If you have a MyState Bank variable rate home loan, we don’t automatically reduce your repayment to the minimum monthly repayment. We leave the decision in your hands at the time of each interest rate change.

So, if you’re currently paying over and above your minimum monthly repayment amount, you can reduce this to the minimum repayment amount.

This will not effect your credit report or days past due. To look up your minimum monthly payment go Internet Banking or the Mobile Banking App and view the details of your loan.

If you have an eligible variable rate home loan and you have been making repayments over and above your minimum monthly repayment amount, you may have funds available in your redraw facility. Your redraw balance is the amount you have already paid off your loan in excess of the minimum repayments required.

To access:

• You need to have an eligible home loan and
• You just need to be ahead on your home loan by one month

Then you can redraw any additional amount that you have paid in advance of your minimum repayments. You can redraw funds easily through internet banking or our mobile app.

A few things to note:
There is no minimum withdrawal amount – previously the minimum redraw amount was $500.
It is free to redraw online but we’re also waiving the redraw fee if you need to visit a branch.

If you are currently paying the Principal + Interest on your home loan you can switch to paying Interest Only for an approved period of time. Your repayments will be less than your current Principal and Interest repayment.

Important to note:
You’d be paying more interest over the life of your loan. At the end of the period, you would revert to Principal & Interest repayments which could be substantially higher.
Interest Only loans generally have a higher interest rate and you wouldn’t be paying down your loan during the approved period.

To apply to switch to interest only payments, please fill out the hardship assistance form. We will then determine your eligibility for this switch.

If you are experiencing ongoing financial difficulty, and you will be unable to meet your revised minimum repayment, we encourage you to fill out the form on the website as soon as possible. Our collection team will be in touch with you to discuss the options available.

As each and every situation is unique, we will work with you to find the best support option that suits your needs. We will however require additional information including an overview of your financial position and other information to enable us to assess your request and provide assistance.

We encourage you, wherever possible, to start your loan repayments as this is in your best interest as interest and fees are capitalised during the assistance period.

For example, a further deferral of 6 months on a loan of $450,000, with 25 years remaining on the loan term, will add approximately $6,700 additional interest over the life of the loan.

If you have a small business which is affected by COVID-19, then we will allow you early access to these funds.