Heritage Bank Fully Drawn Business Loan
Get a flexible loan with repayment terms that match your company's cash flow
Every business is unique, so it's important to find a finance option that's flexible to how your individual business works.
Heritage Bank are offering a secured business loan with both fixed and variable rate options. The Fully Drawn Business Loan can be secured against both residential property and other forms of security and it has a loan term of up to 25 years for residential security, and 15 years for other security types. Interest only and principal and interest repayments are available.
With a minimum loan amount of $20,000, this loan is suitable for people looking to buy a business, purchase property through their business or satisfy longer term working capital goals.
Application fee is available upon application
Upfront Fee
$7,000,000
Max. Loan Amount
1 to 25 years
Loan Term
Details
| Product Name | Heritage Bank Fully Drawn Business Loan |
|---|---|
| Min. Loan Amount | $20,000 |
| Max. Loan Amount | $7,000,000 |
| Loan Security | Secured |
| Upfront Fee | Application fee is available upon application |
| Loan Term | 1 to 25 years |
How does a business loan from Heritage Bank work?
To apply for a Heritage Bank business loan, you simply need to visit their website by clicking "Go to site" where you can submit an inquiry. Subject to your inquiry, Heritage Bank will get in contact with you for more information regarding your personal details and business data. Once Heritage Bank has determined your eligibility and you would like to move forward with the loan process, you can submit an application.
Heritage Bank's Fully Drawn Business Loan is a flexible business loan for larger business purchases and long-term cash-flow management. There is no limit to the amount of funds you can borrow with this loan as the maximum you will be able to qualify for will depend on your level of asset security. Loans can be secured with either a residential or non-residential property. They can also have a fixed or a variable rate and a loan term of 1-25 years (up to 25 years with residential security, and 15 years with non-residential security). The type of security, the type of rate and the loan term you choose will affect the interest rate of the loan.
What features does Heritage Bank offer with its Fully Drawn Business Loan?
As the Heritage Bank business loan can be either fixed or variable in rate, we'll outline the features separately.
Fixed rate loan:
- High loan amount. The preferred minimum amount for this loan is $20,000, and there is no maximum.
- Security. This loan can be secured by either a residential or non-residential property. Your level of security will determine your loan maximum.
- Loan term. Fixed rate loans are available on terms from 1-5 years.
- Interest rate. The interest rate will depend on the loan term and on the type of security that you provide.
- 1 year residential. 2.90% p.a.
- 1 year non-residential. 3.75% p.a.
- 2 years residential. 2.9% p.a.
- 2 years non-residential. 3.75% p.a.
- 3 years residential. 2.95% p.a.
- 3 years non-residential. 3.80% p.a.
- 4 years residential. 3.00% p.a.
- 4 years non-residential. 3.85% p.a.
- 5 years residential. 3.15% p.a.
- 5 years non-residential. 4.00% p.a.
- Flexible repayments. You can choose between interest-only or principal and interest repayments and repay weekly, fortnightly or monthly. You can also match your repayments to your company's cash flow.
- Redraw facility. There is a redraw facility available with this loan upon request.
- Penalty-free extra repayments. You can make additional payments to your loan without paying a penalty.
- Break fee. If you pay off the fixed term loan early, you may be subject to a break fee.
Variable rate loan:
- High loan amount. The preferred minimum amount for this loan is $20,000, and there is no maximum.
- Security. This loan can be secured by either a residential or non-residential property. Your level of security will determine your loan maximum.
- Loan term. Variable rate loans are available on terms from 1-25 years for loans with residential security, and 1-15 years with other security types.
- Interest rate. The interest rate will depend on the type of security that you provide.
- Residential security. 2.95% p.a.
- Non-residential security. 3.79% p.a.
- Flexible repayments. You can choose between interest-only or principal and interest repayments and repay weekly, fortnightly or monthly. You can also match your repayments to your company's cash flow.
- Redraw facility. There is a redraw facility available with this loan upon request.
- Penalty-free extra repayments. You can make additional payments to your loan without paying a penalty.
- No break fee. There is no break fee with a variable rate loan.
How much does the loan cost?
How much you pay for the loan will depend on a number of deciding factors. These include the amount of money that you borrow, the rate type and the loan term as well as factors regarding your business and/or personal circumstances. Here's a general outline of the fees that you can expect with this loan:
- Monthly administration fee. A fee of $20 must be paid monthly.
- Redraw fee. A processing fee of $20 is payable if you choose to access a redraw facility.
- Early exit fee. If you exit the loan early, you will have to pay a fee of $250.
- Break fee. If you pay off a fixed loan early, you may have to pay a break fee. There is no break fee for variable rate loans.
For more information on these fees, please contact the lender directly.
How to apply
To apply for a Heritage Bank Fully Drawn Business Loan, click "Go to site" to submit an inquiry. Inquiries will require the following information:
- Name
- Email address
- Contact number
Is there anything to be aware of before applying?
This loan is only available to businesses. This means that you will have to have an active ABN or ACN to qualify for this loan and be an owner, partner or director of a company. It is also a secured loan, so you will have to be either an owner of a residential property or another qualifying asset 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
Prospective applicants should also be aware that they will have to contact Heritage Bank directly before they can fill out an application form. Before applying for a loan, it's always a good idea to compare your options.
