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Special offer: $0 establishment fee for a limited time^

Save $250 or more!

Pay no establishment fee when you add an overdraft to a business transaction account. Offer is available for applications received and approved between 1 October 2024 and 31 December 2024.

Limited time offer. Credit and eligibility criteria, T&Cs, fees and charges apply. Westpac Business transaction account required.

Benefits for your business

Keep your cash flowing

Access extra funds1 anytime.

Only pay interest on what you use

Interest is charged only when your spending exceeds your transaction account balance.

Repay at any time

No regular amount or time frame to make repayments.

At a glance

Borrow the amount you need1  
Variable rates from
8.11% p.a.2
Monthly line fee 1.20% p.a. of total limit3
Establishment fee $0 for a limited time. Save $250 or more^

Other fees may apply.

What you could use a business overdraft for

  • Pay suppliers
  • Payroll
  • Stock purchase
  • Unexpected expenses
""

Want a business overdraft without the need for security?

Borrow up to $250k 


Whether you're an existing Westpac customer or not with us yet, find out how you could get a business overdraft without providing physical assets as loan security. For a limited time, you’ll pay no establishment fee when you add an overdraft to a business transaction account.^

 

What you need to apply

Eligibility criteria

You must:

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

Some considerations

  • An asset and guarantee may be required to secure your loan
  • You, and the business owners, directors and guarantors must have clear credit records
  • Your bank accounts and loan balances must be within their approved overdraft or lending limits.

Documents

  • Passport or Australian driver licence 
  • Financial statements
  • Proof of individual income (for directors and shareholders)
  • Personal and business expenses

Discover your borrowing power in 10 minutes

  • Want to borrow between $10k and $5m? 
  • 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.

 

 

Award-winning customer satisfaction

We’ve won Canstar’s 2024 award for Most Satisfied Customers – Business Bank.

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.

Keep exploring

Things you should know

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

 

^ Business Overdraft Establishment Fee Waiver:

Offer comprises waiving of the relevant establishment fee for any new Business Overdraft, or increase to an existing Business Overdraft, where the application is received and approved between 1 October 2024 and 31 December 2024.

  • You must have an eligible Westpac Business Transaction Account. 
  • This offer cannot be used in conjunction with any other offer and may be varied or withdrawn at any time. 
  • Excludes Temporary Overdrafts.
  • Applications that include other products may incur separate Establishment Fees for those products. 
  • If you think that there has been an error in your charging of an establishment fee please contact us.
  • Terms, conditions, fees, charges, credit criteria apply. 

 

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

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

3. 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 1.20% p.a., the limit of your overdraft is $10,000 and the month has 31 days.  The line fee is calculated as:  (1.20% of $10,000)/365x31 days = $10.20 per month.