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Take a look at the below frequently asked questions for additional information on a NAB personal overdraft facility. If you have any other questions, please call us on 13 13 12 from 8am - 9pm EST,7 days a week. We'll be happy to help.
How does an overdraft work?What is the minimum and maximum limit I can get on my overdraft?What can I use my overdraft for?How do I access my overdraft funds?Do I pay interest on my overdraft all the time or just when I use it?What account can I link my overdraft to?How long does it take to get an overdraft set up?Do I have to provide security against my overdraft?How do I make payments on my overdraft? Do I have a repayment amount each month? How long can I have my overdraft for?Can anyone apply for an overdraft?What do I need to apply for an overdraft?
How does an overdraft work?
An overdraft is a revolving credit facility that is linked to your personal transaction account. It can help when you are temporarily short of funds, by allowing you to overdraw your account up to an approved limit, without incurring reference fees or dishonour fees.
What is the minimum and maximum limit I can get on my overdraft?
You can apply for a limit that suits your personal needs, from as little as $500. A maximum limit on a Personal Overdraft can be calculated according to your specific details. If you have a NAB Choice Package the maximum is $10,000 or if you have a NAB Private Tailored Package the maximum is $50,000.
What can I use my overdraft for?
You can use your overdraft for multiple purposes, from grocery shopping and paying bills, through to loan repayments, or just covering you if your pay is late.
There is no restriction on how much or how little you use (up to your approved limit).
How do I access my overdraft funds?
Your overdraft limit is linked to your personal transaction account. So depending on the conditions of your account, you can get easy access to your overdraft through ATMs, EFTPOS, cheques, Internet Banking, Telephone Banking or in branch.
Do I pay interest on my overdraft all the time or just when I use it?
You only pay interest while you are overdrawn. It is calculated daily and charged monthly. Once you have paid off the balance on your overdraft and are merely accessing your own funds within your transaction account, you stop paying interest.
What account can I link my overdraft to?
Any of the following accounts can have a personal overdraft facility linked to them:
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NAB eBanking, NAB Classic Banking and NAB Gold Banking
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Smart Access and Smart Direct
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NAB FlexiAccounts*
*Some exclusions apply, please call 13 13 12, 8am - 9pm EST 7 days a week.
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NAB Investment Cash Manager
How long does it take to get an overdraft set up?
Once you have completed your application, it can be processed and, in most cases, a conditional approval of your overdraft will provided within 24 to 48 hours. Based on verification of the details you provided in your application, we will begin preparing the contract/s, which are usually 3 to 4 working days. By the time you receive your contracts, the limit will be attached to your transaction account, which you can then access immediately.
Do I have to provide security against my overdraft?
No you don't need to provide any type of security. NAB Personal Overdrafts are unsecured.
How do I make payments on my overdraft? Do I have a repayment amount each month?
Paying off your overdraft is as simple as depositing funds into the transaction account to which your overdraft is linked. Any money deposited into your account automatically reduces the amount owing on your overdraft facility. There is no set monthly repayment on your overdraft.
How long can I have my overdraft for?
Your overdraft is an ongoing facility that can be linked to your eligible transaction account for an unlimited period, subject to conduct and serviceability.
Can anyone apply for an overdraft?
As long as you have a regular income and are over 18 years of age, you can apply for a personal overdraft from NAB. You also need an eligible NAB transaction account which your overdraft can be linked to. Approval is subject to NAB credit assessment criteria.
What do I need to apply for an overdraft?
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An eligible NAB transaction account or identification to satisfy an AUSTRAC 100 point test (if you are a new customer)
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Your driver's licence details
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The value of your home and car, if applicable, and any other assets
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The amount owing on your loans, credit cards or store cards
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Your income and employment details
Its easy to apply for an overdraft. To apply:
Terms and conditions available upon application. Fees and charges are payable. Subject to NAB credit assessment criteria.
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