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What’s changing?

Updated: 2 January 2024

BetterBusiness Loan fee
Effective 
Changes
Redraw Balance Fee
For loans settled on or after 17 February 2024
We’ll apply a Redraw Balance Fee of 0.49% p.a. on BetterBusiness Loan redraw balances over $100,000, calculated daily and charged monthly in arrears 

Why are we making these changes?

  • We understand that changes to fees can be concerning, particularly in the current environment. We’re making this change to continue to offer the best banking services to all our customers.

    The BetterBusiness Loan is design to fund business growth, purchase commercial property and for other general business purchases. It’s not meant to act as a line of credit or cash flow facility. If you’re using your loan for this purpose, contact us or your Relationship Manager to talk about more suitable options.

Consider these options to help avoid the fee

    • Review your lending needs: If you no longer need the full loan amount, consider reducing your loan limit or closing the loan
    • Use or reduce your redraw: As the Redraw Balance Fee only applies to redraw balances over $100,000, consider using or reducing your redraw 

We’re here to help

  • If you’d like to discuss other business banking solutions, contact us or speak to your Relationship Manager.

     

Things you should know