Our Business Overdraft is a flexible way to manage your short-term cashflow and cover everyday business expenses. Withdraw money up to your approved limit when needed, and deposit funds when your business receives payments.
Business Lending Features
|Interest Rate :||Interest rates differ based on the type of security you provide for your loan, your loan amount and other factors.|
|Minimum loan amount :||No minimum|
|Maximum loan amount :||$1,000,000|
|Maximum LVR :||N/A|
|Maximum loan term :||Subject to annual renewal|
|Interest calculation :||Calculated daily, charged monthly|
|Repayment type :||Billing up to the credit limit then required to bring under limit each month|
|Establishment fee :||$500|
|Monthly loan fee :||$0|
|Early termination fee :||$0|
|Extra repayments :||N/A|
|Interest offset :||N/A|
|Loan preparation fee :||At cost|
|Increase/top up :||Yes|
|Business type :||Businesses of any type, including sole traders, partnerships, trusts and registered companies. Groups or individuals using the lending facility for business purposes are also eligible.|
|Security :||Secure your loan with residential, or commercial property; or cash collateral|
|Second mortgage security :||No|
|Vacant land as sole security :||No|
Overdrafts are flexible short-term cash flow solutions that can help with the ups and downs of business. An overdraft can cover trading or seasonal cash flow cycles or managing working capital. For example, paying suppliers or purchasing stock when cash flow gets tight. Unlike business loans, overdrafts do not have set repayment commitments. You can draw on the funds in your overdraft, up to the agreed limit, and make deposits when funds are available.
To be eligible for an Business Overdraft:
You'll need to meet additional credit eligibility criteria upon application such as:
If you want access to less than $75,000, an unsecured business overdraft may suit your needs. An unsecured overdraft can provide more funds in your business transaction account, without you having to offer a specific asset (such as a residential property or cash) as security against the loan. Please note that a director’s guarantee will be needed if you’re a corporate borrower.
If you’re looking for access to funds more than $75,000, you could consider a secured business overdraft. This means we give you access to more funds in your business transaction account, and you provide security for the overdraft with a specific asset.