Skip to main content Skip to log on Skip to search Accessibility at CommBank

Banking / Personal Overdrafts

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 CommBank Everyday 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 CommBank app, or at any of our ATMs.

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

    • Why are Personal Overdrafts no longer available for sale?
      We regularly review our Products to ensure our product range meets customer needs, preferences and market conditions. As a result, we’ve decided to discontinue this product.

    • I’m currently in the process of submitting my application for a Personal Overdraft. What should I do?
      You have up to 30 days after starting your application to complete the process. If you started an application before 12 April 2024, please visit your local branch or call us on 13 14 31 to discuss how to proceed. Subject to credit approval and verification checks, you may still be eligible for the product.

      You will not be able to start a new application from 12 April 2024.

    • What do existing Personal Overdraft customers do?
      No action is required for existing Personal Overdraft customers. The current product continues to function as usual.

      • 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

Tools & support

Man in train
Woman on couch

Consider these alternatives to a personal overdraft

Credit cards

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

Tell me more

Personal loans

Get the funds you need to take your next step.

Tell me more

CommBank AdvancePay

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

Tell me more

We can help

Things you should know