An approved Overdraft offers greater flexibility in managing your day to day financial affairs. With extra funds available on demand when you need them, whilst only paying interest on what you use.

An overdraft is a credit facility that allows members to overdraw their transactional account (All Purpose Savings or Prestige Account) by a set limit and pay interest on the debit amount. 

Usage of the Overdraft only occurs when the account balance goes below the amount of money you have in savings (eg. debit). The interest that you pay on your Overdarft account is only on that amount in debit. 

Benefits of Account

• access to additional funds when you need it
• ongoing credit (no fixed term)
• interest rate is typically cheaper than most Credit Card rates
• only pay interest when account goes into debit
• attached to transaction account, so accessible through your selected access channels on All Purpose Savings or Prestige Account

We offer two types of Overdrafts:

Mortgage Secured-- with credit limits between $10,000 - $50,000 this is perfect for minor home renovations, holidays, medical expenses or just for when unexpected expenses arise.

Personal Unsecured - For those times when you need a few extra dollars in your account up to your pre-approved limit. Credit limits on this product are between $1,000 - $10,000.

Features of Account

Payments are made when funds are credited to the account in which the overdraft facility is attached. Types of payments include:

• Payroll being credited to the account
• Funds transferred to the account
• Cash Deposit
   

Please Note: All overdraft accounts will be reviewed annually to assess conduct. If your account is cancelled, we have the authority to transfer the overdraft to a fixed term loan contract. 

Terms, conditions, fees, charges and lending criteria apply. See our Terms & Conditions and Fees & Charges brochures to determine if this product is suitable for your needs. Australian Credit Licence 240768