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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
Redraw available No

Yes


Redraw allows you to make extra repayments and access these additional funds at a later stage before the loan is paid out.

Establishment fee No No
Loan maintenance fee No No

Customer eligibility

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:
  • Adversely affected by COVID-19
  • Annual turnover of less than $50 million
  • Business must be a tax resident of Australia, that is based, registered and operating in Australia
  • Loans must be used to support working capital and other cash flow requirements and are not to be used to finance other lending
  • 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 per ABN
  • Traded for at least 12 months with a valid ABN
  • Registered for GST with an annual turnover more than $75,000
  • Operating as a sole trader aged 18 or 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.
  • Your business is not a franchise, self-managed super fund (SMSF), charity or trust
  • Your business has less than $1m in existing business lending
  • All your ATO payments, loan repayments and employee entitlements (including super) are up to date.
  • Adversely affected by COVID-19
  • Annual turnover of less than $50 million
  • Business must be a tax resident of Australia, that is based, registered and operating in Australia
  • Loans must be used to support working capital and other cash flow requirements and are not to be used to finance other lending
  • Loans cannot be used to refinance drawn facilities with Westpac or any other lender
  • Business must have a valid ABN 
  • The total sum of your unsecured loans (including those from other financial institutions) relating to COVID-19 relief must not exceed $250,000 per ABN
  • Personal 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:

Fixed rate loan for Westpac business customers

You may be eligible to apply for up to $75,000 in unsecured funds*.

Sign in to online banking to apply. It generally takes less than 3 minutes if you already have conditional approval, or 20 minutes if we ask you to provide 12 months’ worth of statements.

Fixed rate unsecured loans are offered as part of our COVID-19 business relief package.

 

Variable rate loan for Westpac business customers

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

Not a Westpac customer?

Enquire about a variable rate unsecured 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.