Business finance winners recognised in Canstar’s 2022 Business Loan Star Ratings and Awards

As Australia’s economic recovery picks up after the COVID-19 pandemic, businesses are operating in a complex financial environment. At such a time, having access to banking products such as overdrafts and loans can be vital for the ongoing success of a business. In Canstar’s 2022 Business Loans Star Ratings and Awards, we recognise providers that offer outstanding value.

Against a backdrop of rising interest rates, many business owners are reviewing their loans and looking at sources of funding to support capital raising and keep their cash flow consistent, as well as to help them ‘balance the books’ and manage expenses. Challenges such as higher costs are impacting the bottom line of many businesses, as business owners balance the need to meet recovering demand with the risks posed by soaring cost-of-living pressures.

“It is a challenging time for Australian businesses,” said Joshua Sale, Ratings Manager for Canstar.

“Having a reliable banking partner that offers suitable financial products and services is crucial for many business operators who are navigating a ‘new normal’ of supply, demand and cost pressures with our economic recovery from the COVID-19 pandemic.”

Data from the Australian Bureau of Statistics shows more than 1 in 2 businesses have experienced increases in the cost of doing business in recent months, with higher costs of fuel and costs for products and services used. Nearly 40% of the businesses surveyed made changes to their business operations or processes as a result, 17% renegotiated payment terms with customers and suppliers, and 16% deferred or cancelled their investment plans. Another 13% sought additional funds.

“In Canstar’s Business Loan Star Ratings and Awards, we have recognised business loan products that provide outstanding value to Australian business customers,” said Mr Sale.

“As part of these awards, our Research team has applied a methodology that has considered the different needs and wants of business loan applicants based on their borrowing profiles, and we’ve factored in price and feature benefits for residentially secured, commercially secured and unsecured term loans and overdrafts.”

The business loans and business overdrafts that have achieved a 5-Star Rating in one of Canstar’s Business Loan Star Ratings profiles have been recognised as providing outstanding value and been awarded with an Outstanding Value – Business Loan Award.

So, which providers won? We cover the results here, with providers recognised in alphabetical order. You can also read the methodology and view the full Star Ratings results.

2022 Business Loan Star Ratings and Awards – winners

Canstar’s 2022 Business Loan Star Ratings and Award winners are ANZ, Bendigo Bank, Heritage Bank, NAB, Newcastle Permanent, St.George Bank and Suncorp. For this year’s awards, Canstar rated 45 products across 10 providers, with five award-winning overdrafts and six award-winning term loans announced.

ANZ

ANZ, one of Australia’s big four banks, has been recognised for having an outstanding value unsecured overdraft product, as well as an outstanding value unsecured term loan, in Canstar’s 2022 Business Loans Star Ratings and Awards. The award-winning products recognised by Canstar were:

• Unsecured term loan: Business Loan Variable – Unsecured
• Unsecured overdraft: Business Overdraft – Unsecured

Bendigo Bank

Bendigo Bank was the first Australian bank to introduce green loans. The bank first opened its doors more than 160 years ago, and it has been recognised in this year’s Business Loan Awards for its residentially secured term loan.

• Residentially secured term loan: Small Business Variable – Residential Security

Heritage Bank

Heritage Bank is one of Australia’s largest mutual banks. In Canstar’s 2022 Business Loans Star Ratings and Awards, Heritage Bank has been recognised for its outstanding value overdraft products.

• Commercially secured overdraft: Business Line of Credit – Non-Residential Security
• Residentially secured overdraft: Business Line of Credit – Residential Security

NAB

National Australia Bank, or NAB, another of Australia’s ‘big four’ banks, has multiple award-winning products recognised in Canstar’s 2022 Business Loans Star Ratings and Awards, as follows:

• Commercially secured term loan: Business Markets Loan Variable 90 days
• Commercially secured term loan: Business Options Prime
• Unsecured term loan: Business Options Prime

Separately, NAB has also just been announced as Canstar’s Bank of the Year for Agribusiness, receiving a separate national award for delivering outstanding value to its customers for agribusiness finance.

Compare agribusiness banking options with Canstar

Newcastle Permanent

Newcastle Permanent Building Society says it is Australia’s second-largest customer-owned financial institution. It has been helping customers for more than 117 years. Newcastle Permanent has scooped two awards in Canstar’s 2022 Business Loans Star Ratings and Awards, being recognised in both of the following overdraft product categories:

• Commercially secured overdraft: Business Overdraft
• Residentially secured overdraft: Business Overdraft

St.George Bank

St.George Bank is part of the Westpac Group, and is recognised as a leading retail and business banking brand nationally. St.George Bank has similarly scooped two awards for its business loans in 2022.

• Commercially secured overdraft: Commercial Overdraft
• Residentially secured overdraft: Commercial Overdraft

Suncorp Bank

As part of the Suncorp Group, Suncorp Bank offers insurance, banking and wealth products and services through some of Australia and New Zealand’s most recognised financial brands. It has been recognised twice in this year’s awards for its secured term loans.

• Commercially secured term loan: Small Business Essentials – Commercial Security
• Residentially secured term loan: Small Business Essentials – Residential Security

Compare small business finance products

Cover image source: f11photo/Shutterstock.com.

About Canstar’s Research team

Canstar’s Research team provides the expertise that powers our Star Ratings and Awards, designed to help consumers make better-informed financial decisions. As Australia’s biggest financial comparison site, Canstar researches and rates products from more than 775 brands, across more than 30 finance categories. Our expert researchers analyse each product we rate by comparing price and features, with the top products being recognised with a 5-Star Rating. Our Star Ratings are made available for consumers to view for free via Canstar’s comparison tables. Providers whose products perform strongly in our Star Ratings may be recognised with an Outstanding Value Award.

→ Discover Canstar’s latest Star Ratings and Award winners