By John Pierre Saliba · April 2026 · OverdraftMe
Written and reviewed by John Pierre Saliba, Director and Senior Finance Broker, MFAA Accredited. Last reviewed 17 September 2026.
A Westpac business overdraft typically requires financial statements, lodged BAS and a strong credit file, with property security common on larger limits - and approval runs on bank timelines. If Westpac declines you, non-bank lenders assess the same business on 6 months of bank statements, with decisions from 1 hour and no property security under $150,000.
Westpac requires full financial documentation for most business overdrafts: annual financial statements, 12 months of BAS lodged with the ATO, clear credit records for all directors, and often property security. Westpac's unsecured option goes up to $250,000 but carries strict eligibility criteria. Current criteria, rates and fees are published on Westpac's business lending page.
Full-documentation bank overdrafts in Australia typically take 2 to 8 weeks from application to available funds - the process runs through financial statement review, credit assessment and, where security is involved, property valuation and documentation. Westpac's digital products move faster where you fit their criteria exactly. By comparison, non-bank lenders through our panel return decisions from 1 hour, with funding same day in many cases and typically within 24 to 48 hours of approval.
Bank overdrafts price in two parts: an interest rate on the overdrawn balance, plus a facility or line fee on the approved limit. Secured bank overdrafts have generally priced in the 8% to 15% p.a. band, materially below unsecured non-bank facilities (14.55% to 25% p.a. through our panel) - the trade-off is the documentation, security and approval time described above. Westpac publishes its current business overdraft rates and fees on - always check the live rate there, as bank pricing changes with the cash rate.
Westpac requires full financial documentation for most business overdrafts: annual financial statements, 12 months of BAS from the ATO, clear credit records for all directors, and often property security. Their unsecured option goes up to $250K but has strict eligibility criteria.
Westpac wants tax returns and BAS. Non-bank lenders want bank statements. If your business has strong cash flow but messy paperwork, non-bank is the answer.
Through OverdraftMe: 6 months of bank statements, ABN, driver's licence. That's it. No tax returns, no BAS, no property security under $150K. Decisions from 1 hour. Funding same day in many cases, typically within 24 to 48 hours of approval.
Read our full bank decline guide | See our case studies
| Westpac | Non-bank (via OverdraftMe) | |
|---|---|---|
| Documents | Financial statements, tax returns, lodged BAS | 6 months of bank statements, ABN, ID |
| Trading history | Typically 1 to 2+ years | Overdrafts: guide 1 yr with property or 2 yrs without, strong profiles from 6 months; loans from 6 months |
| Security | Often property, especially at higher limits | None under $150,000 |
| Approval time | 2 to 8 weeks full-doc; digital products faster where eligible | Decisions from 1 hour |
| Indicative rate | Secured bank band roughly 8% to 15% p.a. - check Westpac's current pricing | 14.55% to 25% p.a. unsecured, on the drawn balance |
| ATO debt | Usually a decline factor | Acceptable with a formal payment plan, case by case |
Yes - Westpac offers an unsecured business overdraft option up to $250,000, but with strict eligibility criteria including current financial statements and lodged BAS (check current criteria on Westpac's site). Non-bank lenders approve unsecured facilities to $150,000 on 6 months of bank statements alone.
Full-documentation bank overdrafts typically take 2 to 8 weeks; Westpac's digital products are faster where you fit the criteria exactly. Non-bank lenders through OverdraftMe return decisions from 1 hour, with funding typically within 24 to 48 hours of approval.
Expect to provide financial statements, up-to-date tax returns, lodged BAS and clear director credit files, with property security common at higher limits. Non-bank lenders need 6 months of business bank statements, an ABN and a driver's licence - no tax returns under $150,000.
Don't apply to another major bank - the criteria are similar and each application adds a credit enquiry. Through OverdraftMe, one application is matched against 50+ non-bank lenders who assess on bank statements, with decisions from 1 hour. Check your eligibility in the calculator, model costs in the business overdraft calculator, or call 02 8046 3933.
2 minutes. No credit impact. No commitment.
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