Unsecured Business Overdraft
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
- No asset security needed 1
At a glance
$5k - $250k
Monthly line fee2
1.50% p.a. of total limit
Lending establishment fee
- 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.
- An existing Westpac 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
- turnover more than $75k annually and be registered for GST
- be operating as a sole trader, partnership, trust or company (if the company is a sole director company, the sole director must also be the sole company secretary). Guarantees may be required
- have less than $1.5m in business lending with Westpac
- have ATO payments, loan repayments and employee entitlements (including super) up to date
- not foresee a decline in business revenue that would affect the payment of business liabilities
- not be a franchisee, SMSF or charity
- tell Westpac about all your accounts and liabilities, so we have a complete and accurate view of your business's financial position
- have conditional approval available for the business
- in the past 30 days, have not taken up any additional business lending with any financial institution. The overdraft will be used for business purposes only and will not be used to refinance any other lending
- not use the overdraft to start a business, fund a property development or to purchase residential property.
Don’t meet the criteria? Take a look at a secured business overdraft.
How to apply
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.
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 a response
Once you submit your application:
- If you’re a sole trader or sole director company, it usually takes a few minutes to receive a decision. If your application is approved, you’ll receive an email to sign your overdraft contract.
- If you’re applying as a partnership, trust or multi-director company, one of our specialist bankers will review your application and be in touch to discuss next steps.
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.
Frequently asked questions
We won’t ask you to provide specific asset security to secure your overdraft. For corporate borrowers, director guarantees may be required.
The difference between a secured and unsecured overdraft
Having a business overdraft can help smooth out the peaks and troughs of business finances and cash flow. Having a clear understanding of the difference between secured and unsecured overdrafts could save your business money in the long run.
Things you should know
Credit criteria, fees, charges, terms and conditions apply. Director's guarantee may be required.
1. Guarantees may be required.
2. Charged at the beginning of the month. Other fees may apply.
3. You’ll only be charged interest on the money you’ve used (calculated daily and charged monthly).