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Variable rates

A variable rate may go up or down during the term of the loan. This means your repayments will vary as the rate changes. Your business will benefit from any interest rate decrease but if rates increase, your repayments may increase.

Rates effective 17th May 2022 except as noted in 'Things you should know'.

Long-term finance products

Rate name Interest rate
Business Development Rate (base rate for Business Loans) 5.02% p.a.
Small Business Loan Rate 3.91% p.a.
Market Linked Debit Interest Rate Click here

Short-term finance products

Rate name Interest rate
Overdraft Business Rate (base rate for Business Overdraft and Westpac Invoice Finance <$2m) 4.84% p.a.
Small Business Overdraft Rate 4.11% p.a.
Invoice Finance 30-day Bank Bill Rate (Westpac InvoiceFinance >$2m)1 1.62% p.a.
Reference Lending Rate (Corporate base rate) 4.33% p.a.
Mortgage Free Business Finance Rate (base rate for temporary Business Overdraft) 9.09% p.a.
Unarranged Lending Rate2 14.51% p.a.
Overdue Rate3 (current interest rate (CIR) for the facility under the applicable contract +0%) CIR +0% p.a.

Fixed rates

A fixed rate doesn't change during the fixed interest period so your repayments will stay the same during that time which can help with budgeting and planning.

  • At the end of the fixed rate period, your loan will automatically change to a variable rate loan and the interest rate will automatically change to a variable base rate plus any margins current at the time
  • A margin may apply depending on the type of security provided
  • There are no fixed rates available for Business Equity Access Loans & Business Overdraft
  • Call us on 132 142 Mon - Fri 8am - 8pm to find out more on our fixed rates.

Products no longer for sale

The interest rates listed below apply to business loan options that are no longer available. These interest rates only apply to existing customers who hold these products.

Rate name Interest rate
Indicator Lending Rate (base rate for Business Overdraft)4 5.99% p.a.
Business Finance Rate (base rate for Business Development Loans)4 5.02% p.a.
Bank Bill Business Rate (available on the Bank Bill Business Loan/Westpac Agri Finance Loan – 30-day interest period)4, 5, 6 2.31% p.a.
Bank Bill Business Rate (available on the Bank Bill Business Loan/Westpac Agri Finance Loan – 60-day interest period)4, 5, 6 2.62% p.a.
Bank Bill Business Rate (available on the Bank Bill Business Loan/Westpac Agri Finance Loan – 90-day interest period)4, 5, 6 2.94% p.a.
Bank Bill Rate (base rate for Commercial Bills – 30-day rate for bills from $500k – $1m)4, 5, 6 2.31% p.a.
Business Equity Access Rate (base rate for Westpac Business Equity Access Loans) 4.14% p.a.

SME Recovery Loan Scheme is closing soon

You may be eligible to access a loan under the SME Recovery Loan Scheme to help your business recover.​

Find out more

Things you should know

Credit criteria, fees, charges, terms and conditions apply. Talk to your banker for product details.

These indicator rates are used as a basis to determine the interest rates charged on all relevant lending products. Margins may apply. All interest rates quoted are variable unless otherwise indicated. Fees and charges apply to the above lending products. Full details of terms and conditions are available on request. These may be varied or new terms and conditions introduced, in the future.

All loans are subject to Westpac normal lending criteria. Interest rates are subject to change.

1. These interest rates are current as at 17th May 2022. For details of interest rates that apply on any other date please contact Westpac.

2. The Unarranged Lending Rate was also our Overdue Rate until 31 August 2018.

3. This Overdue Rate is effective from 20th August 2021 and is the rate we can use when a default interest rate or overdue rate applies under your business finance agreement. If no interest rate applies to a facility, the Overdue Rate for that facility is our Unarranged Lending Rate, or other rate we determine.

4. Not available to new borrowers.

5. These rates are subject to change on a daily basis.

6. Different rates apply for different interest periods that are not 30 days, details are available on request.