Westpac announces interest rate decreases for SME business loans

Westpac

Westpac Group has today announced reductions to some business lending interest rates on new lending for products offered under the Federal Government’s SME Guarantee Scheme.

The reductions in small business lending rates will further support Australian small businesses as they look to rebuild and capitalise on growth opportunities available as the economy continues to recover.

Chief Executive of Westpac’s Business division, Guil Lima, said providing businesses with access to cheap funding will help them reposition for growth.

“It’s pleasing to see such positive indicators the economy is starting to recover, and there’s a clear opportunity for some businesses that may be in a position to invest for future growth, which many are telling us they are looking to do.

“We also know that some customers are still impacted and having a difficult time, and we continue to work with them and provide support through our hardship program,” said Mr Lima.

SME Guarantee interest rate change

Business Loans

Current rate

New rate effective 1 March

3 year unsecured fixed (on Business Advance)4

4.48% p.a.

3.99% p.a.1

3 or 5 year secured variable3

From 3.09% p.a.

From 2.99% p.a.2

3 or 5 year fully secured fixed and fully drawn3

2.38% p.a.

2.38% p.a.2

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