Business Overdraft

Quick access to additional funds via your business transaction account to cover shortfalls in cash.
Enquire now Call 132 142

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 and 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.

 

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
Enquire now

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.

 

Enquire now

Set up your business with 12 months of free subscriptions

Get 12 months free on a Lawpath Essentials plan + free ABN registration (valued at $518^) and a MYOB plan (valued at up to $696^ after you pay the first month) with a $0 monthly fee Westpac Business One transaction account.

T&Cs apply. Learn more about the free subscription deal​

 

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

Business loan for startups

A business loan for startups could help get your dreams off the ground.

Popular articles

Help when you need it

Enquire now

Submit your details and we'll be in touch.

Enquire now

Give us a call

132 142

8:30am - 6pm, Mon - Fri (Sydney time)

Things you should know

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

 

^ MYOB and Lawpath Offer: Conditions, fees, charges, eligibility criteria and exclusions apply. Standard product terms and conditions also apply. Offer may be withdrawn at any time.
The offers are made by MYOB and Lawpath and not Westpac. Westpac does not endorse or make recommendations about the services or goods provided by each MYOB and Lawpath. The MYOB and Lawpathoffers are not a Westpac product or service, or a feature of a Westpac product or service. Each offer is subject to MYOB and Lawpath'sindividual terms and conditions. Westpac is not a party to these offers or contracts which you enter into with MYOB or Lawpath.

Any queries or issues with the fulfilment or maintenance of the offers should be addressed directly with MYOB or Lawpath. If you close or no longer hold the Business One account, you will no longer be eligible for the MYOB and Lawpath offers and any existing offers connected to that account may be terminated by MYOB and Lawpath and you may start incurring fees per MYOB and Lawpath'sterms and conditions.

Westpac is not responsible for the accuracy or completeness of claims made in relation to the services or goods provided by MYOB and Lawpath. To the extent the law allows, Westpac does not accept responsibility for losses suffered as a result of your acceptance of these offers. Westpac does not give or receive commissions to or from any person in connection with these offers.

 

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.