Finty
Bank of Queensland

Bank of Queensland Business Term Loan

Term loan

Whether you are looking to buy a new business, grow your business or to expand your operations, our Business Term Loan can help with your business financing needs

Written byDavid Boyd
Interest rate a year, from
7.60%
Establishment fee
$150
Monthly fee
$25
Borrow
From $10,000

Monthly repayment

$100,000 over 5 years

Apply now

What it would cost

At the lowest published rate of 7.60%, including the monthly fee. The rate you are offered depends on your business, and the establishment fee is not included.

Monthly repayment
$2,034
Total repayments
$122,013
Interest and monthly fees
$22,013

Loan details

Rates

Interest rate (a year)
7.60%–12.27%
Rate type
Variable
Security
Not published
Type of finance
Term loan

Limits and fees

Loan amount
From $10,000
Loan term
1 year to 30 years
Establishment fee
$150
Monthly fee
$25

How it compares

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

Cost of $20,000 over 5 years

$5,753

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

Setup fee

$150

A typical setup fee is $26.

Monthly fee

$25

A typical monthly fee is $25.

Longest term

30 years

3 years is the usual longest term.

Pros and cons

Pros

  • Redraw. You can take back extra repayments later if you need the money.

Cons

  • Your rate isn't known until you apply. It's set by your credit history and finances, anywhere from 7.60% to 12.27%, and only some people get the starting rate.
  • A $25 monthly fee. That adds $1,500 over 5 years, as well as the interest.
  • A variable rate. Your repayments can rise if the lender lifts its rate, though they can also fall.
  • An early repayment fee. Paying the loan off early or refinancing can cost a fee, which cuts into what you save by repaying sooner.

Similar loans

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