Finty
Bank of Melbourne

Bank of Melbourne Variable Rate Small Business Loan

Term loan

With one of the longest business lending terms in the market, we can help you grow your business whilst optimising your repayments.

Written byDavid Boyd
Interest rate a year, from
9.48%
Establishment fee
Not published
Monthly fee
Not published
Borrow
From $20,000

Monthly repayment

$100,000 over 5 years

Apply now

What it would cost

At the lowest published rate of 9.48%. The rate you are offered depends on your business, and the establishment fee is not included.

Monthly repayment
$2,099
Total repayments
$125,953
Interest
$25,953

Loan details

Rates

Interest rate (a year)
9.48%
Rate type
Variable
Security
Not published
Type of finance
Term loan

Limits and fees

Loan amount
From $20,000
Loan term
Not published
Establishment fee
Not published
Monthly fee
Not published

How it compares

Against the other business loans we compare. Typical means the middle half of them.

Cost of $20,000 over 5 years

$5,191

Interest and fees at its starting rate. Typical is $4,473.

Pros and cons

Pros

  • One rate for everyone. Everyone approved gets 9.48%, so the rate you see is the rate you get.
  • Extra repayments. Paying more than the minimum pays the loan off sooner and cuts the interest you pay.
  • Redraw. You can take back extra repayments later if you need the money.

Cons

  • A variable rate. Your repayments can rise if the lender lifts its rate, though they can also fall.

Similar loans

Business loans of the same kind from other lenders that start at a similar interest rate.