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What is a business loan? 

With a Westpac business loan you can choose between a fixed or variable rate and select a frequency of repayments that works best for you – such as monthly, quarterly or yearly.​

The repayment amount is typically worked out over 1 to 30 years and you can use different types of security – such as cash, residential property, commercial property or business assets to secure your loan. If you would prefer not to provide security for the loan, you could consider an unsecured business loan but these tend to be for smaller amounts.

Secured business loan

    

  • Variable rates from 4.41%.p.a1
     
  •   You could borrow from $20k2
     
  •   Monthly fee from $153
     
  • Loan to value ratio of up to 100% depending on security offered*
     

Establishment and other fees apply.

Unsecured business loan

    

  •   Fixed rates from 11.29% p.a.1
     
  •   You could borrow $5k - $75k
     
  •   Monthly fee $03
     
  •   Existing customers could get a decision in minutes
     

Establishment and other fees apply.

Who can apply?

  • A business entity domiciled in Australia; or an individual 18 years and above or strata corporation domiciled in Australia and requires the funding for business or investment purposes other than investment in residential property. 
  • You need to be an existing Westpac business customer to apply for an unsecured business loan. Your business will also need to meet these requirements.

What can I use a business loan for?

A business loan may suit your business if you need funding for a business acquisition, start-up costs, capital investment, property acquisition or development, or refinancing other lending.

Benefits for your business

  • Funds to help you invest and grow 
  • Option of secured or unsecured 
  • Flexible repayment options - choose what’s best for you 

Why choose a Westpac business loan?​

Up to 100% LVR*​

Loan to value ratios of up to 100% residential property or 80% owner-occupied non-specialised commercial property for secured loans up to $3m.

Fixed or variable​

Option of a fixed rate with certainty of repayments or a variable rate with flexibility to make extra repayments^​

Unsecured lending options​

Existing customers can apply online for an unsecured loan and get a decision in minutes.​


Understanding your repayment options

Depending on whether your loan is secured or unsecured, you may have a choice of a fixed or variable rate. You can make interest only4 or principal and interest repayments.

 

  • Option to fix a rate for up to 5 years 
  • Provides certainty in knowing what you're up for with each repayment 
  • During the fixed rate period there will be no movement in the interest rate or the repayment amount for the term of the agreement.

How to apply

Check the eligibility criteria and have your business’ financials to hand.

The difference between a business loan, credit card and overdraft

Loans, credit cards and overdrafts can all be good ways to support your cash flow, fund purchases or invest in business assets. However, having a good understanding of how they differ could help you decide the best type of loan for your business needs.

Read article


Frequently asked questions

Unsecured means we won’t ask you to provide specific asset security to secure your loan. For corporate borrowers, director guarantees may be required.


More options

Business overdraft

Cash flow relief to cover invoices and wages while you're waiting to get paid.

Bank guarantee

Grow your business by providing your suppliers and vendors with certainty of payment.​

Vehicle and equipment finance

Get vehicles and equipment for your business with flexible finance options.

Things you should know

Terms and conditions, fees, charges and credit and eligibility criteria apply.​

* Loan amount of up to $3m per customer, with a maximum of $3m in exposure across customer group facilities. Businesses must be operating and profitable for at least two years. Loans only available for purchase of owner-occupied non-specialised commercial property or business expansion. You should consider the increased risks associated with high loan to value ratio borrowing.​

^With a fixed rate you can lock in your rate for an agreed period, which can help you manage your cash flow with the certainty of fixed repayments.  During the fixed rate period, if you make additional payments or repay the loan early  termination fees  and break costs may be payable. With a variable rate the rate and the repayments will change over the life of the loan. This means if rates go up you  will have to pay more interest and your repayments will increase.  However, you will  have the flexibility to make extra repayments  to pay  the loan off faster  as well as the ability to redraw.​

# LVR stands for the loan to value ratio at loan approval. LVR is the amount of your loan compared to the Bank’s valuation of your property offered to secure your loan expressed as a percentage. 

1. Rates vary depending on a number of factors, such as loan team and the type of security provided. ​

2. Eligibility, credit criteria and type of security determine how much you can borrow. ​

3. Charged at the beginning of the month. Other fees may apply. ​

4. Interest only payments are subject to credit criteria. ​

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

 

Extra eligibility requirements for unsecured business loans 

To be eligible you need to be a Westpac customer and your business will: 

  • Have traded for at least 12 months with a valid ABN or ACN 
  • Be registered for GST 
  • Turnover more than $75K annually 
  • Operating as a sole trader (aged 18 years or over) or a sole director company (where the sole director is also the sole company secretary). For company borrowers, the sole director must supply a director's guarantee 
  • Be a tax resident of Australia, that is based, registered, and operating in Australia 
  • Only use the finance for business purposes and will not be used to finance other lending, start a business, fund a property development, or buy residential property 
  • Have less than $1m in business lending with Westpac 
  • Have ATO payments, loan repayments and employee entitlements (including super) up to date.