Find a branch
Contact
Help
Start-up lending.
Get closer to your ambition. Our business lending options are here to help you take the first step and start with confidence.
What it's for.
We know the grit, ambition and determination it takes to succeed as a start-up - that’s why we’re making a commitment of $100m in lending to support start-up businesses across the country.1 We’re here to help you accelerate your plans and reach your goals faster.
Start-up lending is ideal for:
- Purchasing equipment
- Marketing your business
- Setting up your workspace
- Investing in technology
- Acquiring a business opportunity
- Managing cashflow.
Together with our proactive advice and flexible solutions, your lending will be tailored to help bring your ideas to life.
Benefits.
- Easier application - no two years of financials needed.
- 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.
- Choice of fixed or floating rates.
Lending options for start-ups.
We offer a range of lending solutions to suit your business needs:
- Business term loans - flexible repayment terms to fund growth, or set-up costs
- Equipment finance - finance business assets like vehicles, equipment, plant and machinery without tying up working capital
- Business Overdraft - manage cash flow and cover short-term business expenses
- Business Revolve Account - flexible on-call credit to support your cashflow, in busy seasons and quieter ones
- Tailored lending solutions - our specialists work with you to find the right option for your business.
Together with our proactive advice and flexible solutions, your lending is tailored to help bring your ideas to life.
How does it work?
Our business lending supports new businesses that are still finding their feet. We don't require two years of business financials - all you need to apply is your business plan, cash forecast, statement of financial position and a completed lending application.2
We’ll work closely with you from day one to support your plans and lending application.
To be eligible you’ll need to:
- Have been in business for less than two years
- Be 18+ and living in New Zealand
- Apply as an individual or business entity
- Borrow for business or investment purposes (not residential property)
- Meet our standard lending and credit criteria.
Need help putting your plan together?
If you’re not sure where to start, check out our free tools and templates to create a strong business plan and forecast.
If you’re not sure where to start, we’ve got you covered. Use this free business plan template and forecasting Excel template to create a strong business plan and financial forecast.
Other details.
- Loan maximums depend on your security and ability to service the debt.
- Interest is calculated on the daily outstanding balance. For loans, it is charged fortnightly or monthly. For Business Overdrafts and Business Revolve Accounts, interest is charged monthly only.
- Repayments for loans are automatically deducted from your nominated transaction account. Business Overdrafts do not have principal repayments.
- A line of credit charge and an establishment fee may apply.
Apply for start-up lending.
FAQs.
Do I need to be a Westpac customer to apply?
No - both new and existing customers are welcome to apply.
Why do start-ups need funding?
Funding can help manage your cash flow and cover essential costs like equipment, marketing, set-up expenses or technology.
Do I need a perfect credit score to get business lending for my startup?
No. We look at the full picture, including your business plan and future outlook.
What documents do I need to provide to apply for Westpac business start-up lending?
You’ll need your ID (unless you’re an existing customer) such as your New Zealand driver’s licence or passport, a business plan and a financial forecast. We may also ask for your New Zealand Business Number (NZBN). Our business specialists will let you know any other requirements based on the option you choose.
For a little help, read our guide on how to create a successful business plan and a financial forecast.
How long are the loan terms for start-up lending?
Loan terms are flexible, normally up to five years.3 We’ll work together to find a repayment option that suits your business cashflow and operation.
What is an unsecured loan?
An unsecured loan doesn’t require any asset as security, so if the loan isn’t repaid the bank would need to claim against you (or your bankruptcy estate) or any guarantors to recover the debt. A secured loan is backed by an asset that the bank can take to repay the loan if required.
Why are interest rates higher for unsecured loans?
Unsecured loans are riskier for the lender (Westpac New Zealand Limited) as there is no asset for the lender to fall back on if the loan is not repaid.
Things you should know.
1 Lending criteria applies to all applications for finance. Terms, conditions, fees and charges apply. See the Business Transaction and Service Fees Brochure for details.
2 Depending on your business situation, our lending criteria may require other documents you have available.
3 For loan terms longer than five years, please talk to our business lending specialists.
Business lending products are only available for business and/or investment purposes and not for personal, domestic or household purposes.