In this Westpac business loan review, we would be looking at the resourcefulness of Westpac as a financial company, their interest rates, and how to use the loan calculator to tell your monthly repayment. Westpac Bank is Australia’s first and oldest banking institution, headquartered at Westpac Place in Sydney, New South Wales.
Westpac offers a range of innovative banking and financial support to your personal, corporate, or business needs. In this article, we will focus on Westpac business loans, the types, interest rate, eligibility criteria, calculator and tools, and mode of application.
About Westpac Bank
Westpac is an Australian multinational banking and financial institution that was founded on the 8th of April, 1817. It was formerly called the Bank of New South Wales before it was changed to Westpac Banking corporation on 4th May 1982.
Westpac is Australia’s first bank and one of Australians big four banks. It offers a wide range of financial and banking services such as insurance, consumer banking, investment banking, corporate bank, private equity, credit cards, mortgage, and global wealth management.
As of 2021, Westpac bank has about 14 million customers worldwide, making it one of the most powerful banks in the continent.
Westpac Business Loan Reviews
Westpac offers both secured and unsecured business loans. The secured business loan is open for new and existing customers, and its loan-to-value ratio is up to 200% depending on the security offered. You can borrow from $20,000 for a monthly line fee of $15 and a variable interest rate of 6.91% pa.
The Westpac unsecured business loan is solely for eligible existing customers and allows you to borrow from $5,000 to $250,000 at a $0 monthly line fee and fixed rate variable for the first one to five years.
Westpac Business Loan Interest Rates
Westpac’s unsecured business loan has a fixed interest rate for one to five years and no monthly line fee. It may incur establishment and other fees.
Note that the fixed rate doesn’t change during the fixed interest period, as your repayments are the same amount. This helps you to budget and plan well.
At the end of the fifth year, which is the fixed rate period, your loan will automatically change to a variable base rate, plus the margins current at the time. The margin can be determined by the type of security you provided.
The secured business loan has variable rates from 6.91% p.a. at a monthly line fee of $15. Establishment and other fees apply to it.
Who Can Apply For Westpac Business Loan?
Below are the criteria you must fulfill before applying for a Westpac business loan. They are as follows:
- You must be an Australian citizen of 18 years and above
- The business entity or strata corporation must be domiciled in Australia and requires funding for investment or business purposes other than residential property investment.
- For unsecured business loans, you must be an existing Westpac business customer to apply.
Why Choose Westpac Business Loan
Below are some of the reasons you should choose the Westpac business loan.
1. Option to Choose
Westpac business loan gives you the option to choose a fixed rate or variable rate. The fixed rate gives you a specific repayment amount. If you want to be flexible in making repayments, you can with the variable rate.
2. Unsecured Lending Options
Existing customers are allowed to apply online for an unsecured loan, which has a short turnaround time.
3. Up to 100% LVR
In getting a secured loan up to $3 million, you will submit a loan-to-value ratio of up to 100% residential property or 80% owner-occupied non-specialized commercial property for secured loans up to $3m.
How to Apply for Westpac Business Loan
Below are the steps to follow to apply for a Westpac business loan.
- Get Prepared: This entails fulfilling all the listed requirements
- Submit an inquiry or apply online
- Wait for a reply if your request was approved. You will be sent a contract to sign and return
- Disbursement: The loan gets disbursed to your account once you sign and return the contract
Westpac Business Calculator and Tools
Westpac business comes with several calculators and tools that help you carry out various functions such as:
- Track payments
- Track altitude business credit card application
- Helps you to choose the right business credit card
- Calculates foreign exchange rates
Specific functions include:
Bank Accounts:
- Compare all business bank accounts
- Calculate the best interest rate for your deposit (long-term)
Credit Cards:
- Helps to choose the right business credit card
- Helps to track BuliderChoice credit card application
- Helps to choose the right business credit card
- Helps to track Altitude business credit card application
Business loans:
- Helps to compare small business loans
- Helps to compare business credit cards
Click here to learn more about Westpac calculators on the official site.
Conclusion
Westpac offers secured and unsecured business loans at good interest rates, although their rates and terms differ. The unsecured loan is solely for existing Westpac customers. Also, Westpac offers calculators and tools that help you to calculate your repayments, interest rates, and other charges.
