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You are here: Home / BUSINESS / What is a business overdraft and how to choose the best bank for lending?

What is a business overdraft and how to choose the best bank for lending?

17 January 2018 by Australian Women Online

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What is a business overdraft and how to choose the best bank for lending?Among the readers of australianwomenonline.com there are a lot of business women. That’s why we decided to analyse bank services for business. Today we will discuss how to choose the best bank for overdraft lending. We used data of the service http://bankchart.com.au/ to investigate the banking business lending market. It is a portal that helps people to choose the banking products that best fit their individual needs.

A business overdraft is a line of credit that becomes available when you make any withdrawal for an amount greater than the balance in your business debit account. It can be secured or unsecured. According to analytical research Bankchart.com.au 12 Australian banks offer overdraft for business. The maximum loan period is 30 years, the minimum – 1 month.

Let’s consider a rating of 10 banks that offer better credit conditions of overdraft (term – 1 year, amount – 10000$)

No. Name Comparison Rate More Info.
1 Bank Australia
Commercial Overdraft
5.53% Interest rate: 5.09%
A type of the interest rate: fixed
Security: unsecured
A loan administration charge: $24
Periodicity of the charge: annual
An early exit fee: $0
2 Westpac Bank
Business Overdraft
5.82% Interest rate: 5.82%
A type of the interest rate: variable
Security: unsecured
A loan administration charge: 0
An early exit fee: $0
3 Bank of Western Australia
AgriOne Package
6.65% Interest rate: 6.65%
A type of the interest rate: variable
Security: secured
A loan administration charge: $0
An early exit fee: $0
4 Bank of Sydney
Secured Loan
7.33% Interest rate: 6.60%
A type of the interest rate: variable
Security: secured
An approval fee: 0.4%
An early exit fee: $0
5 Bank SA
Commercial Overdraft
8.24% Interest rate: 8.24%
A type of the interest rate: variable
Security: unsecured
An early exit fee: $0
6 Bank of Melbourne
Commercial Overdraft
8.30% Interest rate: 8.30%
A type of the interest rate: variable
Security: unsecured
An early exit fee: $0
7 St George Bank
Commercial Overdraft
8.80% Interest rate: 8.80%
A type of the interest rate: variable
Security: unsecured
An early exit fee: $0
8 Bank of Queensland
Business Overdraft
9.11% Interest rate: 7.74%
A type of the interest rate: variable
Security: unsecured
An approval fee: 0.75%
9 Macquarie Bank
Working Capital Overdraft
9.65% Interest rate: 9.65%
A type of the interest rate: variable
Security: unsecured
An early exit fee: $0
10 ANZ
Business Overdraft
27.37% Interest rate: 9.16%
A type of the interest rate: variable
Security: unsecured
A loan administration charge: $250
Periodicity of the charge: every 3 months
An early exit fee: $0

Thus, the best overdraft for business ladies offers Bank Australia. You can get an unsecured overdraft under 5,53 %. The maximum interest rate on overdraft is offered by Australia and New Zealand – 27,37%. As you can see, the difference between the minimum and maximum lending rates is significant. This once again confirms the need to compare banking products. It allows reducing credit spending.

Choosing a bank for lending, you need to pay attention not only to the interest rate, but to additional fees – a loan administration charge, an early exit fee, an approval fee.

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