# Westpac business loans: term loans and start-up lending

> Westpac lends to New Zealand businesses from $3,000, secured or unsecured, and has start-up lending for businesses less than 2 years old. Compare its fees, criteria and options.

By Jason Dark, last checked 2026-11-06. Part of [Lenders](https://smallbusinessloan.co.nz/lenders) on Skipper.

## The short version

- Westpac term loans start at $3,000 on a floating rate or $10,000 on a fixed rate, secured or unsecured.
- The establishment fee is up to 1% of the loan, with a minimum of $400.
- Start-up lending is for businesses less than 2 years old, and you don't need two years of accounts.
- How much you can borrow depends on your security and what your business can afford to repay.

## Is a Westpac business loan right for your business?

Westpac has a lending offer for new businesses. For start-up lending, you can give a business plan, cash forecast and statement of financial position instead of two years of accounts, and you don't need to bank with Westpac already. Established businesses can borrow from $3,000 with a term loan, secured or unsecured, normally for up to 5 years.

## What Westpac lends

| Product | Amount | Term | Who qualifies | Security | Speed | Cost |
| --- | --- | --- | --- | --- | --- | --- |
| Business term loan | From $3,000 floating or $10,000 fixed | Normally up to 5 years; longer by arrangement | Westpac lending and credit criteria; the most you can borrow depends on your security and what the business can repay | Secured on residential property, commercial property or business assets, or unsecured | Not published | Fixed or floating; an establishment fee of up to 1% of the loan, minimum from $400; break costs on fixed loans |
| Start-up lending | Depends on your security and what the business can repay | Normally up to 5 years | In business for less than 2 years, aged 18 or over and living in NZ, borrowing for business (not residential property); a business plan, cash forecast and statement of financial position instead of two years of accounts | Secured or unsecured | Not published | Fixed or floating; a line of credit charge and an establishment fee may apply |

## Start-up lending

To qualify, your business must be less than 2 years old, and you must be 18 or over and live in New Zealand. You can apply as a person or as a business, but the money must be for business or investment purposes, not residential property. You also need to meet Westpac's normal lending and credit criteria.

## Fees and repayments

With a floating loan, you can change your repayments, make lump sum payments whenever you like or pay off the whole loan early. With a fixed loan, you can lock in a rate up to 12 months ahead, but early repayments are subject to break costs and must be at least $10,000. The establishment fee is up to 1% of the loan, with a minimum of $400. Interest is calculated daily and charged fortnightly or monthly. You can repay with a table loan, a reducing loan or interest-only payments.

## How Westpac compares

[ANZ](https://smallbusinessloan.co.nz/lenders/anz) also lends to start-ups, but new businesses apply by phone. [BNZ](https://smallbusinessloan.co.nz/lenders/bnz)'s QuickBiz and [Kiwibank](https://smallbusinessloan.co.nz/lenders/kiwibank)'s Fast Capital both need 12 months of accounts. If your business is new and needs money quickly, [Bizcap](https://smallbusinessloan.co.nz/lenders/bizcap) takes businesses with 4 months of trading.

These details come from Westpac's New Zealand website, checked on 6 November 2026.

## Common questions

### Do I need to bank with Westpac to apply?

No. New and existing customers can both apply.

### What is the smallest business loan Westpac offers?

$3,000 on a floating rate, or $10,000 on a fixed rate.

## Sources

- [Westpac: Business term loans](https://www.westpac.co.nz/business/loans-and-finance/business-term-loans/)
- [Westpac: Start-up lending](https://www.westpac.co.nz/business/loans-and-finance/start-up-lending/)