25-year business loan launched

A business loan with twenty-five years to repay is being offered for the first time in Australia.

Challenge Bank’s Business Access Loan has been described as being very similar to a housing loan.

It offers a lower than average interest rate when compared to other business loans at 7.40 per cent per annum.

The rate is available if a residential property or cash is used as loan security and up to 80 per cent of the property value can be loaned.

A Challenge spokeswoman said, traditionally, only investment property loans offered such a low rate.

“The Business Access Loan is more flexible considering most business loans only give you a maximum of ten years to repay,” she said.

“It offers a redraw facility so you can access money when you need to.

“You can choose to repay more than the minimum and save interest when your cash flow is good.

“Amounts of more than $50,000 can be loaned and approval can be made over the phone.

The spokewoman said $500 could be saved on the establishment fee for businesses applying before 30 June.

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