Bankwest Fixed Rate Business Loan

Borrow from $10,000 with no set borrowing limits. Loan terms are short, and rates are based on a full credit assessment of your application.

This business loan from Bankwest comes with a fixed interest rate and short repayment terms from 1 to 5 years. You can borrow from $10,000 upwards, with no set limit on how much you can borrow. As this loan has fixed interest rates, you can predict your repayments and budget for them without difficulty. This loan is secured and requires either a residential or commercial asset as security. Your interest rate will be based on a full credit assessment of your application, and a margin may apply if your credit score is less than perfect. They also charge an establishment fee, which is available on application and a $20 monthly loan maintenance fee.

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Available on application

Upfront Fee

1 to 5 years

Loan Term

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Product NameBankwest Fixed Rate Business Loan
Min. Loan Amount$10,000
Max. Loan AmountNo maximum amount
Loan SecuritySecured
Upfront FeeAvailable on application
Loan Term1 to 5 years

How does the Bankwest business fixed-rate loan work?

With this loan, you can set the rate for a minimum of 1 year and a maximum of 5 years. You have to apply for a minimum of $10,000 and the maximum loan amount you can apply for is based on the information regarding your assets and liabilities that you submit upon your application.

Once your loan application has been approved, you can choose between monthly, quarterly, half yearly or annual repayments that suit the cash flow of your business.

Features of the Bankwest business fixed-rate loan

The following are some of the features for this fixed-rate loan:

  • A large minimum rate. You need to apply for a minimum of $10,000. The maximum amount you can borrow is based on the assets that you put forward as security.
  • Loan terms. You can set a fixed rate for a minimum of 1 year to a maximum of 5 years.
  • Assets as security. You must put forward either a residential or commercial asset in order to have your application considered.
  • Varied repayment options. You can choose to pay off the interest accrued on this loan, or you can choose to pay off the principal and interest of the loan.
  • Peace of mind. The ability to forecast repayments on your loan can help ease pressure on your business and help you manage your cash flow.
  • Flexible repayments. You have the option to make your repayments monthly, quarterly, half yearly and annually.
  • Online banking. Benefit from the online, mobile and phone banking offered by Bankwest. You will always have access to your money, whether you're at home or on the go.
  • Set the rate. You are able to select the date your preferred interest rate rises in order to suit the cash flow needs of your business.
  • Fixed to variable. You can maintain your account number and automatically roll into a business low-rate loan, which is variable, at the end of your fixed-rate term.

How much does the loan cost?

The following fees are associated with this loan:

  • A one-off application fee that is dependent on the amount you're applying for.
  • A monthly fee of $20.

It's important to keep these fees in mind. You will receive a loan schedule that outlines your interest rate and your fees once you have been approved for the loan. There may be more or less fees once you have been approved for the loan.

How to apply for the Bankwest business fixed-rate loan

In order to apply for this loan with Bankwest, you need to click on 'Go to Site' and ensure you have the following documents ready:

  • Current business and personal financials, such as a business plan, tax statements and your current assets and liabilities for you and your business.
  • Proof of the security that you're offering for the loan, whether it's a commercial or residential property.
  • Photo ID, such as a driver's licence, if you are a non-Bankwest member and are applying for this loan.
  • Two forms of identification, such as your Australian driver's licence, your Medicare card, your birth certificate or a passport from any country. You can have your identity verified in an Australian Post shop if you are unable to get to a branch.

Your business can benefit from flexible repayments with this loan from Bankwest. However, make sure you compare other options and determine which one is right for your business needs.

Comparison of other business loans

Whilst we don't directly compare Bankwest Fixed Rate Business Loan, compare other business loans offering similar features.

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Octet Trade Finance
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Prospa Business Loan
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Small business loans are available from $5,000 - $300,000 on terms of up to 3 years. At least six months trading history and a monthly turnover from $6,000 is necessary.
Westpac Business Loan
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Purchase a new vehicle, equipment or support your cash flow with a business finance solution from Westpac.
ANZ Secured Business Loan
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Benefit from a low rate when you secure this loan with property and/or business assets. Loans from $10,000 available.
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