| Best for | Buying something bigger and you don't want to use your savings. | Having money available when cash is tight. | Buying a business vehicle (unsurprisingly). | Expanding or buying a commercial space, or refinancing. |
| Who’s it for |
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| Rate range | 11.95% p.a. to 22.95% p.a.1 | 14.95% p.a. to 25.95% p.a.1 | 6.29% p.a. to 16.99% p.a.1 | 6.49% p.a. to 7.75% p.a.2 |
| Interest rate type | Fixed | Variable | Fixed | Fixed & Variable options |
| Payment type | Principal & Interest | Interest Only on what you use | Principal & Interest | Principal & Interest or Interest Only |
| Loan amount | $20,000 to $50,000 | $10,000 to $50,000 | $10,000 to $250,000 | $20,000 to $5,000,000 |
| Loan term | 1, 2 or 3 years | Revolving line of credit (subject to Annual Review) | 1-7 years | 1 - 30 years |
| Establishment fee | $495 | $495 | $03 | $750 |
| Security admin fee | N/a | N/a | $100 | $235 |
| Monthly service fee | $20 per month | $30 per month | $8 per month | $0 per month |
| More info |
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| How to apply | ||||
| Online |
Yes
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Yes
|
Yes
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No
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| By phone / branch |
No
|
No
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No
|
Yes
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| By your broker |
No
|
No
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No
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Yes
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| Security required |
No
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No
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Yes
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Yes
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| Flexible repayments |
Yes
|
Yes
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No
|
Yes
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| Accounting integration |
Yes
|
Yes
|
Yes
|
No
|
| Risk-based pricing |
Yes
|
Yes
|
Yes
|
No
|
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A business management account for sole traders and small businesses.
Reach your goals with our high-interest, no fee savings account.
Keep your business running smoothly with an Everyday Business Account.
Business banking explained
You’ll need to meet our eligibility criteria for a Business+ Unsecured Loan. You can find these here.
The maximum amount you can borrow depends on your business circumstances and financial situation. Below is a guide of our limits:
- Business+ Unsecured Overdraft: $10,000 - $50,000
- Business+ Unsecured Loan: $20,000 - $50,000
You can use your loan for any business purpose. Eg. stock, equipment or cashflow management.
In most cases, you can expect an indicative decision within minutes of submitting your application and a final decision within 1-2 days.
When you apply for business finance, you (and any directors, partners or guarantors) may need to provide:
- Financial statements, preferably prepared by an accountant
- Proof of individual income
- Bank statements
- Identification
These documents help us understand your business’s financial position.
Unsecured business loans typically have higher interest rates than secured business loans because the lender is taking on more risk by lending money without any collateral.
Your interest rate is contained in your loan contract. It's based on information you give us and:
- Your business credit rating
- Your repayment history
- How many loan applications you have made in the past
- The age of your credit file
Once your loan is approved and you (and any guarantors) accept your contract, the money is deposited into your nominated Business+ Account straight away.
Your Business+ Unsecured Overdraft is linked to your Business+ Account.
You access your overdraft funds the same way you access your own eg. With your Debit Mastercard, in-app transfers, direct debits, BPAY®, etc.
If you overdraw your Business+ Account, don’t worry, your Business+ Unsecured Overdraft covers you (up to your approved limit) until you get your balance back in the black. You only pay interest on what you have used.
An overdraft is a line of credit with a limit approved by your bank. It lets you to draw on that money as you need it.
A loan is a fixed amount of borrowing upfront which is repaid over a set term with regular repayments.
Business+ Unsecured Overdraft: Interest rate is variable. Calculated daily on the balance owing and debited on the first day of each month.
Business+ Unsecured Loan: Interest rate is fixed, calculated daily on the balance owing and debited monthly on the anniverary when the account was opened.
No, but if you're borrowing in the name of a company you'll need to provide us your personal guarantee as a director.
You can make extra repayments whenever you like. An early termination fee and early payment costs apply if you pay out your loan in full before its due date.
Great Southern Bank is the trading name of Credit Union Australia Limited. You may have previously known us as CUA.
For over 75 years we’ve helped our customers manage their money. We do this by providing clever products and smart tools that help you reach your financial goals sooner. Plus, being customer-owned means that our profits go back into our products and services, not shareholders.
We love helping people reach their financial goals and we can’t wait to help you reach yours, whatever they may be. Jump on Business+ online or download our Business+ app to get started.
Only your Business+ accounts are found on Business+ online and your Business+ app. Your other Great Southern Bank accounts are accessed with the Great Southern Bank app or Online Banking.
No. Think of it like our beloved Carlton Football Club men’s and women’s teams. While they’re all part of the same club, they play separately.
It’s the same with your Great Southern Bank products and your Business+ products. They’re all offered by us, but they don’t play together.
If you have banking that isn’t part of the Business+ suite of products, you’ll need to use the Great Southern Bank app or Online Banking.
No. Our Business+ products are designed to be 100% digital.
For help with anything to do with your Business+ products, use the Chat in the Help section of Business+ online or the Business+ app. You’ll be helped by one of our team (yep, a real person).
Great Southern Bank, a business name of Credit Union Australia Ltd ABN 44 087 650 959, AFSL 238317. Conditions, fees and charges apply. This is general information and does not consider your objectives, financial situation or needs. Consider the appropriateness of the information, including the Business Banking Terms & Conditions (T&Cs), before acting on it. These product are for approved applicants for business purposes. Lending criteria, limits, conditions, and fees apply. Applications are subject to credit approval. An early payout cost may apply if a Business+ Loan, Vehicle Loan or Secured loan is terminated during the fixed rate period.
Rates are current as at 14 November 2024 and subject to change.
1 The rate you are offered is calculated based on your personal circumstances and credit history. A few different factors are considered, including:
- Your credit score.
- Information provided in your application.
- Existing loans.
- The loan amount and your perceived ability to repay the loan.
Your personalised rate won’t be confirmed until you receive an offer from us (if approved) and is subject to change before your loan settles.
2 The interest rate and term of the loan will be subject to relevant credit criteria, eligibility, terms and conditions, and will vary according to the loan amount, type and location of the security provided.
3 $0 Establishment Fee Offer – Business+ Vehicle Loan.
The establishment fee is waived for a Business+ Vehicle Loan if you apply using Business+ Online and the disclosure date of your loan offer is between 7 November 2024 and 31 March 2025. You must drawdown the eligible Business+ Vehicle Loan(s) within 90 days of the disclosure date.