• Australian business owners need business loans to cover one-time expenses or invest in the long-term growth of their companies.
  • You can access a variety of loans, such as invoice finance accounts, lines of credits, secured or unsecured loans or overdraft loans.
  • Some loans offer quick turnaround and low interest rates to help you affordably pay for unexpected expenses or circumstances.

If you’re an Australian business owner, you have a lot on your plate trying to expand your market, develop employees and grow their relationships with customers and other businesses. That’s why it’s important that business loans are accessible, affordable, and meet the unique needs of your business.

Many types of business loans are available depending on what you need. Unsecured loans let you apply without collateral but with slightly higher interest rates, while lines of credit allow you to re-use funds and only pay interest on your withdrawn balance. Many also offer fast decision turnaround, so you can get funds only a few hours after you apply.

1. Heritage Bank Business Line of Credit

Heritage bank offers a few flexible loans, but its business line of credit lets you re-use your funds at any point of the term. These terms can range up to 25 years for residential security or up to 15 years for any other type of security. Heritage offers loans from $50,000 to $500,000, with interest applied only to the funds withdrawn from the account. You can get interest rates as low as 3.75 percent, but they don’t exceed 4.40 percent.1

2. ANZ Business Overdraft

The ANZ Business Overdraft loan is a great option for your daily invoices and cash flows. It functions as a revolving line of credit with a minimum facility amount of $2,000, making it ideal for paying suppliers or managing cash influxes during less busy seasons. You’re responsible for a fee for the total loan amount, but you only pay interest on the outstanding balance. ANZ determines interest rates after reviewing your application and credit.2

3. ANZ Business Loan

ANZ business loans come in either secured or unsecured options to suit your individual situation. Loans start at a minimum of $10,000, with up to 30 years for loan terms. Flexible options are available, such as individualised repayment schedules, variable or fixed interest rates and a choice of repayment type. Interest rates start as low as 2.59 percent and vary according to ANZ’s credit criteria, security type and your financial circumstances.3

4. Zip Business Capital

Whether you’re looking to stock up on inventory, protect yourself against delayed invoices or other unexpected cash influxes, a Zip line of credit might be a convenient option. With non-committal applications and a 24-hour application turnaround, this loan lets you borrow up to $500,000 without any collateral. Terms up to five years are available with interest rates that depend on your credit score, business income and other factors. Zip just requires that your business has been operating for at least 18 months and has an annual turnover of at least $200k.4

5. Zip Business Trade

Zip Business Trade loans are a quick and easy option when you need cash for your business now. With only a simple online application, you can get up to $3,000 interest-free. Zip uses fraud prevention technology and considers your business performance to speed up the process and get funds into your account faster. You’re only obligated to make the $200 monthly minimum payment and the $20 monthly account fee, as well as a 1.95 percent invoice and BPAY processing fee.5

6. Zip Business Trade Plus

Zip also has a Trade loan in a plus version, offering up to $150,000 interest-free. As with the basic Trade loan, you get your application decision within one business day. You can either repay your balance at the end of the following month without an extension fee, or you can opt for a repayment plan of four equal monthly repayments and a single extension fee of three percent. This is a convenient buy now, pay later option for businesses needing to pay off larger invoices right away but with the means to pay it back quickly later.6

7. NAB QuickBiz Loan

With a NAB QuickBiz Loan, you can apply for funds without using physical assets or property for security. NAB assesses this unsecured loan based on your business cash flow and overall credit, with total loan amounts up to $250,000 for existing customers and $100,000 for new customers. Apply online and get your funds within one business day if you’re approved, with no upfront or ongoing fees. Pay fixed principal and interest repayments of 10.95 percent on terms up to 36 months.7

8. NAB Business Options Loan

The NAB Business Options Loan is ideal for partnerships, sole traders and other small-to-medium businesses looking for a range of loan amounts. NAB offers loans starting from $20,000, and you can choose flexible repayment options with adjusted interest and principal amounts or redraw funds if needed. Fees and charges are incurred on application, but you can borrow up to $1 million at a 2.99 percent variable interest rate if approved. Rates vary according to your individual circumstances.8

9. UnLock Buy Now Pay Later for Business

UnLock’s Buy Now Pay Later combines the benefits of trade credit, finance funding and business loans to provide a cash flow solution for business owners. It functions like a credit card, letting you make purchases between $1.99 and $19,999 within your personalised account limit. Application decision turnarounds can take as little as 48 hours so you can use it right away, and interest rates are capped at 7.5 percent if you’re approved before June 30, 2022.9

10. Timelio Invoice Finance

A Timelio Invoice Finance account lets you expand your working capital for business needs like wages, customer or supplier invoices or inventory. To apply, simply set up an account on Timelio and upload your invoices to request an Invoice Finance account. If you’re approved, you’ll get your funds the same day. Limits aren’t locked in so you can adjust if needed, and interest rates are typically low but vary according to your financial circumstances.10

11. Valiant Finance

Valiant Finance offers a variety of business loans with a mix of interest rates, loan amounts, terms, and funding speeds. One of the best options for low interest rates and fast funding turnaround is the overdraft loan. With no fixed term, interest rates as low as six percent and funding amounts from $2,000 to $100,000, this loan can improve your cash flow to accommodate for fluctuating customer traffic and volume. As long as you’ve got the appropriate financial and business documents ready, application decisions should be made quickly.11

12. Bizcap Unsecured Business Loan

Whether you need to cover unexpected expenses or invest in your business’s growth, a Bizcap unsecured business loan can match your needs. Borrowing amounts range from $5,000 to $500,000, with terms up to 12 months. If approved, you can get funds in just three hours. Keep in mind that you’ll need to meet certain requirements, including at least five months of trading and $10,000 in monthly turnover. These loans have high approval rates, and applications are considered regardless of bad credit, existing loans, or default, but they might result in higher interest rates.12

13. Lumi Business Loan

Lumi offers cash flow solutions for businesses looking to expand with new locations, increase staff or add more varied inventory with secured and unsecured business loans. As long as you meet certain credit requirements, you can apply for an unsecured business loan with no collateral obligations. Online applications are simple and fast, with decisions often available in only a few hours. Unsecured loans typically have higher interest rates because they’re more risky for lenders, but you can apply for a secured loan with a lower interest rate if you have suitable collateral.13

14. Waddle Invoice Finance

Waddle helps businesses manage their cash flow by integrating with their accounting software and providing invoice finance accounts. These let you borrow against your invoices to improve overall cash flow. Interest rates are typically low but depend on your business’s financial health, industry, and size. Interest is only charged to the balance of funds withdrawn at the end of each month. With a few simple steps and a credit check, you can get approved for and receive funds in under 48 hours.14

15. Prospa Small Business Loan

Prospa offers small business loans up to $150,000 for large purchases or expenses with terms up to 24 months. As long as you meet the minimum requirements, you can get funding in one business day. Repayment terms are daily or weekly, but you can defer repayment for your first month if you need a little breathing room. It’s easy to get approved, but interest rates vary depending on your business’s financial health and circumstances.15

Heritage Bank, Business Line of Credit 2
ANZ, ANZ Business Overdrafts 3
ANZ, ANZ Business Loan 4
Zip, Capital — What We Offer 5
Zip, Buy Now, Pay Later — Trade 6
Zip, Buy Now, Pay Later — Trade Plus 7
NAB, NAB QuickBiz Loan 8
NAB, NAB Business options loan 9
UnLock, I’m a Buyer 10
Timelio, Get Funds 11
Valiant Finance, Overdraft 12
Bizcap, Unsecured Business Loans 13
Lumi, Unsecured Business Loans 14
Waddle 15
Propsa, Prospa Small Business Loan