Westpac SME Recovery Loan

The Westpac SME Recovery Loan allows eligible organisations and sole traders to access a low interest rate business loan of $15,000 to $5,000,000, with rates ranging between 2.58% p.a. and 4.28% p.a. These rates are very competitive for a business loan, but you should still compare your options to find the best deal for your business.

The loan may be repaid over a period of 3, 5 or 10 years. The Australian government will guarantee 80% of this loan, with partial or fully secured options available for the remainder.


Upfront Fee


Max. Loan Amount

3 to 10 years

Loan Term

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Product NameWestpac SME Recovery Loan
Min. Loan Amount$15,000
Max. Loan Amount$5,000,000
Loan SecuritySecured
Upfront Fee$0
Loan Term3 to 10 years

Is my business eligible for the SME Recovery Scheme?

This loan is open to businesses impacted by the coronavirus pandemic, or those that faced adverse financial effects from the March 2021 floods. Businesses that have accessed phase 1 and 2 of the SME Recovery Scheme may still apply for this loan.

Businesses are eligible to apply for the Westpac SME Recovery Loan if they:

  • Have an annual turnover of up to $250,000,000
  • Have a valid ABN and have been trading for longer than 12 months
  • Are based, registered and operating within Australia
  • If applying for a flood loan, have operations in affected LGAs. A complete list of LGAs can be found on the treasury’s website

From 1 October 2021, the requirement of having previously accessed JobKeeper payments no longer applies.

What can I spend this money on?

  • Refinancing existing loans
  • Purchasing new business assets such as equipment, furniture or vehicles
  • Providing working capital
  • Acquiring commercial property
  • The acquisition of another business
  • Acquiring residential property
  • Purchasing financial products, such as investments or insurance
  • Lending to an associated organisation
  • Leasing or hiring assets that are over half-way through their effective lifespan

Key features of the Westpac SME Recovery Loan

  • No establishment or account keeping fees
  • A low, variable interest rate of between 2.58% p.a. and 4.28% p.a.
  • The option to defer repayments for 6 or 12 months. However, interest still accrues over this period
  • An additional 12-month repayment holiday will be considered upon request
  • The choice between a partially or fully secured loan

How to apply

To evaluate your needs and establish your terms, you must first submit an enquiry to Westpac. A representative will then be in touch with you and walk you through the next steps. If you have an existing relationship manager with Westpac, you will be contacted by them instead. Applications for all SME Recovery Loans close on 31 December 2021.

Frequently asked questions

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