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Term Loan

Grow and expand your business

  • Maximum term of 5 years
  • Maximum term of 3 years on refinances
  • Funds directly into customers account
  • No early repayment penalties
  • No financials under $500k
Pricing, fees and commissions
Annual Turnover
> $10m
$5m - $10m
$1.5m - $5m
$250k - $1.5m

Interest rate (APR)

14.95%

17.95%

20.95%

23.95%

Direct debit fee

$3.85 per week

Legal fees

From $700

(only applicable to loans with caveats and second mortgages)

Commission (inc GST)

Up to 4% of the loan amount as an establishment fee

(added to loan amount)

Policy overview
Annual Turnover
> $10m
$5m - $10m
$1.5m - $5m
$250k - $1.5m

Minimum director Equifax score

550 (2.0 Comprehensive score)

Credit

Clean credit history

No dishonoured payments

No existing loans with cashflow lender

Time in business

2+ years

Limits available

Up to $2,000,000

Up to $500,000

Maximum advance non-asset backed

$100,000

Maximum term

5 years

Repayment frequency

Weekly

Documentation

Applications with exposure up to $500,00

  • Completed application on Shift Connect

  • 6-months bank statements

    (all business-related accounts)

  • Copy of trust deed

    (if applicable)

Additional documentation for applications with exposure over $500,000

  • Additional documentation for applications with exposure over $500,000

  • For limits up to $1m with a first mortgage, second mortgage or caveat, financial statements and ALLPAAP are not required.

  • For limits >$1m, up-to-date financial statements are required.

    (including aged AP & AR)

  • Copy of ATO portal

Security
Annual Turnover
> $10m
$5m - $10m
$1.5m - $5m
$250k - $1.5m

Property security

Requirements may vary by industry sector & overall application strength

Guarantees

  • Personal guarantees from all directors

  • Spouse or non-director guarantors accepted if required

PPSR

  • Registration of ALLPAAP for aggregate loan amounts over $300,000

    (1st ranking not required)

  • No ALLPAAP required if first mortgage, second mortgage or caveat is provided.

Typical loan uses
  • Purchase of existing business
  • Refinance of existing debt – including ATO (Max loan term 3 years)
  • Deposits for capital purchases
  • Buying out a director or investor
  • Equipment finance (for assets not covered under asset finance)
  • Opening a new site or store
  • Expansion
  • Upgrading software and technology
  • Refresh and refurbishment (Also see “Fitout” in the Equipment Line Guide)

Restricted sectors: Property Development, Mining Exploration/Services and Primary Agriculture (Farms). To discuss options for clients in these sectors, please contact broker support on 1300 249 649 (option 1). Additional documents may be requested at the discretion of the credit officer.