Business Loan

Our SCCU Business Loan can be used for any of the following purposes:
• Buying a business.
• Growing an existing business.
• Starting a new business.

If you’re unsure if you qualify, we suggest talking to one of our Premium Bankers who can help your navigate what’s best for your needs. Contact us on 1300 360 744 for further help.

We recommend you review the eligibility criteria and application process above for accurate information.
In general, we will request ID verification documents such as drivers licence and passport, along with supporting documents such as your financial and bank statements.
Knowing how to produce statements from your current bank and what the credit limit and balance of any credit facilities are, will be valuable.

With a Business Loan you can borrow from a minimum of $50,000 and, in most cases, up to 75% of the value of your security depending on your circumstances and ability to repay.

Having clarity on your goals and well as in your current budget is important to make sure you borrow what you need and can meet your loan repayments. During the application process, this information will be used to assess your borrowing capacity.

Yes. You can make regular, scheduled repayments to pay down the loan balance over time. Additional repayments can be made without additional charge.

Paying extra can reduce your interest payable and help you pay off your loan sooner. Use our handy calculators above on this page to assess your repayments.

For a Business Loan on a Fixed Rate, a maximum of $10,000 per year is allowed. Additional charges, including an early repayment fee, will apply if a customer wishes to break the fixed term early, or where additional repayments exceed $10,000 limit per year.

Yes. Our Business Loan is available for businesses structured as sole trader, partnership or company as long as it’s registered in Australia and meet our eligibility and credit requirements. See more details in the ‘How to Apply’ section.

While there are no ongoing fees, such as a monthly or annual fees associated with our Business Loan, there will be an establishment fee associated to your application.

As with any financial products, it’s important you make an informed decision. Take your time to review all the product features, relevant disclaimers, fees & charges, Target Market Determination (TMD) documents, and other relevant product document. If you have questions, please contact us at 1300 360 744.

Our Business Loans offer flexible security options to suit your needs.

Choose from Residentially Secured or Commercially Secured loans, both designed to support your business goals.

• Residentially Secured Loans offer competitive rates and are a great option if you have equity in a residential property.
• Commercially Secured Loans provide a tailored solution for those with commercial property.

These options have their own set of interest rates. Take the time to review the Interest Rate Schedule and Target Market Determinations to better understand your options.

Yes. For extra repayments made to the loan, the redraw facility is available for our Business Loan Variable Rate only.
However, this feature is not available on our Business Loan Fixed Rate, where you can still make unlimited extra repayments without the redraw facility.

Applying for a loan could affect your credit score both positively or negatively. To learn more about credit inquiries and how these can affect your credit score, contact a Credit Reporting Body. See more information at Moneysmart:
https://moneysmart.gov.au/managing-debt/credit-scores-and-credit-reports