SME Business Loans
SME Business Loans at a glance
Finance options for a business with an annual turnover less than $50 million
- Available to both new and existing Westpac customers
- Loans of up to $1 million
- Fixed and variable rate options
- Terms of 3 or 5 years for business loans
- Terms of 1 to 5 years for vehicle and equipment goods loans.
Compare secured loans, and vehicle and equipment goods loan
Are my customers eligible?
To be eligible for these loans, your customers must:
- Have an annual turnover of less than $50 million and a valid ABN
- Be a tax resident of Australia – that is based, registered and operating in Australia
- Use the loan for business purposes only and not to refinance existing debt (except for other Scheme loans), lend to an associated entity, purchase residential property or financial products, or to lease, rent, hire or hire purchase assets more than halfway into their effective life
- Not have loans supported by Phase 2 of the Government's Coronavirus SME Guarantee Scheme totalling more than $1 million (including this loan and those from other lenders).
How do my customers apply?
Contact one of our Business Development Managers or Senior Partnership Managers for more information on how to submit an application for a Westpac facility supported by the Government’s Coronavirus SME Guarantee Scheme.
Things you should know
Credit criteria, fees, charges, terms and conditions apply.
1. Security supporting these loans excludes residential property or commercial/rural property that may be used for residential purposes.
2. Brokerage capped at maximum of 3% not to exceed customer rate of 7% p.a.
3. Other fees and charges apply.
4. Interest and fees will accrue during the 6 months and capitalise at the end of this periods.
5. This rate is available for applications submitted prior to 26 February 2021 that are supported by owner occupied commercial security.
6. Vehicle and equipment goods loan establishment fee waived: Information is correct as at 4 November 2020. This offer waives the relevant establishment fee (usually from $450) on Westpac Vehicle and Equipment goods loan applications. This offer is only available to Business customers for business purposes and only for new applications (excludes roll-overs and refinances) for vehicles and equipment.
7. General statement only and does not constitute tax advice. The ATO website has more information on eligibility, thresholds and exclusions. Customers should seek their own independent tax advice in relation to their individual circumstances.