Eligibility criteria for a NAB QuickBiz Overdraft

Fast online conditional approval is subject to eligibility, credit assessment, lending criteria and ID verification. 

You can only apply for this product if:

• Your business is registered for GST and has a turnover of at least $75,000 per year.
• Your business has been in operation for at least 12 months and has a valid Australian Business Number (ABN).
• You have a Business and residential address in Australia.
• You intend to use the product where the purpose is wholly or predominately for business purposes. You can't use funds to make payments to the Australian Tax Office.
• You’re at least 18 years or older to apply and hold an Australian citizenship or permanent residency.
• You're a sole trader, a business partnership with no more than two individual partners, a company with five or less directors or an eligible trust. Joint borrowers who are not partnerships or partnerships where one or more partner is a company are not eligible to apply.
• Any shareholders of companies or trustee companies that are listed in the application are individuals, and not companies.
• Eligible trusts include the following:
  • your trust must be a non-government discretionary trust
  • your trust has a valid Australian Business Number (ABN) and has been registered for at least 12 months
  • your trust has been established in Australia
  • the beneficiaries of your trust are individuals
  • your trustees can only be one of:
    - a company with no more than five directors
    - up to two individuals
  • if the trustee is a company, shares in the company must be beneficially held.
• If you have existing NAB Business Lending, you can apply online for an additional NAB QuickBiz Loan, NAB QuickBiz Overdraft, NAB Business Credit Card or NAB Equipment Finance Loan 50 days after your most recent establishment date.
• If you’re an existing NAB customer, you can only apply for this product if you have less than $1 million in existing business lending with NAB and less than $100,000 in unsecured business lending with NAB (inclusive of this application).
• The overdraft is available as a variable interest rate only. Debit interest is calculated on the daily outstanding balance and is charged to the account on the last banking day of the month. A QuickBiz Overdraft service fee applies and is charged to the account on the last banking day of each month. Fees and charges may apply to your linked transaction account.
• You will have access to funds after we receive your completed contract. Business days are Monday to Friday, excluding weekend and VIC public holidays.
• You can only borrow up to $50,000 in total limits across both a NAB QuickBiz Overdraft and NAB Business Credit Cards (applied for online).
• The QuickBiz Overdraft is only available as a new facility. It can't be applied to existing NAB Business overdrafts. 
• Due to their specialised nature, some franchise businesses may not be eligible for QuickBiz.

Interest charged on the NAB QuickBiz Overdraft

Interest is calculated daily and only on the funds you've used. This is charged on the last banking day of the month.

Making repayments on a NAB QuickBiz Overdraft

As long as your NAB QuickBiz Overdraft remains under the agreed limit there are no minimum repayments.

Residency status information

Business and residential addresses must be in Australia. Unfortunately, we're not able to process this application if you, any additional directors/partners or shareholders (holding 25% or more) have lived overseas in the past three years.

Providing your financial information

For Xero, MYOB and QuickBooks customers, you can login securely to link your financials. You'll need to have MYOB Essentials, MYOB AccountRight (latest version and version 19 desktop based) or MYOB AccountEdge packages. For all other accounting software, you can upload your financial data in PDF within the application. You may also need  to upload your transaction history from your business trading account as a CSV file.

Using your existing business transaction account for your Overdraft application

Eligible NAB business accounts include Business Everyday Account, NAB Business Interest Account, NAB Farm Management Account and NAB Community Fee Saver Account.

Authorised users on the transaction account

For any new business transaction account applications, additional Directors/Partners will automatically become authorised users on the account. Once your NAB QuickBiz Overdraft is approved, you'll be sent an Account Authority Card form. All authorised users are required to sign together, in branch. Any additional signatories on the account can also be added in branch.

The security of your financial information once it's uploaded

Security is very important to us. We respect your personal information and we'll take every reasonable step to protect it.

Customer login details

As your credentials are encrypted and passed to your accounting package software, we don't see your password or store your credentials.

NAB Business Visa Debit card eligibility

All additional requests for NAB Business Visa Debit card will require account owner consent via a Debit Consent form. This can be signed in branch.

Changing the lending amount post approval

If you're conditionally approved, you'll have an opportunity to reduce the amount you apply for before finally submitting the application. However, you will not be able to increase your limit once conditionally approved.

Applying a QuickBiz overdraft to an existing NAB Business Overdraft limit

Increases to existing limits are not possible, but you can apply for an additional overdraft subject to these lending criteria.

Reapplying in the future if you've been declined

You can apply as many times as you like. However, you should know that each time you complete an application you'll undergo a credit reference check; multiple credit checks may adversely impact your credit rating.

Checking your credit history with the credit agencies

Because we're committed to responsible lending, we'll request a credit report of your business entity (and applicant(s)) from the credit reporting agencies. To find out more about credit reporting and credit history checks, visit our Privacy Policy.

Cheque book requests

You'll need to head to a branch to sign the appropriate documentation for a cheque book.