Westpac Invoice Finance
Summary
Get 85% of your unpaid invoices from $1,000,000 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 $1,000,000, 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 $1,000,000. 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 5.97% p.a. interest rate, 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 $1,000,000. 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 get started with Westpac Invoice Finance, click "Go to site" and submit an enquiry. A specialist Invoice Finance manager will call you back within 1–2 business days to talk about your business, your financing needs and whether you're eligible. You'll need to provide:
- Your business's legal name
- Your business's legal name
- An active ABN or ACN
- Your name, phone number and email address
- A preferred contact time
If you're eligible, you'll then complete an online application and upload your documents. If you use MYOB or Xero, you can connect your accounting software to automate this step. Once your facility is approved and set up, funds are typically available within minutes, excluding weekends and public holidays.
- A minimum annual turnover of $4 million
- Multiple customers on your books
- A dedicated collection account set up with Westpac
Ongoing funding limits start from $1 million. Before you enquire, it's a good idea to compare more invoice finance options.
Frequently asked questions
Sources
Your reviews
Bria Finder
Writer
Hi there, looking for more information? Ask us a question.
You are about to post a question on finder.com.au:
- Do not enter personal information (eg. surname, phone number, bank details) as your question will be made public
- finder.com.au is a financial comparison and information service, not a bank or product provider
- We cannot provide you with personal advice or recommendations
- Your answer might already be waiting – check previous questions below to see if yours has already been asked
Finder only provides general advice and factual information, so consider your own circumstances, or seek advice before you decide to act on our content. By submitting a question, you're accepting our Terms Of Service and Finder Group Privacy & Cookies Policy.
This site is protected by reCAPTCHA and the Privacy Policy and Terms of Service apply.