MyState Bank Fixed Rate Loan
Fixed rate
With a fixed interest home loan rate your repayments remain the same for the selected term. With a guaranteed interest rate you know exactly how much you're going to pay every time. At the end of the selected term, the home loan interest rate converts to our Standard Variable Home Loan rate current at that time. A fixed home loan rate is great if you're buying an owner-occupied home, investment property, vacant land or refinancing home loans from another lender, and if you want protection from interest rate increases and certainty of repayments.
- Interest rate a year, from
- 6.64%
- Comparison rate
- 8.45%
- Upfront fees
- $1,200
- Annual fee
- Not published
- Monthly fee
- Not published
Monthly repayment
$600,000 over 30 years
What it would cost
At the lowest rate of 6.64% (1 year fixed, 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
- $3,848
- Total repayments
- $1,385,215
- Interest
- $785,215
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.
| Rate | Property | Repayments | LVR | Interest rate | Comparison rate |
|---|---|---|---|---|---|
| 1 year fixed | Live in | Principal and interest | Up to 70% | 6.64% | 8.45% |
| 1 year fixed | Live in | Principal and interest | 70% to 80% | 6.69% | 8.48% |
| 1 year fixed | Live in | Principal and interest | 80% to 90% | 6.89% | 8.48% |
| 1 year fixed | Live in | Interest only | Up to 80% | 7.49% | 8.55% |
| 1 year fixed | Investment | Principal and interest | Up to 80% | 6.84% | 8.47% |
| 1 year fixed | Investment | Principal and interest | 80% to 90% | 7.04% | 8.50% |
| 1 year fixed | Investment | Interest only | Up to 80% | 6.94% | 8.49% |
| 1 year fixed | Investment | Interest only | 80% to 90% | 7.14% | 8.51% |
| 2 year fixed | Live in | Principal and interest | Up to 70% | 6.64% | 8.24% |
| 2 year fixed | Live in | Principal and interest | 70% to 80% | 6.69% | 8.26% |
| 2 year fixed | Live in | Principal and interest | 80% to 90% | 6.89% | 8.30% |
| 2 year fixed | Live in | Principal and interest | Up to 98% | 6.69% | 8.26% |
| 2 year fixed | Live in | Interest only | Up to 80% | 7.49% | 8.43% |
| 2 year fixed | Investment | Principal and interest | Up to 80% | 6.89% | 8.30% |
| 2 year fixed | Investment | Principal and interest | 80% to 90% | 7.09% | 8.35% |
| 2 year fixed | Investment | Interest only | Up to 80% | 6.99% | 8.33% |
| 2 year fixed | Investment | Interest only | 80% to 90% | 7.19% | 8.37% |
| 3 year fixed | Live in | Principal and interest | Up to 70% | 6.69% | 8.09% |
| 3 year fixed | Live in | Principal and interest | 70% to 80% | 6.74% | 8.10% |
| 3 year fixed | Live in | Principal and interest | 80% to 90% | 6.94% | 8.16% |
| 3 year fixed | Live in | Principal and interest | Up to 98% | 6.74% | 8.10% |
| 3 year fixed | Live in | Interest only | Up to 80% | 7.54% | 8.35% |
| 3 year fixed | Investment | Principal and interest | Up to 80% | 6.94% | 8.16% |
| 3 year fixed | Investment | Principal and interest | 80% to 90% | 7.14% | 8.22% |
| 3 year fixed | Investment | Interest only | Up to 80% | 7.04% | 8.20% |
| 3 year fixed | Investment | Interest only | 80% to 90% | 7.24% | 8.26% |
| 5 year fixed | Live in | Principal and interest | Up to 80% | 7.04% | 7.95% |
| 5 year fixed | Live in | Principal and interest | 80% to 90% | 7.24% | 8.04% |
| 5 year fixed | Live in | Interest only | Up to 80% | 7.84% | 8.32% |
| 5 year fixed | Investment | Principal and interest | Up to 80% | 7.14% | 7.99% |
| 5 year fixed | Investment | Principal and interest | 80% to 90% | 7.34% | 8.08% |
| 5 year fixed | Investment | Interest only | Up to 80% | 7.24% | 8.05% |
| 5 year fixed | Investment | Interest only | 80% to 90% | 7.44% | 8.14% |
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
- $1,200
- Annual fee
- Not published
- Monthly fee
- Not published
Features
- Offset account
- No
- Redraw
- No
- Highest LVR
- 98%
- 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.
Upfront fees
$1,200
Typical upfront fees are $600.
Smallest deposit
2%
Most loans need at least 10% of the price.
Pros and cons
Pros
- A smaller deposit. You can borrow with 2% 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.
- No early repayment fee listed. You can pay the loan off early, or refinance, without a penalty. Check the terms to be sure.
- Fixed rates on offer. You can fix for 1 to 5 years if you'd like repayments that don't change for a while.
- 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. $1,200, 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.