Bank Guarantee for Businesses
A written commitment issued on your behalf in favour of a third party to undertake to pay on demand the amount specified in the guarantee to meet your obligations under a contract signed between yourself and a third party.
Key features
- Guarantee amount: $5,000 minimum (no maximum)
- Flexible security options: cash held on term deposit with Suncorp Bank, property (residential or commercial) or a combination of both
- Interest on cash security: earn interest at competitive rates for any cash held on deposit as security for bank guarantees
- Free up working capital: use for security deposits required to lease premises or performance bonds for property development as examples and free up working capital.
Fees
Establishment fee
0.50% of guarantee amount. Minimum $100.
Ongoing service fee
1.5% (rounded to the nearest dollar) payable per half year in advance. Minimum of $150 per half year.
To approved applicants only, terms and conditions apply. Other fees and charges may also apply. For a complete guide please download the Lending Fees and Charges brochure or obtain a copy from one of Suncorp Bank's Branches. The Bank Guarantee product is issued by Suncorp Bank (Norfina Limited ABN 66 010 831 722 AFSL No 229882).
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Australia and New Zealand Banking Group Limited (ABN 11 005 357 522) (ANZ) acquired Norfina Limited (ABN 66 010 831 722 (Suncorp Bank) on 31 July 2024. As Suncorp Bank is now part of the ANZ Group, it may be necessary to vary the terms of your Suncorp Bank product to match the terms of a similar ANZ product. This means you may end up with a product that has different terms and features to those you initially applied for. In any event, Suncorp Bank will provide you with a more detailed notice of these changes if the variation applies to your products. A full list of these changes for each product can be found at suncorpbank.com.au/variation. Please contact us if you have any questions or if there is a feature that is important to you.
Home Loan, Personal and Business Banking products are issued by Suncorp Bank (Norfina Limited ABN 66 010 831 722 AFSL No 229882 Australian Credit Licence 229882) to approved applicants only. Eligibility criteria, conditions, fees and charges apply and are available on request. Please read the relevant Product Information Document and terms and conditions before making any decisions about whether to acquire a product.
