Business loans

Business Overdraft

Unsecured overdraft

Variable interest rate:

14.45%p.a 1

The minimum monthly repayment is 3% of the outstanding balance at the last statement date with a minimum repayment of $20.

Business Overdraft

Residentially secured overdraft

Variable interest rate:

5.94%p.a 1

The minimum monthly repayment is 1% of the outstanding balance at the last statement date with a minimum repayment of $20.

Business Overdraft

Commercially secured overdraft

Variable interest rate:

6.94%p.a 1

The minimum monthly repayment is 1% of the outstanding balance at the last statement date with a minimum repayment of $20.

Features and benefits

Convenience

Attach it to one of our business transaction accounts for a convenient way to manage your cash flow.

Assurance

You don't have to use it but it's good to know it's there. You're only charged interest on the amount you use.

Flexibility

You can request a limit up to $15,000 to suit your needs. Higher limits for secured overdrafts are subject to further approval.

$10

Monthly fee

Applied to your overdraft on the last day of each month.

$750

Application fee

Additional fees may apply for non-standard applications.

$20

Minimum repayment

The minimum monthly repayment is 1% of the outstanding balance at the last statement date with a $20 minimum repayment

How to apply

You can apply over the phone or by visiting one of our financial services stores.

You can apply if you:

  • Are a sole Proprietor, a Partnership, Company, or Trust (other structures may be eligible)
  • Proprietors/directors/partners are all over 18 years of age
  • The business has positive financials
  • Are not bankrupt
  • Are an Australian company or a company registered in Australia
  • Have not had credit bureau defaults in the last 5 years

You will need to have been in business for a minimum of 2 years and will need to provide the following:

  • Business plan detailing business management experience, and
  • 12 month cash flow forecast
  • Your last 3 years' financial statements
  • Copies of interim business financial figures
  • Copies of personal taxation returns for all business partners or directors
  • The current value of any personal assets and liabilities of all business partners and directors
  • Balances of any existing business loans/lines of credit
  • You may need to provide a copy of your Australian Taxation Office (ATO) Tax Portal Activity Statement and ATO Tax Portal Itemised Account (no more than 3 months old).

Fees and charges

You may be charged transaction fees on your overdraft. For a full list of fees and charges, refer to our fees and charges schedule.

Credit eligibility criteria, terms & conditions, fees & charges apply.

1 Rates are current as at 1/05/20 and are subject to change.

Community First Credit Union LimitedABN 80 087 649 938 | AFSL and Australian credit licence 231204 | BSB 512-170