Briefs: Money3 secures growth funds, MyState increases deposit rates

Automotive finance specialist Money3 has secured a 60 per cent increase in the warehouse facility for one of its business units, Automotive Financial Services, taking it to A$190 million. The company said the new terms for the facility include a reduction in interest. The group’s new lending was above $420 million so far this year (to the end of May) – an increase of 31 per cent over the previous corresponding period.
MyState Bank joined the small number of deposit-taking institutions to pass on a full cash rate increase to depositors. The bank’s Bonus Saver ongoing bonus rate has been increased by 50 basis points to 1.6 per cent. It has also increased a range of term deposit rates and is offering a headline rate of 3 per cent for two years. Comparison site Mozo reported that only a handful of ADIs passed on last month’s 25 bps cash rate increase to depositors.