Business Overdraft

Manage cash flow
Linked to your client’s business transaction account
Manage cash flow as needed and only pay interest on funds used
Approvals within 24 hours
Draw down as needed

Policy overview

Annual turnover:$250k - $5m$5m - $10m$10m +
Minimum guarantor Equifax score600
CreditClean credit history
No dishonoured payments
No existing loans with cash flow lenders
Time in business3 years
Limits availableUp to $500,000Up to $500,000Up to $1,000,000
Facility term5 years, revolving
Repayment frequencyWeekly

Weekly or monthly

Government Guarantee Scheme

Expires 30 June 2022
Limits of $500,000 and over
Annual turnover: $10m+
7.50%
  • Customer rate (excluding fees) must always be at or below 7.50% pa.
  • Customer to execute declaration on loan agreement they have been adversely economically affected by the Coronavirus Pandemic

Pricing, fees and commissions

Annual turnover:$250k - $5m$5m - $10m$10m +
Interest rate (APR)19.95%14.95%9.95%
Interest rate outside credit parameters5% additional interest applies to any loans considered as exceptions or outside of policy
Annual fee$395
Legal feesFrom $700 (only applicable to loans with caveats and second mortgages)
Commission (inc GST)

Service fee payment amount may vary depending on specific aggregator arrangements

  • 3% of facility limit, paid at 1st drawdown.

  • 1% p.a. ongoing service fee, paid monthly in arrears.
  • 2% of Facility limit, paid at 1st drawdown.

  • 0.5% p.a. ongoing service fee, paid monthly in arrears.

Documentation

Applications with exposure up to $300,000Completed application form
6-months bank statements
(all business-related accounts)
Copy of trust deed (if applicable)
Additional documentation for applications with exposure over $300,000Up-to-date financial statements
(including ages AP & AR)
Copy of ATO portal

Typical Loan uses

  • Marketing campaigns & initiatives
  • Purchase stock or inventory
  • Pay invoices
Restricted sectors: Property Development, Mining Exploration/Services and Primary Agriculture (Farms). Contact broker support to discuss options for clients in these sectors. Additional documents may be requested at the discretion of the credit officer.

Business Overdraft

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