BROKER OPTIONS FOR SMALL BUSINESS

To help simplify and speed up approvals and settlement of finance we offer a fast-track application process where your client meets a set of eligibility criteria. 

For vehicle and equipment finance, fast-track applications can be submitted via DriveOnline as a: 

• DriveXpress application for loans up to $250K
• SIMPLE+ for loans $250K up to $5M¹.

For commercial lending, we offer the SIMPLE+ submission pathway (for loans up to $5M²).

From application submission to settlement of the loan, the following timings are a guide on what you and your clients can expect:

Vehicle and equipment finance

• Standard DriveOnline application: generally 2-3 business days
• DriveXpress (for loans up to $250K): generally less than one business day
• SIMPLE+ (for loans $250K up to $5M¹): generally 1-2 business days.

Commercial lending

• Standard application form: generally 2-3 business days
• SIMPLE+ application form (for loans up to $5M²): generally 1-2 business days.

DriveXpress eligibility criteria:

• Lending up to $250K (existing customer) or $150K (new customer)
• Borrower(s) have operated within a business with valid ABN for at least 2 years and be registered for GST
• Borrower(s) and guarantor(s) have acceptable credit scores
• Director guarantees may be required for incorporated entities.

SIMPLE+ eligibility criteria:

• Equipment finance (from $250K up to $5M) or Business lending up to $5M¹
• New or existing Westpac customer³
• ≥12 months trading history and no losses in past 12 months (post adjustments)⁴
• Borrowing structures up to 4 business entities and guarantors from up to 4 households
• Tax liabilities including any formal payment arrangements are up to date.