Business loans - frequently asked questions

No, unlike our personal loans, redraw is not a feature of our Business Vehicle Loan.

No, the vehicle must be purchased through a licenced motor vehicle dealer.

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.

No, our business fixed and variable loans have no monthly or ongoing fees.

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.

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

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 Banker for your options.

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.

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

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.

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.

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.

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.

The construction period for your loan is up to 12 months from the date of settlement.

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

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