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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

Fixed rate unsecured business loan

Key information:

  • Borrow up to $75,000
  • 4.48% p.a.
  • 3-year term with option to defer payments for 6 months4
  • No establishment or monthly account keeping fees3
  • Eligible Westpac customers only
  • Sign in and apply online.

Fixed rate secured business loan¹

Key information:

  • Borrow up to $1 million
  • 4.43% p.a. partly secured (rate dependent on security offered)
  • 2.38% p.a. for 3- or 5-year term fully secured5
  • No establishment or monthly account keeping fees3
  • New and existing customers, subject to eligibility. 

Variable rate secured business loan¹

Key information:

  • Borrow up to $1 million
  • 3.09% p.a. to 4.43% p.a. (depending on security offered) variable rate
  • 3- or 5-year term
  • No establishment or monthly account keeping fees3
  • New and existing customers, subject to eligibility.

Vehicle and equipment goods loan

Key information:

  • Borrow $15,000 to $1 million
  • From 2.79% p.a. fixed rate dependent on security offered
  • Secured over the asset financed – additional security may be required1
  • 1- to 5-year contract term
  • No establishment fees for new loans approved and settled before 30 June 20216
  • Your eligible purchases may qualify for government instant asset write-off7
  • New and existing customers, subject to eligibility.

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.