Unsecured Business Overdraft Facility

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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

Borrow
$5k - $75k

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

Variable rate
10.21% p.a.²

Lending establishment fee
$250

Eligibility

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.

Customer with conditional approval

If you’re a Westpac customer with conditional approval, applying is simple. All you need to do is sign into Online Banking.

Not sure if you have conditional approval? Sign into Online Banking and check the Overview tab or the business products menu, if you have conditional approval, it will be shown there.

Customer without conditional approval

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.

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

Frequently asked questions

Do I have to be a Westpac customer? 

Yes, Business Advance unsecured business overdrafts are currently only available to existing Westpac customers. 

New to Westpac? Submit an enquiry.

What is meant by unsecured?

I had a conditional offer for an unsecured business overdraft in my online banking, but it has since changed or disappeared, am I still eligible?

Why does an unsecured overdraft have a higher interest rate than secured overdraft?

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.

Can I apply if I don’t use Xero accounting software?

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).

What is a line fee and how is it calculated?

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.

Get your funds fast

You could get a decision in minutes.

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).

Unsecured Business Overdraft