Compare small business loans
For finance needs under $1 million. To help compare your options, we've summarised some of our small business finance options.
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Best for
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When you don't want to use cash flow to purchase new assets. |
Great for purchasing an existing business or franchise, or investing to grow. |
Access additional funds in your business transaction account to pay suppliers and wages when cash flow gets tight. |
Access up to $75k additional funds in your business transaction account. |
If your annual turnover is less than $50 million, you may be eligible to apply for a business loan of up to $1 million under Phase 2 of the Government’s Coronavirus SME Guarantee Scheme. |
Get rewarded for your business expenditure and help manage your business cash flow with up to 55 days interest free on purchases.* |
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Features
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Borrow limits
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Minimum $15,000 |
Minimum $5,000 |
No minimum or maximum amount (credit criteria apply) |
Up to $75,000 |
Up to $1 million |
Depending on your card, $1,000 to $150,000 |
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Rates
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Dependant on finance option, term, type and age of vehicle or equipment. |
Small business loan rate from 3.66% variable rate (base rate only, a margin or discount may apply) |
Small Business Overdraft rate from 3.86% variable rate (base rate only, a margin or discount may apply) |
Unsecured business overdraft 9.46% p.a. variable interest rate applied only to the money you’ve used (calculated daily and charged monthly). |
SME Business Loans has fixed and variable rate options. Vehicle and equipment goods loan: From 2.79% p.a. fixed rate dependent on security offered. |
20.24% p.a. on purchases (variable) Special offer:
4.99% p.a. for 12 months on balance transfers requested at card application. Rate then switches to variable cash advance rate. T&Cs apply.
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Looking to borrow more than $1 million?
Things you should know
Fees, charges and credit criteria apply. Read the terms and conditions available above before making a decision.
2. Security supporting these loans excludes residential property or commercial/rural property that may be used for residential purposes.
3. Unsecured business loans available up to $75,000. Director guarantees may be required.
4. Other fees and charges apply.
# 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 Finance applications (excluding novated lease). 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 finance which are settled before 30 June 2021. Other fees and charges apply. This offer cannot be used in conjunction with any other offer and may be varied or withdrawn at any time.
*When you pay the closing balance by the due date.