Access to additional funds to manage your cash flow.
A Business Overdraft from MyState Bank can give you access to additional funds when you need it most for any worthwhile business purpose.
Your MyState Bank Business Overdraft can be linked to a business banking transaction account to provide you with more flexibility to manage your funds on a daily basis. This overdraft facility can also be conveniently accessed and managed via Phone and Internet Banking, free ATM access, EFTPOS and at any of our 12 Branches statewide.
Features and benefits of a MyState Bank Business Overdraft
Secured by property/business assets
No minimum or maximum term
Only pay interest on the money you use
Cheque facility available
Internet Banking (check your available balance when you need)
Phone Banking (access your credit or make a payment at any time of the day)
To assist us in processing your application, MyState Bank will ask for the following initial documents:
A completed loan application form;
Accountant prepared financial statements and tax returns for you and your business that are no more than 18 months old and cover a period of 24 continuous months;
ATO assessment notices that are no more than 18 months old and covering a period of 12 continuous months for you and your business;
Bank statements cover the last 6 months for all business accounts and loans held by you and your business;
A copy of any property lease that you or your business receive income from;
A copy of the lease for any property you or your business lease; and
If the borrower or guarantor is a trust, then a copy of the trust deed and any amendments (if applicable) will be required.
The above is an indicative list that may vary based on your particular business and application.
Once MyState Bank has received all required and requested information, a decision is normally made within 10 business days.
If MyState Bank declines your application, you will be told the general reasons as to why.
At MyState Bank we want to give you as much help as we can in managing your finances. Wherever you are in life, these calculators will assist you in planning for your financial needs.