MyState Standard Variable Loan

Features

The MyState Standard Variable Loan has a list of features with no ongoing fees. Although the variable interest rate is high, this loan can be split into both fixed and variable portions and you do have the option of paying interest only for a set period.

When it comes to paying back the loan, you have the choice of weekly, fortnightly or monthly repayment options as well as unlimited lump sum payments which can be accessed through the free redraw facility when redrawing the allowed minimum amount.

The 100 percent offset account can help you save on interest and potentially cut years off your loan term, in which case there is no early payout fee for cutting your loan short. 

If you haven’t quite managed to save a 20 percent deposit, you can put down as little as three percent, where lenders mortgage insurance must be paid when making a deposit less than 20 per cent.

The Standard Variable Home Loan is available for purchases of a home or investment property and vacant land, renovating and refinancing from another lender to those meeting the minimum borrowing amount.

Who is the MyState Standard Variable Loan good for?

While this loan has a list of features, the variable rate is considerably higher than a lot of other loans on the market and you must meet the minimum loan requirement, so it may better suit if you’ve saved up for a deposit and find the features worth the higher rate.

Review - What RateCity says

While MyState doesn’t have a large a branch presence, it does hold its own when it comes to features. But while the features of this loan can help you save, the variable interest rate is high and could cost you more in the long run.

It’s a good idea to work out the maths and see exactly what the Standard Variable Home Loan will cost you over the entire life of your loan before determining if it’s the most suitable loan for you.

MyState Standard Variable Loan Options

More about the Standard Variable Home Loan from MyState is provided at the following link.

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Variable Rates from

4.77%

Advertised rate

4.84%

Comparison rate
Pros
  • Small deposit requirement.
  • Interest-only option.
  • 100 percent offset account.
Cons
  • High variable interest rate.
  • Entry and exit fees.
  • Limited branch network.
Eligibility

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
Fees
  • Estimated upfront fees: $950.00
  • Discharge fees: $250
  • Ongoing fees: $0

This MyState Variable Loan has a moderate establishment fee and discharge fee, which are due upfront and at the end of your loan, respectively. But there is $0 charged in ongoing monthly or annual ongoing fees.

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

MyState is a financial institution providing loans, term deposit and savings and transaction accounts along with branch service within Tasmania, an Australia-wide ATM network and telephone and internet banking.

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