COVID-19 support: Unsecured Business Loan
Unsecured Business Loans at a glance
- Unsecured Business Loan for businesses impacted by COVID-19
- Interest rate of 4.48%
- Repayment deferral for the first 6 months, with interest to be capitalised
- Applications available between now and 30 September 2020
- Purpose of the loan must be for working capital and cash flow needs.
What is an Unsecured Business Loan?
Unsecured finance means you don’t have to provide asset security (such as a property), although guarantees may be required (for example, from company directors).
Fixed and variable rate Unsecured Business Loan comparison
|Business Loan - Fixed Rate||Business Loan - Variable Rate|
|Lending Amount||$5,000 - $75,000||Up to $250,000|
|Term||1, 2 or 3 years||Up to 3 years|
|Repayment deferral period||6 months||6 months|
|Interest Rate||4.48% p.a.||4.48% p.a.|
|Interest Rate type||Fixed rate||Variable rate|
|Loan maintenance fee||No||No|
Is my business eligible?
In order to apply for one of these Unsecured Business Loans your business must meet certain eligibility requirements as follows.
|Fixed rate option||Variable rate option|
|Existing Westpac customers can apply for the Fixed Rate online-only option, if your business meets these eligibility requirements:||New and existing Westpac customers can apply for the Variable Rate option, if your business meets these eligibility requirements:|
How do I apply?
If your business has more than $3 million in existing Westpac business lending please contact your Relationship Manager, otherwise you can apply in one of the following ways:
We are currently receiving a high volume of customer enquiries and appreciate your patience. We are working hard to ensure that you have the help needed to support your business at this challenging time and will respond to your application as soon as possible.