Support for our business customers

Never has it been so important to keep businesses open and supported, and it's our job to help them continue their critical contribution to the community.

We’re open for business and our bankers are committed to providing businesses with the financial support packages they need to help manage cashflow, costs and innovation.

We realise these are unprecedented times and businesses are facing new situations daily. To help, we’re also offering all business customers free access to a special series of COVID-19 professional learning webinars provided by The Small Business Lounge and other business partners.

We’re all in this together and our Australia-based team of bankers are working tirelessly to support businesses, be it in person, on the phone or online.

We can offer additional support for eligible businesses who need help in advance of the distribution of their JobKeeper payments.

Eligible Bankwest business customers can apply for a Temporary JobKeeper Overdraft to help them pay their employees until their JobKeeper payment is processed by the Federal Government.
 

Eligible Bankwest Business Transaction Account holders can apply for a temporary overdraft of up to $250,000 for 30 days to help pay their staff. Applications are subject to lending criteria.
 

• Evidence that you have registered for the JobKeeper payment.
• Be an existing business customer who has held a Bankwest Business Transaction Account for more than 30 days.
• Ensure the account the temporary overdraft will be applied to matches the financial institution details on the JobKeeper application.

Our small business customers can call 13 7000 (option three, then option two).

Relationship Managed business customers should get in touch with their Relationship Manager for more information and to apply.

Bankwest is supporting the Australian Government’s Coronavirus SME Guarantee Loan Scheme by extending additional support to small and medium business customers.

Effective from 1 October 2020, phase two of the scheme will launch to give eligible businesses access to business loans of up to $1m for three to five years at low rates, given the Government’s support and the Reserve Bank’s term funding scheme.

• Borrow up to $1m (lending criteria applies), with the option of a secured (commercial property only) or an unsecured Business FeeSaver Loan
  
• No application or ongoing monthly maintenance fees
• A reduced variable rate applies for the term of this loan. The current rate is 3.50% p.a. for secured loans and 4.25% p.a. for unsecured loans. Rates are subject to change.

• Your business or not-for-profit organisation turns over less than $50 million annually
• You have an Australian Business Number (ABN)
• You can be a current or new Bankwest business customer
• Your business requires working capital support or funds for business purposes (conditions apply)
  
• You operate a trading business - the scheme does not apply to Self Managed Super Funds (SMSF).
  

• All applications will be subject to a lending application including credit assessment
• Small business and new Bankwest customers can call 13 7000
• Relationship Managed business customers can get in touch with their Relationship Manager for more details.
   

Here’s how it worked:

• Borrow up to $250,000 (lending criteria applies) with an unsecured Business FeeSaver Loan (director’s guarantees may be required)
  
• No application or ongoing monthly maintenance fees
• No repayments required for six months
• A reduced variable rate applies for the term of the loan
• For the first six months, interest is deferred and capitalised
• After the deferral period, you’ll need to repay the loan over the remaining loan term.

Across Australia, the PIN limit for contactless ‘tap and go™’ payments will increase from $100 to $200. This is a temporary measure to reduce your need to make physical contact with payment terminals.

The new limit updates will automatically be applied to Bankwest merchant facilities by Commonwealth Bank progressively from Tuesday, 7 April 2020. For more information, refer to CommBank Business Banking page for updates or contact Bankwest for support.

Find out more about what the contactless payment limit increase means for customers.

We realise these are unprecedented times and businesses are facing new situations daily. To help, we’re offering our business customers free access to a special series of professional learning webinars provided by our partners – The Small Business Lounge and Ernst & Young.

We're here when you need us. See our coronavirus-related support for personal customers.