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Great Southern Bank Business+ Unsecured Overdraft

Advertiser disclosure
Interest rate
14.95% p.a.
Security type
Unsecured
Upfront fee
$495
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Mozo editorial review Great Southern Bank Business+ Unsecured Overdraft - last updated: 12 April 2024

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What's hot
  • Competitive rates from 14.95% p.a. variable
  • Flat $30 monthly fee
  • Easy access using the Business+ app or Debit Mastercard
  • Don’t need assets as security
What's not
  • $495 establishment fee
Mozo snapshot

With competitive rates from 14.95% p.a. and a straightforward $30 monthly fee, Great Southern Bank's Business+ Unsecured Overdraft is a good fit for small and medium-sized businesses who need financial flexibility without the risk of securing assets. It offers up to $50k in overdraft limits, perfect for businesses needing to control their cash flow or cover unexpected expenses. The ease of access through the Business+ app, not to mention the quick, 20-minute online application process, makes it perfect for business owners who are on the move.

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Key features

Great Southern Bank's Business+ Unsecured Overdraft is designed to give SMEs the financial boost they need, without the traditional constraints. Here's what stands out:

  • Competitive rates. Rates start at variable 14.95% p.a., which is competitive for this type of product.

  • Flat monthly fee. Most other lenders charge a monthly fee equal to a percentage of your full credit line, but Great Southern Bank makes it simple (and often cheaper) with a flat $30 monthly fee.

  • Unsecured financing. Access up to $50,000 without the need to put up your assets as collateral.

  • Digital access. The Business+ app makes managing your finances a breeze.

  • Flexible repayments. Interest is only charged on the balance, not the limit, making it a cost-effective option.

  • Simple application. A straightforward, 20-minute online application process means you can focus more on your business and less on paperwork.

With these features, Great Southern Bank's Business+ Unsecured Overdraft is a compelling choice for, offering both flexibility and control.

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Who is it good for

Great Southern Bank's Business+ Unsecured Overdraft is a savvy choice for SMEs prioritising competitive rates alongside the convenience of digital banking.

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Any catches

The $495 establishment fee is a bit on the high side. The flat $30 monthly fee is competitive for credit lines of about $20k or more. However, for smaller credit lines, this fee might be less appealing compared to options that charge a fee based on a percentage of the credit line.

Details

Rates and fees information correct as at 27 May 2024. Mozo has robust processes to ensure our site is updated to reflect the latest information from providers. There may be the odd occasion where updates are delayed, so please confirm information before purchasing.
Rates

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14.95% p.a.

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Fees

$495

$30 per month

$0.00

$0

$0

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Features

flexible

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n/a

n/a

none

none

none

none

Example cost figure provides indicative minimum total repayments over 6 months on a $10,000 loan. Actual costs will vary depending on individual risk score as assessed by the lender.

Customer Reviews

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