Can the loan amount be changed at any time?
If you wish to increase your loan at any point, you may be able to do so. Please contact us so we can make any necessary adjustments.
Will my information be protected with Lumi?
You bet. We pride ourselves on being transparent about how we collect, use, exchange and protect your information. Our team are passionate about using advanced and trusted cyber security and data protection to ensure your personal and financial details are kept safe.
Business Line of Credit
What is a Lumi Line of Credit?
A Lumi Line of Credit is a limit facility that allows you to draw funds as and when you need them. By limit facility we mean that you are approved for a credit limit, similar to a credit card, and you are able to draw in and out of the facility to suit your working capital needs. One reason why lines of credit are particularly popular is the flexibility they provide to businesses. They offer a safety net of access to funds for when you need them, without the burden of debt for when you don’t require the funds.
How much does a Lumi Line of Credit cost?
An activation fee of $25 is charged upon every drawdown. This covers the initial start-up cost of the Lumi Line of Credit.
Thereafter, a monthly subscription fee of $30 will be charged while you maintain the facility.
You’ll only pay interest on the funds you have drawn for the period that they are drawn. That means that you will not pay interest on either funds that you haven’t drawn or have already repaid. Interest is charged at a fixed rate and calculated on a daily basis. We offer risk-based pricing and the pricing of your Lumi Line of Credit will depend on various factors relating to your business, such as industry and time in business.
How long is a business Lumi Line of Credit for?
The Lumi Lumi Line of Credit is available for a period of 12 months. You are required to make an initial drawdown in the first 4 weeks.
Once approved for a Lumi Lumi Line of Credit, you can apply for an extension of the term of the facility.
To arrange a re-assessment, please call us on 1300 005 864 or contact your account manager.
How is a Lumi Line of Credit paid back?
When a Lumi Line of Credit is approved, we will provide you with a repayment schedule. We will set up a direct debit from your nominated account and will charge you once a week the weekly repayment amount that will consist of principal and interest.
As this is an automatic direct debit, you’ll never need to worry about forgetting to pay or missing a payment.
You will also be able to make additional payments at any time to reduce your balance. This will decrease the amount of interest you pay and we will automatically adjust the weekly payments to reflect that. We want to give you total control of your cash flow.
Can a Lumi Line of Credit only be used to buy specific things?
You can use the funds for any business purpose, such as buying stock or equipment, paying staff, a marketing campaign, or a renovation.
How much credit can I get with Lumi?
At Lumi, we provide lines of credit of up to $300,000. We will determine your credit limit based on the circumstances of your business.
What are the requirements for a Lumi Line of Credit?
To be eligible for a Lumi Line of Credit you need to:
- Be an Australian citizen or PR;
- Be over the age of 18;
- Have a valid ABN; and
- Have been trading for a minimum of 6 months
Who do I contact about receiving access to a Lumi Line of Credit?
Give us a call on 1300 005 864. Our office hours are Monday - Friday 8:30 am - 7 pm AEST
If you prefer to email, drop us a line at email@example.com
How can I access my Lumi Business Lumi Line of Credit once I have been approved?
We’ve made your Lumi Line of Credit accessible via our Lumi customer hub. When logged in, you will be able to undertake various different tasks. From viewing transactions to drawing down funds.
What happens at the end of my Business Lumi Line of Credit?
At the end of the term, you are able to either close your account or apply to extend your Lumi Line of Credit for another 12 months.