Hitting reset on variable business overdraft rates

It’s been a tough few months for New Zealand business and New Zealanders, and there’s still a long way to go in our recovery. That’s why we’ve reset our variable priced business loans and overdraft rates by reducing them by 1.00% p.a. This means you'll now have all the flexibility of a variable rate at a significantly lower cost than ever before.

Find out more

Features and benefits

  • An overdraft helps smooth out cashflow fluctuations, meaning you’re never caught short
  • Unlike a business loan, you can pay it off (and re-use it) whenever you like
  • It stays in place even when you're not using it, so it's available whenever you need it
  • No set payments – you can make repayments as and when suits your business
  • If you're a Xero customer, you can complete the online application in just minutes.


Application fee

When you apply for a new or increased overdraft, suited to your business and its borrowing needs

  • Minimum fee $75.

Overdraft fee

What you pay to have an overdraft

  • 0.10% of the overdraft limit per month
  • Minimum fee $5.

Overdraft over limit fee

When you exceed your overdraft limit by more than $20 at any time during the month

  • $10 per month - this will show on the account statement you access the overdraft from as an Account out of Order fee.

Temporary overdraft arrangement fee

When you ask for a temporary overdraft or a temporary increase in your overdraft

  • 0.25% of the overdraft limit or the amount of the increase
  • Minimum fee $75.

How it works


You’ll be able to spend up to an agreed limit and repay or redraw funds at any time within this limit.


You can access your business overdraft from your transaction account.


Interest is calculated daily and charged monthly on the amount you've been overdrawn during the month. See current rates.

Xero integration

By linking your Xero account to Kiwibank using our online application process, you can apply for a business overdraft in just a few minutes.

Apply now

New to Kiwibank?

If you're the director of a registered company have a Xero account, then applying for a business overdraft will be quick.

Application criteria:

  • You're new to Kiwibank
  • You're a director of a limited company
  • The company has been using Xero for the past two years.

During the application process, you'll be required to log in to Xero. We'll be able to see your company's financial data and make a decision about your application. It should only take a few minutes and you may be approved on the spot.

If you don't have a Xero account you'll need to contact one of our business experts, they’ll guide you through the application process.

Already a Kiwibank customer?

Talk to one of our business experts, they’ll guide you through the application process.

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Kiwibank's lending criteria, terms and conditions, and fees apply.