
  • Convenience. With this line of credit, your credit facility and your transaction account are merged into one, which allows you to manage your money with ease. You no longer need to switch between accounts as they have all been consolidated into one.
  • Variable rate. This account comes with a variable rate of interest. The rate you will pay is dependent on the type of security offered. For example, if you offer residential security for the line of credit, your interest rate is 5.23% p.a. whereas if you offer other security, your rate will be 7.81% p.a.
  • Different types of security. You can offer different types of security for this line of credit, such as cash or residential property.
  • No set repayments. There are no set repayments which means you can tailor the repayments to suit the cash flow of your business
  • Ability to redraw. You are able to redraw funds whenever you need them, up to the limit for which you've been approved
  • Only pay interest on what is used. You save on interest costs as you only pay interest on the funds that were used.

How much does the CommBank Business Line of Credit cost?

The type of fees you can expect to pay on this line of credit include:

  • Application fee. The application fee is $600.
  • A customer interest rate margin. This depends on how much you apply for and what type of security is offered.
  • A monthly account-keeping fee. You'll be informed about this once your application has been approved.
  • Interest costs. With this, you only pay the interest on the funds you've used. This fee is dependent on the rate that has been set for your line of credit.

If you do have any questions about what types of fees will be offered with this line of credit, your business relationship manager will be happy to answer your questions.

How to apply for the CommBank Business Line of Credit

In order to check whether you are eligible, click on "Go to Site" and ensure you meet the following:

  • Be a registered business in Australia.
  • Be a Commonwealth Bank member. Before applying for the line of credit, make sure you have a business account already set up.

The documents that you need for the line of credit include:

  • A business plan. It should include the usual details, andshow future growth opportunities for your business.
  • Financial statements. Your documents should show that you have the assets to serve as security against the line of credit, whether it be cash or residential property.

With a revolving door type of credit offered by Commbank, it's easy to see why this could potentially meet your business needs. However, compare other business lines of credit to ensure that you get one that suits your business.

Comparison of other business loans

Whilst we don't directly compare the Commonwealth Bank Business Line of Credit, compare other business loans offering similar features.

Data updated regularly
Name Product Min. Loan Amount Max. Loan Amount Loan Term Upfront Fee Filter Values
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.
Zip Business
$10,000
$500,000
6 months to 3 years
No Establishment fee
Borrow up to $500,000 with loan terms of up to 3 years. Flexible weekly, fortnightly and monthly repayment options available with no early repayment fees.
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.
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.
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.
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.
Octet Trade Finance
$200,000
$8,000,000
1 month to 2 years
Transaction fee 2.5%
Access a line of credit to pay suppliers in over 65 countries. Borrow from $200,000 up to $7 million.
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.
Heritage Bank Fully Drawn Business Loan
$20,000
No maximum amount
1 to 25 years
Application fee is available upon application
Get access to a loan from $20,000 with no maximum limit with Heritage Bank. Loans can be secured by residential and non-residential property and have terms of up to 25 years.
Prospa Business Loan
$5,000
$300,000
3 months to 3 years
3% origination fee
Small business loans are available from $5,000 - $300,000 on terms of up to 3 years. At least six months trading history and a monthly turnover from $6,000 is necessary.
Westpac Business Loan
$20,000
$1,000,000
1 to 30 years
$0 application fee
Purchase a new vehicle, equipment or support your cash flow with a business finance solution from Westpac.
ANZ Secured Business Loan
$10,000
$10,000,000
Up to 15 years
$600
Benefit from a low rate when you secure this loan with property and/or business assets. Loans from $10,000 available.
ANZ Unsecured Business Loan
$10,000
$1,000,000
Up to 15 years
$600
Apply for a loan from $10,000 with no security required and benefit from flexible repayment terms.
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