CBA is offering $500 cashback to tradies to finance tools or vehicles

Commonwealth Bank (CBA) has announced a new support package for tradies who are looking to start or grow a business, including an offer of $500 cashback for vehicles or equipment finances through the bank.

The Australian construction industry is currently facing a variety of challenges, with disruption to supply chains leading to materials shortages, and the cost of building materials rising by more than 15% in the year to March 2022.  Against this challenging backdrop, CBA has announced measures to support tradies, including a cashback offer for the purchase of vehicles and equipment.

$500 cashback for vehicles and equipment

Until September 15, CBA is offering $500 cashback to tradespeople who have a business transaction account with the bank and are looking to finance the purchase of equipment or a vehicle.

The cashback offer applies to tradies running a small business, who apply to finance a vehicle or equipment between 15 July and 15 September 2022, and fund by 1 October, 2022. Repayments must be debited from a Business Transaction Account. Cashback will automatically be credited into this account within 60 days.

The offer also includes benefits for self-employed tradies who have had their home loan with CBA for more than 12 months, and allows them to access finance of up to $100,000 for a business vehicle by providing only basic application information.

To qualify, customers need to have a current home loan in place with CBA where all repayments have been made on time, that has been in place for more than 12 months with an initial drawdown or loan amount of at least $250,000. The offer applies to a single business-use motor vehicle with a maximum lending amount of $100,000 and can be utilised once per customer.

The full terms and conditions for both offers can be viewed on CBA’s website.

Support aims to help tradies to start, run or grow a business

CBA’s Executive General Manager of Everyday Business Banking, James Fowle, said that even with the current tough market conditions, he believes many tradies are growing their businesses and seeking finance for equipment or to increase their capacity.

“We understand the unique business needs of tradies to manage complex cash flows and run your businesses on-the-go,” Mr Fowle said.

“We’ve customised a wide range of products and offers to support tradies to start, run or grow their business, working through their individual circumstances.”

CBA says its business transaction account allows tradies and other small business owners to access easy invoice templates, real-time payment alerts and automatic account reconciliation, to help stay on top of cash flow and reduce admin time.

If you’re considering a business savings or transaction account, you can see which products and providers came out on top in our latest Star Ratings and Awards.

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