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What unsecured lending is available?

To support our business customers through this challenging environment, Westpac is offering an unsecured 3-year term loan up to $250,000 as part of the Government’s Coronavirus SME Guarantee Scheme. This loan is available to eligible business customers with a turnover of less than $50 million and is available with a 6 months repayment deferral, with interest to be capitalised.*

No establishment fees or monthly account keeping fees apply. Other fees and charges may apply.

Applications are available between now and 30 Sept 2020 to both existing and new customers.


On the 20th July 2020, the Federal Government announced the second phase of the SME Guarantee Scheme which will start on 1 October 2020. We will provide further detail around Westpac’s support for the second phase of the SME Guarantee Scheme, including the eligibility criteria, loan amount, loan term, terms and conditions and the application process in the coming weeks. 

Who is eligible?

In order to apply, your business must meet certain eligibility requirements as follows:

  • 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
  • Both existing Westpac customers and new customers are eligible
  • 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.

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*.

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

Variable rate loan for Westpac business customers

Learn more and enquire about a variable rate unsecured loan of up to $250,000*.

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.


Unsecured business lending -
Your questions answered

Temporary business overdraft

For existing customers currently enrolled 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 JobKeeper payments.


  • 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 for up to 45 days of your existing facility limit 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 up to 45 days.* 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

*Terms, conditions, eligibility and credit criteria apply.


The JobKeeper program is a Federal Government initiative and we provide a link to the external site for your convenience. This information is provided for general information only. Please read the Government’s fact sheet to see if you are eligible and for terms and conditions that apply. You should consider seeking independent legal, financial, taxation or other advice on how the Federal Government initiatives relate to your circumstances.