Westpac slashes lending rate on coronavirus small business loans

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One of the country’s largest banks has slashed lending rates on business loan schemes implemented at the start of the coronavirus pandemic.

Westpac has slashed rates on small business loans, a move designed to support growth through the economic recovery following the coronavirus pandemic.

The country’s second largest bank has shed nearly 50 basis points off loans offered through the federal government’s coronavirus small and medium enterprises (SME) guarantee scheme, which was implemented during 2020 to provide cheaper funding to businesses.

Three-year unsecured fixed loans will move from 4.48 per cent to 3.99 per cent, while secured loans of up to five years on a variable rate have been cut by 10 basis points to 2.99 per cent.

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