Skip to main content Skip to main navigation
Skip to access and inclusion page Skip to search input

We continue to support our customers through good times and tough times. We have a range of business loan options available for new and existing customers that have been impacted by COVID-19 or the recent floods.

Find out what support your business may be eligible for.

Has your business received, or was entitled to receive, a JobKeeper payment between 4 January 2021 and 28 March 2021?

Has your business been adversely economically affected by the recent floods?

You may be eligible for a SME Recovery Loan

SME Recovery Loan features

  • Variable interest rates from 2.58% p.a.
  • Option to defer repayments¹
  • Loan terms of up to 10 years
  • Loans can be used for a wide range of business purposes
  • Eligible customers may be able to refinance existing business loans²

SME Recovery Loan options

Business loan

Rates and benefits

  • Variable interest rates from 2.58% p.a. to 4.28% p.a. depending on security offered3 and whether a repayment deferral applies
  • No establishment fees or monthly account keeping fees4
  • Eligible customers may be able to refinance existing business loans.2

Loan features

  • Option to defer repayments1
  • Borrow up to $5 million
  • 3, 5 or 10 year loan term
  • Partially and fully secured options available.

 

Am I eligible?

To be eligible, your business must either:

  • Have received, or was entitled to receive, a JobKeeper payment between 4 January 2021 and 28 March 2021; or
  • Have been adversely economically affected by the floods in March 2021 and be located or operate in the relevant Local Government Areas (LGA)5.


Your business must also meet the below eligibility criteria:

  • Have an annual turnover of less than $250 million
  • Have a valid ABN
  • Be trading for more than 12 months
  • Be a tax resident of Australia – that is based, registered and operating in Australia.

How do I apply?

Submit an enquiry by clicking on the enquire now button.

A Business Lending Specialist will follow up with a call and talk through next steps.

If you’re an existing Westpac customer with a Relationship Manager, we’ll pass on your details and they will contact you directly.

To prepare for your call, have details of your financial situation handy including business financial statements.

Frequently Asked Questions

The SME Recovery Loan Scheme is open to businesses who received a JobKeeper payment between 4 January 2021 and 28 March 2021.

You may also be eligible if you have been adversely economically affected by the floods occurring in March 2021 and are located or operate in the relevant Local Government Areas (LGA)5.

You may want to consider other support options that you may be eligible for including:

Yes, eligible borrowers can access up to $5 million, in addition to the Coronavirus SME Guarantee Scheme Phase 1 and Phase 2 loan limits.

Residential Property is defined in the rules of the Scheme and means land or a building that is, or is capable of being, occupied as a residence for residential accommodation in whole or in part, other than:

(a) a hotel, motel, inn, hostel or boarding house;

(b) premises used to provide accommodation in connection with a school;

(c) a ship that is mainly let out on hire in the ordinary course of a business of letting ships out on hire;

(d) a ship that is mainly used for entertainment or transport in the ordinary course of a business of providing ships for entertainment or transport;

(e) a marina at which one or more of the berths are occupied, or are to be occupied, by ships used as residences;

(f) a caravan park or a camping ground; or

(g) anything similar to property described in paragraphs (a) to (f).

Note: land or buildings in (a) to (f) are eligible to be financed under this Scheme.

Yes, provided they meet the eligibility criteria.

You have the option to defer loan repayments for 6 or 12 months. You can request an extension to your repayment deferral, which we will reasonably consider, provided it doesn’t extend the period beyond 24 months.

Yes, interest will accrue during the loan repayment deferral and will be added to the loan balance at the end of the period.

Not during the repayment deferral period but once interest is added to the loan at the end of the period, interest will be charged on the total balance.

Once you reach the end of your loan repayment deferral period, accrued interest and fees will be added to your loan facility and you’ll be required to start making loan repayments.

Submit an enquiry by clicking on the enquire now button.

A Business Lending Specialist will follow up with a call and talk through next steps.

If you’re an existing Westpac customer with a Relationship Manager, we’ll pass on your details and they will contact you directly.

To prepare for the call, it’s worth having details of your business’ financial situation to hand. We’ll talk about any additional information we need when we contact you.

Once you submit an online enquiry, a Business Lending Specialist will contact you. If you are an existing Westpac customer with a Relationship Manager, we’ll pass on your details and they’ll get in touch directly.

To prepare for the call, it’s worth having details of your business’ financial situation to hand. We’ll talk about any additional information we need when we contact you.

SME Recovery Loan Scheme eligibility

To be eligible for a loan under the SME Recovery Loan Scheme, your business:

  • Must have received, or was entitled to receive, a JobKeeper payment between 4 January 2021 and 28 March 2021, or
  • Have been adversely economically affected by the floods in March 2021 and be located or operate in the relevant Local Government Areas (LGA)5.

If your business does not meet one of the above criteria, then unfortunately you’re not eligible for a loan under the SME Recovery Loan Scheme.

Support options you may be eligible for

We have other business loan options to help your business recover. 

You may be eligible for a loan under the government’s SME Guarantee Scheme Phase 2 to support and maintain your small business. Loans are available to purchase vehicles and equipment and other business purposes. Existing eligible Westpac customers may also be able to access an unsecured business overdraft.

You may also be able to access a Business Loan with competitive variable rates available for loans up to $3m. Offer available until 30 June 2021.6

If you have a Relationship Manager please reach out to them to help you decide which option may be best for your business. 

SME Guarantee Scheme Phase 2

Loans to support the recovery of your business under the SME government scheme. Unsecured and secured finance options available. Available until 30 June 2021.

Business Loans

A business loan to support your cashflow and day to day running of your business. Competitive variable rates available from 2.68% p.a. for loans up to $3m with no establishment fees. Available for loans with 3 to 5 year loan terms approved by 30 June 2021.6​

Things you should know

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

1. An interest rate premium may apply where a payment deferral period is selected. Interest will accrue during the period of the repayment deferral.

2. Excludes facilities secured by residential property or facilities that are more than 30 days in arrears.

3. Security supporting these loans excludes residential property.

4. Other fees and charges apply.

5. Please refer to the Treasury website to confirm which areas are included as ‘Flood Affected Local Government Areas’ by the Federal Government under the scheme.

6. Available for loans up to $3m with a 3 to 5 year term. Rates vary depending on number of factors, such as type of security provided. Fees and chages apply.  Applications must be approved by 30 June 2021 and settle by to 31 August 2021.