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SME Business Loans at a glance

Finance options for businesses turning over less than $50 million p.a.

  • Available to both new and existing Westpac customers under the Government's SME Guarantee Scheme
  • Eligible businesses may be able to take advantage of extended tax write-offs until the end of 2022¹
  • Loans of up to $1 million
  • Secured² and unsecured options³
  • 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.

Extended tax write-offs

With the Federal Budget announcement on Temporary Full Expensing, you may be able to deduct the full cost of eligible business equipment or vehicles1.

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 fees5
  • Eligible Westpac customers only
  • Sign in and apply online.

Fixed rate secured business loan²


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 secured8
  • No establishment or monthly account keeping fees5
  • New and existing customers, subject to eligibility. 

Variable rate secured business loan²


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 fees5
  • 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 required2
  • 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?

Eligible businesses will:

  • Have a valid ABN
  • Have an annual turnover of less than $50 million
  • 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?

Apply or submit an enquiry by clicking on your preferred loan option

A Business Lending Specialist will follow up with a call and talk through next steps.

If you’re an existing Westpac customer with a Relationship Manager, we’ll pass on your details and they will contact you directly.
 

Tips to prepare for your call:

Have details of your financial situation handy, such as:

  • Business Activity Statements (BAS)
  • Business financial statements
  • Bank statements
  • Management accounts
  • Personal tax returns.

Frequently Asked Questions

Under the instant asset write-off, eligible businesses can claim an immediate deduction for the business portion of the cost of an asset in the year the asset is first used, or installed ready for use. 

The ATO website has more information on eligibility, thresholds and exclusions. Customers must seek their own independent tax advice in relation to their individual circumstances.

For new and existing Westpac customers , you can get started by submitting an enquiry online. Alternatively, if you are an existing customer with a Relationship Manager, you can speak to your Relationship Manager to apply.

Once you a submit the enquiry online a Business Lending Specialist will contact you. If you are an existing Westpac customer with a Relationship Manager, we’ll pass on your details and they will get in touch directly.

To prepare for the call, it’s worth having details of your business’ financial situation to hand, including Business Activity Statements (BAS). We’ll talk about any additional information we need when we contact you. 

This Scheme may not be used to acquire an interest in Residential Property (including mixed use properties).

Residential Property is defined by the Scheme as land or a building that is, or is capable of being, occupied as a residence for residential accommodation in whole or in part, other than:

(a) a hotel, motel, inn, hostel or boarding house;

(b) premises used to provide accommodation in connection with a school;

(c) a ship that is mainly let out on hire in the ordinary course of a business of letting ships out on hire;

(d) a ship that is mainly used for entertainment or transport in the ordinary course of a business of providing ships for entertainment or transport;

(e) a marina at which one or more of the berths are occupied, or are to be occupied, by ships used as residences;

(f) a caravan park or a camping ground; or

(g) anything similar to property described in paragraphs (a) to (f).

Yes, provided they meet the relevant eligibility criteria.

Things you should know

Credit criteria, fees, charges, terms and conditions apply.

1. 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.

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. Interest and fees will accrue during the 6 months and capitalise at the end of this periods.

5. Other fees and charges apply.

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.

8. This rate is available for applications submitted prior to 26 February 2021 that are supported by owner occupied commercial security.