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.

  • Only pay for what you use

    It's free to set up your overdraft account. And it won’t cost you anything if you don't use it.

    If you choose to use your overdraft, you’ll pay interest on the money you use plus a monthly fee.

  • Linked to your transaction account

    A personal overdraft is connected to your CommBank Everyday account, so you can enjoy easy access to extra funds once approved – with limits from $100 up to $20,000.

  • Easy to access

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

Rates, fees & repayments

Personal overdraft
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
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. Here’s more information on how it works

  • A personal overdraft can give you peace of mind, so you’re ready for the unexpected. You’ll be able to pay those expenses or bills that might arise out of the blue.

    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.

Who can apply?

  • You can apply for a Personal Overdraft if you’re:

    • Aged 18 years or above
    • An Australian permanent resident, New Zealand citizen, or eligible visa holder living in Australia
    • Eligible to work in Australia and receiving regular income
    • Have a good credit rating
    • Already hold or eligible to open a CommBank Everyday Account

    The Code of Banking Practice requires joint account holders to have equal use of an overdraft.

    Hold Australian or New Zealand citizenship, or Australian permanent residency, or an eligible visa (call us on 13 1431 to find out more).

    Be sure to read the Personal Overdraft Terms & Conditions.

How to apply

  • If we’ve sent you an offer with conditional approval in the CommBank App, NetBank or by email, simply click ‘Explore and Apply’ and follow the prompts.

    Or if you prefer, you can drop into any CommBank branch and apply in minutes. We won't need any verification documents.

  • If you haven't received an offer from us, visit any branch to apply. You'll need to bring some verification documents. Here's what you'll need.

    Find a branch

    Or call us on 13 1431

Important information

    • This offer is only available to eligible customers who’ve received communications about the exclusive offer directly from CommBank
    • If you’re planning to utilise your limit for a long period, other borrowing options may be more suitable
    • If you’re facing financial difficulty, Personal Overdrafts may not be right for you. Learn how our Financial Assistance Solutions team can help

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Things you should know

  • Applications are subject to credit approval. View the Personal Overdraft Terms and Conditions (PDF 438kb). Full terms and conditions will be included in our Personal Overdraft offer. Other fees and charges may be payable.

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