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 Commercial 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 Commercial Business Loan, compare other business loans offering similar features.