Residential Investment Home Loan

A Residential Investment Loan is designed to help you buy an investment property. MyState Bank has options and features that may help you with your goals.

This investment home loan can be split between a variable investment home loan interest rate and a fixed investment home loan rate. Available on new loans $100,000+ borrowing up to 90% of the property value3 with flexible repayment options – weekly, fortnightly or monthly.

1 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.

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 Loan applications are subject to our normal credit approval criteria and may also require approval of a Lenders Mortgage Insurer. Interest rates may vary based on your loan to property value ratio.

A home loan for every stage of life

Frequently Asked Questions

What will I need when applying for a home loan?

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
How can I improve my chances of the loan being approved?

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.
How do I apply for a home loan?

You can complete our online application, make an appointment or call us on 138 001.

How do investment loans impact home buying?

Home loans are available for both owner-occupied property purchases (such as your primary family home) as well as investment properties that are intended to be rented out and used as a supplementary form of personal income. What you intend to do with your property will affect things like your home loan interest rates as well as your eligibility for government initiatives such as the first home loan deposit scheme.

Ready to learn more about our investment home loans? Make an appointment to start your application online today or call us on 138 001 to speak with a representative.

Do investment home loans cost more?

Typically, investment home loan interest rates are slightly higher than residential home loans where the applicant is intending to live in the property they are purchasing. When you choose a smaller, more personal bank like MyState Bank, customers may receive competitive interest rates as well as access to additional customer care resources that help keep your home loan, your transaction accounts and other accounts personalised and easy to manage and maintain.

We also offer our customers access to a range of online banking and money management tools like our home loan repayment calculator and a borrowing power calculator. Use these calculators to discover what you can comfortably afford to repay for your investment property home loan ahead of submitting your application. This helps us to see that you know what your borrowing power is, and you are prepared to manage your repayments.

Is it hard to get an investment home loan?

To be eligible for any of our home loan products, applicants must be at least 18 years of age, an Australian citizen or a permanent resident living within Australia. You must be applying for a home loan in your name and have a good credit rating.

Lenders use a range of assessment criteria to determine what kind of home loan will work best for their customers. At MyState Bank, we put you first. We want to find you a great investment home loan that remains flexible over the term of the loan and is also comfortable to repay. You can increase your chances of getting approved for your loan by showcasing a strong and solid savings history within a dedicated savings account. This helps your lender to understand how you manage money and what you can comfortably afford to repay.

What do people look for in investment home loans?

The price of an investment home loan is often the first thing that potential customers will consider. Lower interest will mean the total cost of your loan is lower overall but there are other considerations that you may like to make before you opt for a specific loan product. Flexibility is a big one. Depending on your financial circumstances and your goals, you may wish to secure a variable investment home loan that allows for quick and easy redraws, as well as the ability to make additional repayments throughout the term of the loan, essentially lowering the total cost of interest paid. Fixed rate home loans also give you certainty over your repayment amount throughout the term of the loan whereas a variable rate home loan will mean your repayments will change when your interest rate does.

MyState Bank offer customers three types of investment home loan:

  • Basic Variable Investment Home Loan – this is our ‘no frills’ variable rate option and usually our lowest variable rate option with the lowest fees.
  • Special Residential Investment Home Loan – this is our full featured variable rate home loan offering offset account functionality.
  • Fixed Rate Investment Home Loan – this option offers certainty over your repayment amount as well as protection against interest rate increases for the fixed rate term. Restrictions on additional payments and redraw facilities apply.

To find out how our investment home loans can help you achieve your financial dreams, please feel free to book an appointment with a representative. You can book online or call our customer care team on 138 001.

Resources

Credit Guide

Privacy Policy

Fees & Charges for Household & Personal Lending

Interest Rates for Household & Personal Lending

Lenders Mortgage Insurance (LMI) Customer Fact Sheet

ABA LMI Guiding Principles

Calculators

1 Interest rate available for new lending on owner-occupied, principal and interest loans less than 60% 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 Loan applications are subject to our normal credit approval criteria and may also require approval of a Lenders Mortgage Insurer. Interest rates may vary based on your loan to property value ratio.

4 Redraw availability dependent on available funds & the type of home loan you have. You should consider your personal circumstances and the impact redrawing funds will have on you before proceeding.