COVID-19 support: Unsecured Business Loan

Support for your business in these challenging times.

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
Redraw available	No	Yes Redraw allows you to make extra payments and access these funds later
Establishment fee	No	No
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:
Businesses affected by COVID-19 Businesses with annual turnover of less than $50 million The business must be a tax resident of Australia, that is based, registered and operating in Australia Loans must be used to support current and upcoming cash flow needs Loans must be used for business purposes only Loans cannot be used to refinance drawn facilities with Westpac or any other lender The total sum of your unsecured loans (including those from other financial institutions) relating to COVID-19 relief must not exceed $250,000 Traded for at least 12 months with a valid ABN or ACN Registered for GST with turnover over $75,000 per annum A sole trader aged 18 and over, or a sole director (where the sole director is also the sole company secretary) For company borrowers the sole director must provide a personal guarantee Excludes businesses that are franchisees, Self-managed Super Funds (SMSFs) and charities Your business has less than $1m in existing business lending All your ATO payments, loan repayments and employee entitlements (incl. super) are up to date.	Businesses affected by COVID-19 Businesses with annual turnover of less than $50 million The business must be a tax resident of Australia, that is based, registered and operating in Australia Loans must be used to support current and upcoming cash flow needs Loans must be used for business purposes only Loans cannot be used to refinance drawn facilities with Westpac or any other lender The total sum of your unsecured loans (including those from other financial institutions) relating to COVID-19 relief must not exceed $250,000 Guarantees may be required (for example, from company directors).

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:

Businesses affected by COVID-19
Businesses with annual turnover of less than $50 million
The business must be a tax resident of Australia, that is based, registered and operating in Australia
Loans must be used to support current and upcoming cash flow needs
Loans must be used for business purposes only
Loans cannot be used to refinance drawn facilities with Westpac or any other lender
The total sum of your unsecured loans (including those from other financial institutions) relating to COVID-19 relief must not exceed $250,000
Traded for at least 12 months with a valid ABN or ACN
Registered for GST with turnover over $75,000 per annum
A sole trader aged 18 and over, or a sole director (where the sole director is also the sole company secretary)
For company borrowers the sole director must provide a personal guarantee
Excludes businesses that are franchisees, Self-managed Super Funds (SMSFs) and charities
Your business has less than $1m in existing business lending
All your ATO payments, loan repayments and employee entitlements (incl. super) are up to date.

Businesses affected by COVID-19
Businesses with annual turnover of less than $50 million
The business must be a tax resident of Australia, that is based, registered and operating in Australia
Loans must be used to support current and upcoming cash flow needs
Loans must be used for business purposes only
Loans cannot be used to refinance drawn facilities with Westpac or any other lender
The total sum of your unsecured loans (including those from other financial institutions) relating to COVID-19 relief must not exceed $250,000
Guarantees may be required (for example, from company directors).

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.

Things you should know

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

COVID-19 Updates