Heritage Bank Business Line of Credit
Get a business line of credit from $50,000 up to $500,000. This loan is secured. Rates and terms will depend on the security provided.
Heritage Bank provides business line of credit from $50,000 up to $500,000. This loan can be secured with either residential or commercial, industrial and rural property. Loan terms will depend on the type of security. For residential property, you can get up to 25 years, and up to 15 years for other types of security. The interest rate is variable, meaning that it will fluctuate on a monthly basis depending on the market interest rate. Rates will also depend on the type of security provided. For residential property, it starts from 4.5% p.a., while for non-residential security it is 5.15% p.a. Fees include a monthly fee of $20 and an application fee, which is available on request.
The application fee amount is available upon request
Max. Loan Amount
Up to 25 years
|Product Name||Heritage Bank Business Line of Credit|
|Min. Loan Amount||$50,000|
|Max. Loan Amount||$500,000|
|Upfront Fee||The application fee amount is available upon request|
|Loan Term||Up to 25 years|
How does a line of credit from Heritage Bank work?
Like most business lines of credit, Heritage Bank's business line of credit gives you access to funding that you can draw down from. You can use a line of credit much like you would a business bank account – or more accurately – an overdraft. However, unlike an overdraft, a business line of credit has a much higher credit limit.
With a Heritage Bank business line of credit, you can apply to extend your credit limit at any time. You can also request to have the credit limit reduced. Ways in which you can draw down from your line of credit include using a card attached to your account, BPAY, drawing personal cheques from your account and more.
You will need to make monthly repayments towards your outstanding balance. Please note that the interest rate you'll pay and your loan term will be partly determined by the type of security that you provide.
Features of a Heritage Bank Business Line of Credit
The following are some of the features that come with this loan product:
- Loan amount. This loan can have a credit limit from $50,000-$500,000
- Variable rate. This is a variable rate product.
- Security. You will need to provide security for your loan. This can be either a residential property or a non-residential property, such as a commercial, rural or industrial property.
- Loan term.
- Residential security: Up to a 25-year loan term.
- Non-residential security: Up to a 15-year loan term.
- Interest rate.
- Residential security: 4.5% p.a.
- Non-residential security: 5.15% p.a.
- Limited free transactions. You can make five free transactions per month, which include debit and credit transactions on your facility account.
- Interest-only terms. Interest-only terms apply during the currency of the facility.
- Repayments. You will need to make monthly repayments, and you are not allowed to make additional repayments.
How much does the loan cost?
The cost of a Heritage Bank business line of credit will depend largely on how much you draw from your credit limit. It will also depend on factors like your loan term, security type, business data and personal circumstances.
That being said, in regard to fees and charges, here's an idea of the general costs you can expect from this loan:
- Application fee. The application fee amount is available upon request.
- Administration fee. A $20 monthly administration fee applies to this loan.
- Early exit fee. If you decide to pay out the loan early, you will be subject to a fee of $250.
For more information on these fees, please contact the lender directly.
How to apply
If you're considering applying for a Heritage Bank business line of credit, you can simply click "Go to site" to submit an inquiry. Information that you will require to submit an inquiry includes the following:
- Your full name
- Contact number
- Email address
- Customer number (if you are a Heritage Bank customer)
- Inquiry type and a message
Is there anything to be aware of before applying?
This line of credit product is only available to businesses. This means that you will have to have an active ABN or ACN to qualify for this line of credit and be an owner, partner or director of a company. It is also a secured line of credit, so you will have to be either an owner of a residential or non-residential property to be eligible for this loan. You will also have to meet the following criteria:
- Be 18 years old or above
- Be an Australian resident or permanent citizen
Remember that it is always a good idea to compare business lines of credit before applying to make the best possible decision for your circumstances.