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SME Business Loans at a glance

  • Available to both new and existing Westpac customers
  • Loans of up to $1 million
  • Secured 1 and unsecured options 2
  • Fixed and variable rate options
  • Terms of 3 or 5 years
  • No establishment fees or monthly account keeping fees 3

Compare unsecured and secured loans

Unsecured – Fixed Rate

  • Available for existing customers for a term of 3 years
  • Option available to defer payments for 6 months4
  • Fixed rate of 4.48% p.a. for up to $75,000 via Business Advance.

Secured1 – Variable rate

  • Available for new and existing customers for a term of 3 or 5 years
  • Rates between 3.38% p.a. to 4.43% p.a. depending on security offered.

Secured1 – Fixed rate

  • Available for new and existing customers
  • Rate of 4.43% p.a. for a term of 3 years
  • Or a fully secured rate of 2.94% p.a.5 for a term of 3 or 5 years

Am I eligible?

To be eligible for these loans, your business must:

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

  • Once you have submitted an enquiry using the links on this page, a Business Lending Specialist will be in touch with you to talk through the next steps. If you are an existing Westpac customer with a Relationship Manager, we will pass on your details and they will contact you directly.
  • To prepare for this conversation, please have details of your business’s financial situation to hand, which may include bank statements, management accounts, Business Activity Statements (BAS), business financial statements, personal tax returns etc.
  • Please be aware that COVID-19 has impacted the time it takes to process and follow up applications – but we are committed to contacting you as soon as possible. 
Things you should know

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

1. Security supporting these loans excludes residential property or commercial/rural property that may be used for residential purposes.

2. Unsecured available up to $75,000. Director guarantees may be required.

3. Other fees and charges apply.

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

5. This rate is available for applications submitted prior to 18 December 2020 that are supported by owner occupied commercial security.