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What is a business overdraft?

An overdraft is an approved amount of additional funds (or 'line of credit') attached to your business transaction account, which you can access whenever you need to.

Managing cashflow can be one of the biggest challenges for businesses. With a business overdraft you can get access to extra funds which can be repaid at any time.

Unsecured business overdraft

Available online exclusively to eligible existing customers.


Variable rates from1 13.71% p.a.
You could borrow2 $5k - $250k
Monthly line fee3 1.50% p.a. of total limit

Establishment and other fees apply.

Secured business overdraft

Only pay interest on the overdraft amount you use.


Variable rates from1
8.11% p.a.
Borrow the amount you need2  
Monthly line fee3 1.20% p.a. of total limit

Establishment and other fees apply.

Why choose a business overdraft?

  • Flexible line of credit linked to your business transaction account 
  • Use or repay funds at any time (within the approved limit) 
  • Only pay interest on the overdraft amount you use 
  • Fast unsecured choice for existing customers. 


Benefits for your business

  • Quick access to extra funds to manage payments and expenses

  • Expand your business by using extra funds to tender for larger jobs

  • Negotiate better terms and discounts with suppliers using the overdraft for larger upfront payments

  • Access funds to pay bills while you’re waiting to receive payments

Who can apply?

  • A business entity or an individual 18 years and above, domiciled in Australia; and
  • Requires the funding for business or investment purposes other than investment in residential property; and
  • Meets the credit criteria and credit policy requirements under an applicable offer for this product.

Discover your borrowing power in 10 minutes

  • Want to borrow between $10k and $3m? 
  • Looking for a business loan, business overdraft or vehicle and equipment finance?

We can help. Just have these documents handy:

  • Latest annual financial statements or business tax return
  • 12 months' business activity statements from the ATO
  • Signed copy of your lease agreement (only required for property investments)


Enquire now to book in your 10 min borrowing power chat or if you just need to talk through your business needs.


How to apply

Get ready

Check the eligibility criteria and have your business financials handy.

Get started

Submit an enquiry and we’ll be in touch.

Receive a response

If your application’s approved, you’ll receive a contract to sign.

Start using your overdraft

The funds will be available around one business day after you return the signed contract4.

What customers have said about their borrowing experience

"We were over the moon and very appreciative of the speed with which we were able to get an approval" (Lawn Mowing business, VIC)


"I was extremely satisfied with how quick we were able to apply and receive our funds. It took away a lot of stress out of our expansion" (Film Producer, QLD)


"Applying was really easy and meant we were able to purchase the property knowing we had the funds" (Bedding retailer, VIC)

Source: Westpac business lending applicants 2023.

What’s the difference between an overdraft and a business loan? 

A business loan is a lump sum paid into your transaction account. An overdraft is a pre-agreed amount you can access if your bank balance drops below zero. 

A business loan may suit your business if you need funding for things such as a business acquisition, start-up costs, capital investment, property acquisition or development, or refinancing other lending. 

A business overdraft may help relieve the strain on your cash flow, by supplying funds to cover expenses (such as buying stock and paying invoices and wages) until you get paid by your customers. 

Read more

Secured and unsecured overdrafts: what’s the difference? 

If you want access to less than $250k, an unsecured business overdraft may suit your needs. An unsecured overdraft can provide more funds in your business transaction account, without you having to offer a specific asset (such as a property) as security against the ‘loan.’ Please note that a director’s guarantee will be needed if you’re a corporate borrower.  

If you’re looking for an amount above $250k, you could consider a secured business overdraft. This means we give you access to more funds in your business transaction account, and you provide security for the overdraft with a specific asset. 

Read more

Frequently asked questions

Some important points to consider before applying: 


Depending on your circumstances, business loans can be unsecured or require security in the form of residential property, commercial property, or other security. A guarantee will also be required by company directors for corporate borrowers. 

Credit history 

All borrowers, owners, directors, and guarantors must have clear credit records. All statutory payments and ATO liabilities need to be up to date and not under arrangement. 

Banking and borrowing history 

Existing bank accounts and lending products must be within their approved limits. 


Your business must be registered in Australia. 

Things you should know

Credit criteria, fees, charges, terms, and conditions apply. Talk to your banker for product details.  

1. Rates vary depending on a number of factors, such as the type of security provided. 

2. Eligibility, credit criteria and type of security determine how much you can borrow. 

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

4. If you are applying for an overdraft, you acknowledge that, by completing a application form, you are also requesting us to:

(i) allow your debit card(s) issued on your transaction account to access the overdraft facility; and

(ii) continue to allow you to use your debit card(s) to access your own funds deposited in your transaction account, even when we or you cancel the overdraft facility.