BACKING YOUR BUSINESS SHOULD BE SIMPLE+

SIMPLE+ is our streamlined submission pathway for business lending up to $5M1
Serviceability calculator

SIMPLE+ Application Form

Use this form if your customer is eligible to apply for business lending under the SIMPLE+ submission pathway (must be accompanied by the Business Finance Consents form).

Consents Form

Use this form for applicable business lending applications, including the SIMPLE+ submission pathway.

SIMPLE+ Broker Support

Use the SIMPLE+ Broker flyer and the SIMPLE+ Broker support pack for information about the SIMPLE+ application pathway and how to use the Serviceability calculator5.

Calculate SIMPLE+ Serviceability

SIMPLE+ Submission Pathway

SIMPLE+ offers non-complex customers an easier way to do business with us. Customers benefit from a streamlined application form and fewer documentation requirements compared to the Full Application pathway. Brokers may use the new Serviceability calculator5 to assess whether their customer can service the loan.  For transactions up to $1.5M, Business Activity Statements (BAS) can be used but the BAS calculator5 will need to be used before the Serviceability calculator5. Refer to the Broker Support pack for more information.

 

BAS calculator Serviceability calculator

Eligibility for new or existing customers2

  • Products: Business Loan, Business Overdraft, Equipment Finance and Insurance Premium Finance
  • Business trading history: ≥12 months trading history and no losses in past 12 months (post adjustments)
  • Lending limit: Business lending up to $5M 1
  • Borrowing structure: Non-complex customers limited to 4 business entities and guarantors from 4 households
  • Tax position: Tax liabilities either up to date or under a formal payment arrangement

Up to $500K

Overdraft or business loan with no requirement for property as security2

Simplified pathway

Simplified assessment criteria for residential and commercial property investors ineligible for Lease Doc4

Maximised structure

Caters to borrowing structures with up to 4 business entities and 4 households

Extended LVRs

Extended LVRs available against residential and commercial security in line with policy, even for property investment3

Things you should know

1. Certain products have maximum limits less than $5M, please confirm these with your BDM.

2. Refer to your Senior BDM or Relationship Manager to discuss the suitability of SIMPLE+. Excludes consumer lending, construction lending, sector policy and specialised lending. 

3. Where the customer's income is predominantly self-employed.

4. Only specific Property Finance - Investment lending scenarios are allowed under SIMPLE+. All other Property Finance Sector lending (including Lease Doc) is excluded.

5. The Serviceability calculator and the BAS calculator (calculators) are the property of the Westpac Banking Corporation ABN 33 007 457 141 AFSL and Australian credit licence 233714 and you acknowledge by accessing either calculator that they are provided for use by you only as an accredited Westpac broker and are not to be shared, copied or otherwise distributed. The results derived from the calculators are for illustrative purposes only and should not be regarded as a prediction or personal advice.  The calculations are not intended to be forecasts or projections but to be used as a tool to assist you making your own projections.   The information and results obtained from either calculator do not constitute a loan approval, quote or an offer to lend, and it is not intended that they be relied on for the purposes of making a final decision in relation to a lending or credit product. The calculators contain general information and the borrower before acting on this information needs to consider its appropriateness having regards to their objectives, financial situation and needs and should seek independent, financial, legal and taxation advice. The figures and formulae used in the calculators may change at any time without notice.  No guarantee, warranty, or representation is given or implied as to the reliability or accuracy of the information used to compile each index or each calculation. Westpac denies any liability for any direct, indirect, incidental , consequential or special damages or for any loss arising out of or in any way connected with the access to, reliance on, or use of the calculators. The results from the calculators are confidential and cannot be distributed to any party not authorised by the borrower’s express written consent. View our Privacy Statement at https://www.westpac.com.au/privacy/privacy-statement/. 

 

Credit criteria, terms and conditions, fees and charges apply. These may change or we may introduce new ones in the future. Full details are available on request. This information does not take your personal objectives, circumstances or needs into account. Consider its appropriateness to these factors before acting on it. Read the disclosure documents for your selected product or service, including the Terms and Conditions or Product Disclosure Statement, before deciding. Target Market Determinations for certain products are available.

 

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