Key features & benefits
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Your overdraft will have an approved overdraft limit which you can borrow up to as you need
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You'll only pay interest on the money you use and there's no minimum monthly payment
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No monthly account or application fees
Rates & fees
Account management fee |
Free |
Application fee |
Free |
Authorised overdraft rate |
Overdraft authorised rate (active) A standard overdraft within your approved limit |
Unauthorised overdraft rate |
Overdraft unauthorised rate (active) If your account goes into negative balance or exceeds any agreed overdraft limit |
Interest rates are subject to change. Service fees may apply.
How it works
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Getting an overdraft
You can apply for an overdraft on your everyday account by completing the application form at the bottom of this page. Before applying you should make sure this is the best option for you.
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Overdraft limit
Your overdraft will have an agreed overdraft limit when your balance goes below zero – which you can borrow up to as you need.
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Repayments
You'll only pay interest on the money you use. There's no minimum monthly payment, but you can minimise the amount of interest you pay on your overdraft by repaying it as quickly as you can.
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Joint account
You can apply for an overdraft on a joint account. We'll assess affordability and if this is the right product for both account holders.
Eligibility
To be eligible for an overdraft, you must meet the following criteria:
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You have to be 18 years of age or over
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Be a New Zealand citizen or a Resident Visa holder living in New Zealand or hold a relevant Working Visa*
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You must have a good credit history – this means you haven't been declared bankrupt or you have no unpaid defaults or collections
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You'll need your regular income to be credited into your Kiwibank account
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You'll need to meet affordability requirements by having money left over after your expenses are paid
Financial hardship assistance
If you have an overdraft and you're having trouble managing payments, see our financial hardship page for more information or call 0800 222 224. Please don't be afraid to talk to us - the sooner you do, the sooner we can work out what we can do to help.
Apply for an overdraft
It's a good idea to do a credit assessment on yourself before you apply. Visit the Centrix website to do your own credit assessment. Your score will need to be rated fair, average, very good or excellent to apply. It doesn't impact your credit score and could save time.
Get in touch
If you meet all the eligibility criteria above, fill out the application form and email it to applications@kiwibank.co.nz.
Download application formKiwibank’s Personal Overdraft Terms and Conditions apply to all Kiwibank Overdrafts.
*A relevant Working Visa includes: Specific Purpose Work Visa, Skilled Migrant Category Resident Visa, Straight to Residence Visa, Work to Residence Visa, Long Term Skill Shortage List Resident Visa. For applicants on Working Visas, you must have an annual gross income of $70,000 per year to be eligible to apply.
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