Suncorp Commercial

Suncorp Commercial

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Suncorp offers clear, straightforward lending products with decent interest rates. They are a practical lending option for both small and mid-sized businesses, with standard commercial loans up to $1 million and a business banking department to handle bigger loans. They also offer specialised agribusiness products and have a strong history lending to Australia’s agriculture industry throughout the 20th century. Suncorp won Money magazine’s Business Bank of the Year award in 2016 and has garnered awards for their insurance and non-business lending products as well.

Key Benefits

  • Very competitive rates for secured loans
  • Excellent online features
  • Flexible options and features to help you save

Drawbacks

  • Considerable fees on some products
  • Borrowers with bad credit aren’t likely to qualify
  • Very strict requirements for large loans

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Home Loan Products Breakdown

Small Business Essentials Loan

  • Borrow up to $1 million
  • Flexible rates
  • No monthly fees

A secured loan for small businesses who need extra funds

This secured loan is designed for small businesses who need extra funds for investing in growth, making capital purchases, or other needs. You can borrow up to $1 million with either a fixed or variable rate. The variable rate includes an offset account and no monthly service fees, as well as the ability to redraw any extra money you’ve paid on your account with a Cashback feature.

Commercial Business Loan

  • Borrow up to $1 million
  • Flexible rates
  • Flexible repayment

A flexible loan for larger companies with sizable borrowing needs

For larger companies and sizable borrowing needs, Suncorp offers a customisable Commercial Business Loan for borrowing more than $1 million. You can choose either a fixed or variable interest rate and can tailor your repayment options to your business needs. Loan terms range from 1 to 15 years. This is a secured loan. You can use residential, commercial or rural property, and in some cases, business assets, to secure your loan.

Equipment Finance

  • Maximise cash flow
  • Flexible terms
  • Flexible repayment

Scout options for the purchase of vehicles or equipment for your business

For Equipment Finance, Suncorp offers a Finance Lease if you would prefer to rent the asset, or a Chattel Mortgage if you want to own it once the loan is paid off. Loan terms range from 1 to 5 years. You can also set your repayments to suit your business’s cash flow.

Business Line of Credit

  • Variable interest rate
  • Ongoing term
  • Flexible repayment

Grow your business by accessing funds up to an approved limit

If you are looking for the flexibility to access funds when you need them, a Business Line of Credit will give you the financial breathing room you need. This is a variable rate, secured loan with no set principal repayments. You simply need to keep your balance below your account limit and pay interest on your outstanding amount. Suncorp has flexible options that can help you reduce or eliminate fees, like their Money Manager Package and flat fee alternatives.

Business Credit Card

  • Low rate
  • Rewards program
  • Interest-free periods

A range of credit cards to suit your business, no matter what size it is

A convenient option for businesses, Suncorp offers interest-free periods and the ability to add up to 99 additional cardholders to the account. With an annual fee of $45, you’ll get 24/7 customer service, FRAUDSHIELD security protection and organised expense management with statements for each cardholder. As a credit card, however, rates are much higher than Suncorp’s secured lending options.

Business Overdraft

  • Variable interest rate
  • Ongoing term
  • Flexible repayment

Manage your short-term cash flow and unexpected expenses

A suitable option as a financial backup for both small and large businesses, Suncorp’s Business Overdraft can help you deal with seasonal cash flow challenges, yet still, enjoy a competitive interest rate and flexibility. This is a variable rate loan with no fixed term. You can use it when your business transaction account is temporarily out of funds. Secure your loan for a more competitive rate, or use an unsecured loan if that works better for your business.

Agribusiness Loan

  • Variable/fixed rates
  • Fees vary
  • Flexible repayment

Helping Aussie farmers grow their business

If you’re running a farming business, Suncorp has a competitive lending product that you can tailor to your needs. Choose a fixed or variable rate and set your repayments to principle and interest or interest only. This is a secured loan, with terms available from 1 to 15 years. Fees vary depending on your application.

 

Still looking for your perfect match?

At eChoice, we have partnered with over 20 of Australia's leading lenders to help you find the right home loan. Chat with one of our experienced brokers today.

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