MyState home loans

MyState
MyState's overall rating for home loans

(as rated by the Mozo community)

6.6 / 10

based on 34 reviews

MyState has been around for 50 years, and takes pride in having strong roots in the Tasmanian community, where its headquarters are based. Plus, it took out a 2016 Mozo Experts Choice Award for best value fixed rate home loan, so what’s not to love?

Rates and fees verified as correct at 09 December, 2016. Other information correct at the time of writing.

What home loans do MyState offer?

Fixed Rate Home Loans Fixed Rate Home Loans

If you’re looking to borrow between $30,000 and $3,000,000, you can opt for an award winning fixed rate home loan from MyState. Available for up to 95% of the property’s value, you have the option to split your loan between fixed and variable rates, and to choose between weekly, fortnightly or monthly repayments. You can also make up to $10,000 in fee-free additional repayments during the fixed rate period. Keep in mind, application and settlement fees apply.

Home loan repayments calculator
years
Product Fixed 3 year rate Comparison Rate* Service fee Upfront fee Monthly repayments ‡

5.24% p.a.

5.21% p.a.

$0.00

$950

4.42% p.a.

4.99% p.a.

$0.00

$950

3.99% p.a.

4.88% p.a.

$0.00

$950

3.94% p.a.

4.86% p.a.

$0.00

$950


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Variable Rate Home Loans Variable Rate Home Loans

If you’d like a little more flexibility, check out MyState’s variable rate home loan, available for $100,000 to $3,000,000, and up to 95% of the property’s value. You’ll have access to a host of flexible features with this mortgage, including the use of an offset account, unlimited fee-free extra repayments, and the opportunity to redraw those extra funds if needed, although fees and a minimum amount apply to the latter.

Home loan repayments calculator
years
Product Rate Comparison Rate* Service fee Upfront fee Monthly repayments ‡

4.61% p.a.

4.68% p.a.

$0.00

$950

4.19% p.a.

4.26% p.a.

$0.00

$950

4.74% p.a.

4.81% p.a.

$0.00

$950

4.26% p.a.

4.31% p.a.

$0.00

$650

3.99% p.a.

4.04% p.a.

$0.00

$650

5.11% p.a.

5.18% p.a.

$0.00

$950


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MyState home loan features in a glance

Extra repayments featureExtra repayments feature

You can make unlimited additional repayments on a variable rate Mystar home loan, but keep in mind that for the fixed rate offer, these extra repayments are capped at $10,000.

Flexible repayment scheduleFlexible repayment schedule

On any home loan option from MyState, you can choose between weekly, monthly or fortnightly repayments, to fit your schedule.

Low depositLow deposit

Having trouble saving up a deposit for your mortgage? No problem. MyState home loans can be secured with as little as a 5% deposit - but keep in mind that, as with most home loans, you’ll need to pay for Lender’s Mortgage Insurance if your LVR is above 80%.

How are MyState home loans rated?

120,000 customers bank with MyState - hear what some of them have to say about their home loan in our customer review section.

MyState home loans

Overall 6.6*

Price

Features

Customer service

Convenience

Trust

34 Reviews

* Overall rating based on reviews in the past 12 months.

Recent MyState home loan reviews Recent MyState home loan reviews

MyState

MyState home loan review

Overall rating   7 / 10

Feel's like I'm part of the MyState family.

Staff at MyState are wonderful. They go beyond the call of duty and treat you like their own family. I can't speak more highly of them.

Full review

Staff at MyState are wonderful. They go beyond the call of duty and treat you like their own family. I can't speak more highly of them.

    Price   7 / 10

    Features   8 / 10

    Customer service   10 / 10

    Convenience   10 / 10

    Trust   10 / 10

Less

Paul (TAS), reviewed about 1 year ago

MyState

MyState home loan review

Overall rating   9 / 10

Personalised, Professional, Perfection!

Can't fault the service. Highly recommended.

Full review

Can't fault the service. Highly recommended.

    Price   7 / 10

    Features   7 / 10

    Customer service   10 / 10

    Convenience   10 / 10

    Trust   9 / 10

Less

Paul (TAS), reviewed about 1 year ago

MyState

MyState Fixed Rate Loan (LVR<80%, Owner Occupier) home loan review

Overall rating   7 / 10

Excellent service and interest rates - fuss free

There are no branches in Victoria which makes it tricky. But online and on the phone service is brilliant. Excellent rates.

Full review

There are no branches in Victoria which makes it tricky. But online and on the phone service is brilliant. Excellent rates.

    Price   10 / 10

    Features   5 / 10

    Customer service   10 / 10

    Convenience   4 / 10

    Trust   8 / 10

Less

Amy (VIC), reviewed about 1 year ago

MyState

MyState home loan review

Overall rating   0 / 10

This company is a joke

Worst bank I have ever dealt with... The most unprofessional unorganised business I have ever come across...Can't wait to go back to the Commonwealth.

Full review

Worst bank I have ever dealt with... The most unprofessional unorganised business I have ever come across...Can't wait to go back to the Commonwealth.

    Price   0 / 10

    Features   0 / 10

    Customer service   0 / 10

    Convenience   0 / 10

    Trust   0 / 10

Less

Luke (VIC), reviewed over 1 year ago

MyState

MyState Special Residential Home Loan (LVR<80%, Owner Occupier) home loan review

Overall rating   2 / 10

Poorest service ever experienced

Attracted by the low rate and redraw facilities, it took 3 months of chasing, asking and clarifying where our refinance loan was at. Extremely poor service response - the worse we have experienced. We felt we were servicing MyState, not the other...

Full review

Attracted by the low rate and redraw facilities, it took 3 months of chasing, asking and clarifying where our refinance loan was at. Extremely poor service response - the worse we have experienced. We felt we were servicing MyState, not the other way around. And at the end of it all, they failed to set up the requested repayment arrangements, resulting in a loan arrears situation that threatened our credit rating. Indeed, the customer complaints section asked us to complete the same forms again, despite them already being lodged 6 weeks earlier and an undertaking given that they would be actioned according to our requirements. Online access to monitor your loan, arrange redraws and additional payments is not provided as a matter of course and requires a separate process. The final blow is that we are required to open a Mystate bank account to access their redraw facility, as they don't allow redraw transfers into accounts of other banks. Even then, you cannot do it online, are required to attend a branch or make a phone call and a $30 fee is payable per redraw minimum of $500. This is different to other major providers who offer these facilities as a matter of course. If it is simply a low rate you want, go for it. If you also value customer service, responsiveness, transparency, 24/7 access to self-service and flexibility, use other providers.

    Price   6 / 10

    Features   1 / 10

    Customer service   0 / 10

    Convenience   3 / 10

    Trust   0 / 10

Less

Chris (TAS), reviewed over 1 year ago

Hide reviews

Mozo may receive a payment from financial providers listed on the site. Customer reviews are in no way affected by any commercial relationships Mozo has with providers. Reviewers may receive a voucher from Mozo in exchange for their review. Vouchers are given to all reviewers who meet our review guidelines regardless of the sentiment of their reviews.

* The Comparison Rate combines the lender's interest rate, fees and charges into a single rate to show the true cost of a home loan. The comparison rate displayed is for a secured loan with monthly principal and interest repayments for $150,000 over 25 years, and applies only to this example. Different amounts and terms will result in different comparison rates. Full comparison rate schedules are available from lenders. Costs such as redraw fees or early repayment fees, and savings such as fee waivers, are not included in the comparison rate but may influence the cost of the loan.

‡ Results from this calculation are estimates only as individual lenders apply different formulas. Actual repayments will depend on your individual circumstances and interest rate changes.

Mozo may receive a payment from financial providers listed on the site. Customer reviews are in no way affected by any commercial relationships Mozo has with providers.

What do you need to apply for a MyState home loan? What do you need to apply for a MyState home loan?

If you’ve decided a MyState home loan is the one for you, then the next step is applying. Here are a few things you’ll need to have with you when you do:

  • Photo I.D., such as a driver’s licence or passport
  • Details of your earnings - this includes proof of regular income, like payslips or bank statements
  • Details about your assets - like property, savings or investments
  • Details about your expenses - which includes debts and regular payments you make
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