MyState Bank has announced it will increase all variable home loans for new and existing customers by 0.25% per annum.
The rate increase for variable mortgages will be effective from 17 November.
MyState Bank Managing Director and CEO Brett Morgan said while the majority of borrowers remain ahead in repayments customers should call their bank if they have concerns about future repayments.
“Almost a third of MyState customers are six months or more ahead in their mortgages and 60% are at least one payment ahead.“
“However, please call the bank if circumstances change, we are here to listen and help.”