Business Overdraft

An overdraft facility is a credit agreement that allows an account holder to use or withdraw money. Traditional banking business overdrafts are linked to a business transaction account. The technology behind our Business Overdraft enables the facility to be linked to any Australian banking transaction account.

We use technology provided by our data partners illion Open Data services (who run a large credit bureau in Australia) to link your transaction banking accounts to your overdraft. It means you can have your transaction banking at the bank that best suits your needs and the flexibility to have your overdraft with Shift. You are also able to move your transaction banking to any bank – simply link your new bank account to your Business Overdraft.

Approval is subject to credit assessment, lending criteria and ID verification. You can only apply for this product if:

• You have a valid Australian Business Number (ABN) and residential address in Australia
• Your business is registered for GST and has a turnover of at least $250,000 per annum
• Your business has been in operation for at least 3 years
• Hold an Australian citizenship or permanent residency
• You intend to use the product where the purpose is wholly or predominately for business purposes
• You have a good credit history

Login to Shift Online and securely transact anytime. You can transfer funds from your Business Overdraft to any of your business transaction accounts and can also pay down your Overdraft from your transaction banking account through Shift Online at any time.

Funds transfers are processed on the same day we receive the request, with funds typically available on the following business day.

Yes, you can request an increase at any time by calling 1300 249 649 or emailing contact@shift.com.au.

Your Business Overdraft spreads interest payments on a 48 month rolling basis. For example, if you initially draw down $100,000, assuming you are on weekly repayments, your minimum principal repayment amount would be calculated as 0.69% of the principal amount. The next time you draw down on your Business Overdraft, the total principal amount is rescheduled again, with the minimum principal repayments scheduled over a new 48 month period.

This rescheduling occurs every time you draw down and is intended to keep the principal repayments on your Business Overdraft manageable and provide the discipline of regular principal reductions to minimise interest charges.

This differs from a traditional bank overdraft where there are no set principal repayments. Note that the 48 month rolling interest payments calculate a minimum repayment amount. You can choose to make additional payments to your Business Overdraft at any time via Shift Online to reduce your balance and the interest charged.