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COVID-19: SME Business Loans

SME Government Guarantee Business Loans
Annual turnover of less than $50 million? You may be eligible to access a loan of up to $1 million under Phase 2 of the Government’s Coronavirus SME Guarantee Scheme.


Features of these business loans

  • Available to both new and existing Bank of Melbourne customers
  • Multiple secured loan^ options available
  • Terms of 3 or 5 years
  • No establishment fees or monthly account keeping fees*
  • Interest rates start at 2.38% p.a. fixed rate for a fully secured loan¹
  • Variable rates available between 2.99% p.a. to 3.99% p.a. depending on security offered.


Eligibility Criteria for Goverment backed SME Loan

  • Have an annual turnover of less than $50 million and valid ABN
  • Be a tax resident of Australia – that is based, registered and operating in Australia
  • Use the loan for business purposes only and not to refinance existing debt (except for other Scheme loans), lend to an associated entity, purchase residential property or financial products, or to lease, rent, hire or hire purchase assets more than halfway into their effective life
  • Not have loans supported by Phase 2 of the Government's Coronavirus SME Guarantee Scheme totalling more than $1 million (including this loan and those from other lenders).


Prep for application success

Once you have submitted an enquiry using the links on this page, a Business Lending Specialist will be in touch with you to talk through the next steps. If you are an existing Bank of Melbourne customer with a Relationship Manager, we will pass on your details and they will contact you directly.

To prepare for this conversation, please have details of your business’s financial situation to hand, which may include bank statements, management accounts, Business Activity Statements (BAS), business financial statements, personal tax returns etc.

Loan documents must be signed and returned by 30th June 2021.



Existing customers with a Relationship Manager

Please contact your Relationship Manager directly to enquire about a loan.

The Detail

^ Security supporting these loans excludes residential property or commercial/rural property that may be used for residential purposes.

* Other fees and charges may apply.

1. This rate is available for applications submitted prior to 30 April 2021 that are supported by owner occupied commercial security.