Finty

Bank of Sydney Business Loan

Equipment financeSecured

Looking to expand your business? Cover renovation, new equipment or unexpected costs, with a Business Loan.

Written byDavid Boyd
Interest rate a year, from
13.83%
Establishment fee
Not published
Monthly fee
$50
Borrow
Not published

Monthly repayment

$100,000 over 5 years

Apply now

What it would cost

At the lowest published rate of 13.83%, including the monthly fee. The rate you are offered depends on your business, and the establishment fee is not included.

Monthly repayment
$2,368
Total repayments
$142,081
Interest and monthly fees
$42,081

Loan details

Rates

Interest rate (a year)
13.83%–14.08%
Rate type
Variable
Security
Secured
Type of finance
Equipment finance

Limits and fees

Loan amount
Not published
Loan term
Not published
Establishment fee
Not published
Monthly fee
$50

How it compares

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

Cost of $20,000 over 5 years

$10,816

Interest and fees at its starting rate. Typical is $5,453.

Monthly fee

$50

A typical monthly fee is $20.

Pros and cons

Pros

  • Redraw. You can take back extra repayments later if you need the money.
  • No early repayment fee listed. You can pay the loan off early, or refinance, without a penalty. Check the terms to be sure.

Cons

  • Your rate isn't known until you apply. It's set by your credit history and finances, anywhere from 13.83% to 14.08%, and only some people get the starting rate.
  • A $50 monthly fee. That adds $3,000 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.
  • Secured against an asset. That usually keeps the rate down, but the lender can take the asset if you can't repay.
  • A $50 late payment fee. Setting up automatic repayments avoids it.

Similar loans

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