• Access to extra funds for unexpected expenses.
  • Helps to bridge the gap between outgoings and income.
  • Helps you avoid late payment fees and charges.
  • No minimum monthly repayments, just keep within your approved limit (you will be charged interest on the amount you've drawn).
  • Interest free up to $2000 for Students, Graduates and Career Starters with an Easy Access Account (after which standard interest rates, fees and charges will apply).

How overdrafts work.

A personal overdraft provides access to additional funds when your account balance is no longer in credit. Overdrafts are available with Westpac Everyday, Tertiary, Graduate and Career Starter accounts. 
To apply for an overdraft, you need to be over 18 years of age and be a New Zealand citizen or permanent resident*.

An overdraft must be applied for and subsequently approved prior to use. 

You will be provided with an overdraft limit and it’s important to stay within this, to help avoid any additional fees and negatively impacting your credit rating. Interest is only charged if the overdraft is used. If you're struggling to stay within your limit it’s best to act early and get in touch with us on 0800 402 802.

Eligibility criteria, lending criteria, terms and conditions apply.


Temporary or permanent

There are two types of overdraft, temporary or permanent. A temporary overdraft can provide a short-term buffer for up to 45 days. However, it is not available if it will be repaid from your regular income - e.g., wages, salary, and benefit payments. A permanent overdraft usually has no expiry date, so the facility is available for you to use whenever you need.

Easy to manage

Once approved, you can access your overdraft funds on your transaction account 24/7 using your EFTPOS or Debit Card, at an ATM or Westpac One® online banking.

Interest rate.

Interest rate is subject to change.

Overdraft fees.

How interest is charged

The interest rate on Westpac personal overdrafts (permanent and temporary) is currently 19.95% p.a. This includes a base interest rate of 13.95% p.a., plus a margin interest rate of 6% p.a. Westpac may change the base rate, replace it with a new base rate or change the margin from time to time.

Please note a special interest rate concession applies to overdrafts on Student, Graduate and Career Starter accounts.

If you become overdrawn without an arranged limit, the interest rate charged on the overdrawn amount is 19.95% p.a (calculated on a daily basis). An unarranged overdraft fee will also be charged (see above).

The way interest is charged

Interest is calculated daily and will be charged to your Westpac transaction account on the last day of the month.

When you apply for an overdraft, you'll need to bring with you:

You’ll need to be 18 or older and a New Zealand citizen or permanent resident. When you come in branch to apply for an overdraft, you’ll need to bring with you:

  • Personal identification.  Verified documentation we accept
  • Proof of income if your regular salary is not paid into a Westpac account. This could be bank statements showing your last three salary or wage deposits, payslips, or a copy of your employment contract
  • If you haven’t had your Westpac account for three months, you will need to bring bank statements from your previous bank showing three months of transactions.

Ways to apply.

Call us

To apply for an overdraft, phone us on 0800 177 277.

Call now

In branch

Make an appointment in branch and we’ll help you get set up.

Find a branch

Things you should know.

Interest rate and fees are subject to change.

*Eligibility criteria, lending criteria, terms and conditions apply. An establishment fee may apply. You’ll need to be 18 or older and a New Zealand citizen or permanent resident.

View our terms and conditions for our overdraft account below:

These documents are for information purposes and may be different to your own loan terms. Call us on 0800 177 277 if you’d like to request a copy of your specific loan terms or if your loan is dated earlier than the below.

View the Terms and Conditions for all our consumer lending products.