Free Calculator - Updated May 2026
Overdraft repayment calculator: see your weekly cost in seconds.
Enter your facility size, how much you plan to draw and your preferred term. Instantly see your weekly repayment, monthly cost and total interest for a business overdraft in Australia.
How the overdraft repayment calculator works
This calculator uses the standard pricing model for unsecured business overdrafts offered by non-bank lenders in Australia. There are two cost components: interest on your drawn balance and a line fee on the full facility limit.
Total interest = drawn balance x 24.95% x years
Total line fee = facility limit x 0.046% x (years x 52 weeks)
Total cost = drawn balance + total interest + total line fee
Weekly cost = total cost / (years x 52)
Monthly cost = weekly cost x 52 / 12
Worked example: $50,000 facility at 60% drawn over 3 years
Facility limit: $50,000. Drawn balance: $30,000 (60% of $50,000). Term: 3 years (156 weeks).
Interest: $30,000 x 24.95% x 3 = $22,455. Line fee: $50,000 x 0.046% x 156 = $3,588. Total cost: $30,000 + $22,455 + $3,588 = $56,043. Weekly: $56,043 / 156 = $359. Monthly: $359 x 52 / 12 = $1,556.
Worked examples at a glance
All examples below assume 60% drawn over a 3-year term.
Overdraft vs term loan: cost comparison
A business overdraft charges interest only on what you draw. A term loan charges interest on the full amount from day one. Here is how a $50,000 facility compares over 3 years.
| Feature | Business Overdraft (60% drawn) | Term Loan (100% drawn) |
|---|
| Amount interest is charged on | $30,000 (drawn only) | $50,000 (full amount) |
| Interest rate | 24.95% p.a. flat | 24.95% p.a. flat |
| Total interest | $22,455 | $37,425 |
| Line fee | $3,588 | N/A |
| Total cost | $56,043 | $91,013 |
| Weekly cost | $359 | $583 |
| Flexibility | Repay and redraw anytime | Fixed repayment schedule |
| Early repayment | No penalty | May incur break costs |
If you only need access to funds periodically, an overdraft can save you thousands in interest compared to drawing a full term loan upfront.
Frequently asked questions
How is interest charged on a business overdraft?
Interest is charged only on the drawn (used) portion of your overdraft facility at a flat rate of 24.95% per annum. If your facility is $100,000 but you only draw $60,000, you pay interest on $60,000 only. The unused portion incurs no interest.
What is a line fee on a business overdraft?
A line fee is a small weekly charge applied to the full approved facility limit, regardless of how much you have drawn. It is typically 0.046% per week (approximately 2.4% per annum). This fee covers the lender's cost of keeping the facility available to you.
What does a $50,000 overdraft cost per week?
A $50,000 overdraft facility with 60% drawn ($30,000 used) over a 3-year term costs approximately $359 per week. This includes interest on the drawn balance at 24.95% p.a. plus a line fee of 0.046% per week on the full $50,000 facility.
Is the rate flat or reducing balance?
Business overdraft rates are typically quoted as a flat rate applied to the drawn balance. The 24.95% p.a. rate in this calculator is a flat rate applied to whatever amount you have drawn at any given time. Unlike a term loan, you can repay and redraw without penalty.
How accurate is this calculator?
This calculator provides an indicative estimate based on typical non-bank overdraft pricing in Australia. Actual rates and fees vary between lenders and depend on your credit profile, revenue and trading history. Use it as a planning guide, then speak with our team for a precise quote from our panel of 50+ lenders.
Do I need tax returns to apply?
No. Non-bank lenders assess your application using 6 months of business bank statements. No tax returns, BAS statements or financial statements are required for unsecured facilities under $150,000.
How fast can I get an overdraft?
Decisions are available from 1 hour with non-bank lenders. Same-day funding is possible in many cases. OverdraftMe handles the entire application process, from lender selection to settlement, at no cost to you.
Can I pay the overdraft off early?
Yes. Business overdrafts are revolving facilities with no fixed repayment schedule. You can repay the full drawn amount at any time without penalty. Once repaid, the facility remains available to draw on again without reapplying.