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?
11.71% p.a.
Variable interest rate
Charged only on money used.
plus
1.20% p.a.
Monthly fee1
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: 11.71% 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*.
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 |
| Unsecured2 | Secured2 | Unsecured2 |
| Variable interest rate: 11.71% p.a. | Variable interest rate: 6.11% 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
Things you should know
Credit criteria, fees, charges, terms and conditions apply. Talk to your banker for product details.
Find out what information you need to provide to become a customer.
^ 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.