Find a branch
Contact
Help
Business overdraft.
Stay on top of cashflow with a business overdraft - giving you quick access to funds and support that keeps you closer to your business goals.
Who it's for.
Running a business isn’t always predictable. A Westpac business overdraft gives you the confidence to manage ups and downs and keep your business moving forward.
It’s ideal for:
- A sole trader with variable income
- A growing business that needs cashflow confidence
- A business with seasonal income patterns.
Sometimes you just need a little extra breathing room - a business overdraft can help you stay closer to your goals.
Benefits.
- Keep your cashflow under control.
- Access funds quickly when you need them.
- Cover unexpected bills or gaps between payments.
- Only pay interest on what you use.
Business overdraft features.
Access to funds
You can access your overdraft funds like other money in your account - using online banking, ATMs, phone banking or at any Westpac branch.
Flexible repayments
No fixed monthly repayments - you have total flexibility.
Agreed limits
Your limit will be reviewed regularly to make sure it's working for your business. Your minimum limit is $500 and the maximum is subject to bank's credit lending criteria1.
Temporary extensions
Apply for a temporary extension if you need it.
Reduce your overdraft
You can arrange for your overdraft to be reduced at any time.
How an overdraft works.
A business overdraft is like a financial safety net linked to your everyday business account. It allows you to access funds above your available balance, up to an agreed limit.
Interest & fees.
Interest
Interest is calculated daily on any overdraft funds used and charged on the last day of the month and rates are subject to change.
- The interest rate for Westpac business overdrafts depends on your individual circumstances and the amount of your overdraft limit. We can confirm your overdraft interest rate at the time you apply.
- If you go over your arranged limit, we will not be charging you an excess interest rate. A lack of an excess interest rate is not an approval for you to exceed your overdraft facility limit and you should contact us if you wish to increase your limit.
- 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 of $4 per month will also be charged.
- Line of Credit Charge (LCC) applies.
- An establishment fee applies.
FAQs.
How is interest calculated on a business overdraft?
- Interest is charged only on the drawn amount, not the total approved limit. A line of credit charge and establishment fee may apply.
- Interest is calculated daily and charged monthly.
- The interest rate is variable and set individually based on the business’s credit profile and risk assessment.
Can I get an overdraft on my Westpac business account?
Yes, you can apply for a business overdraft facility with Westpac. If approved, you’ll be given a set credit limit you can draw from when needed.
- This limit is based on your business’s financial position and credit history.
- You only pay interest on the amount used. A line of credit charge and establishment fee may apply.
- It provides flexible short-term funding to manage cashflow gaps.
Can I overdraw my business account?
Transactions may be declined or reversed if there are insufficient funds in your account. If this happens, you’ll be charged an ‘unarranged overdraft’ interest rate. If you have a pre-arranged overdraft limit in place, you can avoid this.
What is the interest rate for a Westpac overdraft account?
The interest for an arranged overdraft account varies and is tailored to your overdraft limit and your business financials. Your rate will be confirmed when you apply.
What happens if I accidentally go into an unarranged overdraft?
If your account has a limit and you exceed it, you’ll be charged overdrawn debit interest at your overdraft interest rate on the overdrawn balance. Interest is calculated daily and will be charged to your account on the last day of the month.
Things you should know.
1 Depending on the amount of your overdraft, you might need to provide some security, such as residential property, commercial property or business assets.
Terms, conditions, fees and charges apply to Westpac products and services. See the Business transaction and service fees brochure for more details.
Lending criteria applies to all applications for finance.
Business Lending products are only available for business and/or investment purposes and not for personal, domestic or household purposes.