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Buy and upgrade equipment for your business

Why choose a Westpac equipment loan? 

  • Negotiate repayments that work for you  
  • Express approval for eligible customers and asset types 
  • A fixed rate helps you plan ahead, as you know what your repayments will be 
  • Borrow from $15k 
  • Loan terms from 1 to 7 years. 


Who’s eligible? 

You’ll need to meet these requirements to be eligible: 

  • Be a tax resident of Australia – that is based, registered and operating in Australia  
  • Equipment will be used fully or mostly for business purposes.

Your business equipment loan at a glance

  • Borrow from $15k
  • Competitive interest rates
  • $450 Establishment fee

Types of equipment we can help you finance 

  • Professional services equipment
  • Computers, hardware, software and fit outs 
  • Specialised equipment for health care 
  • Agricultural equipment
  • Tractors, trowels, cultivators and more
  • Construction equipment
  • Excavators, loaders, forklifts, scissor lifts and more
  • Manufacturing equipment

Fees & charges

Further information on fees and charges are available in the PDF download.

Equipment Finance fees and charges (PDF 146KB)

How it works

1. Enquire now

Find out what your repayments and costs could be by speaking to a business lending specialist.

2. Start your application

Once you've got a quote, submit your details and we’ll be in touch. 

3. Receive approval

Once we’ve submitted your application, it usually takes a few days to find out if your finance has been approved.

4. Pick up your equipment

Once the contract is signed, we’ll arrange payment so you can pick up the equipment.

Lady and man with robotic arm

Financing new vehicles, machinery and equipment purchases

Just about every business needs to spend on equipment, even if it’s just for a computer or mobile phone. Whether the investment is large or small, you’ll need to consider how best to pay for it. One of the first things you may wish to consider is the useful life of the equipment you’re thinking of purchasing. Not just how long it's going to last, but how long it will last in the market.

Read more

Frequently asked questions

What is a business equipment loan? 

  • Sometimes referred to as a goods loan or chattel mortgage 
  • Your business buys and owns the equipment from the start 
  • Your business makes regular repayments to pay back the loan 
  • The loan is secured against the equipment. 

What are the interest rates?

Interest rates and repayments vary depending on a number of factors. Some of these may be:  

  • Type and age of the asset being purchased  
  • Term of the finance agreement. 

What is a balloon payment? 

  • A balloon payment is an amount due at the end of your loan, sometimes called a final repayment amount. 
  • Balloon payments keep monthly repayments lower and help free up your cash flow. 
  • You’ll be left with a lump sum to pay at the end of the loan. You’ll also end up paying more interest over the life of the loan. 
  • Choosing to have a balloon payment means your monthly repayments won’t fully pay off the loan, you’ll still need to pay the balloon (or lump sum) leftover to close out the loan. 

What is the maximum loan term?

  • Loan terms range from 1 to 7 years 
  • Loan terms depend on the repayment amount you can afford 
  • If you have a loan term in mind, make sure you let us know 
  • If you're buying used or second-hand equipment the loan term may be shorter depending on the age of the equipment 
  • The longer the loan term the more interest you will pay. 

Is there a minimum loan amount? 

  • Yes, the minimum loan amount is $15k. 

Can I get an equipment loan if I have a bad credit history? 

While a bad credit history is likely to decrease your chances of getting approved, it doesn’t mean you can’t get a loan at all. 

Get in touch with one of our business lending specialists to find out how we can help you.

Instant asset write-off available to purchase vehicles and equipment

You may be eligible to deduct the full cost of your purchase under the government’s instant asset write off.*

Instant asset write-off

Things you should know

Credit criteria, terms and conditions, fees and charges apply. On-the-spot conditional approval only available to eligible existing Westpac customers with a valid ABN, trading in the same business for 2 years, no outstanding statutory payments and acceptable credit history. 

Applications for equipment and equipment finance are subject to the Bank's normal lending criteria. 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. 

Interest rates and repayments vary depending on a number of factors. Some of these may be which finance option you choose, the type and age of the asset being purchased and term of the finance agreement.