Suncorp Business Line of Credit

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Get access to funds whenever your business needs it with a Suncorp Business Line of Credit.

As this is a line of credit, you constantly have access to the funds that you have secured whenever you decide that your business needs them.

Worried about unexpected operational costs or fluctuations in sales that could impact your cash flow? Don’t worry anymore as you can simply withdraw the amount you need from your line of credit and repay the amount used.

Interest is charged on the amounts you withdraw, so keep this in mind whenever you make a withdrawal from the line of credit.

How does the Suncorp Business Line of Credit work?

When you apply for this line of credit, you are approved to borrow as much money as the asset you have offered as security is worth. You can offer residential, commercial or rural property as security for this line of credit as well as business assets in particular circumstances. There are no set principal repayments required with this loan as you only pay back the interest that is charged on the amount you borrow, which will vary. There are no loan terms with this line of credit as there is an ongoing limit associated with the line of credit.

Features of the Suncorp Business Line of Credit

Some of the features with this line of credit include the following:

  • Variable interest rate. The interest rate is set once your application has been approved. As it is variable, you are able to withdraw funds whenever you need them to help out your business.
  • Interest-only repayments. You are only charged interest on what you withdraw instead of the entire amount that has been secured. There are no principal repayments required with this loan, such as an application fee.
  • Long loan term. You can have this line of credit for as long as you need it. This is an ongoing limit and, therefore, no fixed term for this line of credit. You can have it for three months or three years. The ball is in your court.
  • Varied assets as security. You can offer residential, commercial or rural property as security for this line of credit. You can offer some business assets as security, but this is on a case by case basis and depends on what type of business assets you have to offer. Talk with a Suncorp banking manager before making your application in order to see what business assets you can offer.
  • Varied loan amount. The loan amount varies and is dependent on the type of security that you offer. The more the asset you offer as security is worth, the more you’re likely to get in your line of credit.

How much does the loan cost?

The following fees are associated with this line of credit:

  • There is an electronic transaction fee of 20 cents if you exceed the amount of free transactions per month.
  • There is a staff-assisted transaction fee of 70 cents if you have exceeded the limit of free transactions.
  • There is a cheque transaction fee of 60 cents if you go over the limit.
  • If you are transferring money to a bank that is NOT Suncorp, you will be charged $1 per transaction.
  • If you increase your line of credit, this will cost you $150.

How to apply for the Suncorp Business Line of Credit

In order to be eligible for this line of credit, you must click on ‘Go to Site’ and ensure you meet the following requirements:

  • Have an asset that can be used as security for the line of credit. Your line of credit application will not be approved unless you offer security with the application. You can offer residential, commercial or rural property as security as well as some business assets.
  • Business financial statements. Usually you will need two consecutive years of business financials from the business you own.

You need to provide the following documents:

  • A fully documented application. This application is subject to credit approval. You also need to include business financial statements in this application as this is a key consideration for the line of credit application.

Take advantage of the peace of mind offered with a Suncorp Business Line of Credit. Compare other business loans and ensure that they meet your individual business needs.

Comparison of other business loans

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

Rates last updated August 21st, 2018
Name Product Min Loan Amount Max. Loan Amount Loan Term Application Fee Product Description
NAB QuickBiz Loan
$5,000
$100,000
1 to 3 years
$0
An unsecured business loan from $5,000 that can be processed in 1 business day.
Valiant Finance Business Loan Broker
$5,000
$1,000,000
0.25 to 5 years
$0
A Small Business Lending Specialist from Valiant Finance can give you access to competitive business loans from over 60 lenders. Loans between $5,000 and $1 million are available. Request a call – your loan can be funded in 1 business day.
Moula Business Loan
$5,000
$250,000
0.5 to 2 years
$0
Small business loans of up to $250,000 approved and funded within 24 hours.
Transparent fees and rates. Note: Business must have been operating for at least 6 months and have monthly sales of at least $5,000.
Lending Express Business Loans
$5,000
$500,000
0.25 to 2 years
$0
Apply online for up to $500,000 and get access to over 25 lenders through Lending Express.
Ferratum Business Loan
$2,000
$150,000
0.5 to 1.5 years
2.5% origination fee
Competitive business loans from $2,000 based on your business’ cash flow.
Prospa Business Loan
$5,000
$250,000
0.25 to 2 years
$0
Apply for up to $250,000 and receive your approved funds within one business day. Note: Businesses must have a turnover of more than $6,000 per month and provide 6 months of trading history or 3 months history if you've purchased an existing business.
OnDeck Business Loans
$10,000
$250,000
0.5 to 2 years
2.5% origination fee
Apply online for up to $250,000 with OnDeck and receive approved funds in one business day. Note: Minimum annual turnover of $100,000 and must be able to demonstrate 1 year of trading history.

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