Extra money to help manage cash flow
• Access your overdraft funds as easily as your other business funds: via online banking, Phone Banking, at ATM’s and any Westpac branch.
• There are no minimum or fixed monthly repayments, giving you total flexibility.
• Apply for a temporary overdraft extension if you need it.
• You can arrange for your overdraft limit to reduce over time by a set amount.
Talk to a Westpac Business Manager about what overdraft limit you’d like to apply for. This will be reviewed regularly to ensure it’s working for your business.
• Minimum overdraft limit: $500.
• Maximum overdraft limit: this is based on your ability to meet credit and debt-servicing criteria.#
#Depending on the amount of your overdraft, you might need to provide some security, such as residential property, commercial property or business assets.
Interest charges and fees
The interest is calculated daily on any overdraft funds used, and charged on the last business day of the month.*
• Normal transaction fees will apply for your account.
• An establishment fee applies and some other services fees, including overdrawn or line of credit charges, may apply from time to time.
* 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 30 September 2020. On and from 1 October 2020, the interest rate for overdrawn amounts without an arranged limit will revert to the existing rate of 26.95% p.a.