MyState Fixed Loan


The MyState Fixed Rate Home Loan offers borrowers the dependability and convenience of a very low fixed rate of interest for owner-occupiers with a larger deposit, but with moderate to moderately high rates on smaller deposits.

Very low fixed rates are offered to investors depending on your deposit size and fixed term, though many of the rates offered are moderate to high.

Your loan will revert to the high variable interest rate offered on the standard variable loan product from MyState following your fixed term.

There is no offset account option to help reduce the interest you have to pay on your loan, although there is an interest-only repayment option that you can take advantage of for a specified period of time.

You can choose weekly, fortnightly or monthly repayments when paying principal and interest and you can also make up to a certain amount each year of your fixed term in additional repayments to help repay your loan early – though there is no redraw facility for you to re-access these funds.

The MyState Fixed Rate Home Loan can be established with a deposit as small as five per cent, but lenders mortgage insurance has to be paid for deposits smaller than 20 per cent. Though, these small deposit sizes may provide you with the opportunity to take out a loan if you’re a first time home buyer who otherwise might not yet be able to establish a loan.

An added benefit particularly for first home buyers is the pre-approval option which can be provided by MyState to show that you’re able to purchase.

Who is the MyState Fixed Loan good for?

The MyState Fixed Rate Home Loan is likely to appeal to first time home buyers who are looking for the security of predictable payments and the opportunity of a very small minimum deposit, though the interest-only option might be most appealing to investors.

Review - What RateCity says

With low fixed rates of interest available, a remarkably small minimum deposit, and flexible repayment options, the MyState Fixed Rate Home Loan is likely to appeal most if you’re a first time home buyer.

The interest-only option could be attractive if you’re an investor, but the higher fixed rates on investment properties might be a big enough con to outweigh this, especially since the loan reverts to a high variable rate regardless of whether the lower fixed rates are available to you or not.

With the entry and exit fees, it would be worthwhile to do your research to see which rates are available to you in order to see if this loan will cost you more or less than other loan options.

MyState Fixed Loan Options

The MyState Fixed Rate Home Loan offers a range of options, at a number of minimum deposit sizes and fixed terms.

Advertised rate
Comparison rate*
Monthly repayment
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Fixed Rates from


Advertised rate


Comparison rate
  • Very low fixed interest rates available.
  • No ongoing fees.
  • Interest-only option.
  • Reverts to a high variable interest rate.
  • No 100 per cent offset account.
  • Entry and exit fees.

Must be able to provide proof of income.

Must provide list of assets and expenses.

Must be over 18 years of age.

Must meet serviceability criteria.

Suitable For
  • First Home Buyers
  • Owner-Occupiers
  • Refinancers
  • Investors
  • Estimated upfront fees: $950
  • Discharge fees: $250
  • Ongoing fees: $0

Though borrowers choosing the MyState Fixed Rate Home Loan will pay a moderate amount in upfront fees at the establishment of the loan and a moderate fee at the completion of the loan, no ongoing monthly or annual fees will be charged. 

  • Redraw facility
  • 100% offset account
  • Unlimited extra repayments
  • Weekly repayments
  • Fortnightly repayments
  • Monthly repayments
  • Loan allows split interest rate
About MyState

MyState Ltd. is headquartered in Hobart and is the result of a merger between the Tasmanian Perpetual Trustees and MyState Financial. MyState provides financial services to people across Australia.

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