No matter where you're at, we can help. With over 50 years experience our local, friendly staff can help you understand our products when it comes to refinancing your existing home loan.
Planning to refinance
Whether you’re looking to pay off your home loan sooner, keep your repayments low, or simply want the flexibility to move or renovate as you please, refinancing your home loan subject to meeting credit criteria and approvals MyState Bank can help you achieve better value and more competitive loan options.
When it comes to refinancing, there are some important things to consider.
Don’t just look for the lowest interest rate. Compare the interest rates, fees, and features of your current home loan to your other home loan options. If you’re adjusting your home loan to suit your changing lifestyle think about what’s changing and what you need to accommodate that change. There’s no point refinancing to a lower rate home loan and then paying for features you don’t need.
Do the maths. Are there any establishment fees associated with starting your new loan? Are there any government charges involved? Make sure you’re aware of any additional costs that might arise if you change loans so you can be sure it’s not actually costing you more to refinance.
To apply to refinance your home loan or discuss your options with a local lending expert, you can make an appointment, complete our online application form, call our Customer Care team on 138 001 or drop into your nearest MyState Bank branch.
At MyState Bank, we make switching your home loan easy, and we guarantee you’ll have a decision on your new loan in 60 minutes. Just call us on 138 001 or make an appointment to visit us in branch and we’ll get your application underway. It’s as simple as that.
With a MyState Bank home loan, you’ll benefit from:
- No monthly account keeping fees
- Competitive interest rates
- A great range of home loan feature
- The freedom and flexibility to tailor a loan to suit you
View and compare our home loan products to find the right loan for you.
Applying for pre-approval
Having a pre-approved ‘yes’ from MyState Bank gives you the ability to say ‘yes’ too. Pre-approval allows you to make an offer quicker, with the confidence of knowing exactly how much you can afford to spend. To find out more about home loan pre-approval make an appointment online with your local lending expert today.
Make an appointment
The application process
Applying for a home loan with MyState Bank is easy, and we’ll keep you up to date with what’s happening every step of the way. Check out our step-by-step guide to the application process below.
Download our home loan checklist to help you get your documents ready, then drop into your nearest branch or call 1300 092 468 to begin the application process. We’ll process your loan application on the spot, subject to an employment check, valuation & lender’s mortgage insurance. You’ll have a decision on your home loan within 60 minutes, guaranteed.
We’ll check your documents, including your employment history, to verify that they’re all correct.
We’ll order a valuation to verify the value of your preferred property. The valuer will get in touch with the real estate agent directly and arrange the valuation; then report back to us.
If it’s required, we’ll apply for Lender’s Mortgage Insurance. If you have a sizeable deposit, you may not need it. We’ll let you know either way.
At this stage, once your details have all been verified, the valuation is satisfactory and mortgage insurance (if required) approved, we’ll unconditionally approve your loan, which is a 100% guarantee that we’ll be financing your home loan.
At this stage, your loan will be opened, and the arrangements to book settlement will be made with your conveyancer and settlement will take place at an agreed time.
Enjoy up to $3,000 cashback when you refinance your home loan to MyState Bank!
Refinance your home or investment property loan through MyState Bank by 30 June 2022 and receive a bonus of up to $3,000!* Now is a great time to refinance your property loan. What are you waiting for?
The following conditions apply:
Only available for refinances from other financial institutions. Loan applicants must have an open MyState savings or transaction account prior to loan settlement. Loan to Valuation Ratio equal to or less than 80%. Minimum refinance amount $250,000. Settled by 30/09/2022. Full terms & conditions below.*
* The refinance cash back offer (cash back) is available for refinances from other financial institutions and can be withdrawn at any time.
$2,000 cash back where the refinance amount is between $250,000 and $499,999.
$3,000 cash back where the refinance amount is $500,000 or more.
The refinance amount excludes cash out, top-ups and new loans. The loan to value ratio (LVR) must be equal to or less than 80%.
Eligible loan applications to be submitted between 04/10/2021 and 30/06/2022 (Offer Period) and settled by 30/09/2022. The Offer Period may be adjusted at any time.
Loan applicants must have an open MyState savings or transaction account (Account) prior to loan settlement. The Account must be opened in the same name/s as the loan applicant/s. The cash back will be paid into the Account within 2 weeks following settlement. Terms & conditions, fees & charges apply and are subject to change. Loan applications are subject to MyState's credit approval criteria. Please seek independent tax advice before acquiring the product.
The offer is only available once per customer / borrowing entity within the Offer Period. If a customer refinances more than one loan, they will only receive the cash back once. Where there is more than one borrower, only one cash back will be paid and all borrowers are considered to have received a cash back. If any of the borrowers have received the cash back in the Offer Period, no further cash backs will be payable on any future refinance where that individual/borrowing entity is a borrower.
MyState Bank Home Loan Products
Basic Variable Home Loan
Simple and to the point. Save money with a great low rate.
Special Residential Home Loan
A 100% interest offset facility. Reduce the amount of interest you repay.
Fixed Rate Home Loan
Simple and to the point. Save money with a great low rate.
Frequently Asked Questions
You need to be
- At least 18 years old
- An Australian citizen or permanent resident
- Applying in your own name
- Have a good credit rating
You will need to have
- Two forms of ID (driver's licence, Australian passport or Medicare card)
- Two payslips (if you have an employer)
- Your most recent tax assessment (if you are self-employed)
A little bit of time
- About 20 minutes
You can give yourself the best chance possible by:
- Work out your borrowing capacity, what repayments can you afford? We will use a range of criteria to decide how much you are eligible to borrow, but you need to be comfortable that you can afford to repay the loan.
- Establish a good banking history, keep your accounts in good order.
- Keep your credit rating in good standing by staying on top of payments to avoid arrears, debts or missed payments.
- Save money, demonstrating your ability to save regularly shows a history of managing money responsibly.
1 Interest rate available for new lending on owner-occupied, principal and interest loans less than or equal to 70% of property value. Other rates available for different loan terms.
2 Comparison rate based on $150,000 over 25 years. WARNING: This comparison rate applies only to the example or examples given. Different amounts and terms will result in different comparison rates. Costs such as redraw fees or early repayment fees, and cost savings such as fee waivers, are not included in the comparison rate but may influence the cost of the loan. Lending, credit criteria, terms/conditions, fees and charges apply and are subject to change.
3 Interest rate available on owner-occupied, principal and interest loans for eligible borrowers under the First Home Loan Deposit Scheme only. Other rates available for different loan terms.
4 Interest rate available for new lending on owner-occupied, principal and interest loans less than or equal to 60% of property value. Other rates available for different loan terms.