Personal Overdraft

• You are regularly meeting your repayment obligations for your mortgage, other loan or credit card accounts.
• You have considered whether you need to keep any credit accounts you may no longer use – e.g. store cards.

As part of reviewing your application we look at the information on your credit report, which is produced by an independent credit bureau. This report shows a snapshot of your liabilities, available credit, and your repayment behaviour for these accounts. To learn more about credit reporting in Australia visit www.bankofmelbourne.com.au/ccr.

It’s a good idea to view your own credit report and check your details are correct before starting your application. You can do this for free by visiting the credit bureau website directly, or via CreditSmart.org.au. We work with three bureaus: Equifax, illion and Experian, so you might like to check the report produced by each of them.

Before starting your application, make sure you have everything in the list below:

• Current employer’s name, address and phone number
• Your income information from the last 3 months, such as including payslips, bank statements and rental income (you won’t need this if your pay already goes into a Bank of Melbourne bank account)
• Recent tax information if you're self-employed
• Asset, savings and investment details
• Details of all existing liabilities that are in your name (e.g. personal loans, other credit or store cards, ‘interest-free’ instalment purchases, home loan)
• All your regular monthly expenses (including school fees, insurance, utilities etc.)
  

If you are an existing Bank of Melbourne customer, you will also need to:

• Apply as an Existing Customer in the application form and log in to your account
• Once logged in, double-check that your personal details (name, address etc) are up-to-date. If not, log in to internet banking to update them. Allow 24 hours for records to update.

Any errors in the details you provide could delay processing, or even mean you are declined. Again, checking against your credit report can help here.

Every time you apply for any form of credit, your credit history is checked by the credit provider. This is listed as an enquiry on your report. Multiple applications can be seen as a red flag and reduce your chances of approval.