Luke is the CFO of an electrical services company that's looking to purchase one of their smaller competitors.
He takes out a principal and interest BetterBusiness Loan to finance the purchase, and secures it against his company's offices. This means that he'll pay back both the principal, which is the amount he's borrowing, and the interest, which is the cost of borrowing.
Luke's forecasted that his company is likely to see a large cash profit across the next few years, so he chooses a variable rate which allows him to make additional repayments. If he needs to, he can access these extra payments using redraw.
Residential security – Loan terms between 1 and 30 years available
Commercial security – Loan terms of up to 15 years available
Unsecured – Speak to your business banker
Choose between a variable or fixed interest rate. You can make interest-only or principal and interest repayments.
Rates and fees depend on the type of security you provide for your loan, your loan amount, and other factors. We'll confirm what they are in your Letter of Offer. Fees include:
Here are some other products that might meet your business needs:
This information is current as at 24 July 2020 and is prepared without taking into account your individual and/or business needs and objectives. Rates are subject to change. Fees, charges and Terms & Conditions apply.
CommBank has the right to change or cancel this offer at any time without notice. This product is only available to approved business customers and for business purposes only. Applications for finance are subject to the Bank’s eligibility and suitability criteria and normal credit approval processes. Full terms and conditions are included in the Loan Offer. Bank fees and charges may apply.
View our Current Terms and Conditions for Business Finance and CommBank business savings and transaction accounts and consider them before making any decision about this product.
Terms and conditions issued by Commonwealth Bank of Australia ABN 48 123 123 124 for CommBiz and NetBank are available on our website at commbank.com.au, from any of our branches or by phoning us on 13 2221, and should be considered before making any decision about these products. For current interest rates, visit commbank.com.au/business/rates-fees.