Suncorp Business Line of Credit
Summary
Borrow as much as you need, when you need it. Costs include interest charges and establishment fees.
Suncorp offers a secured business line of credit with an ongoing limit and no fixed terms. This loan requires security, which can be residential, commercial or rural property. Business assets may also be accepted. With a line of credit, you will only have to pay interest on the amount used, and not the entire credit limit. No set principal repayments are required. Interest on this type of loan is variable, meaning that it can fluctuate month by month based on the market interest rate. Apart from interest charges, there is also an establishment fee. You can receive the rates and fees when you speak to a business banking specialist at Suncorp.
Details
Product details
| Product Name | Suncorp Business Line of Credit |
| Max. Loan Amount | No maximum amount |
| Loan Security | Secured |
How does the Suncorp Business Line of Credit work?
When you apply for this line of credit, you are approved to borrow as much money as the asset you have offered as security is worth. You can offer residential, commercial or rural property as security for this line of credit as well as business assets in particular circumstances. There are no set principal repayments required with this loan as you only pay back the interest that is charged on the amount you borrow, which will vary. There are no loan terms with this line of credit as there is an ongoing limit associated with the line of credit.
Features of the Suncorp Business Line of Credit
Some of the features with this line of credit include the following:
- Variable interest rate. The interest rate is set once your application has been approved. As it is variable, you are able to withdraw funds whenever you need them to help out your business.
- Interest-only repayments. You are only charged interest on what you withdraw instead of the entire amount that has been secured. There are no principal repayments required with this loan, such as an application fee.
- Long loan term. You can have this line of credit for as long as you need it. This is an ongoing limit and, therefore, no fixed term for this line of credit. You can have it for three months or three years. The ball is in your court.
- Varied assets as security. You can offer residential, commercial or rural property as security for this line of credit. You can offer some business assets as security, but this is on a case by case basis and depends on what type of business assets you have to offer. Talk with a Suncorp banking manager before making your application in order to see what business assets you can offer.
- Varied loan amount. The loan amount varies and is dependent on the type of security that you offer. The more the asset you offer as security is worth, the more you're likely to get in your line of credit.
How much does the loan cost?
The following fees are associated with this line of credit:
- There is an electronic transaction fee of 20 cents if you exceed the amount of free transactions per month.
- There is a staff-assisted transaction fee of 70 cents if you have exceeded the limit of free transactions.
- There is a cheque transaction fee of 60 cents if you go over the limit.
- If you are transferring money to a bank that is NOT Suncorp, you will be charged $1 per transaction.
- If you increase your line of credit, this will cost you $150.
How to apply for the Suncorp Business Line of Credit
In order to be eligible for this line of credit, you must click on 'Go to Site' and ensure you meet the following requirements:
- Have an asset that can be used as security for the line of credit. Your line of credit application will not be approved unless you offer security with the application. You can offer residential, commercial or rural property as security as well as some business assets.
- Business financial statements. Usually you will need two consecutive years of business financials from the business you own.
You need to provide the following documents:
- A fully documented application. This application is subject to credit approval. You also need to include business financial statements in this application as this is a key consideration for the line of credit application.
Take advantage of the peace of mind offered with a Suncorp Business Line of Credit. Compare other business loans and ensure that they meet your individual business needs.
Comparison of other business loans
Whilst we don't directly compare Suncorp Business Line of Credit, compare other business loans offering similar features.
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