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BetterBusiness Loan


A BetterBusiness Loan (BBL) gives you a flexible loan facility to suit your cashflow requirements. You may choose from the following options:

  •     BetterBusiness Loan - Fixed Rate
  •     BetterBusiness Loan - Variable Rate (including residential security)

The loan can be split between fixed and variable interest rates.



Who is it For?

A Better Business Loan (BBL) is a competitive core lending facility designed for clients who wish to:

  •     Access all the funds up-front or partial drawdown
  •     Have the choice of paying interest only or principal and interest
  •     Have a known set loan term with a fixed monthly payment
  •     Choice of loans with a fixed or variable rate

How Can it Help You?

  •     Take advantage of business opportunities or refinance to a better product or rate
  •     Manage cashflow needs by providing the choice of interest only or principal and interest repayment options
  •     Manage your interest rate risk with the choice of fixed or variable interest rate

Fixed Rate

A fixed rate loan facility offering finance for medium to long term capital expenditure requirements of commercial, industrial and rural businesses.

Limit amount

Minimum limit amount $50,000
No set maximum limit


Term

Up to 15 years for commercially secured, 30 years for fully residentially secured loans and for well secured farm loans in selected industries.

Fixed rate period

Up to 5 years are available on "interest only" loans; and
Up to 7 years on "principal reducing" loans


Interest rate

To obtain an indicative interest rate for this, refer your enquiry to us. A firm interest rate will be quoted to you when the deal is booked in

Interest charged

Interest is calculated daily and charged monthly in arrears with additional interest charging cycles of quarterly, semi-annual and annual available on request for rural borrowers

Interest payment

Interest is to be debited to a nominated account

Repayments

Interest only or principal and interest

Switching

Option to switch to a variable interest rate at the end of any fixed rate period and switch back to a fixed rate at any time. Nil switching fee applies

Establishment fee

Scale establishment fee applies to the loan amount

Loan service fee

A Scale Loan Service Fee applies - charged quarterly in arrears

Commitment fee

0.15% charged on the loan amount for the facilities not taken up within one month of the date the Bank receives the Letter of Authority and the Terms Schedule signed by the borrower

Early Repayment Adjustment (ERA)

Break cost charged when a full or partial prepayment of the loan is made

Administrative fee

$300 to cover the admin cost of calculating the ERA upon terminating the contract

Security

Loans are to be secured to the Bank's satisfaction


Variable Rate

A variable rate loan facility offering finance for medium to long term capital expenditure requirements of commercial, industrial and rural businesses.

Limit amount

Minimum limit amount $50,000
No set maximum limit

Term

Up to 15 years for commercially secured, 30 years for fully residentially secured loans and for well secured farm loans in selected industries.

Interest rate

To obtain an indicative interest rate for this, refer your enquiry to us. A firm interest rate will be quoted to you when the deal is booked in

Interest charged

Interest is calculated daily and charged monthly in arrears with additional interest charging cycles of quarterly, semi-annual and annual available on request for rural borrowers

Interest payment

Interest is to be debited to a nominated account

Repayments

Interest only up to 15 years and/ or principal and interest

Switching

Option to switch to a fixed rate at any time

Establishment fee

Residential security: Flat $600 Establishment Fee applies
All other security: Scale Establishment Fee applies

Loan service fee

Residential Security: Flat $8 per month Loan Service Fee applies
All other security: Scale Loan Service Fee applies - charged quarterly in arrears

Commitment fee

0.15% charged on the loan amount for the facilities not taken up within one month of the date the Bank receives the Letter of Authority and the Terms Schedule signed by the borrower

Early Repayment Adjustment (ERA)

Does not apply

Security

Loans are to be secured to the Bank's satisfaction

Redraw facility

You are able to redraw repayments made ahead of arrangements at no cost


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