CommBank Business Loans – 5 Star Rated 2016

CommBank (Commonwealth Bank of Australia) is a provider of business loans, banking and investment products, home loans, home and contents insurance, car insurance, life insurance, and travel insurance.

“CommBank CAN.”

We congratulate CommBank on their Residentially Secured Overdraft, which has received CANSTAR’s 5-star rating in 2016 for Business Loans in our Overdraft profile.

The inclusions below represent a selection of what is covered. Additional conditions may apply to different features. CANSTAR is not making any suggestion or recommendation to you about this product. Please ensure that you read the product disclosure statement to determine all the current policy options and inclusions for the product you are considering.

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Resources on offer for small business owners

Business owners can arrange a free yearly consultation with a CommBank business banker, to ensure their business is staying on track.

Business insight tools available from CommBank include BetterBusiness Insights Report, which turns payments and market data into personalised insights about your business. CommBank also offers the Future Business Index report, a quarterly survey covering business confidence and growth opportunities in 11 industries across Australia.

CommBank also provides Merchant Services such as EFTPOS devices and plans, the small business payments app Pi, and eCommerce facilities. At the time of writing, CommBank supports approximately 200,000 EFTPOS terminals across Australia.

Business finance essentials is a set of learning guides available on the CommBank website, complete with templates and checklists for those new to running a business.

Source: CommBank

Features of Residentially Secured Overdraft

We rated both the Residentially Secured Overdraft available for those with a Standard business account and those with a Premium business account. Key features of this business loan product with a Standard business account, at time of writing, are:

  • Loan Purpose: Available for any business or commercial purpose, except for share investment
  • Loan Type: Revolving Credit, or Interest Only with no time limit
  • Maximum Loan Term: No maximum loan term
  • Loan Amount: Minimum $0 – Maximum $99.9 million
  • Repayment Options: Daily, weekly, fortnightly, monthly, quarterly, semi-annually, or annually
    Additional repayments allowed
    Repayments may be made via internet, lump sum, ATM, or phone
  • Facilities Available: ATM, cheque, EFTPOS, online banking, branch access, telephone banking, BPAY
  • Card Access: Credit card attached to account
  • Portable Mortgage: Portable loan, with optional balloon payments at end of term
  • Security Options: Cash, or residential property
  • Free Transactions: 30
  • Availability: This product is currently available across Australia

Rates and Fees

Key rates and fees that apply to this business loan product, at time of writing, are:

  • Advertised Rate: 10% variable rate. Rate varies according to LVR.
  • Overdrawn Service Fee: $10
  • Cheque Fee: 70%
  • Over-the-Counter Transaction Fee: 10%
  • Portability Transfer Security Fee: Nil

About CommBank

The Commonwealth Bank of Australia (CommBank) was founded in 1911 as the government bank for our young nation, and they are still Australia’s largest provider of financial services.

In 2015, CommBank won the CANSTAR Bank of the Year Award for Small Business. At the time of writing, they have more than 1,100 branches and 4,300 ATMs nationally.

The Commonwealth Bank of Australia Group employs around 52,000 people and close to 60% of staff members are women. The Group’s many brands include ASB (New Zealand), Bankwest, Colonial First State, CommInsure, CommSec, FirstChoice, and Sovereign. As at December 2015, the Group has over $903,075 million in assets under management.

How Commonwealth Bank supports the business community

  • Start up innovation: Opened a new CommBank Innovation Lab in Hong Kong to connect customers, employees, and start-up communities to the latest FinTech developments. CommBank also runs innovation pop-up labs in Melbourne and London. Finally, in 2015-2016 CommBank has become the first bank to gain access to emerging technology and innovation from start-ups and tech businesses in Israel, by signing a memorandum of understanding with Israel’s Chief Scientist in the Ministry of Economy.
  • Women in business: Sponsoring women-led and owned businesses through Women in Focus, with a new directory of women-led businesses launched for the 2016 International Women’s Day celebrations.
  • Community grants: More than $2 million in grants to invest in young people are distributed every year through the Commonwealth Bank Staff Community Fund, formed in 1917. Watch the story of how a grant helped Starz Dance hold a special recital for their special needs children’s class.
  • Sponsorship: Sponsoring the Australian of the Year since the 1970s.

How Commonwealth Bank protects the environment

  • CommBank won three CDP ASX 200 Climate Leadership Awards in 2014: Largest relative carbon reduction; CDP Climate Performance Leader 2014; and Best climate disclosure.
  • CommBank won the NSW government’s 10-year Sustainability Achievement Award in 2012.
  • Exceeded 2015 targets in emissions reductions against 2009 levels.
  • CommBank corporate kitchens use sustainably sourced produce from their own vegetable and herb patch and from local farmers.

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Please note that CANSTAR is an information provider and in giving you product information CANSTAR is not making any suggestion or recommendation about a particular credit product. If you decided to apply for a loan, you will deal directly with a financial institution, and not with CANSTAR. Rates and product information should be confirmed with the relevant financial institution. For more information, read our detailed disclosure, important notes and additional information.

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