Westpac Business Loans
Westpac Business Term Loans offer easy application and repayment structures to suit borrowers’ needs — be it for starting a new venture, adding funds to an existing business, or covering business expenses, among others.
If you’re interested in applying for a business loan with Westpac NZ or any lending provider in the country, compare and find the right plan for using the glimp comparison tool for FREE.
Why choose Westpac Business Loans?
Westpac is known for its established and trustworthy services, not only in New Zealand but also in Australia. Obtaining a home, personal or business loan is simple and hassle-free, especially for existing account holders.
Flexible repayment options
There are two types of business term rates with Westpac - floating and fixed rate where they get to choose three repayment options.
- Table loan - choose to spread repayments evenly over the term of the loan to avoid late repayments.
- Reducing loan - request to reduce repayments over the loan in case of insufficient funds.
- Interest only - pay off the interest first until the interest-only period expires.
Apply for general business
For those looking for a loan solely for business or investment purposes, Westpac Business Loans provide a simple online application process offering loan amounts ranging from $50,000 to $1,000,000, provided that the applicant is registered with the Companies Office and is working as a lone trader or director on behalf of the business.
Apply for agribusiness
Westpac offers agribusiness managers for borrowers who are in the dairy, sheep and beef, arable, horticulture and other agribusiness sectors in NZ.
This intends to give entrepreneurs in this field to navigate their finances and find which type of business loan could work best for them.
Westpac Business Loans - Interest Rates & Terms
Floating Rate
Choosing a floating rate allows entrepreneurs more leeway in repaying their loan as the market changes. If interest rates fall, they can use the remaining funds to make an extra payment, which is not subject to a penalty under a floating rate plan with minimum prepayment amounts of $10,000.
Fixed Rate
Selecting a fixed rate provides borrowers with certainty, which allows them to budget because knowing the exact payment amount simplifies financial planning. This can work for well-established businesses that can make on-time payments for up to 12 months.
