Westpac Commercial

All lenders have their own strengths, limitations and requirements and it’s important to shop around to find the best fit for your unique financial situation.

Everything you need to know about a Westpac Commercial Loan

As one of Australia’s largest banks, Westpac offers solid lending products for small to medium-sized businesses with clean credit, along with excellent banking options. The bank’s sheer size and reputation make it an attractive option for businesses who want to keep all their financial transactions in one place with a reliable financial institution. In 2016, Westpac won the FinanceAsia Achievement Award for being the best local commercial bank in Australia.

Key Benefits

Flexible loans that offer superior control
Low rates for secured loans
Ability to link with business banking accounts

Drawbacks

Will need excellent credit to qualify
Strict lending criteria, especially for larger loans
Usually will need property to secure your loan

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Westpac Commercial Products Breakdown

Business Overdraft

Access extra funds
Variable interest rate
Unsecured payment

Smooth out the ups and downs of cash flow with an overdraft

Westpac’s Business Overdraft is a convenient and competitive option for qualified customers. You can link your loan to your business transaction account and use the funds as necessary to keep your business flowing, such as when you’re waiting for invoices to be paid or your cash flow has dried up with seasonal fluctuations, yet you still need to cover expenses or make purchases. You can secure your loan with a residential or commercial property, or qualifying assets. If you are only interested in Business Overdraft for less than $50,000, you can apply for unsecured financing.

Business Loan

Borrow $20,000 plus
Variable/Fixed interest rate
Extra repayments

A flexible loan to help new starters with their business plans

Borrow from $20,000 and up with this flexible Business Loan from Westpac. You can choose a fixed or variable interest rate, redraw any excess funds you’ve paid, and make free extra repayments to help reduce the interest you’ll pay over the life of the loan. For even greater freedom, Westpac will let you switch between interest and interest only and interest and principal payments. Depending on what type of security you use, loan terms can range from up to 5 years to up to 30.

Business Equity Access

Borrow $20,000 plus
Low Variable interest rate
Line of credit

Make the most of your business’ value

Westpac’s Business Equity Access is ideal for small businesses who need a competitive, short-term lending option to take advantage of business opportunities. You can choose a line of credit option if you want to have funds ready, and then repay and redraw when it works for you, or opt for set monthly repayments with terms ranging from 1 to 7 years. Borrow between $20,000 and $1 million. You can secure your loan with a residential or commercial property.

Bank Bill Business Loan

For those borrowing over $250,000
Fixed or variable rate options
Loan term spanning from 30 days to 25 years

A flexible loan and simple loan for businesses

This loan is targeted at businesses that are hoping to receive a loan to fund their capital investments, acquisition or refinancing. With this loan, you have a range of repayment options too. For instance, you can choose to make interest only, interest only in advance and principle or interest and fees payments. As well as this, you will be given added support in the form of a specialist relationship manager so that you don’t have to go through your commercial loan alone.

Business One Loan

Borrow from $250,000
Flexible repayment options
Multiple ways to access funds

A line of credit loan that can be tailored to suit your business needs

You can borrow up to $250,000 with Westpac’s Business One line of credit loan, where you’ll get full transaction access as well. The loan also provides flexibility as to the ways in which you access your funds. You can access the cash flow from the line of credit online, using your mobile devices, telephone banking, ATMS and through branches. You also have a choice in repayment options, as the loan is able to be repaid in interest only or principal & interest payments.

Invoice Finance

Access up to 85% of the value of your unpaid invoices
Invoices act as a security
Funds available within 24 hours

Use your invoices to fund your business ventures

This loan is unique in the sense that you don’t need real estate to receive the loan. Instead, invoices of money owed to you will be used to secure this loan, as the invoices act as a safety net. You could be able to gain access to 85% of the value of these invoices provided Westpac approves it. There is also no maximum limit on how much you can borrow. All you have to do is upload your invoice onto Westpac’s self serve online portal, and you’ll usually receive your funds within a day.

Vehicle and Equipment finance

Minimum finance amount of $15,000
1 – 5 year loan term
Choice of 3 equipment finance products

Get the equipment needed to let your business thrive

Sometimes having high quality equipment can be the determining factor when it comes to the success of your business. Westpac understands that equipment can be expensive, and have created this type of loan to assist you in obtaining the equipment and vehicles you need. You have flexibility when it comes to the structure of the loan as you can choose a loan term that lasts anywhere between 1 to 5 years and you or you can structure your finances around the life expectancy of the loan. An added bonus is that you may be eligible for tax benefits for certain equipment finance options.