Westpac offers fixed rate or variable rate business loans to help your business get off the ground.
The business loans Westpac offers give your business a chance to grow and thrive even if you might not have the necessary capital at the moment. This loan type offers you two choices: fixed or variable rate loans. Each one has their advantages, so it comes down to knowing which one would be the best for your business.
How does the Westpac business loan work?
First, Westpac requires that you are a Westpac customer before applying for any products that they have available. Once you are a Westpac customer, you apply for the loan and get a customer service representative to help you work out the details. However, you should have an amount in mind prior to applying. After you meet the criteria, which includes having an ABN etc., the funds will be in your account after your business has received a letter of offer for the loan.
Features of the Westpac business loans
The features of the Westpac Business Loan are as follows:
- Varied loan terms. Depending on the type of security offered for the loan, this will change your loan terms. If a residential property is used as security against this loan, you can get a loan term of up to 30 years. If you use a rural or commercial property as security, you can get a loan term up to 25 years. If you want your Westpac business loan to be unsecured, your loan term is limited to five years.
- Secured and unsecured. If you want to secure an asset you have against your Westpac business loan, Westpac will gladly let you do so. Depending on what type of asset you use, it could benefit your loan terms and interest rates.
- 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 following 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 loans, compare other business loans offering similar features.