Features & benefits

  • A little extra when you need it

    A personal overdraft isn’t just limited to unexpected expenses, it can be used for whatever life throws your way. Whether it’s a small home appliance or other general living expenses, use the funds to cover your next purchase.

    Avoid the inconvenience of overdrawing your account and paying dishonour fees - helping you feel better prepared for unexpected expenses.

  • Pay only for what you use

    Your personal overdraft can help you meet unexpected expenses.

    You’ll pay interest on the money you use plus a monthly fee – but it won’t cost anything if you don't use it.

  • Linked to your transaction account

    It’s connected to your Smart Access or Complete Access Account, so you can easily access amounts ranging from $100 to $20,000 depending on your limit.

  • Easy to access

    You can access your overdraft the same way you access funds in your transaction account. For example, using your digital wallet or your Debit Mastercard, online in NetBank and the CommBank app, or at any of our ATMs.

    You can view the details of your Personal Overdraft anytime, online in NetBank and the CommBank app.

Rates, fees & repayments

Type
Personal overdraft
Interest
14.90% p.a.
Calculated daily on the money you use and charged monthly.
Overdraft usage fee
If the highest amount used from your overdraft the month before is:
 
  • $15 or more – you’ll be charged $15 
  • Less than $15 – you wont be charged a fee
Repayments
There are no set minimum repayments.
While there is no set amount to pay back each month, you should aim to repay your overdraft as soon as possible to minimise any fees and interest.

How do personal overdrafts work?

    • You have $500 in your account and you need to pay for $1,000 of expenses. You pay your expenses – using your funds of $500 and $500 of your overdraft. Once you receive $1,000 salary payment, you’ll have $500 of your own funds left after paying off your $500 overdraft.
    • Your personal overdraft can give you peace of mind, so you’re ready for the unexpected.
  • How to pay it off: Any money you put into your transaction account is automatically used to repay your overdraft balance - such as your salary, transfers and other deposits.

    Your overdraft is ongoing, so you can access it whenever you need it. However, keep in mind that paying it back quickly will minimise your fees and interest charges.

Important information

  • Make sure you monitor your accounts closely so that you know when you may be likely to dip into your overdraft. If you find that the timing of your bill payments means you’re regularly going into overdraft, think about rescheduling them so that they come out after you’re paid.

    • If you’re planning to use your overdraft for a long period, consider some of our other borrowing options which may be more suitable.
    • If you’re facing financial difficulty, your personal overdraft may not be right for you. Learn how our Financial Assistance Solutions team can help

Consider these alternatives to a personal overdraft

Credit cards

Check out our Low Rate, Low Fee and Awards cards.

Personal loans

Get the funds you need to take your next step.

CommBank AdvancePay

With CommBank AdvancePay, you can now access money before your next pay day. Apply online in just a few minutes.

Things you should know