BankSA Overdraft

Rates and Fees verified correct on December 3rd, 2016

Peace of mind when you need it, attached conveniently to your transaction account.

Getting ‘caught’ short doesn’t usually imply that you have time to apply for emergency funds to tide you over. So when emergency expenses crop up, it can be good to know that you have credit to draw on should you need it. This is where the Unsecured Personal Overdraft from BankSA might be able to help.

An overdraft is a feature that lets you withdraw up to and including a certain limit beyond what is available in your transaction account. It works as a ready-to-draw loan that you won’t pay interest on until you use it. This product from BankSA offers a competitive variable rate, generous credit limit and no establishment fee, helping you to save even more.

Product NameBankSA Overdraft
Interest Rate (p.a.)From 14.99% (variable)
Comparison Rate (p.a.)
Interest Rate TypeVariable
Min Loan Amount$500
Max. Loan Amount$20,000
Application Fee$0
Monthly Service Fee$5
Loan SecurityUnsecured

Things to consider about the BankSA Unsecured Personal Overdraft

This overdraft facility from BankSA is unsecured, meaning you’re not required to attach any guarantees in order to be approved for credit. The overdraft is linked directly to your transaction account, so you’ll be required to have a BankSA Complete Freedom or Express Freedom account in order to benefit from the facility. If you don’t have one of these accounts, you can easily open one when you apply.

Features of the BankSA Unsecured Personal Overdraft

There’s a host of features that come with a personal overdraft with BankSA:

  • Interest rate. This overdraft comes with a competitive variable interest rate of 14.99% p.a.
  • Credit limit. When you apply for this overdraft you’ll be approved for a limit of between $500 and $20,000, depending on your financial circumstances and BankSA’s lending criteria.
  • Repayment and terms. As it is linked to your BankSA transaction account, there is no expiry date for the overdraft facility. There are also no repayment terms and the amount outstanding is payable on demand.
  • Repayment flexibility. You are not required to make any regular minimum repayments and there is no fixed repayment amount.
  • Transaction account. Your overdraft will be linked to your BankSA transaction account. You will have a choice of the Complete Freedom account or Express Freedom account; whichever better suits your needs.
  • Account management. BankSA gives you the ability to track and manage your overdraft facility and transaction account through their Internet Banking portal.
  • Fees. You pay $0 establishment fee to set up your account, although you will be charged a $5 monthly fee as long as your overdraft facility is open.
  • Account access. You’ll be able to access the full limit of your credit 24 hours a day, making for a convenient credit solution when you need it most.

How to apply

As long as you’re 18 and a permanent Australian resident, you’ll be able to apply.

What you’ll need to apply:

  • Your current employer’s name and contact details
  • Weekly after-tax income for each applicant
  • Details of your assets, savings and investments
  • The current limits of your credit cards and store cards
  • One personal reference and their contact information
  • Recent tax information if you’re self-employed.

Your application will take about 10 to 15 minutes to complete and you will receive an immediate response regarding your application’s outcome.

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This page was last modified on 14 August 2015 at 14:29.

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