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  • If eligible (see below), once approved, you could have money in your account in 20 minutes

    • Subject to a few quick questions e.g. checking your info is correct and matches your ASIC profile, and your permission to run a credit check, we can fast-track your application for a BetterBusiness Loan through BizExpress
    • You could borrow up to a maximum loan amount of $100,000 (lending criteria applies) contact us if this isn’t right for you
    • This loan is part of the Government Coronavirus SME Guarantee Loan Scheme Phase 2 and eligibility criteria apply
    • It’s designed to offer support to small and medium sized enterprises in the current environment by providing cash for your day-to-day business expenses, or to help your business grow by seizing opportunities when they arise
    • You can apply for this loan from now until the Government Coronavirus SME Guarantee Loan Scheme Phase 2 ends in June 2021
    • Before commencing any application you should read the Important note below regarding key features and eligibility; and about this loan’s terms, conditions, fees and repayments here

    Apply online

  • Important note:

    To access the online application form you’ll need to have access to NetBank.

    You can register online for NetBank now. Have the following handy:

    • Your card number and PIN
    • The mobile phone number that’s on file with us.

Keep in mind

  • Key loan features

    • The loan must be used for business purposes. This loan must not be used to refinance existing debt, inter-group lending, or to purchase residential property or financial products (such as shares)
    • For new loan applications only and cannot be applied to existing loans, including an extension or increase of existing loans, top-ups or variations
    • The loan is funded into the online redraw feature. You’ll only pay interest on the funds you draw from your loan account. That means if you don’t withdraw or transfer money out of the account we place the funds into, you won’t pay interest
    • You must not already have, or will not, exceed the Government Coronavirus SME Guarantee Scheme Phase 2 loan cap of $1,000,000 per ABN

  • Fees and repayment

    • No establishment or account fees (other fees still apply2)
    • You’ll pay a variable interest rate of 4.25% p.a.2 on this unsecured loan
    • The loan term is 5 years and repayments are interest only for the first 6 months
    • After those first 6 months, you’ll be required to make principal and interest repayments
    • If you choose to use our redraw function, you’ll only pay interest on the funds you draw from your loan account. That means if you don’t withdraw or transfer money out of the account we place the funds into, you won’t pay interest

Is your business eligible?

  • At the moment, you could be eligible for a fast-track application through BizExpress if:

    • You are an existing customer with us
    • You are a Sole Trader and Business Name with a single Proprietor or Domestic Proprietary Companies with a single Director
    • You have an ABN 
    • The business turnover is less than or equal to $50 million
    • You intend to use this loan for working capital purposes or to grow your business (but noting the loan cannot be used to refinance existing debt, for inter-group lending, to purchase residential property or financial products (such as shares),or lend to an associated entity)
    • The business does not have a tax debt or tax arrears with the Australian Taxation Office (ATO)
    • The business is not in the mining, property development, non-government school or hospitality industry
    • The business is not a not-for-profit organisation

    We’ll look at expanding this application for other entity types soon.

    If you don’t meet the above eligibility criteria, you may be able to apply through our assisted application process, here’s how.

Frequently Asked Questions (FAQs)

  • Have more than one business?

    If you’d like to apply for multiple businesses, you’ll have the option to do this at the end of the application. If you’re unable to see your business listed, request a call from our team. 

    Who can see this offer and apply?

    This offer is only sent to primary account holders. If you’ve given access to other delegates they won’t be able to see this offer on your behalf.

    Our assisted application process may allow you to apply as an authorised account holder. Discover more about assisted applications.  

    Who needs to have access to NetBank in order to apply for the loan?

    If you’re a Sole Trader or if you’re a Sole Director/ Sole Shareholder of the business, you will need to have access to NetBank to be eligible and apply for this loan. If you do not already have access, you can register online now.

    Can I apply later if I change my mind?

    If you change your mind after you’ve declined this offer in NetBank, we’ll ask you whether you want to apply again in 15 days. You can also apply any time by following the link we sent to your inbox. 

About the application process

  • How long will it take to apply?

    It will take about 15 minutes to complete your application.

    What do I need before I apply?

    We should have most of your information on file so you won’t need too many details.

    We’ll need you to:

    • Check the details we have on file are correct
    • Make sure this information is up-to-date
    • Confirm this information matches your ASIC profile

    Want to check your ASIC details before you start? Check them on their site.

    How is the loan amount calculated?

    This offer is determined by a number of factors including your historical cash flow history and account conduct. You’re currently unable to apply for more than $100,000 online. If you need more than this, you can request a follow up with one of our team.

    What will appear on my credit history?

    During the application process, we ask your permission to run a credit check. If you agree to that and then finish applying, it’ll appear on your credit history. Applications for finance are subject to our eligibility and suitability criteria as well as normal credit approval processes. Read our current terms and conditions for Business Finance and consider them before making any decision about this BetterBusiness Loan.

    Have more questions about the process?

    Give us a call on 13 1998. 

About the loan

  • Which account will repayments be made from?

    The repayments will be automatically set up to come from your transaction account. You’ll see this marked on your application and you can change this after your loan has been funded if you like.

    Is there a redraw facility?

    Yes, the BetterBusiness loan has an online redraw feature. There’s no cost to withdrawing money paid in advance. 

    How do I close the loan if I don’t use it and stop repayments?

    Call us on 13 1998 if you decide you no longer need the loan. 

    Can the loan be repaid earlier?

    Yes, the BetterBusiness Loan is a variable rate loan and can be repaid earlier without any cost. 

About your loan documents and funding

  • Do I need to sign loan documents?

    Yes, you’ll need to read each page carefully before you choose to accept all terms and conditions of the loan.

    Once you’ve read it, you’ll need to click on Borrower accept if you’re a Sole Trader or Borrower accept and Guarantor accept if you’re a Sole Director/ Sole Shareholder.

    How will Government Coronavirus SME Guarantee Scheme Phase 2  loan be funded?

    We’ll credit 100% of the loan to your BetterBusiness Loan account. You can access it through NetBank and the CommBank app using the online redraw feature. 

    That means you can access the full amount that has been funded, but the balance will sit in redraw. This ensures that interest will only apply to the amount that is used instead of the full loan amount.

    Can some of the loan be credited to a different account?

    No. To ensure an efficient process for funding, the loan will be drawn and available in one place. You can then redraw money as you like into any account.

    When should I get funding?

    Funding is completed within the hour. We’ll send you an SMS and a message to your NetBank inbox once your BetterBusiness Loan is set up. Important note: You’ll need to withdraw money from the loan using the online redraw feature.

    How will the loan funds be paid out?

    The loan will remain in your BetterBusiness Loan account for you to access through the online redraw feature. This way you avoid any interest charged for any unused amount from your account.

    For more information on redraw and repayments, read our current terms and conditions for Business Finance and Financial Services Guide (PDF) and consider them before making any decision about this product.

    How will the loan appear on NetBank?

    The loan will show as a BetterBusiness Loan. It’ll be linked automatically without you needing to call us unless you choose to make repayments from a different CommBank account. 

We can help

Things you should know

  • This information was current at the time of publishing and is for general information purposes only. It has been prepared without considering your objectives, financial situation or needs. You should consider the appropriateness of this information to your circumstances before acting on it.

    1These products are only available to approved business customers and for business purposes only. This loan cannot be used to refinance existing debt, purchase residential property or financial products; or to provide loans to associated entities. Applications for finance are subject to the Bank's eligibility and suitability criteria and normal credit approval processes. View our current Terms and Conditions for Business Finance and consider them before making any decision about these products. 

    2Rates are current as at 26th October 2020 and are subject to change. For current interest rates, visit Business banking rates and fees.