Unsecured business overdrafts with ANZ GoBiz

Overdrafts are flexible short-term cash flow solutions that can help with the ups and downs of business by covering trading or seasonal cash flow cycles or managing working capital, e.g. paying suppliers or purchasing stock. Unlike business loans, overdrafts do not have set repayment commitments. You can draw on the funds in your overdraft, up to the agreed limit, and make deposits when funds are available. There is a fee that is applied to the limit, but you’ll only pay interest on the overdraft amount you use, not on the total limit.

Unsecured business overdrafts are generally quicker and easier to get than secured overdrafts, which require you to put up an asset like property as collateral. Please see full eligibility criteria to see if your business is able to apply through GoBiz.

A secured overdraft is borrowed against an asset like property or a vehicle whereas an unsecured overdraft isn’t. Your business can often obtain a lower interest rate with secured lending as opposed to unsecured lending by using assets owned by the business or yourself as security.

Secured overdrafts generally take longer to get as they involve a more detailed approval process while unsecured overdrafts are generally quicker to process. Unsecured business overdrafts are assessed by the lender based on the financial history of the business and the credit scores of its directors.

For unsecured business lending a personal guarantee may still be required from all company directors.

Generally speaking, secured overdrafts are less risky for lenders because they are backed by a physical asset like property. This means unsecured overdrafts have higher interest rates to help offset the higher level of risk.

No, you won’t need to provide a deposit for an unsecured business overdraft.

No, you don’t need to be a customer to apply for an unsecured business overdraft from ANZ.

You’ll be charged additional fees and interest for each day your limit is exceeded, and you must repay the closing balance of the excess within seven days. You can find out more in the ANZ Business Overdraft Specific Conditions of Use (PDF).

One common alternative to an unsecured business overdraft is an unsecured business loan. A business loan has a set lending term and you will need to make regular agreed repayments. Another alternative is to consider a business credit card, which can be a useful tool for covering unforeseen expenses.

An ANZ business transaction account is necessary to access the credit being requested. If your business doesn’t have an ANZ business transaction account, ANZ will open a suitable transaction account.

• For unsecured business loans, ANZ will open an ANZ Business Essentials account
• For unsecured overdrafts, ANZ will open an ANZ Business Extra account

Find out more about ANZ business transaction accounts.

To establish your financial eligibility, we’ll need to make a one-time only connection to your accounting software subscription. You’ll need to ensure that your financials are up-to-date and recent transactions are reconciled.

Once you log into your accounting software subscription and provide consent, ANZ will securely access and analyse your business’s financial data covering at least 6 full calendar months and up to 12 months if the data is available prior to your application, including:

• profit and loss
• balance sheet^disclaimer
• historical transactions and supporting information

We may also use this information to identify ways we can help your business in the future and discuss these with you. All information you share will also be used in line with our Privacy Policy.

At the end of the 20-minute online application, it’s possible that you’ll receive conditional approval. This means that you’re approved for credit from us, subject to our team verifying the information you provided and checking your existing account conduct (where applicable).

It should take no more than two business days before we can provide the final, unconditional approval. There may be instances where we need additional information from you, which could extend this timeframe.

If we are unable to approve your application, we’ll let you know what your next steps are.

At the end of the ANZ GoBiz application, we will ask for your consent and for the consent of any other directors or partners to complete a credit check. The credit check involves ANZ accessing credit reports from credit reporting bodies. These reports contain information, such as your credit history, that assists us in assessing your application.

If your business has multiple directors or partners, you’ll need to provide contact details for each person so that we can contact them and get their digital consent to conduct an individual credit check.

Yes, you may use ANZ GoBiz to apply for a new unsecured loan, unsecured overdraft or credit card even if you currently have ANZ business loans, overdrafts or business credit cards.

Additionally, you may use GoBiz to apply for a limit increase on your current ANZ unsecured overdraft.

The following total borrowing limits will apply.

• $50,000 for all your ANZ business credit cards ^disclaimer
• $300,000 for all your ANZ business overdrafts ^disclaimer
• $500,000 for all business lending products applied for via ANZ GoBiz ^disclaimer
• Less than $1.5 million for all your ANZ business lending products

If you wish to apply for more than these limits, please speak to a business banking specialist.

Yes, you can still complete the application yourself if your accounts are managed by an accountant/bookkeeper.

There are a couple things you should plan for:

• You will need your own accounting software login details to make a one-time-only connection to your business’ accounting software.
• Make sure that your financials are current and that recent transactions have been reconciled before beginning your application.
• We will ask you to review and verify high-level details from the financial information we collect. You may find it useful to have Profit and Loss and Balance Sheet reports for at least the previous 6 months and up to 12 months of your business ready.
• You will be asked to provide details of any existing business lending, which could include: credit cards, business loans, overdrafts, vehicle and equipment finance or bank guarantees/rental bonds.