Personal Overdraft

You’ll be assessed on your ability to repay the money you borrow. Three things you can do to help:

1. Make sure you’re meeting your current repayment obligations for
   • other credit cards or loans (including lenders such as afterpay and zip pay)
   • rent as well as utilities such as your phone, internet and electricity.
2. Check the details on your credit report are correct before applying. Head to CreditSmart.org.au and follow the links to a free credit report. More about credit reports.
3. Don’t make multiple applications (with us or any other lender). Every application is listed as an enquiry on your credit report. Too many can be seen as a red flag and reduce your chances of approval.

Make sure you have everything in the list below:

• Proof of identity including at least two of the following:
  • Australian driver licence
  • Medicare card
  • Passport
  • Australian birth certificate
  • NSW photo card.

• Current debts in your name (e.g. home loan, personal loans, other credit or store cards as well as instalment purchases such as zip pay) 
• Proof of income. If your pay doesn’t already go into a Bank of Melbourne account, you’ll need to show at least one of the following:
  • Two payslips from your main employer from the last two months
  • A Government Authority statement from the last two months confirming your pension or allowance 
  • Rental income proof covering the last three months
  • Self-employed? You’ll need to show you’ve been in business for at least 18 months, the last two months’ business bank statements and last year’s Notice of Assessment.
• All your regular monthly expenses (including phone bills, insurances etc.)
• If you’re a tax resident of another country, you’ll need your foreign tax identification number.

If you’re already a Bank of Melbourne customer, you’ll also need to:

• Sign into online banking to double-check your personal details (name, address etc) are up-to-date
• Apply as an existing customer in the application form
• We will have answered some of the basic questions such as personal details (name, address etc) on your application for you. Check that they’re correct.

Additional eligibility criteria or documentation may be required.