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Westpac cuts business fixed rate

by Annie Kane4 minute read
Westpac cuts business fixed rate

The major bank has reduced rates on its two- and three-year fixed rate business loans to help SMEs “get back on their feet and grow”.

Westpac has reduced its rate on two-year and three-year fixed rate business loans for fully or partially secured business loans up to $3 million.

The loans – which are available on principal & interest (P&I) or interest-only (IO) repayments – can be used for a range of purposes, including funding business expansion, capital investment, property investment and/or property acquisition.

Rates will now start from 2.39 per cent per annum, which the bank said was “its lowest rate in years”.

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The rate is available to new and existing business loan customers submitting an application by 30 September 2021 (which settles by 30 November 2021​).

The bank said its standard eligibility, business credit policies, fees, loan-to-valuation ratio security requirements and loan origination processes apply.

According to Westpac’s business lending managing director, Shane Howell, the lower rate aims to help SMEs survive the COVID-19 pandemic.

Mr Howell said: “We’ve never faced a challenge like COVID-19, and many Australian small businesses are continuing to feel the impact of restrictions. Westpac is supporting customers with a range of tailored measures to help keep businesses going until things improve.

“We know there is still a way to go with the pandemic, but we are confident in the overall resilience of the Australian economy. 

“Giving customers access to low-rate finance is critical in helping small businesses get back on their feet and grow.” 

[Related: Westpac wraps up asset finance business sale]

 

rate cut

Annie Kane

Annie Kane

AUTHOR

Annie Kane is the editor of The Adviser and Mortgage Business.

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