Unlock the equity in your home
If you’re a homeowner, before you put that next big purchase on your credit card, you may want to consider a line of credit on your home loan.
Laine GordonSep 6, 2011( 3 min read )
Fixed Home Loan (Principal and Interest) 3 Years (LVR < 80%)
Discount Variable Home Loan
special
$0 application feeMake the move to UBank's award winning home loan
Advertised Rate
2.84%
Variable
Comparison Rate*
2.84%
Owner Occupier Discounted Variable Rate
No upfront or ongoing feesExtra repayments + redraw services
View NowPromotedUBank terms and conditions
Advertised Rate
3.19%
Fixed - 3 years
Comparison Rate*
4.42%
Maximum LVR
80%
Monthly Repayment
$1,452
Pros and Cons
Pros
- No ongoing fees
- Repayments will not change during fixed period
Cons
- No redraw and no offset
- Discharge fee at end of loan
- Repayments won't decrease if RBA cuts rates
MyState Bank Fees and Features
Maximum LVR 80% | Interest rate structure Fixed - 3 years |
Borrowing range $30k - $3m | Total Repayments $435,600 |
Principal & interest | Interest only |
Loan term range 1 - 30 years | Offset account No |
Extra repayments Unlimited extra repayments | Redraw facility |
Allows split interest | Suitable For Owner Occupiers |
Applicable States ACT, NSW, NT, QLD, SA, TAS, VIC, WA | |
Estimated upfront fees $900 | Application fee $600 |
Settlement fee $300 | Valuation fee $0 |
Legal fee $0 | Ongoing fee $0 |
Discharge fee $250 | Property Type |
SMSF Trustee | Minimum SMSF Amount |
Compare and review home loans with similar features
MyState is an Australian financial group that was founded as the Connect Credit Union. It was renamed MyState Bank in 2014 and is the largest Tasmanian-owned financial organisation.
MyState is based in Hobart and provides a range of financial products, such as personal, business and home loans, bank accounts, credit cards, insurance and agribusiness. It also has a wealth management service that offers financial planning and investment advice.
MyState Home Loan Calculator
Interested in a MyState home loan? RateCity has a suite of calculators that can show you what your repayments would be and how MyState compares to its competitors. Simply plug in your borrowing amount below.
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FAQs
What is the difference between fixed, variable and split rates?
A fixed rate home loan is a loan where the interest rate is set for a certain amount of time, usually between one and 15 years. The advantage of a fixed rate is that you know exactly how much your repayments will be for the duration of the fixed term. There are some disadvantages to fixing that you need to be aware of. Some products won’t let you make extra repayments, or offer tools such as an offset account to help you reduce your interest, while others will charge a significant break fee if you decide to terminate the loan before the fixed period finishes.
A variable rate home loan is one where the interest rate can and will change over the course of your loan. The rate is determined by your lender, not the Reserve Bank of Australia, so while the cash rate might go down, your bank may decide not to follow suit, although they do broadly follow market conditions. One of the upsides of variable rates is that they are typically more flexible than their fixed rate counterparts which means that a lot of these products will let you make extra repayments and offer features such as offset accounts.
Split rates home loans
A split loan lets you fix a portion of your loan, and leave the remainder on a variable rate so you get a bet each way on fixed and variable rates. A split loan is a good option for someone who wants the peace of mind that regular repayments can provide but still wants to retain some of the additional features variable loans typically provide such as an offset account. Of course, with most things in life, split loans are still a trade-off. If the variable rate goes down, for example, the lower interest rates will only apply to the section that you didn’t fix.