Top business banking deals to boost your growth in the new financial year

It’s been a tough year for many small businesses and in times of economic uncertainty, managing the ups and downs of your business’ cash flow can be made easier with the right banking products under your belt.

Whether it’s a business loan to help fund ‘big ticket’ purchases such as stock or new equipment, a credit or charge card to cover smaller cash flow shortages, a bank account to keep track of all your business transactions, or a term deposit to safely park short term cash reserves, you’ll have plenty of attractive offers to sift through. 

So to help you shop around and hit the ground running in the new financial year, here are our editorial picks for top business banking deals available to Australian businesses right now. Read on for a snapshot of their key features.

Top Business Loans

Great Southern Bank - Business + Unsecured Loan
  • Borrow between $20,000-$50,000
  • Apply in minutes via app
  • Funding within hours of signing loan contract

Great Southern Bank is Australia’s largest customer-owned bank and that means their profits go back into their products and services, not shareholders. The unsecured loan is available for loan amounts between $20,000-$50,000 with loan terms between 1-3 years. To be eligible, you’ll need at least a year trading history and have an annual turnover of $75,000 or more. Fixed rates start at 11.95% p.a. Other costs include a $495 establishment fee and an ongoing $20 monthly fee.  You can apply via the business banking app and once the contract is signed Great Southern says you’ll receive funds within hours. 

Bizcap Unsecured Business Loan
  • Borrow up to $5,000,000
  • Easy online application with fast funding
  • No early repayment fees

Get business loan funding in as little as three hours with Bizcap on loans from $5,000 to $5,000,000. Bizcap offers cash flow friendly repayments and a super-simple online application process that they say could take only 10 minutes, with approval and access to funding possible within three hours. To be eligible, you’ll need to have been trading for at least 4 months with a  $12,000 monthly minimum turnover required. Interest rates are determined on application taking into account your business’s creditworthiness, the duration of the loan and the intended use of the funds. You’ll need to budget for a loan establishment fee which will be agreed upon upfront.

Lumi Unsecured Business Loan
  • Borrow up to $300,000 with no collateral
  • Apply online in 5 minutes and get funding within 24 hours
  • No early repayment penalty

Lumi’s straightforward small business loans have no hidden fees or charges and are so easy to apply for that the online process takes just 5 minutes. What’s more, there’s no collateral needed for loans up to $300,000 and funds can be received the same day. Loan terms range from 3 to 36 months and there are no early repayment fees. To be eligible, you’ll need to have been in business for a minimum of 6 months with a monthly turnover of at least $5,000.  Interest rates start at 9.00% p.a.

ScotPac Boost Business Loan
  • Borrow between $10K - $500K
  • Funding within 24 hours once approved
  • Fast online application

While its name might be new to you, ScotPac has been operating in the business finance space for over 35 years.  It has no industry restrictions and can lend up to $200,000 unsecured. Loan terms range from 3 months to 3 years. Interest rates start at 14.00% p.a and to qualify you’ll need to demonstrate a min turnover in sales of $10,000 per month and have owned the business and traded in the same location for at least 12 months. ScotPac has a fast online application and says once approved you should receive the funds within 24 hours. Upfront fee payable. 

Top Business Term Deposit

Judo Bank Business Term Deposit
  • 5.25% p.a. interest rate for a 6 month, 9 month or 1 year term
  • Flexible cash-flow management
  • Just $1,000 min deposit

Make your businesses’ spare funds work for you with a Judo Business Term Deposit. Secure a competitive interest rate as much as 5.25% p.a. for 6, 9 or 12 months (Interest paid at maturity). Other terms are available and rates vary depending on when interest is paid (monthly, yearly or at maturity). The minimum deposit is just $1,000 but you can invest up to $2 million. There are no application or monthly account fees but break costs may apply if you withdraw before maturity. It has a fast and easy digital application process and all account management is done digitally for your convenience. 

Top Business Credit Cards

American Express Qantas Business Rewards Charge Card
  • 170,000 Bonus Qantas Points when you apply by 25 June, 2024 (T&Cs apply)
  • Up to 51 days interest free
  • Free additional cardholders
  • Pooled rewards points

There is no pre-set spending limit with the American Express Qantas Business Rewards Charge Card. It comes with up to 51 days interest free, making it super easy to manage your business’ cash flow. There are 170,000 bonus Qantas points up for grabs for new Amex members if you sign up before 25 June, 2024 and spend $6000 on eligible purchases within 3 months (T&Cs apply). Amex doesn’t charge extra for additional cardholders (up to 99 free) and all cards are managed from the one statement. All points are pooled which means you can enjoy rewards faster. There are a range of ways to boost points earned as well from purchasing flights, paying for bills or via select shopping partners so get familiar with participating rewards partners. There is a $450 annual fee to consider. 

Top Business Bank Accounts

Great Southern Bank Business + Account
  • No account keeping fees
  • No paperwork account set up
  • Unlimited electronic transactions

When you are a small business owner or sole trader every dollar counts which is why the Business + account has no account keeping fees and unlimited free electronic transactions. Charges do apply for staff assisted and in-branch cash withdrawals, so if you need to do this frequently beware of the added costs.  You can manage all your business accounts via the dedicated business banking app - there is no paperwork required and you can open the account in minutes. Great Southern Bank is also a customer-owned bank with a strong sustainability focus.

NAB $0 Business Everyday Account
  • No account keeping fee option
  • Integration with accounting software
  • Free NAB Visa Debit card

If the majority of your business banking transactions are electronic (online, phone or via ATM) the $0 account fee option for NAB could be suitable for your small business. You’ll get free unlimited electronic transactions on this account and should you need banker transactions are charged at $2.50 per transaction and express deposits are charged at $0.60 per transaction. You’ll get free access to NAB’s ATM network but cash withdrawals have a $2000 daily cap. Your transaction data can feed into your accounting package (eg: MYOB, Xero) to help keep you on track. The account also comes with a free NAB visa business debit card which can be used for ATM withdrawals, contactless payments or making online purchases.

Want to compare more business loans, credit cards, savings  or bank accounts? Head on over to Mozo’s business banking comparison hub to compare business products from leading bank and non-bank lenders.

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