Commercial overdraft

About commercial overdrafts

Approved amount of extra funds linked to your business transaction account
Access funds when spending exceeds your business account balance
Secured or unsecured option

Features

Variable interest rates
24/7 access* to available funds, up to the approved limit
Repay and redraw at any time within the approved limit
Establishment and other fees apply

Benefits

Only pay interest on the overdraft amount used
Manage cash flow while you wait for customer payments
Helps with unexpected business expenses

Eligibility criteria

You must:

be a business entity or an individual 18 years and above, domiciled in Australia; and
require the funding for business or investment purposes other than investment in residential property; and
meet the credit criteria and credit policy requirements under an applicable offer for this product.

If you’re applying for an unsecured commercial overdraft, you must be an existing St.George business customer in addition to meeting the above criteria.

How to apply

1. Get ready

Check the eligibility criteria and have your business financials handy.

2. Speak to a business banker

Call 13 38 00, Mon-Fri, 8am-6pm

Alternatively, visit your nearest branch

3. Receive a response

If your application’s approved, you’ll receive a contract to sign.

4. Start using your overdraft

The funds will be available one business day after you return the signed contract.

Frequently asked questions

What’s the difference between a commercial overdraft and a business loan?

A commercial overdraft is an approved line of credit linked to your business transaction account, which you can use to manage cashflow when your business account balance drops below zero. You’re only charged interest on the overdraft amount you use.

A business loan is a lump sum paid to your business transaction account. You’re charged interest on the whole amount, which you pay off over the loan term.

What can I use a commercial overdraft for?

What documents are required for my application?

Identification

If you already bank with us, we won’t need your individual ID if we have it on file.

If you’re a new St.George customer, we’ll need your ID, such as your driver licence or passport. We may also need to see your business registration documents.

Financial statements

Most businesses will need to show:

annual financial statements or a copy of tax returns
interim financial statements, as needed
a copy of the latest full tax portal report.

In some cases, we may need more information, such as:

Business Activity Statements or cash flow statements
recent management information (e.g. cash flow forecasts, management accounts, working asset statement) appropriate to the risk and complexity of the agreement
projected financial information.

For start-ups and complex requests, we will need more details, such as:

Projected financial information, including detailed assumptions
Other supporting management information appropriate to the risk and complexity of the agreement.

Proof of individual income

We may also want to know your personal income if you’re a director and/or shareholder of a company. We’re likely to ask you for your most recent individual tax returns.

If you earn other income unrelated to your business, or it isn’t shown in your tax return, you may want to provide this information as well. For example, you could show income from a rental property if you have one.

Expenses

We’ll want to know your expenses to ensure the loan repayments can be paid. Expenses include bills, living expenses, current loan repayments and credit card limits. We may also require financial statements that detail business expenses to help us decide whether your business can meet your future repayments.

What type of security can I use for a secured commercial overdraft?

Important information

Credit criteria, fees, charges, terms and conditions apply. Talk to a business banker for more details.

*Subject to systems availability.