The National, Commonwealth and ANZ banks today unveiled sizeable increases in their key business lending rates.
The National has bumped up key rates by 0.1%. The new rates are:
- commercial mortgage overdraft: 9.4%
- business overdraft (residential security): 8.4%
- business overdraft (all security): 9.85% (min)/14.35% (max)
- benchmark: 9.7%
- base rate: 9.85%
- business development loan: 8%
- commercial mortgage: 8.95%
- business mortgage combination loan: 8%.
The Commonwealth, meanwhile, has lifted rates applying to its BetterBusiness Advance by between 0.05% and 0.15%. Its new rates are:
- one-year facility: up by 0.05% to 8%
- two-year facility: up by 0.05% to 8.05%
- three-year facility: up by 0.1% to 8.15%
- four-year facility: up by 0.1% to 8.2%
- five-year facility: up by 0.1% to 8.2%
- six-year facility (principal and interest): up by 0.15% to 8.25%
- seven-year facility (principal and interest): up by 0.15% to 8.25%.
Similarly, ANZ has upped the rates on its key business loans by as much as 0.3%. Its new rates are:
- business overdraft (secured by bus assets, max $49,999): up by 0.25% to 8% (min), 9.25% (max)
- business overdraft (secured by bus assets, min $50,000): up by 0.25% to 8% (min), 9% (max)
- business overdraft (secured by com prop, max $49,999): up by 0.25% to 8% (min), 9.25% (max)
- business overdraft (secured by com prop, min $50,000): up by 0.25% to 8% (min), 9% (max)
- business overdraft (secured by res prop, max $49,999): up by 0.25% to 8% (min), 9.25% (max)
- business overdraft (secured by res prop, min $50,000): up by 0.25% to 8% (min), 9% (max)
- business overdraft (unsecured, max $49,999): up by 0.25% to 8% (min), 13.65% (max)
- business overdraft (unsecured, min $50,000): up by 0.25% to 8% (min), 13.4% (max)
- business credit line: up by 0.25% to 11.8%
- business credit line (secured by res prop): up by 0.25% to 9%
- business cheque plus: up by 0.25% to 13.05%.
To check out up-to-date comparisons on rates applying to key business loans and transaction accounts,
click here.