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.
Flexible loans that offer superior control
Low rates for secured loans
Ability to link with business banking accounts
Will need excellent credit to qualify
Strict lending criteria, especially for larger loans
Usually will need property to secure your loan
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.
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.
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.