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% p.a.
- Repayment deferral for the first 6 months, with interest to be capitalised
- Applications can be made now and must be approved by 30 September 2020
- Purpose of the loan must be for working capital and cashflow needs.
What is an Unsecured Business Loan?
Unsecured finance means you don’t have to provide asset security (such as a property), although a personal guarantee may be required (for example, from company directors).
Fixed and variable rate Unsecured Business Loan comparison
|Fixed rate business loan||Variable rate business loan|
|Loan 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|
To apply online for a fixed rate unsecured business loan of up to $75,000 you must meet one of the following criteria:
- A Westpac business customer with current conditional approval for a lending product, which is indicated on your online banking dashboard, OR
- A Westpac business customer who also has a business account with ANZ, Bank of Melbourne, BankSA, Bankwest, Commonwealth Bank, NAB or St.George and who uses Xero cloud accounting software. Please note, you’ll be asked to provide 12 months’ worth of statements during the online application process.
To enquire about a variable rate business loan of up to $250,000, use our online form.
Other eligibility requirements
|Fixed rate loan||Variable rate loan|
|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.