Business Overdraft

Table of Contents

Ongoing cashflow management and take advantage of opportunities

Linked to your customer’s business transaction account

Only pay interest on funds used

Approvals within 24 hours

Draw down as needed

Able to make timely secure international payments at competitive FX rates to over 170 countries when linked with an OFX Business Account

Policy overview

        
                Annual Turnover
                $250k - $1.5m
                $1.5m - $5m
                $5m - $10m
                > $10m
            
                Minimum guarantor Equifax score
                550
            
                Credit
                Clean credit history 
            
			    No dishonoured payments
	      
			    No existing loans with cashflow lender
	      
                Time in business
                2 years
            
                Limits available
                Up to $500,000
                Up to $1,000,000
            
        Maximum advance non-asset backed
        $100,000
      
                Facility term
                
                5 years
            
                Repayments
                Weekly
                Weekly or monthly (on application) 
            
                Amortised principal and interest repayments over 48 months

Annual Turnover	$250k - $1.5m	$1.5m - $5m	$5m - $10m	> $10m
Minimum guarantor Equifax score	550
Credit	Clean credit history
No dishonoured payments
No existing loans with cashflow lender
Time in business	2 years
Limits available	Up to $500,000	Up to $1,000,000
Maximum advance non-asset backed	$100,000
Facility term	5 years
Repayments	Weekly	Weekly or monthly (on application)
	Amortised principal and interest repayments over 48 months

Pricing, fees and commissions

        
                Annual Turnover
                $250k - $1.5m
                $1.5m - $5m
                $5m - $10m
                > $10m
            
                Interest Rate (APR)
                23.95%
                20.95%
                17.95%
                14.95%
            
                Annual fee
                $495 for limits up to $100k

$795 for limits over $100k
            
                Legal fees
                From $700 (only applicable to loans with caveats and second mortgages)
            
                Commission - Upfront

					Paid at first drawdown

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

                2% of Facility limit, paid at 1st drawdown. 

                Commission - Service fee

					Ongoing paid monthly in arrears

                0.5% p.a paid monthly in arrears

Annual Turnover	$250k - $1.5m	$1.5m - $5m	$5m - $10m	> $10m
Interest Rate (APR)	23.95%	20.95%	17.95%	14.95%
Annual fee	$495 for limits up to $100k $795 for limits over $100k
Legal fees	From $700 (only applicable to loans with caveats and second mortgages)
Commission - Upfront Paid at first drawdown	3% of facility limit, paid at 1st drawdown.	2% of Facility limit, paid at 1st drawdown.
Commission - Service fee Ongoing paid monthly in arrears	0.5% p.a paid monthly in arrears

Documentation

Applications with exposure up to $500,000	Completed application on Shift Connect
	6-months bank statements (all business-related accounts)
	Copy of trust deed (if applicable)
Additional documentation for applications with exposure over $500,000	Up-to-date financial statements (including aged AP & AR)
	Copy of ATO portal

Security

  
                Annual Turnover
                $250k - $1.5m
                $1.5m - $5m
                $5m - $10m
                > $10m
            
                Property security
                Requirements may vary by industry sector & overall application strength.
            
                Guarantees
                Personal guarantees from all directors. Spouse or non-director guarantors accepted if required
            
                PPSR
                Registration of ALLPAAP for aggregate loan amounts over $300,000 (1st ranking not required)

Annual Turnover	$250k - $1.5m	$1.5m - $5m	$5m - $10m	> $10m
Property security	Requirements may vary by industry sector & overall application strength.
Guarantees	Personal guarantees from all directors. Spouse or non-director guarantors accepted if required
PPSR	Registration of ALLPAAP for aggregate loan amounts over $300,000 (1st ranking not required)

Typical loan uses

Marketing campaigns & initiatives
Purchase stock or inventory
Pay international suppliers directly from the Business Overdraft when linked to an OFX Business Account
Pay invoices

Restricted sectors: Property Development, Mining Exploration/Services and Primary Agriculture (Farms). Contact your BDM to discuss options for customers in these sectors. Additional documents may be requested at the discretion of the credit officer.

Level 21, 177 Pacific Hwy
North Sydney, NSW 2060

1300 249 649 (Option 1)partners@shift.com.au

Privacy Policy. Terms and conditions. Please consider the information before you decide whether the product is appropriate for your business. Standard credit assessment, fees, terms and conditions apply. The products and service offered are available in Australia from Shift Financial Pty Ltd. ABN 24 149 390 625, (“Shift”).