State Custodians Line of Credit

Features

State Custodian’s Line of Credit loan comes with tiered interest rates, depending on how much equity you have in your existing property.

Under this loan, you only pay interest on the amount you have drawn down, rather than the entire line of credit offered.

There are no minimum repayment requirements per month and you have the option to make additional loan repayments at any time without penalty.

There is no offset facility with this loan but you can redraw your additional repayments back down if and when you need to.

State Custodians Line of Credit Loan comes with a fee-free Direct Debit Mastercard and you can access your Line of Credit funds via this credit card.

Who is the State Custodians Line of Credit good for?

State Custodians Line of Credit Loan is good for people looking to use the equity in an existing property for other purposes.

Review - What RateCity says

Line of Credit accounts usually attract an extra ‘loading’ on the offered interest rate – this is one loan that does not appear to do that which is good news for borrowers looking to access the equity in their property.

There are however, fairly high fees associated with this loan so it is worth calculating how much they will be over the life of the loan.

If you are a disciplined manager of your money then the State Custodians’ Line of Credit Loan is an opportunity to access the equity in your home at a relatively low cost however it is best to seek financial advice before taking out this type of loan.

State Custodians Line of Credit Options

Find out which Lind of Credit option is available to you from State Custodians based on your borrowing amount for an owner-occupied property or investment property.

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Variable Rates from

3.40%

Advertised rate

3.41%

Comparison rate
Pros
  • Competitive interest rate.
  • Additional repayments.
  • Fee-free redraw facility.
Cons
  • No offset facility.
  • Reasonably high fees.
  • Lender has no branch or ATM facilities.
Eligibility

Must meet State Custodians’ serviceability criteria.

Suitable For
  • First Home Buyers
  • Investors
  • Refinancers
  • Line of Credit Loans
Fees
  • Estimated upfront fees: $0
  • Discharge fees: $300
  • Ongoing fees: $0 annually

The State Custodians Line of Credit Loan includes upfront fees, an annual ongoing fee and a discharge fee.

Features
  • Redraw facility
  • 100% offset account
  • Unlimited extra repayments
  • Monthly repayments
  • Loan allows split interest rate
About State Custodians

State Custodians is an online-only lender based in Newcastle. Their online services are available 24/7 and include online banking and Live Chat. They are also available by phone five days a week.

They do not operate a branch network however you can access your funds via your debit card at any ATM in the Westpac Group.

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