Rating based on 37 reviews

Westpac Business Loan

  • Business loans up to $50,000
  • Low-interest starting from 13.95%
  • Repayment up to 5 years

In-page navigation

Westpac homepage
Author Westpac. Screenshot of Westpac website.
[Accessed March 7, 2023]

About Westpac

Get the business finance you need to grow and prosper. Westpac has a great variety of the very best business loans in New Zealand!

They have been specializing in short-term loans to long-term loans to help thousands of Kiwi businesses to become financially secure and succeed since 1861. Access a wide range of products and services designed and tailored to your business.

Enjoy transparent, enthusiastic, and second to none customer service when you apply with them as they care about the business industry of New Zealand and will go the extra mile to assist you in succeeding with your venture.

They have been working and supporting local communities across the country for many years, helping individuals and businesses to reach their goals and realize their innovative ideas.

Start-up business loans NZ 

Whether you have a great business idea or maybe you already have a successful business that you would like to expand, they have the business finance you need. You can replace your equipment, expand your business or manage your cash flow through a range of finance options such as Business Term Loans, Business Overdraft, and Equipment Finance.

Choose between the following payment options, this can be for a floating rate or fixed rate business loan:

  • A table loan where you can evenly spread your repayments over the term of the loan.
  • A reducing loan where you can gradually reduce your repayments over the loan term.
  • An interest-only loan where you choose to only repay the interest portion of the loan until the interest-only period ends.

Westpac Services

Borrow a minimum of $3,000 over a term suitable to you.

You have the opportunity to adjust your repayment terms, pay lump sums at any time, or completely pay off the loan early. This will be at a floating interest rate that increases or decreases in line with the market.

You can also choose a fixed interest rate if you borrow a minimum amount of $10,000 over a fixed term. With this business loan, you can also make lump-sum payments, but with minimum amounts of $10,000, early payments might be subject to an additional charge.

Access extra money when you need it

Access a minimum limit of $500 up to a maximum limit subject to what you can qualify for. You can also apply for a temporary extension when required. With a business overdraft, you can easily manage your cash flow needs with convenience and confidence. Repayments can be made when it suits you best as you will have complete flexibility. They allow you to reduce your overdraft amount at any time.

Ways to finance a business purchase 

Get the funds you need to buy the needed vehicles, laptops, machinery, and more! In most cases you will be able to use your new asset as security for the loan, this means very low-interest rates. You can also conveniently spread the loan over the economic lifespan of the asset. These loans are designed for sole traders, small to medium businesses, or farms wanting to finance $500,000+ of assets depending on what you qualify for.

Westpac – Business loan

  • Loan Type Business loans
  • Interest Rate 13.9520% p/a
  • Loan Amount up to $50,000
  • Repayment 12 months to 5 years

Benefits of Westpac

  • Flexible repayment options
  • Easy online application
  • Affordable business loans

Business loan calculator

The interest rate of a loan will vary based on your credit score and risk profile.
This business loan calculator is for illustration purposes only.
The use of this loan calculator is subject to our terms of use.

Get the cash you need with a business loan through Westpac

You can apply online, via Westpac One, call them or if you prefer face-to-face assistance, you can also visit a branch between 8 am - 6 pm Monday to Friday or 9 am - 3 pm Saturdays.

  1. Provide them with the company's information as well as your personal information, financial projections, statements, and a business plan outlining your business goals and how you are planning to make repayments.
  2. They will contact you to see how they can assist you with your application to ensure they know exactly what you need and how much you can comfortably afford, they might ask you for more supporting documents if needed.
  3. If approved, they will present you with a loan agreement and if you are pleased with the terms, you can then sign to accept their offer.

Tips and tricks on getting approved

  • Prepare your online loan application a few months before your start-up date if you are starting a new business.
  • Make sure there are no discrepancies on your credit profile as this could affect you badly. The three main reporters you can check this within New Zealand is Equifax, illion, and Centrix.

Remember that if you are only starting up your business or your company is still less than three years old the bank will not only look at your company’s credit rating but also at your personal credit rating.

  • Drawing up a good business plan is essential as this will also give you an indication of how much you are going to need to succeed. Explain how you will be spending each dollar you borrow as well as how you are planning to make repayments.
  • Get ready to present your business plan to a bank manager by having financial projections, previous statements, and an executive summary that is outlining your business goals.

Prepare answers for any questions the bank manager might have to improve your chances of getting approved.

  • Sell the idea, be confident and believe in your plan, show them what the future will look like if they assist you with finance.

Choosing to get your business finance from Westpac 

  • A range of finance options to choose from.
  • Competitive rates.
  • Loans for existing and new businesses.
  • Tailored solutions to help you succeed.
  • Informative and helpful staff that is ready to go the extra mile to assist you.
  • Floating as well as fixed interest rate options.
  • Secured and unsecured loans.
  • Innovative and helpful tools.

Customer Reviews & Testimonials

Best interest rate I have been offered on a business loan before, I recommend their services.

Jeremy J
— Nelson —

I went into my local branch, was assisted immediately - my consultant helped me with the application I was approved on the spot and the funds were available to me the next morning.

Vicky W
— Lower Hutt —

Westpac Contact

Physical Address

Postal Address

  • Westpac New Zealand Ltd PO Box 934 Shortland Street, Auckland, 1140, New Zealand

Opening Hours

  • Monday 09:00 – 16:30
  • Tuesday 09:00 – 16:30
  • Wednesday 09:30 – 16:30
  • Thursday 09:00 – 16:30
  • Friday 09:00 – 16:30
  • Saturday – Closed
  • Sunday – Closed