Your selected small business
Westpac is one of Australia's Big Four banks and the country's oldest banking institution, established in 1817. As a leading financial services provider, Westpac serves millions of customers through its network of branches and digital platforms, offering banking, wealth management, and insurance services to both personal and business customers across Australia.
No monthly service fees
Flexible loan terms from 1 to 5 years
No asset security required for loans up to $250,000
Choice of repayment frequency to match cash flow
Higher interest rates compared to secured loans
Business must be operating for at least 12 months
Westpac's unsecured business loan offers loan amounts ranging from $5,000 to $250,000, making it suitable for businesses seeking quick access to cash without putting up physical assets as security. The application process is online, with companies able to quickly apply and receive a decision.
The loan has no monthly fees, though there is a $250 establishment fee. With fixed interest rates, businesses can plan their repayments with certainty. Borrowers can choose their repayment frequency and set their loan term anywhere from 1 to 5 years to match their business needs.
Interest rates are higher than secured business loans due to the increased risk for the lender, but businesses don't need to provide physical assets as security. For corporate borrowers, director guarantees can still be required.
The eligibility criteria asks businesses to show at least 12 months of trading history under their current ABN or ACN and a minimum annual turnover of $75,000. They must be registered for GST and have all their ATO payments and employee entitlements up to date. However, the loan is not available to franchisees, SMSFs, or charities. Businesses should have less than $1.5m in existing business lending with Westpac.
Your selected small business
You can apply online through Westpac's website. You'll need:
You can use the loan for working capital, equipment upgrades, inventory purchases, marketing, hiring staff, or relocating premises. The loan also covers invoice financing. However, it cannot be used to start a business, fund property development, or purchase residential property.
To qualify, you must:
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