In some cases, yes. This will depend on the type of loan, equities in your home to support the loan, and your business plan.
You have 60 days from the start of the loan (date of the loan documentation) to draw down your loan. After you have returned the loan documentation with your signature, they’ll place the funds into the ASB account of your choosing.
Generally, you’ll be paying for a loan approval fee that’s 1% of the loan amount with a minimum fee of $25, and early repayment fee of $20 (if applicable), and account and service fees and charges. On top of these fees are Business and Rural variable base rates such as a business base rate of 9.13% p.a., rural base rate of 5.93% p.a., floating base rate of 1.74% p.a., and corporate indicator rate of 3.33% p.a..
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