Quick Overview

Key home loan offerings include:

Home Loans Available

Home loans on offer are basically divided into three overarching categories, no matter if you’re an owner occupier or investor: Basic, Special (has an offset account), and Fixed-rate home loans.

Variable Rate Home Loans

MyState offers flexible variable rate home loans that allow borrowers to make unlimited additional repayments without penalties. This option provides flexibility for those who wish to pay off their loans faster or take advantage of rate fluctuations.

Fixed Rate Home Loans

For borrowers who prefer certainty with their repayments, MyState offers fixed rate home loans. Fixed terms are on offer from 1, 2, 3 and 5 years, during which the interest rate remains unchanged, providing protection against rate rises. However, early repayment fees may apply if borrowers wish to pay off their loan ahead of schedule during the fixed term.

Offset Accounts

MyState also provides offset accounts for its home loan products, dubbed the ‘Special’ home loan. This account allows customers to reduce the interest they pay by offsetting the balance of their home loan with the amount in their linked savings or transaction account. ‘Special’ home loans attract an interest rate premium over Basic loans, so you’ll want to make sure the savings outweigh the costs.

Redraw Facility

With many MyState home loans, borrowers can access any extra repayments they’ve made via a redraw facility. This adds flexibility for those needing quick access to additional funds for unexpected expenses. A redraw fee may apply if you need MyState to help you out with it.

Investment Loans

MyState also offers loans tailored to property investors, with options for interest-only repayments to help manage cash flow. These loans are designed to cater to those seeking to grow their property portfolios.

Home Guarantee Scheme

The only way you’ll be able to get a 95% LVR home loan with MyState is if you’re a first home buyer participating in the Home Guarantee Scheme.

When choosing MyState with this scheme in mind, you will face fewer options. You will only be able to get a basic variable rate, with no offset account attached, or choose from a 2- or 3-year fixed rate.

Luckily, the rates are the same as the 80% LVR home loans on offer, as the government guarantees the remaining 15% on top of your 5% deposit.

Common Fees

There are a few common fees you’ll likely encounter when applying for and maintaining a MyState Bank home loan:

• Establishment fee: A fee of $300 to $600 applies when the loan is established, and the amount depends on what type of loan you take out.

• Settlement fee: Once the loan is settled you will be hit with a $300 settlement fee.

• Discharge and switch fees: If you’re refinancing or paying off the home loan early, you’ll likely be hit with a $350 discharge fee, or in the event of an internal refinance or reprice, you could be hit with a $150 fee.

• Rate lock fee: Not mandatory, but you can ‘lock in’ the interest rate on application up to 90 days in exchange for a $395 fee or 0.15% of the loan amount, whichever is greater.

These amounts are correct at the time of writing and are subject to change. For a full list of MyState fees you may encounter, visit its website.

How to Apply for a MyState Bank Home Loan

• Be at least 18 years old

• Be an Australian citizen or permanent resident

• Apply in your own name

• Have a good credit rating

• Have two forms of ID (driver's licence, Australian passport or Medicare card)

• Have two payslips (if you have an employer)

• Have your most recent tax assessment (if you are self-employed)

The application process starts by making an appointment either in-branch, over the phone, or via a mobile lender, or by calling 138 001.