• Skip to content
  • Skip to internet banking login
  • Skip to login options
  • Skip to search
Interest rate changes for MyState Bank customersInterest rate changes for MyState Bank customersInterest rate changes for MyState Bank customersInterest rate changes for MyState Bank customers
  • Banking
    • Transaction accounts
      • Glide account
      • Access Assist account
      • Basic account
      • SMSF options
    • Savings accounts
      • Bonus Saver account
      • Special eSaver account
      • Christmas account
      • SMSF options
      • Interest rates
    • Term Deposits
      • Interest rates
    • Online banking
      • Other ways to bank
      • Digital wallets
      • PayID
      • Personalised insights
      • PayTo
    • Calculators
      • Savings plan calculator
      • Budget planner
      • Term Deposit calculator
      • Income tax calculator
  • Home loans
    • Products
      • Basic Variable home loan
      • Special Residential home loan
      • Fixed Rate home loan
      • Standard Variable home loan
      • Residential Investment home loan
      • Interest rates
    • Calculators
      • Borrowing power calculator
      • Home loan repayment calculator
      • Extra repayments calculator
      • Lump sum payment calculator
      • Split loan calculator
      • Stamp duty calculator
      • Key fact sheet calculator
    • Next move
      • Increase your home loan
      • Buy my first home
      • Refinancing my existing home
      • Buy my next home
      • Build my new home
      • Renovate my home
      • Invest in property
  • Personal loans
  • Insurance
    • Home insurance
      • Home & contents insurance
      • Landlord insurance
    • Other insurance
      • Car insurance
      • Travel insurance
      • Caravan insurance
      • Boat insurance
    • Resources
      • Start a CGU claim
      • Are you under insured?
      • Guide to value your home and contents
      • Home contents insurance calculator
      • Home building insurance calculator
      • Start a St Andrew’s CCI claim
  • Business
    • Savings & investments
      • Business Online Saver
      • Term Deposits
      • Interest rates
    • Transaction accounts
      • Everyday Business account
  • About us
    • The human way to bank
      • Our company
      • MyState Limited
      • Customer charter
      • Banking code of practice
      • Sustainability
      • Reconciliation
      • Careers
    • Media centre
      • Important information
      • Mobile app
      • ASX announcements
    • Community
      • MyState Bank Arena
      • Tasmania JackJumpers
      • MyState Foundation
  • Help
    • Help & support
      • Help centre
      • Complaints & feedback
      • Financial hardship
      • Customer care
      • Extra care
      • Deceased estates
    • Security
      • Bank online securely
      • Smartphone security
      • Protect your identity
      • Stay scam smart
      • Shop online safely
      • Safe travels
    • Contact us
      • Email us
      • Visit a branch
Business Internet Banking Inward Telegraphic Transfer
Login
✕

Interest rate changes for MyState Bank customers

  • Home
  • About us
  • Media Centre
  • Home Loans
  • Interest rate changes for MyState Bank customers

Interest rate changes for MyState Bank customers

05/05/2022
Interest Rate Change

Following the Reserve Bank of Australia’s (RBA) May meeting, MyState Bank has completed a review of its current interest rates.

The RBA has lifted official interest rates for the first time in more than 11 years, from a record low 0.1% to 0.35%.

For MyState Bank home loan customers, interest rates will increase by 25 basis points (0.25%), effective the 19 May 2022 for new loans and existing loans.

MyState Bank’s General Manager Banking Huw Bough said MyState Bank is always focused on keeping interest rates competitive for both deposit and lending customers.

“We are announcing an increase to a number of term deposit rates. We know many of our customers have built up significant savings over the past few years – it could be for a first home or funding their retirement. With low wage growth, our customers have worked hard to save. We want to make sure their savings work hard too,” said Mr Bough.

“After 11 years without an interest rate rise, some customers may not have previously experienced a rate rise, so we understand there may be many questions and concerns. However, as a responsible lender we strictly assess customers’ repayment capacity, and include a serviceability buffer above current interest rates. Many of our customers are also ahead on their repayments, putting them in a better position to withstand an interest rate rise.”

Some helpful tips for MyState customers
  • All customers who have a variable rate owner occupied or investment loan will be advised directly by MyState Bank of any changes to their rate and repayments this month.
  • If you’re currently making extra repayments that are the same as or more than your new repayment amount you don’t need to do anything. By making extra repayments you’re reducing the amount of interest you pay over the life of your loan.
  • If you pay your loan by electronic transfer you’ll need to update your repayment amount via Online Banking.
  • If you have a direct debit set up from a nominated bank account you should check your direct debit details to make sure they’re still meeting your new minimum repayment amount. If you’ve chosen to let us update the direct debit amount so that it always equals the minimum repayment amount, you don’t have to do anything more. But if you’ve chosen to set your own repayment amount, you’ll need to make sure this still covers your new minimum repayment.
  • If you’ve asked your employer to credit your loan account directly you might need to update the repayment amount to reflect your new minimum repayment, so get in touch with your employer directly and let them know your new repayment details.
  • If you’re experiencing difficulty, please call us as soon as possible. Our specialist Customer Care Teams can work with you.
  • If you have any questions, you can send us a message via Internet Banking or contact our friendly Customer Care Team on 138 001.
Share

Related posts

28/04/2025

Win your share of mega cash prizes – just by using your MyState Visa Debit card!


Read more
Interest Rate Changes
31/03/2025

Notice to Customers – Changes to Terms & Conditions Deposit Accounts & Electronic Banking – Effective 30 April 2025


Read more
31/03/2025

A new layer of protection for your payments


Read more

Recent Articles

  • Mother’s Day gifts she’ll actually love (and won’t break the bank)
    08/05/2025
  • Win your share of mega cash prizes – just by using your MyState Visa Debit card!
    28/04/2025
  • Scam alert – Election season scams are on the rise
    17/04/2025

Categories

  • Community
  • Home Loans
  • Important Information
  • Insurance
  • Mobile App
  • Personal Loans
  • Saving Accounts
  • Scams
  • Security
  • Term Deposits
  • Transaction Accounts

Archives

  • May 2025
  • April 2025
  • March 2025
  • February 2025
  • December 2024
  • November 2024
  • October 2024
  • September 2024
  • August 2024
  • July 2024
  • June 2024
  • May 2024
  • April 2024
  • February 2024
  • January 2024
  • December 2023
  • November 2023
  • September 2023
  • July 2023
  • June 2023
  • May 2023
  • March 2023
  • February 2023
  • January 2023
  • December 2022
  • November 2022
  • October 2022
  • September 2022
  • August 2022
  • July 2022
  • June 2022
  • May 2022
  • April 2022
  • March 2022
  • February 2022
  • January 2022
  • December 2021
  • November 2021
  • October 2021
  • September 2021
  • August 2021
  • July 2021
  • June 2021
  • May 2021
  • April 2021
  • March 2021
  • January 2021
  • December 2020
  • November 2020
  • October 2020
  • September 2020
  • August 2020
  • July 2020
  • May 2020
  • March 2020
  • February 2020
  • January 2020

Site Search

✕
Banking Transaction accounts Saving accounts Term Deposits Online banking
Home loans Basic Variable home loan Fixed Rate home loan Special Residential home loan Home loan repayment calculator
Insurance Car insurance Home insurance Travel insurance Landlord insurance
About us Media centre Community Careers Our company
Help Help & support Financial hardship Security Contact us
MyState Limited
Privacy
Security
Disclosure Documentation
Target Market Determinations

Any advice on this website does not take into account your personal objectives, financial situation or needs and you should consider whether it is appropriate for you. Please consider the relevant Disclosure Documentation and Target Market Determinations before acquiring any product. Please review our Financial Services Guide (FSG) before accessing information on this website. Loan applications are subject to MyState's credit approval criteria. Terms and conditions, fees and charges may apply. Information, including any rates, are current as at 2 May 2025 and are subject to change.

© MyState Bank Limited (MyState Bank) ABN 89 067 729 195 AFSL 240896 Australian Credit Licence Number 240896. A wholly owned subsidiary of MyState Limited ABN 26 133 623 962.

MyState’s BSB number : 807-009