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
- Secured¹ and unsecured options²
- 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 unsecured loans, secured loans, and vehicle and equipment goods loan
Am I eligible?
To be eligible for these loans, your business 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 I apply?
Follow these steps
- Once you have submitted an enquiry using the links on this page, a Business Lending Specialist will be in touch with you to talk through the next steps. If you are an existing Westpac customer with a Relationship Manager, we will pass on your details and they will contact you directly.
- To prepare for this conversation, please have details of your business’s financial situation to hand, which may include bank statements, management accounts, Business Activity Statements (BAS), business financial statements, personal tax returns etc.
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. Unsecured business loans available up to $75,000. Director guarantees may be required.
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 18 December 2020 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.