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Benefits for your business

  • Revolving line of credit available whenever you need it
  • Relieve cash flow gaps between payments
  • Extra funds to cover business expenses

Fast unsecured business overdraft at a glance

$5k - $75k

Monthly line fee1
1.50% p.a. of total limit

Variable rate
9.46% p.a.2

Lending establishment fee


  • Customer is: ​
    • a business entity domiciled in Australia; or​
    • an individual 18 years and above or strata corporation domiciled in Australia and requires the funding for business or investment purposes other than investment in residential property.​
  • Customer is an existing business customer.

Before you apply

Your business must also:
  • Hold a Westpac business transaction account in the same name that you will use to apply
  • Have traded for at least 12 months with a valid ABN or ACN
  • Be registered for GST
  • Turnover more than $75K annually
  • Operating as a sole trader or a sole director company (where the sole director is also the sole company secretary). For company borrowers, the sole director must supply a director’s guarantee
  • Have less than $1m in business lending with Westpac
  • Have ATO payments, loan repayments and employee entitlements (including super) up to date.


Don’t meet the criteria? Take a look at a secured business overdraft.

How to apply 

If you’re a Westpac customer without conditional approval, you can still apply online if you meet the below requirements.

You’ll need to: 

  • Be able to sign into Westpac Online Banking
  • Also have a business account with ANZ, Bank of Melbourne, BankSA, Bankwest, Commonwealth Bank, NAB or St.George and use Online Banking 
  • Connect your Xero cloud accounting software.

Fast application process

1. Get prepared  

Make sure you check the eligibility and how to apply criteria. If you don’t meet the criteria, your application won’t progress.  

2. Get started  

Simply sign into Online Banking, tell us how much you need and what you’re planning to use the overdraft for. 

3. Receive conditional approval 

Once you submit your application, it usually takes a few minutes for you to receive conditional approval. If you’re conditionally approved, you’ll receive an email to electronically sign your loan contract. You’ll also receive important information about your overdraft. 

4. Start using your overdraft 

Your overdraft will appear in your Online Banking ready for you to use. It typically takes one business day of you signing and returning the contract for the funds to appear.



Not a Westpac customer? Take a look at a secured business overdraft.

Frequently asked questions

We won’t ask you to provide specific asset security to secure your overdraft. For corporate borrowers, director guarantees may be required.

Conditional offers are calculated periodically based on your financial information at a certain point in time, if your financial situation changes this may affect your borrowing power meaning that you may no longer have a conditional approval.

If you choose to offer security for your business overdraft, you will typically pay a lower interest rate on the funds you draw down than if you choose the unsecured business overdraft option. Bear in mind that the interest rate is lower because we secure the overdraft using a pre-agreed asset, which we can recover against if you are unable to repay the overdraft.

Yes, if you’re a Westpac customer with conditional approval, you can still apply if you don’t use Xero accounting software.

If you don’t have conditional approval and don’t use Xero accounting software, you’ll need to give us a call​ on 132 142​, 8am – 8pm, Mon – Fri (Sydney time).

A line fee is charged monthly based on the total limit. The monthly charge is calculated using the line fee annual percentage rate, total limit, and number of days to arrive at the monthly amount.  

For example, let’s say the line fee is 1.50% p.a., the limit of your overdraft is $10,000 and the month has 31 days.  

The line fee is calculated as: 

(1.50% of $10,000)/365x31 days = $12.73 per month.

The difference between a secured and unsecured overdraft

Having a business overdraft can help smooth out the peaks and troughs of business finances and cash flow. Having a clear understanding of the difference between secured and unsecured overdrafts could save your business money in the long run.

Read more

Things you should know

Credit criteria, fees, charges, terms and conditions apply. Director's guarantee may be required.

1. Charged at the beginning of the month. Other fees may apply.

2. You’ll only be charged interest on the money you’ve used (calculated daily and charged monthly).