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


Max. Loan Amount

1 to 30 years

Loan Term

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Product NameWestpac Business Loan
Min. Loan Amount$20,000
Max. Loan Amount$3,000,000
Loan SecuritySecured
Upfront Fee$0 application fee
Loan Term1 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.

Name Product Min. Loan Amount Max. Loan Amount Loan Term Upfront Fee Filter Values
Zip Business Loan
Up to 5 years
No establishment fee
Borrow up to $500,000 with loan terms of up to 5 years. Flexible weekly, fortnightly and monthly repayment options available with no early repayment fees.
Moula Business Loan
1 to 2 years
2% Establishment fee
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.
Swoop Finance Business Loan
1 to 20 years
Depending on your loan contract
Apply online and borrow between $1,000 and $100,000,000. Options for good and bad credit borrowers.
ebroker Business Loan
1 month to 30 years
$0 application fee
Small business loans available between $5,000 and $5,000,000. Get access to 70+ non-bank lenders on this independent platform.
Lumi Unsecured Business Loan
3 months to 3 years
2.5% establishment fee
Apply for up to $300,000 from Lumi and benefit from short loan terms, no early repayment fees and once approved receive your funds in just one business day.
Max Funding Unsecured Business Loan
1 month to 1 year
$0 application fee
An unsecured business loan from $3,000 that offers convenient pre-approval and no early repayment fees.
Valiant Finance Business Loan Broker
3 months to 5 years
$0 application fee
A Business Lending Specialist from Valiant Finance can give you access to competitive business loans from over 70 lenders. Loans between $5,000 and $1 million are available. Request a call – your loan can be funded in 1 business day.
OnDeck Business Loans
6 months to 2 years
3% of loan amount
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.
Octet Trade Finance
1 month to 2 years
Transaction fee 2.5%
Access a line of credit to pay suppliers in over 65 countries. Borrow from $200,000 up to $7 million.
Prospa Business Loan
3 months to 3 years
3% origination fee
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
1 to 30 years
$0 application fee
Purchase a new vehicle, equipment or support your cash flow with a business finance solution from Westpac.
ANZ Secured Business Loan
Up to 15 years
Benefit from a low rate when you secure this loan with property and/or business assets. Loans from $10,000 available.
ANZ Unsecured Business Loan
Up to 15 years
Apply for a loan from $10,000 with no security required and benefit from flexible repayment terms.

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