Business Loans & Finance Melbourne

Melbourne, the capital and most populous city in Victoria, remains an attractive proposition for entrepreneurs. Not least for the financial support and growing number of local business grants that are available in the state. With a growing number of business lenders to boot, businesses are also seeing improved access to short term business loans in Melbourne. So whether it’s unsecured business loans in Melbourne or alternative forms of business finance in Melbourne you’re looking for, the right funding solutions are available. Learn about all of the different types of commercial loans in Melbourne here.

Best Small Business Loans Melbourne

#1 Lender in Australia Best Rated for Melbourne Business Financing

Est. 2011

Loans size & Terms

$5,000 to $300,000

Secured and Unsecured Loans

Prospa Business Loans Review
Pros
  • Funding: $5,000 to $300,000
  • Recepient of multiple industry awards
  • Funding granted within 48h
  • 4.9 / 5 rating on TrustPilot
  • 20,000+ Australian Businesses Funded to date
  • ASX Traded Company
  • Clear T&C and repayments
  • Excellent website and onboarding
Cons
  • Had low approval rate between May-Aug 2020 due to COVID

#2 The Industry Veteran

Est. 2002

Loans size & Terms

$5,000 to $300,000

Unsecured Loans

Capify Business Funding Review
Pros
  • Fewest documents required for sign up
  • Industry veteran for 17 years
  • the FIRST Australian online business lender
  • 99% positive client reviews
  • Multiple banking awards
  • More than $500,000,000 in funding since inception
  • Global brand
Cons
  • Min monthly turnover $10,000
  • Smaller scale than Prospa
  • 3% origination fee

#3 Small
Loans size & Terms

$20,000 to $2,000,000

Secured Business Loans

Pros
  • Secured Loans with very High Limit
  • Straightforward Terms and Conditions
  • Friendly Website
  • Reasonable Interest Rate
  • Accepts New Clients during COVID
Cons
  • No Online Client Reviews
  • Less Known than Other Lenders

Melbourne is home to two popular challenger fintechs – Moula & Judo Bank. Though neither firm makes it into our top 10 online lenders in Australia. 

Moula has a slick and easy to use site that promises business funding fast but the fact it’s limited to a 12 – 24 month borrowing term means it automatically excludes businesses seeking short term business loans for under a year. Applications with Judo Bank can take a little longer and crucially, funding is only for business loans of $250,000 and above – thus neglecting a large portion of Australian SMEs too. Both lenders appear to be doing a good job within the lending terms they stipulate but it’s these details that hold them back from being one of our top rated business lenders.

Unsecured Business Loans Melbourne

The rise of online business lenders providing unsecured business loans has been great for the 6,000 businesses of Melbourne, making it easier to access funding without the need to provide security. No longer are businesses expected to wait weeks or even months for a response from a bank. With a typical online business lender, applications can be completed in a matter of minutes, they’re usually non-committal and you should receive a yes/no response on the same day you apply.

In addition to the big four Aussie banks who retain a presence in Melbourne and Bank of Melbourne business loans, there are only a handful of Melbourne-based online lenders offering unsecured business loans in Melbourne. That’s not to say it isn’t easily possible to access unsecured business loans in Melbourne though – most of the online business lenders have simply opted for a Sydney HQ. The providers of the best unsecured business loans  we review here on SmallBusinessLoansAustralia operate across all of Australia and of course offer unsecured business loans in Melbourne.  

Business Finance Brokers Melbourne 

Business finance brokers in Melbourne should have a clear picture of the current landscape for business loans in Melbourne and tailor their recommendations based on the requirements of your business. Whether it’s a business acquisition, a franchise loan or an unsecured business loan in Melbourne you’re after, speaking with a local Melbourne-based commercial loan broker can be a good idea.

Business finance brokers in Melbourne play an important role as the go-between for businesses who are seeking finance and commercial lenders who are willing to provide it. They should handle your business loan application from start to finish and knowledgeable finance brokers in Melbourne should be able to save you time and even money by pairing you with a lender that’s a good fit for your business. Business loan brokers in Melbourne will usually charge a fee from the borrower, and in some cases, are also paid a commission by the lender.

Business Loan Brokers in Melbourne:

  • Opulent Finance – With a team full of industry expertise, based out of Mt Waverley, Melbourne, Opulent Finance has a proven track record for securing targeted commercial finance solutions at competitive pricing.
  • Aspirus Financial Services – Based in the heart of Melbourne and having been in the industry for decades, the experience and industry knowledge at Aspirus helps them understand how banks and dedicated commercial lenders work – ensuring the most optimal results for borrowers.
  • Grange Finance – Grange has access to a variety of business lenders for low doc loans, investment loans and many different commercial loans in Melbourne.

 

A Unique & Free-to-use Alternative to Business Loan Brokers in Melbourne

Traditionally, there have been a lot of benefits that only a business finance broker in Melbourne would have been able to provide. This isn’t the case anymore – following tech innovations you can now enjoy many of the same benefits of a business loan broker in Melbourne by using the free services of a business loan marketplace. 

A business loan marketplace will use algorithms and their own proprietary lending tech platforms to do a lot of the work that an individual acting as a commercial broker would do. Once you’ve submitted a few basic details about your business and the type of business finance in Melbourne you’re searching for, a business loan marketplace should be able to automatically pair you with lenders that offer the highest chances of approval and lending solutions that suit your business needs.

Test your eligibility in under 60 seconds with a business loan marketplace. Lend.com.au will compare short term business loans in Melbourne and match you with only the most relevant loan options, based on your financing requirements and business profile. Taking into account the industry and financial health of your business. Not only increasing your chances of approval but ensuring your search for Melbourne business loans stays short.

Pros
  • Funding: $5,000 to $500,000
  • Smart Matching by LendScore™
  • Instant Responses to Application
  • 97% User Satisfaction
  • Unsecured Business Loans Focused
  • Bank-Level Encryption
Cons
  • Not a lender by itself

Commercial Property Loan Melbourne 

Commercial property loans in Melbourne (or commercial construction loans) can provide the much needed finance to purchase or build a business property. As with residential mortgages, you can opt for either a fixed or variable rate commercial property loan in Melbourne.

Commercial property loans can be used to to finance the purchase of a wide range of commercial properties in Melbourne, including:

  • Retail stores
  • Restaurants and pubs
  • Hospitality venues
  • Warehouses
  • Office blocks
  • Factories
  • Hotels/Resorts

Small Business Loans in Melbourne – Final Take

Business owners have more options for small business loans in Melbourne than ever before. The higher level of competition should bring benefits for borrowers such as reduced loan costs and an improved level of service. Commercial loans in Melbourne aren’t just issued by lenders based out of Melbourne. Two of the most well known fintech lenders to have launched in recent years have opted to base themselves here but by our count, there are over 30 online lenders throughout Australia that offer small business loans in Melbourne – providing a mixture of secured and unsecured business loans in Melbourne. 

 

Additional localised guides:

Business Loans & Financing in Sydney

Business Loans & Finance Queensland / Brisbane

Business Loans & Finance NSW