Commercial Hire Purchase
The Hire Purchase allows customers to acquire business assets without tying up valuable working capital. Westpac (the 'owner') purchases the asset at the customer?s request gives the customer (the 'hirer') possession and use of an asset in return for regular payments until repaid.
Fees
| Fee | Type | Amount |
|---|---|---|
| Loan Establishment Fee Charged to cover the costs of originating your Goods Loan, Hire Purchase or Lease and payable by you on or before the settlement date. | Upfront | $500.00 |
| Asset Inspection Fee | Event | $150.00 |
| Legal Fees for Complex Documentation Where we require External Lawyers to document some or all of your contract documentation, we will advise you of this fee before proceeding. It will be payable on or before the settlement date. | Upfront | Variable |
| Early Termination Applicable when you terminate your Lease or Hire Purchase early. | Exit | $440.00 |
| Break Costs Break costs are not a fixed amount and are determined by a number of factors specific to your product. | Event | Variable |
| Overdue Rate This charge applies on overdue amount from the time it is due until it is paid. | Late payment | 0% of transaction |
| Personal Property Security Fees Personal Property Security Fees apply when search and registration fees are applicable. Where charged individually, these will be itemised on your Details and for the current costs, please refer to the PPS Registrar?s website | Event | Variable |
Features
- Existing Westpac Equipment and Vehicle finance customers may qualify for fast approval.
- Faster funding - Receive approved funds within 1 business day
- Get certainty with fixed payments on a hire purchase.
- Flexible repayment options - Choose your loan term and repayment frequency
- Based on your choice of business finance option you could benefit from ongoing tax benefits
- Revolving limit is available
- Balloon payment for hire purchase is available.
- With Hire Purchase product we purchase the asset at your request and you buy it from us in instalments. We own the asset until the agreement has been paid when ownership is transferred to you. The interest on the finance and depreciation of the asset are generally both tax deductible
Eligibility
- Business customersBe a tax resident of Australia: that is based, registered and operating in Australia
- Business customersVehicle or equipment will be used fully or mostly for business purposes.
- The vehicle or equipment is 5 years old or less
- Covers new or used vehicles e.g. cars, vans, trucks
- Loan is secured by the business vehicle
Constraints
- Minimum limit — $15,000.00
- Minimum lease term 1 year
- Maximum lease term 7 years
More Information
Published by Westpac under the Consumer Data Right · Last updated 15 July 2026 · Product ID WestpacCommercialHirePurchase · View on CDR.gov.au · View Source Data (JSON)