Latest Rates

Car and equipment finance carded interest rates

The following rates form part of the Government Coronavirus SME Guarantee Loan Scheme Phase 2 (The Scheme). Please submit the Asset Finance SME Guarantee Scheme Phase 2 Declaration form with each customer application. For transactions that do not meet The Scheme criteria and require a standard Asset Finance product, add 70 basis points to the rate.

Important reminders

Broker Checklist required for complete applications

Please complete the Asset Finance Full Application Broker Checklist and include this with your applications for the best broker service experience.

Asset Finance SME Guarantee Scheme - Phase 2 requirements

Please ensure you complete the Asset Finance Coronavirus SME Guarantee Phase 2 Declarations form and submit it with every customer application.

The Asset Finance Agreement - Customers Eligible for Coronavirus SME Guarantee Scheme Phase 2 Declarations form must be provided to customers as required.

Instant Asset Write-off - Extended to 30 June 2023

The Federal Government has announced a further extension of the Instant Asset Write-off, allowing eligible businesses who invest in vehicles and equipment to claim an immediate deduction for certain costs relating to depreciating assets.

Fixed Terms

Finance Amount

3 years

4 years

5 years

EEEF

$20,000 - $49,999
(Equipment only)

Contact your Business Development Executive

$20,000 - $249,999

2.89%*

3.24%*

3.54%*

0.5% p.a.# off all rates

$250,000 +

Contact your Business Development Executive

How it works

  • Businesses with an aggregated turnover of up to $5 billion may be eligible. For a business with an aggregated turnover of less than $50 million, the full cost of all eligible second-hand assets may also be claimed.
  • Depreciating assets may include new business vehicles and equipment. For businesses with an aggregated turnover of less than $50 million, the assets can be second-hand.
  • Depreciating assets must be acquired after 6 October 2020 and installed ready for use by 30 June 2023.
  • Businesses may borrow funds to purchase equipment and still claim a deduction for the cost of eligible items.
  • Deduction claims may be made for the year in which the equipment is used or installed, ready for use. This may be the same year in which the equipment is financed.
  • Unlimited numbers of new eligible assets of any dollar value (and eligible asset improvements for new and existing assets) if the business has an aggregated annual turnover of less than $5 billion.

Contact your BDM for more details or any questions.

*WARNING: This comparison rate is true only for the examples given and may not include all fees and charges. Different terms, fees or other loan amounts might result in a different comparison rate.

RESI Essentials Update

We are thrilled to announce that Essentials interest rates have been reduced over Selected LVR Bands:

PRIME LOANS:

Variable Owner-Occupied Rates commencing from as low as 2.34% (Comparison Rate 2.37%)

Variable Investment rates commencing from as a low as 2.59% (Comparison rate 2.62%)

NEAR PRIME

Variable Owner-Occupied rates as low as 3.25% (Comparison rate 3.28%)

Variable Investment rates as low as 3.50% (Comparison rate 3.53%)

POLICY ENHANCEMENT ESSENTIALS NEAR-PRIME

Resi can now accept:

  • Unlimited Defaults, judgements, and writs (Paid or unpaid) up to $2,000 per incident if within 24 months, no dollar limit if over 24 months registered.
  • Assuming mortgage debts are satisfactorily conducted and Resi are satisfied, the borrowers are not in hardship, blemishes to repayment history for non-mortgage accounts are permitted.

RISK FEE PROMOTION EXTENDED

Our Essentials Alt Doc (up to 60% LVR) & Near Prime (up to 70% LVR) risk fee promotion has been extended as well.

Conditions of the offer:

  • Minimum Loan amount of $250,000
  • Loans must settle before 31st August 2021

This waiver will result in a substantial saving. On an average loan size of $500,000, an applicant would save a whopping $3750!

This is, therefore, not to be missed opportunity for your clients.

Resi Essentials Rate Card

*WARNING: This comparison rate is true only for the examples given and may not include all fees and charges. Different terms, fees or other loan amounts might result in a different comparison rate.

A lightning end to FY2021

With the end of the financial year approaching, many businesses will want to take advantage of the Federal Government's Instant Asset Write-Off, recently updated in the 2021 Budget:

  • Extended to 30th June 2023 for all companies up to $5B (annual revenue)
  • Extended to all assets of any value (previously capped at $150k)
  • Extended to include second-hand assets for companies up to $50M (annual revenue)

But at this busy time of year, few have the time to jump through the hoops required with bank applications.

At OnDeck, their Lightning Loans up to $100,000 can be approved and funded in as fast as 2 hours. In addition, no asset security* is required. All that is needed are bank statements from the last six months. Of course, if your customer needs more than $100,000, or has more complex loan requirements, they can be funded up to $250,000 in as fast as one business day.

To get started, simply complete this simple 1-page application form and email it to OnDeck's BDM team.

Loans are subject to lender approval. Fees terms and conditions apply. *A personal guarantee is required. OnDeck Capital Australia Pty Ltd ABN 28 603 752 215. OnDeck® is a Registered Trademark. All rights reserved.

Suncorp SME Loan

As part of the Federal Government's SME Recovery Scheme, Suncorp is expanding its COVID-19 support to your business customers by offering the Suncorp SME Recovery Loan. This will also allow your brokers to support their business customers who have received JobKeeper payments in the March quarter of 2021 or been impacted by the March 2021 NSW floods.

The Suncorp SME Recovery Loan will:

  • Offer market-leading interest rates from 1.99%; and
  • Pay brokers commission for new and existing business customers that meet the eligibility criteria for the scheme. Brokers accredited to sell the Business Essentials product will receive upfront and ongoing trail commission as per current arrangements under their broker agreements*.

In the meantime, please don't hesitate to contact your BDM if you would like to discuss this or any other aspect of doing business with Suncorp.

*Brokers with commercial accreditation only will not receive any commission for the origination of this product.

BetterBusiness Offer

A BetterBusiness Loan is a loan a customer could tailor to suit their business. If they need capital to grow their business and provide property or cash as security, it may be a good option. Your customers could borrow over $150,000 and up to $3m fully secured with residential or commercial property, cash or a combination of both.

As such, effective immediately, Commonwealth Bank's BetterBusiness Loan fully secured fixed interest rate has reduced to 2.45% p.a.*, and its variable interest rate has reduced to 2.65% p.a.**

This offer is available for eligible applications approved by 30 June 2021^ and funded by 31 August 2021, including ABCD Commercial^^.

Please see below for more details.

Offer details & criteria^^

  • Loan amount: $150,000 and up to $3m.
  • Establishment fee: 0.50% upfront (minimum of $500). *Other fees and charges apply.
  • Loan term: 3 - 5 years funding terms (30 years residentially secured).
  • Fixed Interest rate: 2.45% p.a. 2 or 3 year fixed rate (fully secured)*.
  • Variable Interest rate: 2.65% p.a. (fully secured)**.
  • Brokerage: Upfront brokerage payable. *25bps trail applies.
  • CommBank business account: Eligible customers must hold a transaction or savings account with the bank by 31 August 2021.
  • Purpose: New money and refinance of other financial institution facilities. Borrowing must be wholly or predominantly for business and commercial purposes.
  • Exclusions^^: Offer not available for certain loan purposes such as Self-Managed Super Funds, Commercial Property Investment or Development and Going concerns. Additional exclusions apply for ABCD Commercial applications.

For any questions, please reach out to your respective BDM.

^ Available for new monies and refinance of other financial institution facilities. Eligible applications are subject to the Offer Details and Criteria and exclusions apply. Products are 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 process. Full terms and conditions are in included in the loan offer. Bank fees and charges may apply. CommBank reserves the right to cancel this offer at any time without notice. Please contact your CommBank Business Development Executive to confirm customer eligibility before submitting an application.

^^Not available for certain industries, loan purposes, transaction and security types, including Self-Managed Superannuation Funds (SuperGear) and Land Banking; Commercial Property Developer ANZSIC codes and Going concern Lending. Additional exclusions apply for ABCD Commercial applications.

Oak Capital Update

With Lockdown 4.0 looking more and more likely to be extended as the week progresses, it is essential to know that there is a lender in the market that can still deliver across a multitude of areas from a lending perspective, whether it's:

  • Fast turnaround times (same day Indicative Approvals/Loan Offer within 24 hours/Settlement within 3-4 business days in most instances)
  • A diverse range of bespoke and tailored products (both self-funded and via several White Label partnerships - product guides attached)
  • The Premium & Accelerate Plus Account, explicitly designed for SME's during times of need or opportunity (see below snapshot image)
  • An Internal valuations team, allowing property research to be completed within hours, not days, saving your clients time and money for truly urgent things
  • A national sales team with coverage across all metro areas

Don't forget to read this article in the latest edition of The Adviser, featuring Oak Capital's CEO Stephen Mitchell here.

A snapshot of their Plus Account can be found below:

Product Guide - Oak Capital

Reach out to your BDM for any questions or queries.