MyState Bank

Fixed Investment Loan (Principal and Interest) 2 Years (LVR < 80%)

Advertised Rate

2.79%

Fixed - 2 years

Comparison Rate*

4.11%

Maximum LVR
Less than 80%
Real Time Rating™

1.37

/ 5
Monthly Repayment

$1,231

based on $300,000 loan amount for 25 years

Advertised Rate

2.79%

Fixed - 2 years

Comparison Rate*

4.11%

Maximum LVR
Less than 80%
Real Time Rating™

1.37

/ 5
Monthly Repayment

$1,231

based on $300,000 loan amount for 25 years

Calculate repayment for MyState Bank product

I'd like to borrow

$

Loan term

years

Your estimated repayment

$1,231

based on $300,000 loan amount for 25 years

MICHAEL KIANG

5.0
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Pros and Cons

Pros and Cons

  • Lower than average interest rate
  • No ongoing fees
  • Split account option
  • No redraw and no offset
  • Discharge fee at end of loan
  • Maximum loan amount is limited to 79.9999% of the property's value
  • No repayment holidays

MyState Bank Features and Fees

MyState Bank Features and Fees

Details

Maximum LVR

Less than 80%

Total Repayments

Interest rate type

Fixed - 2 years

Borrowing range

Suitable for

Investors

Loan term range

1 - 30 years

Principal & interest

Interest only

Applicable states

ACT, NSW, NT, QLD, SA, TAS, VIC, WA

Make repayments

Fortnightly, Monthly, Weekly

Features

Extra repayments

Unlimited extra repayments

Redraw facility

Split interest facility

Loan portable

Repayment holiday available

Allow guarantors

Available for first home buyers

Fees

Total estimated upfront fees

$650

Application fee

$300

Valuation fee

$0

Settlement fee

$350

Other upfront fee

$0

Ongoing fee

$0

Discharge fee

$250

Application method

Online

Phone

In branch

Specials
  • Cashback Refinance your home or investment property and get $2000 as cashback*
    *Borrowers must reside in Tasmania. One cashback per loan application. Available on loans >$250k, LVR ≤ 80% and settled within 90 days of offer letter.

Other Restrictions

LVR < 80% applies to Tasmania only

Pros and Cons

  • Lower than average interest rate
  • No ongoing fees
  • Split account option
  • No redraw and no offset
  • Discharge fee at end of loan
  • Maximum loan amount is limited to 79.9999% of the property's value
  • No repayment holidays

MyState Bank Features and Fees

Details

Maximum LVR

Less than 80%

Total Repayments

Interest rate type

Fixed - 2 years

Borrowing range

Suitable for

Investors

Loan term range

1 - 30 years

Principal & interest

Interest only

Applicable states

ACT, NSW, NT, QLD, SA, TAS, VIC, WA

Make repayments

Fortnightly, Monthly, Weekly

Features

Extra repayments

Unlimited extra repayments

Redraw facility

Split interest facility

Loan portable

Repayment holiday available

Allow guarantors

Available for first home buyers

Fees

Total estimated upfront fees

$650

Application fee

$300

Valuation fee

$0

Settlement fee

$350

Other upfront fee

$0

Ongoing fee

$0

Discharge fee

$250

Application method

Online

Phone

In branch

Specials
  • Cashback Refinance your home or investment property and get $2000 as cashback*
    *Borrowers must reside in Tasmania. One cashback per loan application. Available on loans >$250k, LVR ≤ 80% and settled within 90 days of offer letter.

Other Restrictions

LVR < 80% applies to Tasmania only

FAQs

What is the average annual percentage rate?

Also known as the comparison rate, or sometimes the ‘true rate’ of a loan, the average annual percentage rate (AAPR) is used to indicate the overall cost of a loan after considering all the fees, charges and other factors, such as introductory offers and honeymoon rates.

The AAPR is calculated based on a standardised loan amount and loan term, and doesn’t include any extra non-standard charges.

Remaining loan term

The length of time it will take to pay off your current home loan, based on the currently-entered mortgage balance, monthly repayment and interest rate.

Why should you trust Real Time Ratings?

Real Time Ratings™ was conceived by a team of data experts who have been analysing trends and behaviour in the home loan market for more than a decade. It was designed purely to meet the evolving needs of home loan customers who wish to merge low cost with flexible features quickly. We believe it fills a glaring gap in the market by frequently re-rating loan products based on the changes lenders make daily.

Real Time Ratings™ is a new idea and will change over time to match the frequently-evolving demands of the market. Some things won’t change though – it will always rate all relevent products in our database and will not be influenced by advertising.

If you have any feedback about Real Time Ratings™, please get in touch.

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. 

Savings over

Select a number of years to see how much money you can save with different home loans over time.

e.g. To see how much you could save in two years by switching mortgages,  set the slider to 2.

Mortgage Calculator, Interest Rate

The percentage of the loan amount you will be charged by your lender to borrow. 

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.

Mortgage Balance

The amount you currently owe your mortgage lender. If you are not sure, enter your best estimate.

Mortgage Calculator, Loan Term

How long you wish to take to pay off your loan. 

Mortgage Calculator, Loan Amount

How much you intend to borrow. 

What is a specialist lender?

Specialist lenders, also known as non-conforming lenders, are lenders that offer mortgages to ‘non-vanilla’ borrowers who struggle to get finance at mainstream banks.

That includes people with bad credit, as well as borrowers who are self-employed, in casual employment or are new to Australia.

Specialist lenders take a much more flexible approach to assessing mortgage applications than mainstream banks.

Does each product always have the same rating?

No, the rating you see depends on a number of factors and can change as you tell us more about your loan profile and preferences. The reasons you may see a different rating:

  • Lenders have made changes. Our ratings show the relative competitiveness of all the products listed at a given time. As the listing change, so do the ratings.
  • You have updated you profile. If you increase your loan amount, the impact of different rates and fees will change which loans are the lowest cost for you.
  • You adjust your preferences. The more you search for flexible loan features, the more importance we assign to the Flexibility Score. You can also adjust your Flexibility Weighting yourself, which will recalculate the ratings with preference given to more flexible loans.

Monthly Repayment

Your current monthly home loan repayment. To accurately calculate how much you could save, an accurate payment figure is required. If you are not certain, check your bank statement.

How much are repayments on a $250K mortgage?

The exact repayment amount for a $250,000 mortgage will be determined by several factors including your deposit size, interest rate and the type of loan. It is best to use a mortgage calculator to determine your actual repayment size.

For example, the monthly repayments on a $250,000 loan with a 5 per cent interest rate over 30 years will be $1342. For a loan of $300,000 on the same rate and loan term, the monthly repayments will be $1610 and for a $500,000 loan, the monthly repayments will be $2684.

What is appreciation or depreciation of property?

The increase or decrease in the value of a property due to factors including inflation, demand and political stability.

What is a redraw fee?

Redraw fees are charged by your lender when you want to take money you have already paid into your mortgage back out. Typically, banks will only allow you to take money out of your loan if you have a redraw facility attached to your loan, and the money you are taking out is part of any additional repayments you’ve made. The average redraw fee is around $19 however there are plenty of lenders who include a number of fee-free redraws a year. Tip: Negative-gearers beware – any money redrawn is often treated as new borrowing for tax purposes, so there may be limits on how you can use it if you want to maximise your tax deduction.

Mortgage Calculator, Deposit

The proportion you have already saved to go towards your home. 

What is breach of contract?

A failure to follow all or part of a contract or breaking the conditions of a contract without any legal excuse. A breach of contract can be material, minor, actual or anticipatory, depending on the severity of the breaches and their material impact.

What is a building in course of erection loan?

Also known as a construction home loan, a building in course of erection (BICOE) loan loan allows you to draw down funds as a building project advances in order to pay the builders. This option is available on selected variable rate loans.

How is the flexibility score calculated?

Points are awarded for different features. More important features get more points. The points are then added up and indexed into a score from 0 to 5.