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 with MyState 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 branch.
At MyState, 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 home loan, you’ll benefit from:
- No monthly account keeping fees
- 60 minute home loan promise – get a decision on your home loan within the hour
- Competitive interest rates
- A great range of home loan features
- 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 a home loan with MyState 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.
Stage 1: Application
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.
Stage 2: Verification
We’ll check your documents, including your employment history, to verify that they’re all correct.
Stage 3: Valuation
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.
Stage 4: Lender’s Mortgage Insurance
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.
Stage 5: Unconditional approval
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.
Stage 6: Funding
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.
Things you can refinance for
Refinancing your home loan could allow you to unlock equity in your home. You can use this to start renovating, buy an investment property or to consolidate your debt by combining your credit cards and personal loans with your home loan.
MyState has worked with many homeowners to refinance their home loans. Our home loan experts can offer local knowledge, tailored home loan advice and will work with you to find a flexible home loan solution.