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Secured and unsecured business loans

If your annual turnover is less than $50 million, you may be eligible to apply for a loan of up to $1 million under Phase 2 of the Government’s Coronavirus SME Guarantee Scheme.
 

Key information about these loans

  • Available to both new and existing Westpac customers
  • Secured1 and unsecured options2
  • Terms of 3 or 5 years
  • No establishment fees or monthly account keeping fees3
  • Interest rates start at 2.38% p.a. for a secured fixed rate4 and 3.09% p.a. variable rate loan for fully secured loans
  • Loan documents must be signed and returned by 30th June 2021.

 


Vehicle and equipment finance

If your annual turnover is less than $50 million, you may be eligible to apply for an equipment loan of up to $1 million under Phase 2 of the Government’s Coronavirus SME Guarantee Scheme.

 

Key information about these loans

  • Available to both new and existing Westpac customers
  • Terms between 1 and 5 years
  • Standard fees and charges may apply
  • Interest rates from 2.79% p.a. fixed for the life of the loan
  • Loan documents must be signed and returned by 30 June 2021
  • No establishment fees for new loans approved and settled before 30 June 2021#

 


Temporary business overdraft

For existing customers currently enrolled and participating in the JobKeeper Payment scheme, we’re offering a temporary business overdraft facility to help them continue paying their employees while they wait to receive payments from the Government’s JobKeeper Payment scheme.

 

  • If you have an existing overdraft and require additional funds to meet your employee wage or salary requirements, you can apply for a temporary increase to your existing facility limit, for JobKeeper Payment Scheme - Extension 1, until 3 January 2021. The rate will be at the same interest rate as your existing facility*.
  • If you do not currently have an overdraft facility, you can apply for a temporary overdraft facility, for JobKeeper Payment Scheme - Extension 1, until 3 January 2021*. The temporary overdraft facility is available at an interest rate of 7.99% per annum. Throughout the period of the overdraft facility, you will need to clear the balance using any JobKeeper payments you receive.

 


Show Starter Loans

On the 25th June 2020, the Federal Government announced a $250 million support package to assist the creative economy and get the entertainment, arts and screen sectors back to work as they rebuild from the impacts of COVID-19. The support package includes Show Starter Loans, with $90 million in concessional loans used to fund new productions and events that stimulate job creation and economic activity, delivered through commercial banks and backed by a 100% Commonwealth guarantee.

 

We are currently working with the Federal Government to finalise the details around the Show Starter Loans and will publish details around eligibility, terms and conditions and the application process on our website as they become available.
 

In the interim you can find out more about the Show Starter Loans and COVID-19 support measures on the government website.

Things you should know

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

* Credit criteria, fees, charges, terms and conditions apply. Guarantees may be required.

# Vehicle and equipment goods loan establishment fee waived: Information is correct as at 4 November 2020. This offer waives the relevant establishment fee (usually from $450) on Westpac Vehicle and Equipment goods loan applications. This offer is only available to Business customers for business purposes and only for new applications (excludes roll-overs and refinances) for vehicles and equipment.