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Westpac Equipment Finance

04th Apr, 2022 | Branch News 5 April 2022, Lender Updates

In this article:
Enhancements to their application process and exciting new Establishment Fee Rebate Offer.
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Westpac has updated their application process (removal of BAS requirement) and they would also like to introduce their EOFY rebate offer, see below.

Westpac is pleased to announce that they have taken additional steps to revert to pre-COVID credit settings for both Standard and DriveXpress applications. They have also launched an exciting new additional rebate offer.

Enhancements to their application process – removal of BAS requirement

They greatly appreciate your support and patience over the past two years as they have worked hard to make their processes simpler and return to a pre-COVID environment.

What’s changing? 

For DriveXpress:

  • You will no longer need to input the customer’s revenue and provide the customer’s BAS returns.
  • The following fields will no longer appear in DriveOnline when lodging your application:

For Standard applications: 

  • You will no longer need to supply the customer’s latest BAS return.

To achieve the best possible turnaround for your customer, please ensure the minimum documentation checklist is completed and submitted with all Standard applications.

New Establishment Fee Rebate Offer

For new Equipment Finance deals which  are submitted from today and settled by Friday 15 July 2022, they will provide additional establishment fee rebates (on top of the current rebates) of:

Establishment Fee Rebates (GST inclusive)

Deal Type

Current Rebate

Additonal Rebate

Xpress (includes Private Sale Cars Only)

$350

+$100 (deals $50,000 to $100,000)
+$200 (deals >$100,000 to $200,000
+$300 (deals over $200,000)

All other application types (Standard, Replacement and Medical)

$175

+$100 (deals $50,000 to $100,000)
+$200 (deals >$100,000 to $200,000)
+$350 (deals over $200,000)

Eligibility Criteria

The following conditions must be met to qualify for the additional rebate offer:

  • Only available on new Equipment Finance applications submitted via DriveOnline.
  • The loan purpose must be for business purposes.
  • Full standard establishment fees to apply (e.g., if an establishment fee discount is negotiated, no rebates apply).
  • Available only for Westpac accredited Third-Party Equipment Finance brokers e.g., not available for loans processed through Consumer Bank.
  • To qualify for the additional rebates new broker applications must settle on or before Friday 15 July 2022.
  • Excludes Insurance Premium Funding and Rollover applications.

Additional rebates will be paid at the settlement of the new loan.

For any questions please reach out to your BDM.