Westpac Commercial Hire Purchase
Equipment finance
The Hire Purchase allows customers to acquire business assets without tying up valuable working capital. Westpac (the 'owner') purchases the asset at the customer?s request gives the customer (the 'hirer') possession and use of an asset in return for regular payments until repaid.
- Establishment fee
- $500
- Monthly fee
- Not published
- Borrow
- From $15,000
Interest rate a year, from
Not published
Loan details
Rates
- Interest rate (a year)
- On application
- Rate type
- Not published
- Security
- Not published
- Type of finance
- Equipment finance
Limits and fees
- Loan amount
- From $15,000
- Loan term
- 1 year to 7 years
- Establishment fee
- $500
- Monthly fee
- Not published
How it compares
Against the other business loans we compare. Typical means the middle half of them.
Setup fee
$500
A typical setup fee is $395.
Longest term
7 years
7 years is the usual longest term.
Pros and cons
Pros
Nothing stands out.
Cons
- A higher setup fee. $500, above the typical $395. It's usually added to the loan, so you pay interest on it too.
- An early repayment fee. Paying the loan off early or refinancing can cost a fee, which cuts into what you save by repaying sooner.