“The genuine alternative.”
We congratulate Suncorp Bank on their Commercially Secured Term Loan and Residentially Secured Term Loan products, which have both received CANSTAR’s 5-star rating in 2016 for Business Loans in our Term Loans 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 options and inclusions for the product you are considering.
Resources on offer for small business owners
The Business Insurance Hub provided by Suncorp is designed to help small business owners understand and make the most of the insurance for their business.
Suncorp’s Insight Is Everything blog also regularly features tips for small business.
Features of Commercially Secured Term Loan
Key features of this business loan product, at time of writing, are:
- Loan Purpose: Available for use by franchise buyers or owners, unincorporated borrowing entity, individual borrower, company borrower, discretionary trust borrower, or unit trust borrower
Not available for start-ups or other businesses less than 2 years old
Available for purpose of inventory purchase, plant and equipment purchase, property purchase, development finance, share investment, business use vehicles, or legal purposes
- Loan Type: Principal and Interest, or Interest Only for 5 years
- Maximum Loan Term: 15 years
- Loan Amount: Minimum $10,000 – Maximum $1 million
- Repayment Options: Daily, weekly, fortnightly, monthly, quarterly, semi-annually, or annually
Additional repayments allowed
Repayments may be made via internet, lump sum, or phone
- Facilities Available: Redraw facility available for minimum $1,000 up to unlimited maximum. 1 free redraw allowed
100% offset account available to be linked to loan
Split option available. Minimum split amount $10,000
Switch variable/fixed interest rate available
- Portable Mortgage: Portable loan, with no balloon payments at end of term
- Security Options: Cash, commercial property, or other security
- 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: 39% variable rate. Rate does not vary by LVR.
- Application Fee: $500
- Early repayment penalty: $1,200
- Redraw Withdrawal Fee: $20
- Split Loan Application Fee: $300
- Portability Transfer Security Fee: $300
- Switch Fee: $300
About Suncorp Bank
Suncorp was founded in 1902 and remains Australia’s leading bank in regional areas. Suncorp’s many brands include AAMI, GIO, Bingle.com.au, Apia, Shannons, Terri Scheer, Asteron Life, and AA Insurance.
Suncorp offers financial solutions for small to medium sized, owner-managed business enterprises with loans of up to $1 million, and commercial enterprises with loans of over $1 million. They have more than 190 branches and 1,650 ATMs.
Suncorp’s YouTube Channel offers insights into Australian business spending needs in the Cost of Living Survey series, including the following results on the cost of digital and online connection for businesses:
Source: Suncorp Bank
How Suncorp Bank supports the community
- Fitness: Proudly a major sponsor of the 5km parkrun every Saturday around the country, and the runPositive community at major marathon events. Suncorp also sponsors the Blackmores Sydney Running Festival, Gold Coast Airport Marathon, and the Sunday Mail Suncorp Bank Bridge to Brisbane.
- Skin cancer prevention: Promoting sun safety in the community since 2004 through their SunWise program.
- Equal access: Parent company Suncorp supports Youngcare so young people with a disability can have a fulfilling life with other young people in age-appropriate care.
- Children’s financial literacy: Banking products like the Kids Savings Account help customers learn how to save.
- Charitable giving: Suncorp runs the Brighter Futures Community Giving program to give over 60 grants per year to charities, individuals, or organisations nominated by employees.
- The Arts: Lead partner of the Queensland Ballet‘s 2015 and 2016 seasons.
- Sports: Sponsoring the Maroon Reds State of Origin team and the Brisbane International 2016 tennis tournament.
- Road safety: Promoting road safety training, awareness and communicating the findings from research into driver behaviour.
How Suncorp Bank protects the environment
- Supporting environmental sustainability standards in the supply chain.
- Cutting-edge sustainable design used and maintained in the Suncorp Stadium.
- Committed to improving human rights and diversity in the supply chain.
- Supporting long-term viability of community and industry.
- Consolidating office space to reduce environmental impact, and providing easy to use waste recycle bins in major offices and reducing the amount of landfill waste.
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.