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Xero and Westpac logos

Benefits of Westpac + Xero

  • 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

Variable rate:
9.46% p.a.

Establishment fee:

Customer eligibility

To apply online for an unsecured business overdraft you must meet one of the following criteria:

  • A Westpac business customer with current conditional approval for an Unsecured Business Overdraft, which may be indicated on your online banking dashboard, OR
  • 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.
Things you should know
Credit criteria, fees, charges, terms and conditions apply. Guarantees may be required.

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 if the line fee is 1.50%, the total limit of the facility $10,000, and the month has 31 days, the monthly line fee is calculated as: (1.50% of $10,000)/365x31 days = $12.73 per month.