Personal Overdraft

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Definition

An unsecured personal overdraft is available to approved personal customers.

Overview

Ideal for when you need urgent access to funds, an Overdraft facility can be established on your Smart Access or Complete Access or Streamline Account (existing accounts only).

If your account ever fell short of funds an Overdraft gives you access to funds up to the approved limit. It can also help you save on overdrawing and dishonour fees and reduce the inconvenience of declined transactions. An Overdraft can work as a safety net when emergencies occur or simply when a lot of unexpected bill come through.

 

Key Features         

• Loan Purpose:                          Any personal purpose
• Minimum age of Applicant:       18 Years
• Loan Amount:                           No Minimum- Maximum $50,000
• Interest Rate:                           Variable Rate that can be moved by the bank from time to time. Interest is calculated on a daily basis and charged quarterly
• Loan Term:                               Permanent or temporary facility  available

     

 Benefits

• No minimum loan amount
• A cost- effective option of reducing fees associated with overdrawing accounts
• You only pay interest on the money when you use it and is calculated on the daily debit balance and charged quarterly.
• Interest paid on the credit balance at Everyday Account interest rates
• You can link your Debit MasterCard, Keycard or Commonwealth Bank Credit Card for added convenience and greater control
• Easy access to funds through ATMs, EFTPOS, Cheques, Phone Banking, NetBank and at any Commonwealth Bank branch

 

Eligibility

To apply for a Personal Overdraft, you will need to meet the following criteria

• Have good credit rating
• Be 18 years of age or older
• Hold Australian citizenship or permanent residency

 

Documents

Provide documents in line with the Bank's Verifying Expenditure requirements and from the list below;

Proof of Income

• Your two most recent pay slips, if you are self-employed, your last two years tax returns, financial statements and latest assessment notice

Banking Records

• Account Statement for any savings and investment account held with financial institutions outside the Commonwealth Bank covering the last three months

Loans and Debts

• Account statement or details of any current loans held with financial institutions outside of the Commonwealth Bank or family and friends covering the last three months

 

Provide verification documents in line with the Bank's (Verifying Expenditure) requirements.  

 

Identification

If you are not an existing customer of Commonwealth Bank, you will need to provide your personal identification to confirm your identity

One of the following documents which contains your photo

• Passport
• Australian Drivers/Firearms license
• Proof of Identity/Proof of Age card

 

Or two different documents from the list

• Birth Certificate
• Citizenship Papers
• Pension Card
• Council rates or utility bill or Australian Taxation office Assessment Notice or overseas driver license (only one of these documents may be used)

  

Fees & Charges

Important Things to Know About Personal Overdrafts