Business banking news and advice - page 15

All the latest business banking news and top tips to help you manage your business banking.

No home, no loan: Not owning property hurts young business owners

No home, no loan: Not owning property hurts young business owners

The banking Royal Commission and resulting credit squeeze has made property even harder to come by for young Australians. And according to a new report from MYOB Business Monitor, this has worsened the situation for young business owners trying to secure business financing.

Big banks snub Morrison’s $1 billion small business fund

Big banks snub Morrison’s $1 billion small business fund

Prime Minister Scott Morrison’s $1 billion Business Growth Fund was supposed to be a boon to Australian small businesses. But it appears some of the major banks and superannuation funds are less than eager to throw their support behind the initiative.

You’re paying $6,007 extra interest on your business loan by staying with a big 4 bank

You’re paying $6,007 extra interest on your business loan by staying with a big 4 bank

After conducting a recent analysis on business loans, our Mozo experts found that the average Big 4 Bank business loan rate was 88 basis points higher than the average rate of challenger banks. Mozo data also revealed that this difference in interest rates means staying with a Big 4 bank could cost you an extra $6,007 in interest on a $250,000 business loan over 5 years*.