MyState Cash on Hand Loan

Features

The MyState Cash on Hand Loan can be used as a ready source of funds, the size of which will be determined by the equity built up in your home along with your finances, that may be used for a range of worthy purposes from home renovations to non-business purchases. Your funds will be accessible through a line of credit via a MyState Visa debit card, ATM card, EFTPOS or cheque, and you have to ability to extend your credit line if approved by MyState. Since you’re borrowing against your home’s equity, only interest will only be charged on the funds that you use, which will allow the line of credit to be used for small purchases just as easily as for large purposes – without being charged interest on what you don’t use. The variable interest rate is high, however this is generally typical of other line of credit loans on the market. A minimum borrowing amount for this loan applies for up to 80 per cent of the value of your property.

Who is the MyState Cash on Hand Loan good for?

The MyState Cash on Hand Loan will be suitable for any borrowers hoping to use the equity on their home to generate credit that can be used for purposes accepted by MyState, as such, it would better suit borrowers who have owned their property long enough to build up the equity in order to do so. Borrowers looking to avoid ongoing fees will find the Cash on Hand Loan an appealing option.

Review - What RateCity says

The MyState Cash on Hand Loan could be a good line of credit loan option if you’ve accrued enough equity in your home that could fund a home renovation project or other non-business purchases you’re looking to make.

Though charged at a high rate of interest, this is fairly common amongst line of credit loans so it’s worth doing your research to see if this is your most cost-effective option when you factor in the entry and exit fees.

MyState Cash on Hand Loan Options

The MyState Cash on Hand Loan offers a range of options for borrowers, for both home buying and investment purposes.

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Variable Rates from

4.92%

Advertised rate

5.14%

Comparison rate
Pros
  • Access to equity in property through line of credit.
  • No ongoing fees.
  • Flexible ways to access credit.
Cons
  • High variable interest rate.
  • Entry and exit fees.
  • No early repayments allowed.
Eligibility

Must be able to provide proof of income.

Must be over 18 years of age.

Must meet serviceability criteria.

Suitable For
  • First Home Buyers
  • Owner-Occupiers
  • Refinancers
  • Line of Credit Loans
  • Investors
Fees
  • Estimated upfront fees: $950.00
  • Discharge fees: $250
  • Ongoing fees: $150 annually

The MyState Cash on Hand Loan doesn’t charge any ongoing monthly or annual fees, although you will have to pay both a moderate upfront establishment fee and a discharge fee on termination of the loan.

Features
  • Redraw facility
  • 100% offset account
  • Unlimited extra repayments
  • Weekly repayments
  • Fortnightly repayments
  • Monthly repayments
About MyState Bank
MyState Ltd. is a financial group originally formed in 2009 from the merging of the Tasmanian Perpetual Trustees and MyState Financial. It offers a range of financial services in branches throughout Tasmania as well as through a number of ATMs across Australia.
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