BankSA Small Business Loan Review: Fees and Features

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How does a loan from BankSA work?

BankSA offers secured commercial loans to Australian businesses for a variety of purposes. If you are looking to support your cash flow, invest in the growth of your business or buy new equipment for your business, BankSA might have a loan for you.

To apply for a loan from BankSA, you must have a registered Australian business and a valid loan guarantee. Eligible collateral for BankSA business loans includes cash, commercial or residential property, collateral or business assets.

Depending on the type of financing you opt for BankSA, you can also benefit from certain tax advantages.

What features does BankSA offer with its loans?

Here are some of the features you can expect with a business loan from BankSA.

  • Extended loan term. BankSA recently extended the loan terms, making it one of the longest loan terms available in the market. Variable rate commercial secured loans are available in terms of up to 25 years (instead of 15 years) and variable rate residential secured loans are available in terms of 30 years (instead of 25 years). Fixed rate loan terms will depend on your situation.
  • Secure. BankSA business loans require cash, property, business assets or collateral as loan security.
  • Amount of the loan. Loans are available from $20,000. The maximum loan limits will depend on your situation and your level of security.
  • Refunds without penalty. If you opt for a variable rate loan, you can make additional repayments, without penalty.
  • Fixed or variable rate. You can opt for a fixed or variable rate with a commercial loan from BankSA:
    • Fixed rate. Interest can be paid in advance for the year, in advance, or on a monthly basis to help manage cash flow.
    • Floating rate. Flexible repayment structures include interest only or principal, interest and fees.

How much does the loan cost?

The cost of your loan may depend on your situation, your business data, the security of the loan and whether you opt for a fixed or variable rate loan. Here is a general overview of the costs you can expect:

  • Interest rate. An interest rate of 2.68% per annum applies to variable rate loans.

Terms and conditions apply and additional fees and charges are available upon request. Please contact BankSA directly or click “Go to Site” to find out more.

How to register

To apply for a BankSA business loan, you can either click ‘Go to site’ for more information, ask to be called back (this may take up to two working days) or visit a branch. You will need:

  • Your Australian Business Number – ABN, ACN, ARBN and ARSN are accepted
  • Loan guarantee (cash, goodwill, commercial and residential property and guarantees are accepted)

Additional business data may be required. Always compare loan options carefully before submitting an application.

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