FAQ

Business Loans

Most popular questions...

• Are there any monthly fees or annual fees on Business Fixed Rate Loans?

  No, our Business Fixed and Variable Loans have no monthly or ongoing fees.

• Can I redraw excess funds from my Business Variable loan?

  No, a redraw facility is not a feature of our Business Fixed or Variable Loans.  As an alternative you may want to consider our Business Line of Credit account, as it allows you to deposit and withdraw funds up to an approved credit limit as often as you like.

• Can I redraw excess funds from my loan?

  No, a redraw facility is not a feature of our Business Fixed or Variable Loans.  As an alternative you may want to consider our Business Line of Credit account, as it allows you to deposit and withdraw funds up to an approved credit limit as often as you like.

• Can I pay extra off my loan?

  If you choose a Business Fixed Rate Loan you can make additional repayments up to a maximum of $10,000 per year during the fixed period. However, redrawing the additional repayments is not permitted. Alternatively, a split loan facility with a Business Line of Credit can provide you with the best of both loan types.

• Can I change the security on my Business Variable Loan from Residential to Commercial or, from Commercial to Residential?

  Due to the different security risks, a change to the type of security will change the interest charges applicable to your loan.  Please speak to your Business Relationship Manager regarding your options.

More questions...

• Can I purchase my vehicle through a Private Seller?

  No, the vehicle must be purchased through a Licenced Motor Vehicle Dealer.

• Can I pay extra off my Business Loan?

  Yes, our Variable Business Home Loan enables you to make unlimited additional repayments.

• Can I switch to a fixed interest rate if I have a variable interest rate loan and I think interest rates are going to rise?

  Please speak to your Business Relationship Manager if you'd like to switch to a Business Fixed Rate Loan.  

• Will I pay interest on the full amount?

  Your loan will be disbursed as the funds are required, so you will only pay interest on the portion of the construction loan you have drawn down.

• Is a Line of Credit loan right for me? 

  A Business Line of Credit loan is ideal for business borrowers who are good at budgeting and want a loan account which combines their business transaction account and credit limit all in one.

  If you're still not sure about which option is right for you, we're happy to help you make the right decision. Call us on 13 11 82 or visit your nearest branch for more details.

• What type of vehicle can I finance?

  Any vehicle for business purposes up to 3 tonnes. The vehicle must be new or near new and be less than 8 years old at the end of the Business Vehicle Loan term.

• What is a Business Line of Credit?

  A Business Line of Credit account allows you to deposit and withdraw funds up to an approved credit limit as often as you like. You can even have all of your business credits and debits linked to this account.

  By regularly depositing into the account (via payroll or savings) you could reduce the amount of interest paid, therefore reducing the term of your loan, allowing you to pay it off sooner.

• What repayments do I need to make on my Business Line of Credit loan?

  Business Line of Credit accounts are Interest Only for a period of up to 10 years. This means your required payment is equal to the interest charged to the account for the month. The interest amount due each month can be deducted from the available funds in your Business Line of Credit account, providing you are within your approved limit. 

• What type of loan can I select for my Business Construction Loan?

  We have a residential or commercially secured Business Variable Loan available.

  The construction period of your loan will be interest only, at the end of your construction period the loan reverts to principal and interest repayments.  

• How long do I have to construct my new Business / Investment?

  The construction period of your loan is up to 12 months from the date of the first drawdown.

• Do I have a balloon payment at the end of my loan term?

  No, your Business Vehicle Loan will be paid in full at the end of your chosen loan term.

• Can I redraw my additional loan repayments?

  No, unlike our Personal Loans, redraw is not a feature of our Business Vehicle Loans.