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What is the $20,000 small business tax break?

Existing Westpac business banking customers 
If you're already a Westpac customer, because we know about your finance history, you may qualify for on the spot approval with no need to provide financials if your credit check meets our lending criteria.

Choice - 3 vehicle finance options to choose from: finance lease, commercial loan and commercial hire purchase. (People sometimes refer to a commercial loan as a goods loan or chattel mortgage)

Potential tax benefits - depending on the business vehicle finance option you choose.

Get certainty with fixed payments on a finance lease and commercial hire purchase, or a fixed interest rate on a commercial loan.

  • Negotiate flexible repayment terms to suit your expected cash flow and budget - monthly, quarterly, half-yearly, annually or structured as negotiated
  • Minimum finance amount - $15,000
  • Terms from 1 to 5 years
  • Use the vehicle you're purchasing as security.


Learn about our three different vehicle financing products

There are 3 different vehicle financing products that allow you to know exactly how much you need to pay for the life of the agreement:

  • Commercial loan has fixed interest rates
  • Commercial hire purchase and finance lease have fixed payments 
  • Revolving limit is available. Ideal for customers with a fleet
  • Residual value for finance lease or balloon for commercial hire purchase or commercial loan is available.
So which finance option suits you best?
  Finance Lease Commercial Loan Commercial Hire Purchase
What is it? We purchase the asset at your request and rent it to you for an agreed period. You source and own the asset and we provide a loan secured by the asset. We purchase the asset at your request and you buy it from us in instalments.
Who owns the asset? We do and you rent it from us. You do and we hold it as security. We do until the agreement has been paid when ownership is transferred to you. 
What is the potential tax benefit? The rental payments are generally tax deductible. The interest on the finance and depreciation of the asset are generally both tax deductible. The interest on the finance and depreciation of the asset are generally both tax deductible.


Amount financed
Establishment fee
$420,000 or less
More than $420,000
0.1% of amount financed plus $30.00
Other fees and charges, including government duties and GST, may apply


The interest rate for a commercial loan and payments for a commercial hire purchase or finance lease are dependent on a number of factors, including the actual financing option, the type and age of the vehicle being purchased and the term of the finance agreement.

For a personalised quote, please send your details and we'll be in touch in 1 working day.

Things you should know

Calculator: Terms and conditions, additional fees and charges may apply. Government taxes such as GST may alter the amounts quoted by this calculator. Obtain your own tax or financial advice to see if a product suits your needs. If you want to understand how GST affects our products please call us on 1300 360 322. Any calculation made using this calculator is only a guide and is not an offer of finance. Enter full amount to be financed. Lending criteria applies to finance applications.

1. Access to funds in 2 business hours of all lending conditions being satisfied and approved by us. Available to eligible customers only. Credit criteria, terms and conditions, fees and charges apply.

The taxation position described is a general statement and should only be used as a guide. It does not constitute tax advice and is based on current tax laws and their interpretation. Customers must seek their own independent tax advice in relation to their individual circumstances.

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

Find out what information you need to provide to become a customer.