What are the break costs for a fixed-rate loan with MyState Bank?

If you decide to break your fixed-rate loan early, MyState Bank applies break costs, which can be significant. It's important to understand these costs before committing to a fixed-rate loan.

Why does MyState Bank have a high discharge fee?

MyState Bank charges a $380 discharge fee when you pay off your mortgage. This fee covers the administrative costs involved in closing your loan account.

How much will I save by refinancing to MyState Bank?

Refinancing a $500,000 loan to MyState Bank could save you $134 per month, totaling $48,094 over 30 years. A $1,000,000 loan offers $267 per month in savings, amounting to $96,188 over the loan term.

What should I expect during the loan discharge process with MyState Bank?

The discharge process typically takes 5-10 business days. You'll need to complete a discharge form and coordinate with your new lender if you're refinancing.

Is MyState Bank strict on lending criteria?

Yes, MyState Bank has strict lending criteria which could affect your eligibility and loan conditions. It's important to review these criteria before applying.

How much would my monthly repayments be on a $600,000 loan?

For a $600,000 loan at 6.09% over 30 years, your monthly repayments would be approximately $3,632, with a total interest of $707,554 over the loan term.

Why is communication with MyState Bank customer service sometimes slow?

There have been frequent reports of long wait times and unhelpful responses from MyState Bank's customer service. It's recommended to follow up persistently if you experience delays.

Does MyState Bank offer any benefits for first-time home buyers?

Yes, MyState Bank participates in the Australian Government 5% Deposit Scheme, which can be beneficial for first-time home buyers looking to enter the market.

What are the benefits of MyState Bank's premium variable rate product?

MyState Bank offers a premium variable rate product for loans over $100,000, which can provide competitive rates and potential savings over the loan term.

UPDATED JUN 23, 2026

MyState Bank Home Loans: The 2026 Review

Unlock premium features with our award-winning home loan, eligible for the 5% Deposit Scheme. Watch out for a high discharge fee. Ready to start your journey?

Bheja Verdict

Very Good

4.1/5

✓

Highly competitive rates across products

✓

Established major bank

Check Eligibility

MyState Bank Home Loans At a Glance

🏷️Best Rate Available

6.09%

Variable • Owner Occupied

💳Application Fee

$300

Upfront fee applies

📅Monthly Fee

Ongoing service fee

Loan Range:$30K - $100.0M

LVR:Up to 96%

Products:68 variations

Offset Account:Available

Current MyState Bank Home Loan Rates

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Average Rate: 6.66%
Best Rate: 6.09%
Monthly Payment: $3,027

Advanced

Sort By

Special Residential Variable Loan
MyState Bank
20%-29% DepositOffsetRedraw
6.09%
Interest Rate
Variable
6.14%
Comparison Rate*
$3,027
per month
Principal And Interest
Visit lender’s site
Check Eligibility
Fees:
Application $300
Discharge
$380+ other fees may apply
Basic Variable Loan
MyState Bank
20%-29% DepositRedraw
6.09%
Interest Rate
Variable
6.12%
Comparison Rate*
$3,027
per month
Principal And Interest
Visit lender’s site
Check Eligibility
Fees:
Application $300
Discharge
$380+ other fees may apply
Basic Variable Loan
MyState Bank
Min 4% DepositRedraw
6.09%
Interest Rate
Variable
6.12%
Comparison Rate*
$3,027
per month
Principal And Interest
Visit lender’s site
Check Eligibility
Fees:
Application $300
Discharge
$380+ other fees may apply
Standard Variable Loan
MyState Bank
Min 4% DepositOffsetRedraw
8.37%
Interest Rate
Variable
8.43%
Comparison Rate*
$3,799
per month
Principal And Interest
Visit lender’s site
Check Eligibility
Fees:
Application $300
Discharge
$380+ other fees may apply

MyState Bank Product Statistics

Real-time insights and market analysis

MyState Bank offers 4 home loan products across 68 variations, the average variable rate is 6.70% p.a., the best available rate is 6.09% p.a..

Average Variable Rate

6.70%

35 products

Average Fixed Rate

6.92%

33 products

Best Available Rate

6.09%

Variable • Owner Occupied • P&I

Total Products

68 variations

Fee Summary

Application Fee

$300

Monthly Fee

Discharge Fee

$380

Late Payment Fee

$30

Key Features

Across MyState Bank's range: 19 include an offset account, 35 offer redraw, 68 allow extra repayments.

Offset Account

28%

Redraw Facility

51%

Extra Repayments

100%

Split Loan

—

Product Ranges

MyState Bank's interest rates range from 6.09% to 8.77% p.a., maximum LVR from 60% to 96%, loan amounts span $30,000 to $100,000,000.

Interest Rates6.09% — 8.77%

Max LVR60% — 96%

Loan Amount$30K — $100.0M

Disclaimer: The key features displayed highlight what's available across the lender's home loan range. Individual products and variations may differ. Use the product table to search for a loan with the specific features you're looking for.

How MyState Bank Compares

FEATURE	MyState Bank	BOQ Specialist	ME Bank - ME Go	MOVE Bank	Bank of Queensland Limited
Best Variable Rate	6.09%	8.02%	5.99%	5.99%	6.03%
Best Fixed Rate (3yr)	6.54%	—	6.49%	6.59%	6.49%
Application Fee	$300	$0	$0	$600	$300
Monthly Admin Fee	$0BEST	$10	$0	$0	$10
Offset Account
Redraw Facility
Product Variations	68	12	200	28	68

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Bheja Insight: MyState Bank offers offset accounts like most major banks, helping reduce interest while keeping funds accessible.

About MyState Bank

Company overview and contact information

Established in 2009, MyState Bank is a major independent bank headquartered in Hobart, Tasmania. It operates under the umbrella of MyState Limited, a diversified financial services group. As an APRA-regulated Authorized Deposit-taking Institution (ADI), MyState Bank holds both an Australian Financial Services Licence (AFSL) and an Australian Credit Licence (ACL), ensuring compliance and trust in its operations.

MyState Bank offers a diverse range of home loan products, featuring 68 variations with interest rates ranging from 6.09% to 8.77%. Catering to a wide array of customers, they provide a premium variable rate product for loans over $100,000. Notably, their home loans come with no ongoing or establishment fees and include a 100% interest offset feature, making them an attractive option for borrowers seeking cost-effective solutions.

What sets MyState Bank apart is their commitment to delivering award-winning home loan products. Their blend of branch and online services ensures accessibility and convenience for customers across Australia. With a focus on flexibility and customer satisfaction, MyState Bank continues to build a strong reputation in the competitive home loan market.

Company Details

Legal Name: MyState Bank

ABN: 89067729195

ACN: 067729195

Established: 2009

Headquarters: Hobart, Tasmania

Ownership: Independent

AFSL: 240896

Parent Company: MyState Limited

Key Features

MyState Bank offers a range of home loan products featuring competitive rates, no ongoing fees, and flexible repayment options, designed to provide significant savings and convenience for borrowers.

Offset Account

MyState Bank's Offset Account allows your account balance to be fully offset against your linked home loan, reducing the interest calculated on your loan. This can lead to substantial interest savings over the life of the loan and potentially shorten your loan term by years.

Unlimited Additional Repayments

Borrowers can make unlimited additional repayments on select MyState Bank home loans, enabling faster loan repayment and reduced interest costs. This feature provides flexibility to pay off your home loan sooner without penalties.

Digital Banking Features

With the MyState Bank App and Internet Banking, you can manage your finances on the go. Features include digital wallets and PayID for faster payments, ensuring secure and convenient access to your accounts anytime, anywhere.

Lenders Mortgage Insurance (LMI)

For loans exceeding 80% of the property value, MyState Bank requires Lenders Mortgage Insurance to protect the lender in case of default. This allows borrowers to access higher loan amounts with smaller deposits.

Flexible Repayment Options

MyState Bank offers flexible repayment schedules, allowing borrowers to choose between weekly, fortnightly, or monthly payments. This flexibility helps in managing cash flow and budgeting effectively.

No Ongoing Fees

MyState Bank home loans come with no ongoing fees, reducing the overall cost of the loan and providing clear, predictable expenses for borrowers.

Free Redraw Facility

Select MyState Bank loans offer a free redraw facility, allowing borrowers to access extra repayments made above the minimum requirement. This provides financial flexibility when unexpected expenses arise.

Government Deposit Scheme Eligibility

MyState Bank loans are eligible for the Australian Government's 5% Deposit Scheme, assisting first-home buyers in entering the property market with a smaller deposit, reducing the barrier to home ownership.

Fixed Rate Loan Options

MyState Bank offers fixed-rate loans where the interest rate remains constant for the selected term, providing certainty of repayments and protection against interest rate rises.

Loan Top-Up Options

Borrowers can apply to top up their existing MyState Bank home loans, offering additional funds for renovations or other financial needs, subject to approval.

Fees & Charges

MyState Bank offers a comprehensive fee structure for home loans, with a mix of upfront, ongoing, and other conditional fees. Borrowers should be aware of potential variations and waivers that may apply based on specific loan products and conditions.

Fee Type

Amount

Description

Establishment Fee

$300

Charged for setting up the loan. Applies to most loan types including Fixed Rate and Standard Variable.

Settlement Fee

$350

Payable at the time of loan settlement.

Additional Valuation Fee

$200 per additional security

Applies for each additional security valuation required.

Mortgage Preparation Fee

$95

Payable on the preparation of each new mortgage over the goods or property required to secure the loan.

Copy of Title Fee

$30

Charged upon request for a copy of the certificate of Title.

Mortgage Discharge Fee

$380

Payable upon discharge of the mortgage. Considered high compared to industry standards.

Break Cost Fee

Variable

Applies to fixed rate loans if paid out before the fixed rate expiry. Calculated at the time of payout.

Switch Fee

$150

Charged for switching between different interest rate types.

Fixed Rate Lock In Fee

$395 or 0.15% of loan amount, whichever is greater

Secures a fixed rate prior to settlement.

Demand Notices Fee

$30

Charged for issuing demand notices.

Non-insurance Renewal Service Fee

$25

Applies for non-insurance renewal services.

Fees subject to change. Refer to lender documentation for current rates.

Eligibility Criteria

MyState Bank offers home loans to Australian citizens and permanent residents aged 18 and over, with flexible options for various property types and financial situations.

At least 18 years old

Must be an Australian citizen or permanent resident

Proof of income required (e.g., payslips, tax returns)

Subject to normal credit approval criteria

Loan amount must be between $30,000 and $99,999,999

LVR must be between 61% and 96%

LMI required for loans with an LVR over 80%

Eligible for Australian Government 5% Deposit Scheme

Property details required (e.g., purchase contract, valuation)

Important Notes

LMI is required for loans with an LVR exceeding 80%, which may impact eligibility and costs.
Deposits are eligible for Parental Guarantee, providing additional support for borrowers.
Special programs available for first home buyers and those refinancing from other lenders.
High discharge fee of $380 applies upon mortgage discharge.

MyState Bank Home Loan Pros & Cons

Our expert take on whether MyState Bank is right for you

Pros

+100% interest offset account
+No ongoing or establishment fees
+Significant savings over the loan term
+Free redraws
+$600 cashback for every $100,000 borrowed

Cons

–Rates are above market average
–Slow loan approval process
–High discharge fee of $380

Best For

Borrowers seeking significant savings over the loan term
Homeowners wanting a 100% offset account
Customers looking for no ongoing or establishment fees

Not Ideal For

Borrowers needing quick loan approval
Those sensitive to higher interest rates

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Bheja Verdict: MyState Bank offers competitive home loan features with notable savings potential, but its rates are above market average, and the loan approval process can be slow.

Expert Secrets (Why Use Us?)

Insider knowledge about MyState Bank that most borrowers don't know

LMI Cost Examples

1House price (assumed value) $300,000 – Deposit saved (10%) $30,000 Loan amount $270,000 LVR 90% LMI WILL BE required

2House price (assumed value) $300,000 – Deposit saved (23%) $70,000 Loan amount $230,000 LVR 77% LMI WILL NOT required

3For a $500,000 loan at 85% LVR, LMI costs $6,000.

4At 90% LVR, the LMI for a $500,000 loan increases to $12,500.

Fee Waivers

Monthly account fee is waived if $2,000 or more is deposited into the account during the month.

Offset Benefits

A $10,000 offset saves $51/month ($612/year) in interest payments.

A $25,000 offset saves $127/month ($1,524/year) in interest payments.

A $50,000 offset saves $254/month ($3,048/year) in interest payments.

A $100,000 offset saves $508/month ($6,096/year) in interest payments.

Admin & Logistics (The Help Desk)

Everything you need to manage your loan

Application Process

6 Steps

Contact MyState Bank: Reach out to MyState Bank's customer service at 138 001 to initiate the discharge process and request the necessary discharge form. (Tip: Call during business hours for prompt assistance.)

Complete the Discharge Form: Fill out the discharge form accurately with all required information. Ensure that all details are correct to avoid delays. (Tip: Double-check the form for any errors before submission.)

Pay the Discharge Fee: Pay the $380 discharge fee required for processing the discharge of security. (Tip: Ensure payment is made promptly to avoid any processing delays.)

Coordinate with New Lender (if Refinancing): If you are refinancing, coordinate with your new lender to ensure a smooth transition and settlement. (Tip: Keep open communication with both lenders to streamline the process.)

Submit All Documents: Submit the completed discharge form and any other required documents to MyState Bank. (Tip: Keep copies of all submitted documents for your records.)

Await Confirmation: Once all documents and fees are submitted, wait for confirmation from MyState Bank that the discharge has been processed. (Tip: Follow up if you haven't received confirmation within the expected timeframe.)

Processing Times

Discharge ProcessTypically processed within 5-10 business days.

Required Documents

Discharge Form

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Pro Tips

Request the discharge at least 2 weeks before your desired settlement date to ensure timely processing.
Ensure all documents are filled out accurately to prevent delays.
Keep in regular contact with MyState Bank for updates on your discharge status.
Consider any potential delays during public holidays or peak periods.
Review all fees and charges to avoid unexpected costs.

MyState Bank Mortgage Calculator

Estimate your repayments using current MyState Bank home loan rates

Over 30 years, borrowing $480,000 at 6.09%, total cost including interest and known fees could be around $1,047,398. Estimated monthly repayment: $2,905.68.

Home loan option

Property price

Your deposit

Loan term (years)Repayment frequency

Estimated total cost over 30 years

$1,047,398

Estimated repayment

$2,905.68

monthly repayment

Amount you borrow: $480,000 · At 6.09% · Variable — can change with the market

Known fees in this estimate

Application fee: $300
Settlement fee: $350
Valuation fee: $200
Legal fee: $95
Document fee: $30
Discharge fee: $380
Total ongoing fees (30 yrs): $0

How is this calculated?

Estimated total cost includes the amount borrowed, interest over the full loan term, and any upfront, ongoing, and discharge fees published by the lender. It does not include stamp duty, LMI, or savings from an offset account.

The revert rate is the rate your loan may switch to when a fixed, introductory, or interest-only period ends. Where a lender hasn't published this rate, we use an estimate.

Cost breakdown

Amount you borrow: $480,000
Total interest: $566,043
Upfront fees: $975
Ongoing fees: $0
Discharge fee: $380
Estimated total cost: $1,047,398

These figures are estimates only. Your actual repayments and costs may differ. Confirm all details with your lender before making a decision.
Where a lender hasn't published their revert rate (the rate that applies after a fixed, introductory, or interest-only period ends), we estimate it. Your repayments may change when this period ends.
Split loans and offset accounts aren't included in this estimate.
For product comparison and comparison rates, see the rates table above.

Still Unsure? Let a human handle it.

Not sure if MyState Bank is right for you? Our brokers can help you compare options.

Frequently Asked Questions

MyState Bank typically makes a decision on new loan applications within 60 minutes during business hours, but the entire approval process can take over 4 weeks, which might impact your property purchase timeline.