 | Westpac Business One Loan | Business Loan | Bank Bill Business Loan | Banks Bills |
Key Features | Combines working capital, seasonal finance and long term debt in one convenient account. | Low interest rate loan available for all business purposes | Flexibility of a term loan combined with the pricing of a commercial bill, | Funding that covers your short and long term financial needs, with base interest rate finance priced at Westpac's Bill Rate. |
Minimum loan amount | $100,000 | $20,000 | $100,000 | $100,000 |
Maximum loan amount | No set limit | No set limit | No set limit | No set limit |
Minimum term | 30 days | 30 days | 30 days | 30 days |
Maximum term | 10 years (up to 25 years in some cases) | Depends on security:
| 10 years (up to 25 years in some cases) | 10 years |
Loan Establishment fee | $820 + 0.6% >$100k | $820 flat for Residential ; For Other Security $820 + 0.6% >$100k | $820 + 0.6% >$100k | $820 + 0.6% >$100k |
Loan service fee | $100 per month, charged quarterly in arrears | $10 or $35 per month (depending on security offered) charged quarterly in arrears | $35 per month charged quarterly in arrears | Nil |
Other fees | Standard transaction fees apply for underlying cheque account | Redraw Fees (if available) $10 Electronic $50 staff assisted | Redraw Fees (if available) $10 Electronic $50 staff assisted | Bill Rollover Fees $125 per month charged per rollover of bills |
Access | Full transaction access, including chequebook, at the Bank's standard transaction fee rates, | Redraw (Electronic and Branch access) | Redraw (Electronic and Branch access) | Not applicable |
Repayment options | Interest only Principal and interest Principal, interest plus fees | Interest only – up to 25 years Interest only in advance – fixed rate Principal and interest Principal, interest plus fees | Interest only Principal and interest Principal, interest plus fees | Interest only – up to 25 years Principal and interest Interest only in advance (1 year, fixed rate) |
Repayment frequency | Weekly Fortnightly Monthly Quarterly Half yearly Annually (principal only) | Monthly Quarterly Half yearly Annually (principal only) | Weekly Fortnightly Monthly Quarterly Half yearly Annually (principal only) | Monthly Quarterly Half yearly Annually (principal only) |
Redraw facility (variable rate only) | Yes | Yes | Yes | Not applicable |
Flexibility to vary our repayments (variable rate only) | Yes | Yes | Yes | Yes |
Rates | Current Business Finance Rates | Current Business Finance Rates | Current Business Finance Rates | Current Business Finance Rates |
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