Business loans & finance

Great Southern Bank is the trading name of Credit Union Australia Limited. You may have previously known us as CUA.

For over 75 years we’ve helped our customers manage their money. We do this by providing clever products and smart tools that help you reach your financial goals sooner. Plus, being customer-owned means that our profits go back into our products and services, not shareholders.

We love helping people reach their financial goals and we can’t wait to help you reach yours, whatever they may be. Jump on Business+ online or download our Business+ app to get started.

You’ll need to meet our eligibility criteria for a Business+ Unsecured Loan. You can find these here.

The maximum amount you can borrow depends on your business circumstances and financial situation. Below is a guide of our limits:

• Business+ Unsecured Overdraft: $10,000 - $50,000
• Business+ Unsecured Loan: $20,000 - $50,000

You can use your loan for any business purpose. Eg. stock, equipment or cashflow management.

In most cases, you can expect an indicative decision within minutes of submitting your application and a final decision within 1-2 days.

When you apply for business finance, you (and any directors, partners or guarantors) may need to provide:

• Financial statements, preferably prepared by an accountant
• Proof of individual income
• Bank statements
• Identification

These documents help us understand your business’s financial position.

Unsecured business loans typically have higher interest rates than secured business loans because the lender is taking on more risk by lending money without any collateral.

Your interest rate is contained in your loan contract. It’s based on information you give us and:

• Your business credit rating
• Your repayment history
• How many loan applications you have made in the past
• The age of your credit file

Once your loan is approved and you (and any guarantors) accept your contract, the money is deposited into your nominated Business+ Account straight away.

Your Business+ Unsecured Overdraft is linked to your Business+ Account.

You access your overdraft funds the same way you access your own eg. with your Debit Mastercard, in-app transfers, direct debits, BPAY®, etc.

If you overdraw your Business+ Account, don’t worry, your Business+ Unsecured Overdraft covers you (up to your approved limit) until you get your balance back in the black. You only pay interest on what you have used.

An overdraft is a line of credit with a limit approved by your bank. It lets you draw on that money as you need it.

A loan is a fixed amount of borrowing upfront which is repaid over a set term with regular repayments.

Business+ Unsecured Overdraft: Interest rate is variable. Calculated daily on the balance owing and debited on the first day of each month.

Business+ Unsecured Loan: Interest rate is fixed, calculated daily on the balance owing and debited monthly on the anniversary when the account was opened.

If you’re borrowing in the name of a company, you’ll need to provide us with your personal guarantee as a director. If you’re applying for a Business+ Vehicle Loan, the vehicle is used as security. Otherwise, Business+ loans and overdrafts need no security.

You can make extra repayments whenever you like. An early termination fee and early payment costs apply if you pay out your loan in full before its due date.

Only your Business+ accounts are found on Business+ online and your Business+ app. Your other Great Southern Bank accounts are accessed with the Great Southern Bank app or Online Banking.

No. Think of it like our beloved Carlton Football Club men’s and women’s teams. While they’re all part of the same club, they play separately.

It’s the same with your Great Southern Bank products and your Business+ products. They’re all offered by us, but they don’t play together.

If you have banking that isn’t part of the Business+ suite of products, you’ll need to use the Great Southern Bank app or Online Banking.

No. Our Business+ products are designed to be 100% digital.

For help with anything to do with your Business+ products, use the Chat in the Help section of Business+ online or the Business+ app. You’ll be helped by one of our team (yep, a real person).

Between $20,000 and $5,000,000 depending on your business circumstances and financial situation.

You can use your loan for any business purpose, like buying a new or existing business or franchise, commercial real estate, equipment and fit outs, cashflow etc. Speak to one of our Business Bankers to learn more.

In most cases, you can expect an indicative decision within 48 hours of submitting your application.

When you apply for business finance, you (and any directors, partners or guarantors) may need to provide:

• A completed application form.
• Proof of income (financial statements and/or payslips)
• Proof of property ownership

Your loan needs to be secured by residential property, commercial property  or term deposit.

View the latest Interest Rate Schedule or Commercial Lending Schedule of Fees.

If your interest rate is variable, it’s calculated daily on the balance owing and debited on the first day of each month.

If your interest rate is fixed, it’s calculated daily on the balance owing and debited monthly on the anniversary when the loan was opened.

No, you can make extra repayments at any time. Please refer to the Commercial Lending Schedule of Fees.