MyState Bank home loan repayment calculator

Thinking about taking out a home loan with MyState Bank? Use our home loan calculator to see how much you’d have to repay under different borrowing scenarios. You can also see how MyState Bank home loans compare with other options.

I'd like to borrow

$

I am an

Loan term

With a repayment type

Your estimated repayments

at interest rate 2.69 %

Total interest payable

$0

Total amount payable

$0

Pros and cons

Pros
  • Suitable for small deposits.
  • Discounted interest rates available.
  • Flexible repayment options.
Cons
  • Branch access limited to Tasmania.
  • No package loans.

MyState Bank home loans rates

Product
Advertised Rate
Total estimated upfront fees
Comparison Rate*
Ongoing fee
Go to site
Company

2.69%

Variable

$0

2.72%

$0
MyState Bank
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2.79%

Variable

$0

2.82%

$0
MyState Bank
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2.93%

Variable

$300

2.98%

$0
MyState Bank
More details

3.03%

Variable

$0

3.06%

$0
MyState Bank
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3.03%

Variable

$0

3.08%

$0
MyState Bank
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3.08%

Variable

$650

3.13%

$0
MyState Bank
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3.28%

Variable

$650

3.33%

$0
MyState Bank
More details

3.28%

Variable

$950

3.35%

$0
MyState Bank
More details

3.43%

Variable

$0

3.46%

$0
MyState Bank
More details

3.43%

Variable

$0

3.46%

$0
MyState Bank
More details

3.44%

Variable

$0

3.49%

$0
MyState Bank
More details

3.43%

Variable

$0

3.50%

$0
MyState Bank
More details

3.68%

Variable

$650

3.73%

$0
MyState Bank
More details

3.69%

Variable

$650

3.74%

$0
MyState Bank
More details

3.68%

Variable

$650

3.75%

$0
MyState Bank
More details

2.39%

Fixed - 3 years

$300

4.02%

$0
MyState Bank
More details

2.39%

Fixed - 3 years

$900

4.04%

$0
MyState Bank
More details

3.98%

Variable

$0

4.05%

$0
MyState Bank
More details

2.79%

Fixed - 3 years

$950

4.14%

$0
MyState Bank
More details

2.89%

Fixed - 3 years

$950

4.17%

$0
MyState Bank
More details

2.39%

Fixed - 2 years

$300

4.19%

$0
MyState Bank
More details

2.99%

Fixed - 3 years

$950

4.19%

$0
MyState Bank
More details

2.99%

Fixed - 3 years

$900

4.19%

$0
MyState Bank
More details

2.39%

Fixed - 2 years

$900

4.21%

$0
MyState Bank
More details

3.09%

Fixed - 3 years

$950

4.22%

$0
MyState Bank
More details

2.79%

Fixed - 2 years

$650

4.28%

$0
MyState Bank
More details

3.79%

Fixed - 5 years

$950

4.29%

$0
MyState Bank
More details

3.79%

Fixed - 5 years

$900

4.29%

$0
MyState Bank
More details

4.23%

Variable

$650

4.30%

$0
MyState Bank
More details

2.99%

Fixed - 2 years

$900

4.31%

$0
MyState Bank
More details

2.99%

Fixed - 2 years

$650

4.31%

$0
MyState Bank
More details

2.99%

Fixed - 2 years

$950

4.32%

$0
MyState Bank
More details

3.54%

Fixed - 3 years

$900

4.34%

$0
MyState Bank
More details

3.19%

Fixed - 2 years

$950

4.35%

$0
MyState Bank
More details

3.99%

Fixed - 5 years

$950

4.37%

$0
MyState Bank
More details

3.99%

Fixed - 5 years

$950

4.37%

$0
MyState Bank
More details

2.39%

Fixed - 1 year

$900

4.39%

$0
MyState Bank
More details

3.54%

Fixed - 2 years

$900

4.41%

$0
MyState Bank
More details

2.99%

Fixed - 1 year

$900

4.45%

$0
MyState Bank
More details

2.99%

Fixed - 1 year

$950

4.45%

$0
MyState Bank
More details

4.19%

Fixed - 5 years

$950

4.45%

$0
MyState Bank
More details

3.19%

Fixed - 1 year

$950

4.46%

$0
MyState Bank
More details

3.19%

Fixed - 1 year

$950

4.46%

$0
MyState Bank
More details

3.39%

Fixed - 1 year

$950

4.48%

$0
MyState Bank
More details

3.79%

Fixed - 1 year

$900

4.52%

$0
MyState Bank
More details

4.39%

Fixed - 5 years

$900

4.53%

$0
MyState Bank
More details

4.39%

Fixed - 5 years

$900

4.54%

$0
MyState Bank
More details

4.52%

Variable

$950

4.59%

$0
MyState Bank
More details

4.52%

Variable

$950

4.59%

$0
MyState Bank
More details

4.52%

Variable

$950

4.74%

$150 annually
MyState Bank
More details

4.92%

Variable

$950

4.99%

$0
MyState Bank
More details

4.92%

Variable

$950

4.99%

$0
MyState Bank
More details

4.92%

Variable

$950

5.14%

$150 annually
MyState Bank
More details

MyState Bank customer service

MyState customers can contact the bank in a number of ways, including by email, online or in person at their Tasmanian branches. There is a specialised home loan telephone line, as well as a general customer phone line and one for those experiencing financial hardship. Customers can also book a telephone or in-person appointment via the MyState website.

  • Customer service centre (phone)
  • Online banking
  • Email
  • Branch

How to Apply

Potential customers at MyState can apply for a home loan in a number of ways. There is an online application on the MyState website and applications can also be made via the specialised home loan phone line. Customers also have the option of meeting with a MyState home loan specialist in person at one of their local branches. Before applying for a home loan it is advisable to think about how much money you could conceivably borrow given your financial situation and income. You will also need to provide documentation when applying for a home loan. This will include:

  • Personal identification documents.
  • Proof of income and employment.
  • Information on other earnings, assets and savings.
  • Details of other loans, debts and liabilities.
  • Personal insurance documents.

Refinancers will also have to provide home loan statements for the past six months and a current payout quote for the loan you wish to refinance. 

Learn more about MyState Bank

How can I get a home loan with bad credit?

If you want to get a home loan with bad credit, you need to convince a lender that your problems are behind you and that you will, indeed, be able to repay a mortgage.

One step you might want to take is to visit a mortgage broker who specialises in bad credit home loans (also known as ‘non-conforming home loans’ or ‘sub-prime home loans’). An experienced broker will know which lenders to approach, and how to plead your case with each of them.

Two points to bear in mind are:

  • Many home loan lenders don’t provide bad credit mortgages
  • Each lender has its own policies, and therefore favours different things

If you’d prefer to directly approach the lender yourself, you’re more likely to find success with smaller non-bank lenders that specialise in bad credit home loans (as opposed to bigger banks that prefer ‘vanilla’ mortgages). That’s because these smaller lenders are more likely to treat you as a unique individual rather than judge you according to a one-size-fits-all policy.

Lenders try to minimise their risk, so if you want to get a home loan with bad credit, you need to do everything you can to convince lenders that you’re safer than your credit history might suggest. If possible, provide paperwork that shows:

  • You have a secure job
  • You have a steady income
  • You’ve been reducing your debts
  • You’ve been increasing your savings

Are bad credit home loans dangerous?

Bad credit home loans can be dangerous if the borrower signs up for a loan they’ll struggle to repay. This might occur if the borrower takes out a mortgage at the limit of their financial capacity, especially if they have some combination of a low income, an insecure job and poor savings habits.

Bad credit home loans can also be dangerous if the borrower buys a home in a stagnant or falling market – because if the home has to be sold, they might be left with ‘negative equity’ (where the home is worth less than the mortgage).

That said, bad credit home loans can work out well if the borrower is able to repay the mortgage – for example, if they borrow conservatively, have a decent income, a secure job and good savings habits. Another good sign is if the borrower buys a property in a market that is likely to rise over the long term.

Can I change jobs while I am applying for a home loan?

Whether you’re a new borrower or you’re refinancing your home loan, many lenders require you to be in a permanent job with the same employer for at least 6 months before applying for a home loan. Different lenders have different requirements. 

If your work situation changes for any reason while you’re applying for a mortgage, this could reduce your chances of successfully completing the process. Contacting the lender as soon as you know your employment situation is changing may allow you to work something out. 

Who offers 40 year mortgages?

Home loans spanning 40 years are offered by select lenders, though the loan period is much longer than a standard 30-year home loan. You're more likely to find a maximum of 35 years, such as is the case with Teacher’s Mutual Bank

Currently, 40 year home loan lenders in Australia include AlphaBeta Money, BCU, G&C Mutual Bank, Pepper, and Sydney Mutual Bank.

Even though these lengthier loans 35 to 40 year loans do exist on the market, they are not overwhelmingly popular, as the extra interest you pay compared to a 30-year loan can be over $100,000 or more.

How do I refinance my home loan?

Refinancing your home loan can involve a bit of paperwork but if you are moving on to a lower rate, it can save you thousands of dollars in the long-run. The first step is finding another loan on the market that you think will save you money over time or offer features that your current loan does not have. Once you have selected a couple of loans you are interested in, compare them with your current loan to see if you will save money in the long term on interest rates and fees. Remember to factor in any break fees and set up fees when assessing the cost of switching.

Once you have decided on a new loan it is simply a matter of contacting your existing and future lender to get the new loan set up. Beware that some lenders will revert your loan back to a 25 or 30 year term when you refinance which may mean initial lower repayments but may cost you more in the long run.

What is a debt service ratio?

A method of gauging a borrower’s home loan serviceability (ability to afford home loan repayments), the debt service ratio (DSR) is the fraction of an applicant’s income that will need to go towards paying back a loan. The DSR is typically expressed as a percentage, and lenders may decline loans to borrowers with too high a DSR (often over 30 per cent).

Who has the best home loan?

Determining who has the ‘best’ home loan really does depend on your own personal circumstances and requirements. It may be tempting to judge a loan merely on the interest rate but there can be added value in the extras on offer, such as offset and redraw facilities, that aren’t available with all low rate loans.

To determine which loan is the best for you, think about whether you would prefer the consistency of a fixed loan or the flexibility and potential benefits of a variable loan. Then determine which features will be necessary throughout the life of your loan. Thirdly, consider how much you are willing to pay in fees for the loan you want. Once you find the perfect combination of these three elements you are on your way to determining the best loan for you. 

How do I take out a low-deposit home loan?

If you want to take out a low-deposit home loan, it might be a good idea to consult a mortgage broker who can give you professional financial advice and organise the mortgage for you.

Another way to take out a low-deposit home loan is to do your own research with a comparison website like RateCity. Once you’ve identified your preferred mortgage, you can apply through RateCity or go direct to the lender.

How much money can I borrow for a home loan?

Tip: You can use RateCity how much can I borrow calculator to get a quick answer.

How much money you can borrow for a home loan will depend on a number of factors including your employment status, your income (and your partner’s income if you are taking out a joint loan), the size of your deposit, your living expenses and any other debt you might hold, including credit cards. 

A good place to start is to work out how much you can afford to make in monthly repayments, factoring in a buffer of at least 2 – 3 per cent to allow for interest rate rises along the way. You’ll also need to factor in additional costs that come with purchasing a property such as stamp duty, legal fees, building inspections, strata or council fees.

If you are planning on renting the property, you can factor in the expected rental income to help offset the mortgage, but again it’s prudent to add a significant buffer to allow for rental management fees, maintenance costs and short periods of no rental income when tenants move out. It’s also wise to factor in changes in personal circumstances – the typical home loan lasts for around 30 years and a lot can happen between now and then.

How do I know if I have to pay LMI?

Each lender has its own policies, but as a general rule you will have to pay lender’s mortgage insurance (LMI) if your loan-to-value ratio (LVR) exceeds 80 per cent. This applies whether you’re taking out a new home loan or you’re refinancing.

If you’re looking to buy a property, you can use this LMI calculator to work out how much you’re likely to be charged in LMI.

What happens to my home loan when interest rates rise?

If you are on a variable rate home loan, every so often your rate will be subject to increases and decreases. Rate changes are determined by your lender, not the Reserve Bank of Australia, however often when the RBA changes the cash rate, a number of banks will follow suit, at least to some extent. You can use RateCity cash rate to check how the latest interest rate change affected your mortgage interest rate.

When your rate rises, you will be required to pay your bank more each month in mortgage repayments. Similarly, if your interest rate is cut, then your monthly repayments will decrease. Your lender will notify you of what your new repayments will be, although you can do the calculations yourself, and compare other home loan rates using our mortgage calculator.

There is no way of conclusively predicting when interest rates will go up or down on home loans so if you prefer a more stable approach consider opting for a fixed rate loan.

What happens when you default on your mortgage?

A mortgage default occurs when you are 90 days or more behind on your mortgage repayments. Late repayments will often incur a late fee on top of the amount owed which will continue to gather interest along with the remaining principal amount.

If you do default on a mortgage repayment you should try and catch up in next month’s payment. If this isn’t possible, and missing payments is going to become a regular issue, you need to contact your lender as soon as possible to organise an alternative payment schedule and discuss further options.

You may also want to talk to a financial counsellor. 

How personalised is my rating?

Real Time Ratings produces instant scores for loan products and updates them based what you tell us about what you’re looking for in a loan. In that sense, we believe the ratings are as close as you get to personalised; the more you tell us, the more we customise to ratings to your needs. Some borrowers value flexibility, while others want the lowest cost loan. Your preferences will be reflected in the rating. 

We also take a shorter term, more realistic view of how long borrowers hold onto their loan, which gives you a better idea about the true borrowing costs. We take your loan details and calculate how much each of the relevent loans would cost you on average each month over the next five years. We assess the overall flexibility of each loan and give you an easy indication of which ones are likely to adjust to your needs over time. 

How often is your data updated?

We work closely with lenders to get updates as quick as possible, with updates made the same day wherever possible.

How can I get a home loan with no deposit?

Following the Global Financial Crisis, no-deposit loans, as they once used to be known, have largely been removed from the market. Now, if you wish to enter the market with no deposit, you will require a property of your own to secure a loan against or the assistance of a guarantor.