BetterBusiness Loan

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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