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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).

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:

 

Existing Westpac business customer

You may already be conditionally approved for up to $75,000 in unsecured funds*.

If this is the case, sign into Westpac Live Online Banking to apply online. It generally takes less than 3 minutes. Eligibility and credit criteria apply.


As part of our COVID-19 Business Relief package, Business Advance only offers fixed rate unsecured loans up to $75,000.

 

Existing Westpac business customer

You can enquire about a variable rate unsecured term loan of up to $250,000 by completing the form below*.

Not a Westpac customer?

You can enquire about a variable rate unsecured term loan of up to $250,000 by completing the form below*.

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.