Finty

Bank of Sydney Resisec Business Loan

Term loan

Use the equity in your residential property to secure a business loan to expand your business

Written byDavid Boyd

6.74%

interest rate a year, from

Establishment fee
Not published
Monthly fee
$20
Borrow
From $100,000

Loan details

Rates

Interest rate (a year)
6.74%–7.39%
Rate type
Variable
Security
Not published
Type of finance
Term loan

Limits and fees

Loan amount
From $100,000
Loan term
Not published
Establishment fee
Not published
Monthly fee
$20

How it compares

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

Monthly fee

$20

A typical monthly fee is $25.

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 6.74% to 7.39%, and only some people get the starting rate.
  • A $20 monthly fee. That adds $1,200 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.
  • 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.