The Special Residential Loan from MyState has a higher minimum borrowing amount for new home, investment or vacant land property purchases, building and refinancing at a variable rate of interest that can also be split into a fixed rate option.
The variable rates offered are very low, but are moderately high for deposits smaller than 10 percent for owner-occupiers and up to high if you’re an investor. Plus, lenders mortgage insurance is an added cost for smaller deposits up to 20 per cent.
When it comes to repayments you can opt for weekly, fortnightly or monthly payments and also have the option to make unlimited lump sum payments which can be accessed if and when you need to by using the redraw facility available with this loan if redrawing the allowed minimum amount.
If you’ve got a bit of spare cash, the 100 percent offset account can help you save on interest and potentially cut years off your loan term through funds deposited into this offset savings account.
While there is an upfront fee, this loan has no ongoing monthly or annual fee which can help you save in the long run.
If you’re in a hurry to purchase, pre-approval can be obtained from MyState.
MyState is based in Tasmania meaning the branch network is limited, however they do have mobile lenders which can help process your application over the phone.
Who is the MyState Special Residential Loan good for?
If you’re looking for a low rate variable loan that can be split while having a range of helpful features to repay your loan early, you might find value in the Special Residential Loan. Though, the lack of an interest-only option and higher rates for investors with smaller deposits might not make this the most suitable option if you’re investing.
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While MyState doesn’t have as large a presence as some other lenders, the Special Residential Loan has a features for everyone with access to very low variable rates. If you prefer the comfort of a fixed rate, you can split this loan into both rates which can help you budget better.
It’s worth mentioning that this loan does lack some features that could suit different borrowing needs, so it’s a good idea to make a checklist to see if this loan checks all your criteria.
Also, if you prefer face-to-face banking, you might find this lender limiting as the branch network doesn’t extend far.
MyState Special Residential Loan Options
The MyState Special Residential Loan is a variable rate home loan suited to both investors and owner-occupiers with a minimum loan amount. Click here to find an option that suits.
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