Westpac Invoice Finance
Summary
Get 85% of your unpaid invoices from $500,000 upwards. Costs are based various factors, including the financial standing of your business.
You can access up to 85% of your unpaid invoices, starting from $500,000, with no maximum limit on how much you can borrow. Applications are quick, and you can receive the funds within 24 hours. This loan is secured, with the invoices acting as security. This loan has establishment and service fees, which vary based on a number of factors. Rates will also depend on your financial situation, the financial standing of your business and the value of your invoices.
How does Westpac Invoice Finance work?
With invoice finance from Westpac, you can access up to 85% of all unpaid invoices from $500,000. Your invoices act as security, so there is no need to use property or an asset to secure the loan. Funding can take less than 24 hours, subject to system availability.
Westpac charges an establishment fee and a "discount fee" for its invoice financing service. Providers frequently use discount fees as an alternative to 5.85% p.a. interest rates, because invoice finance loans are generally a shorter term than other forms of business finance. The value of invoice finance is also specifically dictated by borrower invoice values, and so it often requires a more tailored form of pricing.
Features of Westpac Invoice Finance
Features associated with Westpac invoice financing include:
- Loan amount. Borrowers can access business funding from $500,000. There is no maximum funding limit.
- Quick application. Applications can be made online in just a few minutes. Existing Westpac customers can simply log into their accounts and request a call back without submitting any extra details.
- Quick response. Westpac will respond to applications within one working day.
- Quick funding. Once approved, you could have access to funding in under 24 hours. This excludes funding for invoices submitted on weekends and public holidays.
- No asset security. There's no need to secure finance with an asset or property. This is because all loans are secured against your invoice values.
- Up to 85% funding available. You could have up to 85% of the total of your unpaid invoice(s) funded. The rest will be paid to you upon client payment, minus Westpac's fee.
How much does the loan cost?
The amount you'll be charged for invoice financing with Westpac will depend on a number of factors. These include your financial situation, the financial standing of your business and the value of your invoices. To find out more, please contact Westpac directly.
How to apply
To apply for Westpac Invoice Finance, simply click "Go to site" on this page to submit an application. Information that you will be required to provide includes:
- Your business's legal name
- An active ABN or ACN
- Your name
- Your phone number
- Your email address
- A preferred contact time
Please note that Westpac Invoice Finance loans are only suitable for businesses, therefore you will have to have an active ABN or ACN in order to apply. You will also be required to be 18 years old or over.
Prior to submitting an application, it's always a good idea to compare more invoice finance options.
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