Business banking Business loans & finance

Business term loans.

Together let’s grow your business, with the backing of a business term loan.

Contact a business specialist Call 0800 288 101

Who it's for.

If you’ve got the ambition, we can help with the plan. A business term loan could give you the boost you need to take business to the next level. 

It's ideal for:

  • Start-up capital
  • Capital investments that could help grow your business
  • Expanding into commercial property or offices
  • Buying an existing business.

Benefits.

  • Borrow from $3,000 upwards.
  • Flexible terms – borrow and repay in a way that works for your business. 
  • Secured or unsecured options, depending on what suits your needs.
  • Tailored to your business needs and goals.
  • Choose from fixed or floating interest rates.

Floating rate features.

Floating interest rate

You pay a floating interest rate that may increase or decrease in line with the market.

Minimum loan amount

The minimum floating term loan amount is $3,000.

Change your repayments

Adjust repayments or pay lump sums at any time - even repay the whole loan early.

Fixed rate features.

Fixed interest rate

Lock in an interest rate up to 12 months in advance and and keep the interest rate locked in for a certain period you’ve selected.

Minimum loan amounts

The minimum fixed term loan amount is $10,000.

Early repayments

Early termination or lump sum payments are available (subject to break costs), with minimum prepayment amounts of $10,000.

Repayments.

Whether you choose a floating rate or a fixed rate, you have three repayment options:

  1. Table loan - Spread your repayments evenly over the term of the loan.
  2. Reducing loan - Gradually reduce your repayments over the loan.
  3. Interest only - Repay only the interest portion of the loan until the interest-only period ends.
Woman holds phone while outside packing shed

Other details.

  • Loan maximums will depend on your security1 and ability to service the debt
  • Interest is calculated on the daily outstanding balance and charged either fortnightly or monthly
  • Repayments are automatically deducted from your nominated transaction account
  • An establishment fee up to 1% of the facility limit or loan amount applies, with a minimum charge from $400.

Apply for a business term loan.

FAQs.

What is a business term loan?

A business term loan (also known as term finance) is a lump sum of money borrowed to help fund medium to long-term investments - like purchasing a new business, expanding your premises, or taking on a new project. You repay it over a set period (or "term") with regular principal and interest payments.

Can I use a business term loan to acquire a new business?

Yes - if you're buying an existing business, Westpac term finance could help fund the purchase. You'll need to provide details about the business you're buying, including financials, and show how you plan to run it. Like all lending, it’s subject to credit criteria and approval.

Why use a business term loan instead of my home loan?

While using your home loan might seem cheaper upfront, a business term loan can be a smarter choice long-term. That’s because it’s structured specifically for business - with repayment terms and interest options designed to support growth without tying your personal finances too closely to your business.

It also keeps your business borrowing separate, which makes things clearer for accounting, tax, and future lending — and helps protect your home from business risk.

What is the average length of a term loan?

Loan terms are flexible, normally up to five years. For loan terms longer than five years, please talk to our business lending specialists. We’ll work together to find a repayment option that suits your business cash flow and operation.

What is the interest rate for a business term loan?

Talk to our business lending specialists to discuss this in more detail.

Can I repay the loan early if I want to?

If your business term loan is on floating option, you can repay it at any time without any early repayment cost.

If your business term loan is on a fixed term, early termination or lump sum payments are available (subject to break costs), with minimum prepayment amounts of $10,000.

Things you should know.

1 A number of security options are available including residential property, commercial property or business assets.

Terms, conditions, fees and charges apply to Westpac products and services. See the Business Transaction and Service Fees Brochure for details.

Lending criteria applies to all applications for finance.

Business lending products are only available for business and/or investment purposes and not for personal, domestic or household purposes.