Fast Unsecured Business Overdraft using your Xero account
Benefits of Westpac + Zero
- Simple online application using your Xero data
- Apply for up to $75,000 unsecured finance
- No asset security required (a personal guarantee is required if you are a sole director and secretary company)
- Choose a Westpac business transaction account to link the overdraft to.
Your Unsecured Business Overdraft at a glance
Variable interest rate applied only to the money you’ve used (calculated daily and charged monthly). Monthly line fee1 calculated based on total limit.
Other fees and charges may apply.
$5k - $75k
Monthly line fee1:
1.50% p.a. of total limit
To apply online for an unsecured business overdraft you must meet one of the following criteria:
- A Westpac business customer who also has a business account with ANZ, Bank of Melbourne, BankSA, Bankwest, Commonwealth Bank, NAB or St.George and who uses Xero cloud accounting software.
- You will need to sign in to your bank’s online service so we can collect some information about your accounts and transactions.
Other eligibility requirements
- Traded for at least 12 months with a valid ABN or ACN
- Registered for GST with an annual turnover more than $75,000
- Business must be a tax resident of Australia, that is based, registered and operating in Australia
- Operating as a sole trader (aged 18 years or over) or a sole director company (where the sole director is also the sole company secretary). For company borrowers, the sole director must provide a personal guarantee.
- Finance is only to be used for business purposes and will not be used to finance other lending, start a business, fund a property development or purchase residential property.
- Your business is not a franchise, self-managed super fund (SMSF), charity or trust
- Your business has less than $1m in existing business lending
- You do not foresee a decline in business revenue that would affect the payment of business liabilities
- All your ATO payments, loan repayments and employee entitlements (including super) are up to date.