Mpp banner business loans

Melbourne Business Loans

You may want a business loan to help with cashflow, or maybe it’s to help finance that new equipment you’ve been eyeing. Whatever your need, Mozo compares Melbourne business loans to help you find the right fit for your small business.

Advertisement
Sponsored Deal
eBroker Business Loans

Borrow between $5,000 and $5,000,000 with a an unsecured business loan. Service is 100% free and unbiased. Get access to 70+ non-bank lenders to choose from. Apply online easily in just 2 minutes. Won’t mark your credit. Obligation-free service.

Melbourne business loan comparisons on Mozo - last updated January 22, 2021

Search promoted business loans below or do a full Mozo database search. Advertiser disclosure.

Refine the list of business loans

Let’s help find you a great business loan...
  • Invoice Finance

    Get your customer invoices paid early, without waiting up to 90 days for payment. Apply online in 10 minutes and select your local or overseas invoices to fund. Flexible funding with no lock-in contract.

    Details
  • Business Loan

    Business loans available from $5K to $300K and funding possible in 24 hours. Prospa uses risk-based pricing to determine your interest rate, which can range from 14.95% p.a. to 24.95% p.a. They look at factors including your industry, years in business, cash flow, creditworthiness and the overall financial health of your business.

    Details
  • Short Term Business Loan

    Unsecured business loans from $10,000 - $250,000, over 6 to 24 months. Online application takes only 10 minutes and you'll know if you're approved within hours. Apply now.

    Details
  • Business Loan

    Fast, flexible business loans from $10,000 to $200,000. Great for businesses which have been trading for more than 6 months with a monthly turnover above $10,000.

    Details
  • Invoice Finance

    Leave property out of the equation with ScotPac's Invoice Finance solution. Receive up to 85% of your debtors ledger with facilities ranging from $200K to over $100Mil.

    Details
  • Invoice Finance

    Increase cashflow by unlocking the power of your receivables with Octet’s Invoice Finance solution. Receive up to 85% of your debtor’s ledger with tailored facilities ranging from $100K to $10M.

    Details
  • Trade Finance

    Boost your purchasing power and access a flexible line of credit to pay suppliers in over 68 countries with Octet’s Trade Finance solution. Put your business in the driver’s seat with up to 120 day payment terms and up to 60 days interest free. We’ll custom-fit a Trade Finance facility based on your business needs from $200K to $7M.

    Details
  • Business Loan

    Say goodbye to lengthy applications with online lender Moula. With a speedy 10 minute application process and potential funding within 24 hours, Moula can help you meet your businesses inventory or cash flow needs without the fuss.

    Details
  • Fully Drawn Loan

    Heritage Banks Fully Drawn Business Loan is a good option for most business needs such as purchasing a property, buying a business or longer term working capital requirements.

    Details
  • Line of Credit

    Heritage Banks Business Line of Credit is a flexible form of finance, allowing you to decide when to make principal reductions, plus the ability to re-use these funds at any time during the term of the facility.

    Details
  • Line of Credit

    Zip Business Loans online application process can be completed in as little as five minutes, and once approved you can access the funds within 24 hours. A line of credit up to $500k that converts into a loan when you draw down.

    Details

Mozo provides general product information. We don't consider your personal objectives, financial situation or needs and we aren't recommending any specific product to you. You should make your own decision after reading the PDS or offer documentation, or seeking independent advice.

While we pride ourselves on covering a wide range of products, we don't cover every product in the market. If you decide to apply for a product through our website, you will be dealing directly with the provider of that product and not with Mozo.

Business Banking Resources

Reviews, news, tips and guides to help find the best business loan for you.

FAQ

Melbourne business loans comparison made easy

Whether you run a coffee shop and need to upgrade your espresso machine or need a hand to manage your cash flow a business loan may be just the thing your small business needs. . But there can be a lot questions that make getting a Melbourne business loan a bit confusing. So we provided some answers to make the whole process that much easier.

Am I eligible for a business loan?

On the most fundamental level, to be eligible for almost any business loan, you need to: be an Australian resident, at least 18 years old and already have a business with an ABN.

Other than that lenders will assess how risky you are as a borrower by looking at things like your credit history, turnover and business plan. To be eligible, they’ll have to have a reasonable belief that you can pay the loan back..

Some loans may also have more specific criteria, such as needing to be in a specific industry or using the loan for a certain purpose, such as buying equipment.

What types of business loans are available in Melbourne?

There’s lots of different types of business loans, which vary in small ways. For the most part you’re likely to find these loans break down into three main types:

  • Instalment loans: These are the most common type of loan around and the type you’re probably the most familiar with. You get the loan as a lump sum, then each week, month, or quarter you make a repayment on the loan which covers both interest and the principal loan amount.
  • Line-of-credit: Line of credit loans are a staple in the business world and are most commonly used for stabilising cash-flow. They’re different from instalment loans in that instead of a lump some, you can drawdown the amount you need, when you need it, up to a certain amount, and will only be charged interest on how much you borrowed, after you borrowed it. Often you’ll be able to continuously borrow up to the agreed amount; meaning you can borrow, repay the loan, then borrow again.
  • Peer-to-peer: An alternative to a traditional bank loan, peer-to-peer loans work by listing your loan in an online marketplace of potential investors. Most peer-to-peer lenders offer both instalment and line of credit loans, but keep in mind they’re often online-only, so you’ll need to be comfortable managing your loan from your laptop.

What should I look for in a business loan?

Every business is unique and that means the loan you choose will be specific to your needs, wants and business plan. With that said, there are a couple of features that are worth keeping in mind, no matter what loan you’re looking for.

  • Low interest rates: When it comes to business loans low interest rates are nearly always the aim of the game. The lower the interest rate, the less you’ll have to pay in the long run, usually. So spending some time searching for a low rate loan is likely to pay off in the end.
  • Minimal / low fees: Much like a low interest rate, having low or no fees helps keep your loan costs as low as possible. Keep in mind that some fees are guaranteed, such as application or establishment fees, while others, like an early repayment penalty, may not affect you at all.
  • The right loan period: Getting a Melbourne business loan for the correct time period can save you big time. A loan term that’s too long might mean you end up paying more interest than needed, while a short term loan  will usually mean higher repayments, which will impact your monthly budget.

What business loan fees will I need to budget for?

Almost all business loans come with at least some fees and it helps to be prepared and plan for them in your budget up front. Here’s a quick list of the most common ones to expect and look for:

  • Up front fees: At the very start of the loan period you might have to pay a fee to apply for and set up your loan, this will either be a flat fee, or a percentage of your loan.
  • Ongoing service fees: Ongoing fees are paid throughout the loan period, usually either monthly, quarterly or annually. Just like up front fees, ongoing service fees will either be a flat rate, or a percentage of your loan.
  • Early repayment penalty: Normally, paying back your loan early can save on interest and save you money in the long run. But keep in mind that if you pay the whole thing off early, you may wind up hit with an early repayment fee.
  • Drawdown fee: Drawdown fees are associated with line of credit loans. When you access the money that you have available to you, this is called a drawdown and sometimes comes with a fee that is either a percentage of what is borrowed, or a flat rate.

Can I take out a Melbourne business loan without any assets?

Owning a big asset like a brick and mortar store or a house to use as security against your loan isn’t a prerequisite for getting a business loan. Many lenders offer unsecured loans that will let you borrow without any collateral, although keep in mind, secured loans (loans with an asset put up as collateral) usually offer lower rates. So while collateral isn’t necessary, having some can help you keep costs down on your business loan in Melbourne.

How do I start getting a Melbourne business loan?

Ready to apply? The first step on your way to an office upgrade or better cash flow is comparing Melbourne business loans and seeing what loan options fit your needs.

Or, if you want to read some more information to help you find the perfect business loan, you can check out our business loans guides.

Business banking guides

Business Loan Startup Original
Business loans for startups: how to fund your new business

Becoming your own boss - it’s the ultimate dream for many working Australians and one that tens of thousands take a chance on each year by starting up their own businesses. In fact, according to the latest figures from the Australian Bureau of Statistics (ABS) there were over 2.3 million actively trading businesses in Australia in 2018, with thousands of new businesses joining the ranks each year.   

Small Business Owner Australia Original Copy Original
How to get a business loan: the ultimate guide to searching and applying

Whether you’re running a small business, a big business or a newly started business, there’s a good chance that you’ll need some extra funding at some point along the way.

Business Guide Original
Business loan application tips

Taking out a small business loan can be key to getting things off the ground for your business startup or expanding operations at your existing business, whether you're after a $20,000 loan to kit out your new office, or a $100,000 loan to really boost your operations to the next level. And if you’ve already done the hard yards and found the right business loans match, the next step is to nail the application process.

Business Bank Application Copy Original
Business bank applications checklist

Tedious bank applications are made even more tedious when you don't have the required forms on hand. Fast-track your applications with Mozo's applications checklist.

Choosing A Business Bank Acc Copy Original
Choosing a business bank account

Choosing a business banking account is about packing all the transaction facilities you need into the smallest possible monthly fee. There's a wide range of options, often varying from bank to bank, but here are some small business finance tips.

Compare Business Banking Package Copy Original
Compare Business Banking Packages

It's important for a small business to establish a relationship with a bank, as you may one day want to ask for a business loan or demand a mates rate on fees. 

Business Credit Card Copy Original
A guide to business credit cards

Whether to get a small business credit card - and which one to apply for - is a matter of balancing features against interest and fees, and securing the best business credit card offer.

Business Savings Acc Copy Original
Business saving account features

The variety of high interest business accounts may spoil you for choice. It's all about the features you need and the best interest rate you can get.

More business banking guides

Business banking news

Small Business Owner Opening Shop
Small business support in 2021? Here’s what experts are proposing after JobKeeper ends

Small Business Ombudsman Kate Carnell has renewed calls for the federal government to provide HECS-style loans to businesses to help them stay afloat once JobKeeper ends in March.These ultra-low or zero-interest business loans would be government-funded and help boost cashflow, and similarly to the student HECS-HELP loan, would only be repaid once the business hits a certain agreed level of revenue.Carnell says that “somewhere between 25-30% of businesses are still really struggling.”“[That may be] because of the industry that they’re in, border closures, shutdowns, COVID requirements - a whole range of reasons why they’re not recovering at the same sort of rate as other businesses,” she says. “There are some [businesses] that are tracking in the right direction and they will be alright, but there needs to be an option for those that aren’t.” 

Ecommerce Small Business Owner On Laptop
Buy Now Pay Later service Zip partners with Facebook to support eCommerce businesses

At a time when online shopping is surging and eCommerce has become an undeniably crucial avenue for reaching customers, two companies have joined forces to help Australian small businesses pay for their social media advertising with Buy Now Pay Later (BNPL). BNPL service Zip today announced it has teamed up with social media giant Facebook to allow small to medium enterprises (SMEs) to use Zip Business when funding their marketing campaigns on the platform. Zip Business gives SMEs access to unsecured business loans of up to $500k, with interest only charged on the amount you end up using (not the total amount you’re approved for). According to Zip’s co-founder Peter Gray, the partnership is part of efforts to address cashflow issues that might hinder many small businesses from taking their digital operations to the next level. “92% of small businesses believe they would have generated more revenue in the previous year if their cashflow was better,” he said. “Partnering with Facebook is an important step not only in the expansion of Zip Business, but in helping small business owners to capitalise on the recent growth in the eCommerce sector and to get ahead.“With 14 million Australians using Facebook every day, the social network is an increasingly important advertising channel for small businesses.” The Zip-Facebook service is still in testing, with the roll-out to start initially with Facebook’s prepaid advertisers. This marks the second big collaboration for Zip Business, which launched back in August to offer lines of credit to SMEs on eBay.

Business Finance To Get Your Business Back On Track
4 types of finance to get your business back on track for 2021

After a tough year for many businesses, things are looking up at long last. New data from the Australian Bureau of Statistics (ABS) show that revenue rose for 24% of businesses this month. Indeed, with more Australians now out and about, Christmas could present a great opportunity for your business to boost its sales even further so you can start off the new year strong and in the green. “One in five (22%) businesses indicated they have capital expenditure plans over the next three months, with about three quarters (73%) of these businesses expecting to spend the same or more than what is usual for this time of year,” ABS’s head of industry statistics, John Shepherd said. Whether you’re looking to purchase more supplies or build out your digital presence to attract online shoppers, having extra funds at the ready could make all the difference over this busy holiday season. That’s when an alternative non-bank business loan comes in. With applications that take just minutes and funding in 24-48 hours, these business loans are an easy way to secure the finance you might need over summer. With that said, there are a number of different loan options out there, some of which might suit your business needs better than others. Scroll down for four types of business finance to help you get the ball rolling for December …

More Business Banking News