Westpac Commercial
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
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.
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Estimated Refinancing Savings
Potential Lender Options
Competitive Interest Rates
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