Give yourself a built-in backstop to cover unexpected expenses, or any gaps between pay days. Arrange an overdraft just in case, then relax. Once it’s in place you’ll be able to dip into extra funds when you need them, and avoid dishonour and late payment fees.

It's for you if:

  • you need access to extra money now and then
  • you want no minimum monthly repayments
  • you want to avoid dishonour or late payment fees
  • you need access to extra money as a one-off, for a short period

Key features

  • gives you access to extra funds
  • no minimum monthly repayments, you just need to operate the account within your approved limit. (You will be charged interest on the amount you’ve drawn)
  • available with Westpac’s Everyday Account, and Easy Access Account
  • helps you avoid dishonour fees or late payment charges
  • 24/7 access via ATMs, EFTPOS and online banking
  • interest-free overdrafts of up to $2,000 are available with the Easy Access Account for students and grads

How it works

  • approved overdrafts are attached to a Westpac Everyday and Easy Access Account.
  • there’s more than one option. You can have a permanent overdraft which stays until you decide you no longer need it, or a temporary overdraft which is for a pre-determined short period (see the ‘Types of Overdrafts’ tab)
  • when you use your overdraft funds, you’ll just pay interest on the amount you’ve drawn

How large an overdraft limit can you have?

That will depend on your individual circumstances at the time you apply for your overdraft – our usual lending criteria will apply. The usual range is between $500 and $2,000 – but there is no maximum limit.

Other options

An overdraft is suitable to provide short-term access to funds to smooth out gaps between outgoings and income, or to cover unexpected expenses.

Another option could be our Low Rate Mastercard. This is a good way to get the big ticket items you need, and pay them off over time.

Or, if you need to borrow larger amounts – or borrow for a longer period – a Westpac Personal Loan may be a better option.

If you have a home loan with us, our Choices Everyday account could be an option, as it’s another type of overdraft that’s attached to your Westpac Choices Home Loan.


As interest is calculated daily, to save money on your overdraft, you should get your account back into a positive (credit) balance as soon as you can. For example, make a transfer to clear your overdraft balance on your next pay day (it’s quick to do using Westpac One®). Better still, have your wages directly credited into the account with the overdraft facility. 

Types of Overdraft

Permanent Overdraft

  • no expiry date – so the facility is there for you to use whenever you need, as long as your account is open
  • you'll need to sign an overdraft agreement before getting access to the additional funds - normal lending criteria will apply
  • no set repayment plan, you just need to operate your account within the approved limit
  • interest is charged when the overdraft facility is used

Temporary Overdraft

  • available only for up to 45 days
  • no need to sign any documents so you can complete the whole process over the phone - normal lending criteria will apply
  • once approved, it provides instant access to additional funds
  • before your temporary limit expires, you'll need to make sure you have some money coming into the account, so you are not overdrawn when the temporary limit expires
  • interest is only charged when the overdraft facility is used
Rates & fees

The interest rate

The interest rate on Westpac personal overdrafts is currently 19.95% p.a. This includes a base interest rate of 13.95% p.a., plus a margin interest rate of 6.00% p.a. Note a special interest rate concession applies to students and graduates.

If you become overdrawn without an arranged limit, the interest rate charged is currently a reduced rate of 19.95% p.a. This rate is available until 31 March 2021. On and from 1 April 2021, the interest rate for overdrawn amounts without an arranged limit will revert to the existing rate of 26.95% p.a.

All overdrafts are subject to application and usual Westpac lending criteria.

The way interest is charged

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

Overdrafts - Service fees
Service fees are charged monthly on the last business day of the month^
Note: debit interest charges may also apply.

Overdraft on personal transaction accounts - Fee type

Fee amount
Unarranged overdraft fee
This is charged if you go overdrawn by $10 or more without an approved overdraft limit.
$9 per month
Overdraft establishment fee - personal customers only
(where applicable)
overdraft establishment fee
temporary limit up to 45 days $9 $0 establishment fee, up to and including $100

Overdraft on savings accounts - Fee type

Fee amount
Savings/Call account - Unarranged overdraft fee
This is charged if you go overdrawn by $10 or more without an approved overdraft limit.
$9 per month

^ A charge month starts on the last business day of the calendar month and finishes on the second to last business day of the following month.

How to apply

Who can apply for an overdraft

You need to be aged 18 or over, and Westpac’s normal lending criteria will apply.

At the branch

Please bring along:

  • personal identification. Click here for a list of acceptable verification documentation;
  • 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; and
  • 3 months of bank statements if you only opened your Westpac account in the past 3 months

Call us for info

If you want to apply for an overdraft or need short term access to additional funds (temporary overdraft), call 0800 177 277 (Monday to Friday, 8am to 6pm, or Saturday 9am to 3pm) or visit your local Westpac branch.

Overdraft terms and conditions

View and/or download our terms and conditions for our overdraft account below:

View and/or download terms and conditions for all our consumer lending products here.