A business loan is a specifical loan intended for business purposes. As with a lot of loans, this loan involves the creation of a debt, which will be repaid with added interest. Today, let find out the information about the Westpac business loan.

Westpac business loan
Westpac business loan

Westpac business loan In the articles before, InfoCreditFree introduced readers to a lot of personal loans in Australia such as Westpac personal loan, loans for low-income earners, NAB investment loan rates… Today, let get more information about the Westpac business loan.

WESTPAC BUSINESS LOAN

In order to provide a lot of information about business loans at Westpac, we devise this topic into four parts: “Some things about the business vehicle and equipment finance loan in Westpac”, “Some things about the unsecured business overdraft in Westpac”, “Some things about the Westpac business loan” and “4. Business Equity Access Loan”.

1. Some things about the business vehicle and equipment finance loan in Westpac 

People can buy, lease or hire the latest model without tying up the cash flow.
  • Conditional approval on site for qualified customers
  • Take advantage of some potential tax benefits.
People can buy, hire or lease – the choice when it comes to financing plant and equipment.
  • Return the structure to take advantage of the potential tax
  • Funds of equipment and machinery use assets such as security.
  • Fees: 1.20% p.a. Line Fee charged monthly on the overdraft limit

For example: With a $10,000 limit and 31 days in a month: (1.20% of $10,000)/365 x31 days = $10.19 per month

People need to pay for $250 establishment fee applies on contract execution.

3. Some things about the Westpac business loan

The purpose of the Westpac business loan are:

  • Invest in a business/commercial property
  • Buy a vehicle or equipment
  • Everyday business expenses and cash flow
  • Pay my insurance
  • Agricultural finance

The variable rate

  • Additional payments may reduce the interest paid during the loan period
  • Option to swap between interest rates only or repay principal and interest
  • Redraw allows you to pay more and access these funds later.

The fixed rate

  • Provide confidence in knowing what you are doing with each repayment
  • Protect people from potential future rate moves.

Make tax time less taxing

Track your Corporate Loans balance and your online finance (and at the time of tax, the export interest details are paid for your accounting software).

Terms and loan security

  • Loan term up to 30 years if the residential property used as security
  • Loan term up to 25 years if the commercial or rural property used as security.
  • Loan term up to 5 years if unsecured (guarantee may be required)

Fees

  • Establishment fee
  • Other fees apply.
  • Monthly loan maintenance fee

Rates

  • View all of the Westpac business loans rates

Important Considerations

There are a few important points people should consider before applying for a business loan:

  • Security – depending on the business, circumstances loans can be unsecured or require security in the form of residential, commercial or rural property.  A guarantee will also be required by company directors for corporate borrowers
  • Credit history – all borrowers, directors, owners, and guarantors must have clear credit records. All statutory payments and ATO liabilities need to be up to date and not under the arrangement
  • Banking and borrowing history – existing bank accounts and lending products must be within their approved limits
  • Domicile – the business must be registered in Australia

4. Business Equity Access Loan

A Business Equity Access Loan is a line of credit or a loan, secured based on a commercial or residential property. Used to invest, expand, refinance or include daily operating expenses.

  • Ideal for small businesses to take advantage of fast business opportunities like bulk orders or special offers
  • Smaller loans from our low-interest loans, currently at 5.69% pa. and only charged on the balance used
  • Borrow from $20,000 to $1,000,000
  • Terms from 1 to 7 years.

Repayment options

Choose between a line of credit that allows people to repay and redraw funds, or a loan with set monthly repayments.

  • Easily manage and access your Business Equity Access Loan via Online, Mobile, Telephone, or Tablet Banking and via our ATM network.

Fees

  • Establishment fee
  • Monthly loan maintenance fee
  • Other fees apply.

We provide people/readers with a variety of loans in Australia, such as NAB investment loan rates, payday loans no bank statements required in Australia, emergency cash loans unemployed no more hassle, instant payday loans online Australia…

Besides, if people want to get personal loans from the Westpac, you can get a lot of information from some previous posts of us about Some things people should know about the Westpac personal loan.

Hillary (Team Content) – Info Credit Free