ANZ business overdraft
ANZ offer an overdraft that is linked to your business transaction account. Having an overdraft means you have funds available to your business when you need them. Current rtes for an ANZ overdraft are 14.65% p.a. Your interest is calculated daily on the outstanding amount only so when your overdraft is not in use no interest is charged. This can be a good option if you are using the overdraft as a backback for times when customer payments may be late or you have a large order that needs paying straight away.
ANZ business flexible facility
An ANZ business flexible facility is a revolving credit facility that uses your home or property as security. There is no fixed payment schedule with this facility and you can draw down, repay funds and redraw funds as you need to. You will have a credit limit your business is approved for and your interest rate will be better because your home is used as security and there is less risk for ANZ.
Business term loans
Medium to long term business loans are available through ANZ. You have the option of fixed rates or floating rates, or a combination of both. Security can be in the form of business assets or property. ANZ have options for structuring your term loan, a table loan is when your repayments stay the same over the term of your loan. A straight line loan is when an arranged amount of the principal is repaid and interest is charged separately. Your loan repayments are higher initially but will decrease over time as more of your principle is paid back.
An interest only option is also available, so you only repay interest over the term of your loan. At the end of the term the loan will need to be repaid in full or you have the option to renegotiate your term loan.
ANZ Business Home Loan
The ANZ business home loan is secured against your property and available as a fixed rate or floating interest rate loan. The loan term can be up to 30 years and you can borrow up to 80% of your residential properties value. Interest only option is available as well, subject to approval.
ANZ Business Green Loan
ANZ offer a green loan so if your business is shifting to a more sustainable model and will have a positive impact on the environment you may be eligible. Your business must meet the eligibility criteria to be approved. The categories of business are renewable enery, energy efficiency and green buildings. Up to 3 million is available and the maximum term is 5 years.
In summary, it is important to consider all your options when it comes to applying for a business loan. If you are unsure what type of loan is right for your business, speak with Compare Business Loans to chat about your options. Once we understand your business situation and where you are heading, we can help you understand what is required to apply for a business loan, the steps when applying and manage your application from start through to settlement.
Our brokering service is free. A broker fee will be included in your loan amount only if your application is successfully settled.