In times of uncertainty, you can be certain we’re here for you.
At MyState Bank, we love being part of our local community. And when things get a little tough, communities always stick together.
As we all do our best to navigate the challenges and uncertainties of COVID-19, we’d like you - our customers - to be sure of at least one thing: that we’re here for you.
Check back here for the latest MyState Bank updates in relation to COVID-19
Home Loan Interest rates
If you’re an existing variable rate home loan customer, we have recently announced a decrease of our variable rate home loans by 0.25%p.a. effective 31 March 2020.
We’re also introducing 1, 2 and 3 year fixed rate home loan interest rates1 for any new and existing variable rate customers, from as low as 2.39%p.a. (comparison rate 4.04%p.a.2) to give you the option of locking in your repayments with certainty through these uncertain times.
Defer your loan repayments
If you’re experiencing financial difficulty due to COVID-19 and you need some help to get back on your feet, you may have the option of deferring your home or personal loan repayment for up to six months – we will check in with you after three months.
Other support initiatives
We’re introducing a range of other initiatives to provide assistance including early access to Christmas Accounts, removing the minimum limit and the Redraw Fee for home loan redraws as well as increasing the maximum balance on our Bonus Saver Account.
Visa Debit Card Paywave Limit without PIN Increased to $200
For a short period of time in response to COVID-19 we are increasing Visa Debit Card contactless limits without the requirement to enter a PIN from $100 to $200 at participating merchants including Coles and Woolworths. This means for purchase up to $200, you can use payWave without the requirement to enter a PIN, thereby decreasing the instances of needing to contact POS terminals and helping to reduce the risk of spread of infection.
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Small-to-medium businesses are the backbone of our economy – employing over 5 million Australians. To support you through this challenging period, we have a range of support options available.
Defer your repayments
Eligible business and commercial loan customers will be able to defer this repayments up to six months – we’ll check in with you after three months to see how you’re tracking.
Early access to business term deposit accounts
If you have a small business which is affected by the Corona Virus, then we will allow you early access to these funds.
Loan and Overdraft interest rate changes
If you’re an existing business or commercial loan customer, we will decrease of our variable rate loans by 1.00%p.a. effective 31 March 2020. We had previously announced that the decrease would be 0.25%p.a.
For Business Overdraft customers your interest will decrease by 1.55%p.a. also effective 31 March.
Interest rates for new variable Business Loans and Business Overdrafts will also decrease by 0.75%p.a. and 1.55%p.a. respectively and we’re continuing to assess options to help you with cash flow.
Find out more