Unsecured Business Overdraft
What is a Business Overdraft?
If for example, you are approved for $50,000, you can access extra cash on your Westpac transaction account up to that amount. It’s a line of credit in your account - and you only pay interest on the overdraft amount you use.
What do I pay?
Variable interest rate
Charged only on money used.
Charged monthly on the overdraft limit.
It's easy to apply online
What you'll need:
A Westpac business transaction account. If you don't have an eligible business transaction account, we'll open a Business One - Low Plan account as part of your overdraft application
An active business with at least 12 months of financial history
A director's guarantee (corporate customers only).
Fees and charges
Interest rate: 11.86% p.a. (variable)
Monthly fee1: 1.20% of overdraft limit p.a.
Setup fee: $250
Once fully approved, access extra cash in 24 hours; apply online in just 10 minutes then receive a decision in 3 minutes*.
$0 Monthly Plan Fee* on your transaction account for the first 12 months when you open a new Business One - Low Plan account online as part of your Unsecured Business Overdraft application before 31 July 2019.
Standard Monthly Plan Fee applies after this time, currently $10.
Products that can cover short-term expenses
|Unsecured Business Overdraft||Business Overdraft||Credit Card|
|Overdraft limit: $5000 - $50,000
||Overdraft limit: $50,000 - $200,000+||Credit limit: $1000 - $150,000|
|Variable interest rate: 11.86% p.a.||Variable interest rate: 6.26% p.a.||Purchase variable rate: 14.25% to 20.24% p.a.|
|Monthly fee1: 1.20% of overdraft limit p.a.||Monthly fee1: 1.20% of overdraft limit p.a.||Annual fee: Starting from $75 p.a.|
Help to manage your business
Exclusive online offer
$0 Monthly Plan Fee* for first 12 months. Save up to $120 by having a $0 Monthly Plan Fee for the first 12 months when you open a new Business One Low Plan account online by 31 July 2019.
Terms and conditions, fees and charges apply. Find out more
Things you should know
Credit criteria, fees, charges, terms and conditions apply. Talk to your banker for product details.
^ For existing eligible Westpac customers.
1. 1.20% p.a. Line Fee charged monthly on the overdraft limit. For example: Based on a $10,000 limit and 31 days in a month: (1.20% of $10,000)/365 x31 days = $10.19 per month
2. When borrowing money, in most cases your lender will ask you to secure the loan using some form of asset that you or the borrower may own. This security is intended to cover the borrowed amount in the event you are unable to pay it back. Unsecured loans do not need security over an asset that you may own.
* Open a new Business One - Low Plan account online between 3rd June and 31st July 2019 to receive a $0 Monthly Plan Fee for the first 12 months. At the end of the 12 month period the standard Monthly Plan Fee at that time, currently $10, applies to the Business One Low Plan. Other fees and charges, terms and conditions, apply to the Business One Low Plan. This offer may be repeated from time to time, withdrawn, varied or extended at any time. This information does not take your personal objectives, circumstances or needs into account. Consider its appropriateness to these factors and read the disclosure documents for your selected product or service, including the Terms and Conditions or Product Disclosure Statement at https://www.westpac.com.au/business-banking/bank-accounts/, before deciding. © Westpac Banking Corporation ABN 33 007 457 141 AFSL and Australian credit licence 233714.