Bankwest Business Low Rate Loan

Bankwest’s Business Low Rate Loan offers a competitive variable rate to assist your growing business.

This business loan’s main feature is its variable rate. Variable means that the interest changes so when the rates drop your repayment amount drops and that when the rates rise, your repayments rise as well.While the rate is changeable, it's also competitive so although it might seem difficult to predict what your repayments are going to look like, the other available features with Bankwest's Business Low Rate Loan can help your business in the long run

How does the Bankwest Business Low Rate Loan work?

Once you apply for the business loan BankWest offers, you must submit information about your personal and business financial situation, which includes your current assets and liabilities. You also need to have an assurance asset ready to use as security for this loan, which can be commercial or residential property. You can apply for a minimum of $10,000 and the maximum limit is determined by the asset you put up for collateral.

The minimum loan term is 1 year(s) and the maximum is subject to approval based upon your collateral.

Features of the Bankwest Business Low Rate Loan

Some of the features included with this low rate loan are:

  • A competitive rate. Enjoy the highs and lows of the fluctuating market and take advantage of a competitive variable interest rate. The indicative rate starts from 4.7% and the Business Low Rate is 5.85%.
  • Flexible repayment options. You have the option to pay monthly, quarterly, half yearly or annually which allows you to tailor the repayment schedule to manage your business cash flow.
  • Set the rate. You have the ability to set your preferred interest rate rising date to suit your cashflow needs. Want the rate to rise at the end of the year? You can make this a reality!
  • Choice of repayment options. You have the option to choose from interest-only repayments for a maximum of 5 year(s) or make principal and interest repayments on your loan over time.
  • Large minimum rate. You can apply for a minimum of $10,000 and the maximum amount is based on what you can afford to repay based on the asset you’ve put forward as security.
  • Secured loan. This loan is secured, which refers to the asset you put forward in order to be eligible. An asset can include commercial and residential property.
  • Varied loan terms. The loan term length is typically based on the type of security you’ve put forward.
  • Online banking access. You have access to your funds through online, mobile and telephone banking.
  • Online redraw available. You are able to redraw the surplus funds on your loan whenever you need access to them. Need cash in a pinch? Now you can access it!
  • Ability to switch between variable and fixed. If you’ve decided that a variable rate isn’t for you any more, you have the option to switch to a fixed loan for five years. You maintain your account number while doing this.
  • Decrease your loan term. You are able to decrease your loan term through lump sum repayments to your loan without penalty.

How much does the loan cost?

Some of the fees with this loan include:

  • A one off establishment fee, which is disclosed upon your application request.
  • A loan maintenance fee of $20 that is charged monthly.
  • An online surplus withdrawal fee levied at a rate of $10 per withdrawal.

The fees above are just a brief outline of what you can expect while paying off your loan. There may be additional fees in cases of insufficient funds or requesting a loan extension, as well as miscellaneous interest rate charges that can potentially be applied.

Once your application is approved, you will receive a loan schedule that outlines all associated costs.

How to apply for the Bankwest Business Low Rate Loan

To apply for the Bankwest Business Low Rate Loan, click on “Go to Site” and consider the following eligibility criteria:

  • You must have a registered business in Australia and show this through an ABN, ACN etc.
  • You must have an asset you can offer as security for this loan. This can be either residential or commercial.

Some supporting documents you need include:

  • Your personal financials
  • Your business financials
  • Details of the property you intend to use as security
  • Proof of identity (birth certificate), supported with a photo ID (Australian Driver’s Licence, Medicare card, passport).

With the online surplus available whenever you need it, this loan is a consideration for your growing business. Compare business loans and discover which one is right for your particular needs.

Comparison of other business loans

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

Rates last updated October 17th, 2018
Name Product Min Loan Amount Max. Loan Amount Loan Term Application Fee Product Description
NAB QuickBiz Loan
1 to 3 years
Apply for up to $100,000 and get a response within 60 seconds. No upfront or ongoing fees and a transparent fixed rate.
Lending Express Business Loans
0.25 to 2 years
Apply online for up to $500,000 and get access to over 25 lenders through Lending Express.
Valiant Finance Business Loan Broker
0.25 to 5 years
A Small Business Lending Specialist from Valiant Finance can give you access to competitive business loans from over 60 lenders. Loans between $5,000 and $1 million are available. Request a call – your loan can be funded in 1 business day.
Moula Business Loan
0.5 to 2 years
A loan of up to $250,000 that can be approved and funded within 24 hours. Available to businesses with 6+ months operating history and $5,000+ monthly sales.
GetCapital Flexible Business Loan
0.5 to 2 years
Initial draw down fee
A flexible business loan up to $500,000 with convenient top up and redraw facilities. Business must have been operating for 9 months+ and have monthly sales of $10,000+ Flexible Business Loan
0.5 to 2 years
Initial draw down fee
An unsecured business loan up to $500,000 that you can use for any business purpose. Transparent costs and redraw facility available.
Prospa Business Loan
0.25 to 2 years
A business loan available up to $250,000 that can be funded in 1 business day. Must have a turnover of $6,000+ per month and provide 6 months of trading history, 3 months history for existing business purchases.
OnDeck Business Loans
0.5 to 2 years
2.5% origination fee
Apply for up to $250,000 and receive your approved funds in one business day. Minimum annual turnover of $100,000 and 1 year of trading history required.

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