Approval is subject to credit assessment, lending criteria and ID verification. You can only apply for this product if:
Login to GetCapital Online and securely transact anytime. You can transfer funds from your GetCapital Overdraft to any of your business transaction accounts and can also pay down your Overdraft from your transaction banking account through GetCapital Online at any time.
Funds transfers are processed on the same day we receive the request, with funds typically available on the following business day.
Your GetCapital Business Overdraft spreads interest payments on a 24 month rolling basis. For example, if you initially draw down $100,000, assuming you are on weekly repayments, your minimum principal repayment amount would be calculated as 0.96% of the principal amount. The next time you draw down on your Business Overdraft, the total principal amount is rescheduled again, with the minimum principal repayments scheduled over a new 24 month period.
This rescheduling occurs every time you draw down and is intended to keep the principal repayments on your Business Overdraft manageable and provide the discipline of regular principal reductions to minimise interest charges.
This differs from a traditional bank overdraft where there are no set principal repayments. Note that the 24 month rolling interest payments calculate a minimum repayment amount. You can choose to make additional payments to the GetCapital Business Overdraft at any time via GetCapital Online to reduce your balance and the interest charged.
GetCapital is a full member of the Australian Finance Industry Association (AFIA), the leading industry advocate for Australia’s finance sector.