Finty
MyState Bank

MyState Bank Standard Variable Loan

Variable rateOffsetRedraw

MyState offers a premium variable rate product for customers seeking a home loan in excess of $30,000. If you're buying or building your own home, a residential investment property, a block of land, looking to refinance your home loan from another lender or simply topping up your existing home loan with MyState, now is the time to take advantage of this great offer.

Written byDavid Boyd
Interest rate a year, from
8.62%
Comparison rate
8.68%
Upfront fees
$1,200
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 8.62% (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
$4,665
Total repayments
$1,679,257
Interest
$1,079,257

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 100%8.62%8.68%
VariableLive inInterest onlyUp to 80%9.02%9.07%
VariableInvestmentPrincipal and interestUp to 95%8.62%8.68%
VariableInvestmentInterest onlyUp to 90%9.02%9.07%

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
Yes
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

8.62%

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

Comparison rate

8.68%

For the same rate. Typical is 6.70%.

Upfront fees

$1,200

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.
  • An offset account. Money in it is taken off your balance when interest is worked out, so your savings and pay cut the interest while staying easy to reach.
  • 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

  • A higher variable rate. 8.62%, above the typical 6.62%. On a $600,000 loan, every 0.10% more costs about $600 a year.
  • Higher upfront fees. $1,200, above the typical $600, which adds to the cash you need at settlement.
  • 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.