Westpac Commercial Loan
Equipment financeSecured
The Westpac Equipment Finance Goods Loan finances the purchase of equipment and allows the customer to own the asset from the beginning of the term, without tying up valuable working capital.
- 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
- Secured
- 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 secured business loans we compare. Typical means the middle half of them.
Setup fee
$500
A typical setup fee is $549.
Longest term
7 years
6 years is the usual longest term.
Pros and cons
Pros
Nothing stands out.
Cons
- Secured against an asset. That usually keeps the rate down, but the lender can take the asset if you can't repay.
- An early repayment fee. Paying the loan off early or refinancing can cost a fee, which cuts into what you save by repaying sooner.