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Business Overdraft
Manage your short-term cash flow, unexpected expenses, or simply have access to extra credit when you need it.
Why choose a Business Overdraft?
A Suncorp Business Overdraft allows you to have access to an approved amount of credit when all of the funds in your linked transaction account are exhausted. Suitable for small or large businesses, it’s an ideal facility to help manage seasonal cash flow fluctuations, the purchase of new stock, or to finance short-term working capital. Interest is only charged on the portion of the overdraft that is used and with no set principal repayments. You can minimise your repayments until your cash flow allows you to start repaying the balance. We offer both secured and unsecured overdrafts.
Key features
- Interest rate type: Variable
- Repayment type: Interest is charged on the portion of the overdraft that is used, no set principal repayments
- Term: Ongoing limit, no fixed term
- Security: Secured and unsecured options available.
Fees
Establishment Fee: Determined at application based on the approved Business Overdraft limit.
On-going Fee:
The Overdraft Fee may change where you request a change to your Overdraft Limit.
Please note other fees and charges apply. Please call us on 13 11 55 for more information.
Fees
Establishment Fee: $250
On-going Fee: $75 Quarterly Service Fee
Please note other fees and charges apply. Please call us on 13 11 55 for more information.
Secured Overdraft
To be eligible for a Secured Overdraft you must have a property or equity in a property that can be offered as security for your Overdraft. You will also need to provide a fully documented application which is subject to credit approval. Please contact us on 13 11 55 for information and assistance regarding the application process.
Unsecured Overdraft (Small businesses only)
- You must own a business and have a registered ABN
- You must be able to prove 'satisfactory conduct' on all bank accounts over the last 6 months for all existing Suncorp Bank accounts and loans for the business and principals (for example):
a) all loans/accounts are currently in order
b) there was no more than one late payment (30 days or more past due)
c) the facility was not outside approved arrangements, (including any approved temporary excess) for 7 days or greater more than once.
d) no penalty interest or late fees have been charged (unless in relation to b and c above)
e) no evidence of dishonours or returned payments
- If you are new to Suncorp Bank, copies of your last 6 months of bank statements for business and personal accounts held at another bank need to be provided with your application
- You will need to provide a fully documented application which is subject to credit approval.
For a limit up to $10,000
- Greenfield or start-ups with a registered ABN
For a limit up to $25,000
- Businesses that have been established and registered for GST ≥ 1year.
For a limit up to $50,000
- Businesses that have been established and registered for GST ≥ 2 years.
Considering a Business Overdraft and want to save on fees?
Please call us on 13 11 55 for more information.
Ready to apply?
Business Lending Products are issued by Suncorp-Metway Ltd ABN 66 010 831 722 Australian Credit Licence number 229882 (“Suncorp Bank”). To approved applicants only. Fees, charges, terms and conditions apply and are available on request. National Australia Bank Limited (ABN 12 004 044 937, AFSL and Australian Credit Licence 230686) (“NAB”) is the credit provider and issuer of Suncorp Clear Options Credit Cards. Suncorp-Metway Ltd ABN 66 010 831 722 (“Suncorp Bank”) promotes and distributes Suncorp Clear Options Credit Cards on NAB's behalf under an agreement with NAB. NAB has acquired the business relating to this credit from Citigroup Pty Ltd (ABN 88 004 325 080, AFSL and Australian Credit Licence 238098) (“Citi”) and has appointed Citi to assist to administer the Credit Cards. Suncorp Bank will not guarantee or otherwise support NAB's obligations under the contracts or agreements connected with the Credit Cards (other than those relating to Suncorp Internet Banking and Suncorp Telephone Banking).
