SME Business Loans with rates from 2.79% p.a.
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
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.
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.