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.
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.
When you apply for a new or increased overdraft, suited to your business and its borrowing needs
What you pay to have an overdraft
Overdraft over limit fee
When you exceed your overdraft limit by more than $20 at any time during the month
Temporary overdraft arrangement fee
When you ask for a temporary overdraft or a temporary increase in your overdraft
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.
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.
- 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.
Mastercard is a registered trademark of Mastercard International Incorporated.
Kiwibank's lending criteria, terms and conditions, and fees apply.