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Definition

A personal overdraft allows eligible personal customers to access additional funds up to an approved limit.

Eligibility

Customers will need to satisfy certain eligibility criteria, including that customers must:

• Be an individual aged 18 years and above;
  
• Have an Australian residential address;
  
• Be an Australian citizen, Australian permanent resident, New Zealand resident, or an eligible non-resident visa holder;
  
• Have opened, or are eligible to open, an eligible CommBank transaction account with a maximum of two account holders; and
  
• Demonstrate the capacity to service the credit facility and meet CommBank’s credit assessment criteria.
  

Customer objectives, financial situation and needs

This product is targeted at customers with the likely objectives and needs of wanting an ongoing credit facility (up to an approved limit) linked to their eligible Commbank transaction account and want assistance in managing cash flow by covering shortfalls in funds and/or unexpected expenses.

The financial situation of the Target Market for this product are those that meet CommBank’s credit assessment criteria.

Key Features

• Access to additional funds (up to an approved limit) when the balance in their account reaches zero, which allows customers to avoid paying dishonour fees.
• If the overdraft is used, interest is paid on the overdraft amount and customers must pay an overdraft usage fee.
  
• Where the overdraft is used, any money deposited into the account is applied to pay back the amount in overdraft (plus accrued interest and associated fees).
  

For more details on Personal Overdraft, click here

The target market for this product will be found within the product’s Target Market Determination, available here.