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Westpac Business Loan
Borrow from $20,000 up to $3,000,000. Terms vary based on security, and can be short for unsecured loans.
Westpac offers a range of financing options to help cover various business expenses. These include purchasing equipment, paying for business insurance, managing cash flow or even purchasing commercial property. With this loan, you can borrow up to $3,000,000 and can opt for a secured or unsecured loan. You can get terms up to 30 years only on a secured loan, with residential property required as security. Terms of only 5 years are available for unsecured loans. While there is no establishment fee, you will have to pay a monthly loan maintenance fee in addition to interest.
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$0 application fee
Upfront Fee
$3,000,000
Max. Loan Amount
1 to 30 years
Loan Term
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Details
| Product Name | Westpac Business Loan |
|---|---|
| Min. Loan Amount | $20,000 |
| Max. Loan Amount | $3,000,000 |
| Loan Security | Secured |
| Upfront Fee | $0 application fee |
| Loan Term | 1 to 30 years |
What business loans does Westpac offer?
There is a range of business financing solutions available from Westpac:
- Equipment and vehicle finance. Purchase a vehicle or new equipment with Westpac vehicle and equipment finance. Terms from 1 to 5 years are available and the asset you're purchasing is used as security. You're able to borrow from $15,000.
- Business overdraft. This is an unsecured financing option that can support your cash flow. You can apply for up to $50,000 that you're able to access from your Westpac Business Transaction Account.
- Business loan. This loan is available as a secured option with terms up to 30 years or an unsecured option with terms up to 5 years. You can apply for an amount above $20,000 and repay it at a variable rate.
Features of the Westpac Business Loans
The features of the Westpac Business Loan are as follows:
- Varied loan terms. There are various loan terms available depending on the financing option you choose. For example, the business loan can have terms up to 30 years if you attach residential property as security but terms of only 5 years are available if the loan is unsecured.
- Secured and unsecured. Both secured and unsecured loan options are available.
- Cash flow support. If you are looking for finance to support your cash flow Westpac offers two business overdraft options as well as a credit card to consider.
- Fixed or variable rates offered. With a variable rate, you can make extra repayments which can reduce the interest paid on the loan and you can switch between interest-only loans, or a principal or interest repayments. With the fixed rate option, this provides certainty in each repayment as you know what to expect and you're protected from potential future interest rate fluctuations.
- Quick turnover. Once you get in touch with Westpac about your need for a business loan, they will contact you within one business day to help you get the capital you need for your business quickly.
How much does the loan cost?
There are several fees associated with the loan, such as:
- Establishment fees, which depend on the loan amount
- A monthly loan maintenance fee
- Other miscellaneous fees
It's important to note that these fees hinge upon the loan amount, so this is a consideration before applying. Actual costs are calculated after you submit your application.
How to apply for the Westpac Business Loan
Business loan applicants require the following:
- Your ABN (Australian Business Number), ACN (Australian Company Number), ARBN (Australian Registered Business Number) or ARSN (Australian Registered Scheme Number).
- Your personal details such as your name, date of birth and place of business.
- A good and clear credit record as well as an up-to-date statutory payments list and no ATO liabilities
Once you have supplied the required information, a customer service representative will contact you to process your loan application. You can apply for this loan over the phone or in a Westpac branch.
Westpac's fixed and variable rate business loans can help your business get capital when necessary. Clear research can determine whether these loans meet your business needs, so make sure you compare your options before applying.
Comparison of other business loans
Whilst we don't directly compare Westpac Business Loan, compare other business loans offering similar features.
