Personal & Business Customers

Types of Assistance Offered

There are several options which may be available to help you during this time.

Reduce your repayment to the minimum monthly repayment

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.

Access your redraw balance

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.

Switch to Interest Only repayments (Home Loan products only)

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.

Defer your Loan repayments

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.

Early access to business term deposit accounts

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 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.

Complaints & Feedback

We take your feedback seriously and aim to provide simple, easy to use and trustworthy services to our customers. If you are dissatisfied please use our complaint services to lodge a compliant.

Learn more

Frequently Asked Questions

How do I apply for further assistance?

Visit our website and click on the Apply for Hardship Assistance or contact us by phone on 138 001 option 2, option 3.

What kind of questions will the application ask me?

You will be asked questions in relation to your current financial position (eg. Income and expenditure details as well as Assets & Liabilities)

Do I need to provide paperwork to support the information provided in my application?

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

I am Self Employed, what do I need to provide to prove my income?

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.

What help can I get with my repayments?

Assistance options are Interest Only Repayments, Reduced Repayments or Deferred Repayments. Options available to you depend on your individual circumstances.

What accounts can be provided assistance?

Home Loans, Personal Loans & Commercial/Business Loans. Overdrafts and Transaction accounts are not eligible for assistance.

I have a commercial/business loan who do I speak to?

Our Hardship Team will be able to assist with your queries. You do not need to speak to your Business Relationship Manager.

Can I automatically get further assistance?

No, eligibility criteria applies and only customers that meet this criteria will receive assistance.

Will I be charged any fees or interest?

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.

Will this affect my Credit Rating?

No, provided you have an approved arrangement in place.

Will this assistance affect my future borrowing capabilities?

An approved arrangement will not affect future borrowing with MyState.

Can I still make repayments if I get assistance approved?

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 digital wallets or PayID, there are more ways than ever to access your money.