Suncorp Commercial Business Loan

Take advantage of a commercial business loan from Suncorp and find a solution that is tailored to your business needs.

With this business loan, you have the option to choose between a fixed rate loan and a variable rate loan before you apply. This choice immediately puts you in control of your business or future business finances and ensures you’re on the right track. There are a lot of differences between the two options, such as the redraw facility offered with the variable rate loan and the fixed repayments with the fixed rate loan. It’s important to consider these differences before deciding to make an application.

How does the Suncorp Commercial Business Loan work?

These Commercial Business Loans are designed for large lending amounts. This means that the loan amount you’re applying for is a minimum of $1,000,000. The maximum limit depends on the type of assets you’re able to offer as security for this loan. The loan terms vary, depending on the type of security offered. There’s a minimum of 1 year(s) and a maximum of 15 year(s) in loan terms, which gives your business plenty of time to grow and thrive.

Features of the Suncorp Commercial Business Loan

Some of the features with this loan include:

  • Large minimum amounts. This loan is designed for lending amounts of $1,000,000 or over. That’s a large minimum borrowing rate which gives your business plenty of opportunities to expand over the term of the loan.
  • Varied loan terms. The loan terms on this loan start from 1 year(s) and go all the way up to 15 year(s). Plenty of time to make those business decisions you’ve always dreamed of.
  • A personalised business banking manager. Get personalised help with a business banking manager, whose goal is to help structure a loan to best suit the needs of your business and match your cash flow, and who also takes into consideration any seasonal fluctuations that might occur.
  • Choose from fixed or variable interest rate options. You are able to choose between a fixed rate and a variable rate loan option. With the fixed rate option, you fix the rate for the term of the loan and therefore know what your repayments are going to be whenever they occur. However, with the variable rate option, you are able to make additional repayments when you’ve got the spare cash lying around and are able to redraw on these additional repayments if you need the money in a pinch.
  • Choice of repayment type. You are able to choose to pay the principal and interest or interest only on your loan.
  • Varied types of security. You are able to offer a variety of assets as security for this loan. You can offer residential, commercial or rural property as security. You can also put forward business assets, but this is on a case-by-case basis and the lender’s decisions will depend on what the assets are. You are able to offer a combination of assets as well.

How much does the loan cost?

Some of the fees that can be expected with this loan include:

  • An application fee that depends on your application and whether or not you have provided security.
  • An unused limit fee of 1.5% of the loan amount you have applied for if you don’t use the loan.
  • A transaction fee of $20 if you deposit funds from that account to another bank.
  • A redraw fee of $20. This only applies if you’ve chosen to go with the variable loan type.
  • An account maintenance fee that’s confirmed once you’ve sent in your application.

How to apply for the Suncorp Business Loan

In order to be eligible for this loan, you must click on “Go to Site” and ensure you have the following ready:

  • An asset to put forward as security for the loan. You can put forward a variety of assets, such as cash, residential, commercial or rural property as well as business assets. It can be a combination of these assets as well.
  • Be an Australian permanent resident or a citizen.
  • Have a Suncorp account. Although this isn’t strictly a requirement, it does make things easier if you already have an account with Suncorp and the lender can clearly see your assets and liabilities situation before you apply for this business loan.

Some documents you need to provide include:

  • Two consecutive years of financial information. This financial information has to be about the business you’re wanting to purchase or the business you currently have. If you don’t provide this information, your application for a loan will not be able to continue.
  • Proof of identity. Usually, this is your driver’s licence or your passport.

There is a large minimum lending amount offered with a Suncorp Commercial Business Loan. Compare other business loans to see which loans best meet your needs.

Comparison of other business loans

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

Rates last updated November 19th, 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
Apply for up to $100,000 and get a response within 60 seconds. No upfront or ongoing fees and a transparent fixed rate.
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.
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.
Note: If you apply and have your loan settled in November 2018, you will recieve $250 cash-back.
Moula Business Loan
$5,000
$250,000
0.5 to 2 years
$0
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.
Spotcap Loans
$10,000
$400,000
0.25 to 2 years
$0
Benefit from a fixed interest rate and no upfront fees with a loan available up to $400,000. Must have been operating for at least 18 months and have turnover over $200,000.
GetCapital Flexible Business Loan
$5,000
$500,000
0.5 to 2 years
Initial draw down fee
A flexible business loan up to $500,000 with convenient top up and redraw facilities. Business must have been operating for 9 months+ and have monthly sales of $10,000+
businessloans.com.au Flexible Business Loan
$5,000
$500,000
0.5 to 2 years
Initial draw down fee
A business loan up to $100,000 for unsecured loans, or $500,000 for secured loans that you can use for any business purpose. Transparent costs and redraw facility available.
OnDeck Business Loans
$10,000
$250,000
0.5 to 2 years
2.5% origination fee
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.
ANZ Unsecured Business Loan
$10,000
$1,000,000
15 years
$600
You can choose a fixed or variable interest rate
Apply for a loan from $10,000 with no security required and benefit from flexible repayment terms.

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