Mortgage Settlement Processing Cut-off Dates for Christmas 2021
Please ensure both you and your teams are aware of MyState Bank’s end of calendar year mortgage settlement processing cut-off dates prior to the 24 December 2021.
Key settlement processing cut-off times:
- Formal Approval - documents received no later than 5:30pm (AEST) 8 December 2021. This is a fully approved loan with all conditions met and mortgage documents issued.
- Documents returned – no later than 5:30pm (AEST) 15 December 2021. This is all loan and mortgage documents signed and returned for settlement.
For any applications that may fall outside these key settlement processing cut off times, our teams will aim to complete these on a best endeavours basis.
If you have any questions, please reach out to your MyState Bank Broker Relationship Manager. We're here to help.
1 July 2020
We're a participating lender
First Home Loan Deposit Scheme – scheme places for FY21/22
The First Home Loan Deposit Scheme is an Australian Government initiative to support eligible first home buyers purchase their first home sooner.
FHLDS places will be available for the 2021-22 financial year from 1 July 2021.
The scheme assists eligible buyers to purchase their first home with a deposit of, as little as 5%.
MyState is a Participating Lender and will be accepting Pre-approval applications for First Home Loan Deposit Scheme loans for FY21-22.
On 19 June 2021, the Australian Government announced new property price caps for the First Home Loan Deposit Scheme. View the property price caps.
If you have a customer that is a first home buyer and you think they may be eligible, here are your next steps:
1.Review the scheme requirements and criteria on the official NHFIC website
2.See if your customer is eligible with this First Home Loan Deposit Scheme Checklist, and if yes,
MyState will provide a further update in relation to the New Home Guarantee (NHG) and Family Home Guarantee (FHG) in the coming days.
Contact your BRM directly for help with eligibility, supporting documents and loan applications.
The MyState Bank Team
Pre-approval applications for First Home Loan Deposit Scheme loans for FY21-22.
- Notice of Assessment (NOA) requirements from 1 July 2021: for the coming financial year FY2021/22, NHFIC will allow MyState to progress to pre-approval within the Scheme Portal without verification of the NOA for new reservations made from 1 July until 31 August.
- The FY20/21 NOA will need to be verified, prior to the issuing a Guarantee Certificate. With this in mind, ensure borrowers are aware that a NOA is still required to verify scheme income eligibility, and should look to be obtained as soon as possible post 1 July.
Other useful FHLDS resources