COVID-19
In times of uncertainty, you can be certain we’re here for you
Personal & Business Customers
Types of Assistance Offered
There are several options which may be available to help you during this time.
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.
Australian Banking Association (ABA) Financial Assistance Hub
For the first time, banks are unveiling an industry-wide Financial Assistance Hub www.ausbanking.org.au/assistance. The site aims to inform and assist bank customers so they know exactly where they stand, and how banks can assist them when they are experiencing financial stress. This support includes clear and constructive information on what people can expect as they handle financial stress and what steps they can take to get out of it.
Many things can lead to financial difficulty, the guidance in the Financial Assistance Hub is designed to help you understand the options that may be available if you are struggling financially. This information is only a guide, so it is a good idea to contact MyState as soon as possible to discuss your situation.
Frequently Asked Questions
Visit our website and click on the Apply for Hardship Assistance or contact us by phone on 138 001 option 2, option 3.
You will be asked questions in relation to your current financial position (eg. Income and expenditure details as well as Assets & Liabilities)
.Yes, we will need proof of all income including salary, rental and Centrelink and we may require loan and transaction statements. These can be emailed to hardship@mystate.com.au
Ideally we would like the 19/20FY Financials, or the BAS for quarter ending Mar 2020, June 2020, September 2020 & December 2020. If you are not required to lodge BAS we will need the transaction statements for your bank account that the business is operating out of.
Assistance options are Interest Only Repayments, Reduced Repayments or Deferred Repayments. Options available to you depend on your individual circumstances.
Home Loans, Personal Loans & Commercial/Business Loans. Overdrafts and Transaction accounts are not eligible for assistance.
Our Hardship Team will be able to assist with your queries. You do not need to speak to your Business Relationship Manager.
No, eligibility criteria applies and only customers that meet this criteria will receive assistance.
Normal Loan Interest will continue to accrue and debit the account on a monthly basis. Arrears fees may apply if agreed Interest Only or Reduced Repayments are not made on time.
No, provided you have an approved arrangement in place.
An approved arrangement will not affect future borrowing with MyState.
Yes you can, you can also cancel the assistance at any time and recommence your normal monthly repayments. This will reduce the amount of interest charged. MyState encourage you to return to normal payments as soon as possible.
Ways to bank with us
From banking easily on the go with the Mobile App, or at home through Internet Banking, to making faster payments with mobile wallets or PayID, there are more ways than ever to access your money.
