Finty
MyState Bank

MyState Bank Basic Variable Loan

Variable rateRedraw

Get a loan that's simple to use and easy to understand. Just a great low rate that helps you pay your home off faster. Available on new loans $100,000+, borrowing less than 90% of the property value subject to loan approval and lenders mortgage insurance requirements, with flexible repayment options, weekly, fortnightly or monthly.

Written byDavid Boyd
Interest rate a year, from
6.29%
Comparison rate
6.32%
Upfront fees
$1,900
Annual fee
Not published
Monthly fee
Not published

Monthly repayment

$600,000 over 30 years

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What it would cost

At the lowest rate of 6.29% (variable, live in, principal and interest). The rate you are offered depends on your deposit and the loan you choose, and upfront fees are not included.

Monthly repayment
$3,710
Total repayments
$1,335,574
Interest
$735,574

Rates

Every rate MyState Bank publishes for this loan. LVR is the loan as a share of the property's value: 80% for a 20% deposit.

RatePropertyRepaymentsLVRInterest rateComparison rate
VariableLive inPrincipal and interestUp to 60%6.29%6.32%
VariableLive inPrincipal and interest60% to 70%6.29%6.32%
VariableLive inPrincipal and interest70% to 80%6.44%6.47%
VariableLive inPrincipal and interest80% to 90%6.64%6.67%
VariableLive inPrincipal and interestUp to 98%6.44%6.47%
VariableLive inPrincipal and interest90% to 100%7.54%7.57%
VariableLive inInterest onlyUp to 80%6.74%6.77%
VariableInvestmentPrincipal and interestUp to 60%6.44%6.49%
VariableInvestmentPrincipal and interest60% to 70%6.44%6.49%
VariableInvestmentPrincipal and interest70% to 80%6.49%6.54%
VariableInvestmentPrincipal and interest80% to 90%6.89%6.94%
VariableInvestmentPrincipal and interest90% to 95%7.64%7.69%
VariableInvestmentInterest onlyUp to 60%6.54%6.59%
VariableInvestmentInterest only60% to 70%6.54%6.59%
VariableInvestmentInterest only70% to 80%6.59%6.64%
VariableInvestmentInterest only80% to 90%6.99%7.04%

Comparison rates are for an example loan of $150,000 over 25 years. WARNING: This comparison rate is true only for the example given and may not include all fees and charges. Different terms, fees or other loan amounts might result in a different comparison rate.

Fees and features

Fees

Upfront fees
$1,900
Annual fee
Not published
Monthly fee
Not published

Features

Offset account
No
Redraw
Yes
Highest LVR
100%
Loan amount
Not published

How it compares

Against the other home loans we compare, for a home you live in with a 20% deposit. Typical means the middle half of them.

Variable rate

6.44%

For a home you live in, paying principal and interest. Typical is 6.62%.

Comparison rate

6.47%

For the same rate. Typical is 6.70%.

Upfront fees

$1,900

Typical upfront fees are $600.

Smallest deposit

0%

Most loans need at least 10% of the price.

Pros and cons

Pros

  • A smaller deposit. You can borrow with 0% down, so you may buy sooner. Under 20%, lenders mortgage insurance usually applies.
  • Extra repayments. Paying more than the minimum pays the loan off sooner and cuts the interest you pay.
  • Redraw. You can take back extra repayments later if you need the money.
  • No early repayment fee listed. You can pay the loan off early, or refinance, without a penalty. Check the terms to be sure.
  • Interest only available. Some investors use it to keep repayments down for a few years, though the balance doesn't fall in that time.

Cons

  • Higher upfront fees. $1,900, above the typical $600, which adds to the cash you need at settlement.
  • No offset account. Your savings can't reduce the interest unless you pay them into the loan.
  • A $30 late payment fee. Setting up automatic repayments avoids it.

Similar home loans

Home loans from other lenders with a similar starting variable rate, for a home you live in with a 20% deposit.