As we all do our best to navigate the challenges and uncertainties of COVID-19, we’d like you to be sure of one thing: that we’re here for you.
A range of options have been developed to help you through this challenging time.
Deferring loan repayments
To help you through this process and back onto your feet during this challenging time, eligible customers can defer home or personal loan repayments for up to six months.
Here is how it works
- Home or personal loan customers requesting financial assistance during this time, will be able to defer their repayments for up to six months (with a three month check in)
- Eligibility is for home loan customers affected by COVID-19.
The important details
During the time that repayments are deferred, interest and charges will add to the loan balance.
At the end of the period, your repayment amount will increase so you repay the total balance over the remaining loan term – this includes interest and other charges added to the balance during the support period.
Other options to consider
There are a number of other options that may be of assistance during this time if you don’t want to defer your repayments, including:
- Loan redraw – if you’re ahead in your scheduled repayment, you may have additional funds available to redraw. You can check your redraw funds available and also redraw these funds through internet banking or our mobile banking app.
- Reducing your minimum repayment – you may be paying over and above your scheduled repayment amount, if so you have the option to reduce to your minimum repayment amount. You can check your minimum repayment in internet banking or our mobile banking app.
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%pa effective 31 March 2020.
We’re also introducing 1, 2 and 3 year fixed rate home loan interest rates for new and existing variable rate customers from as low as 2.39%p.a.1 (comparison rate2 4.04%p.a.) to give you the option of locking in your repayments with certainty through these uncertain times.
Increasing the maximum balance for the Bonus Saver Account
From 1 April 2020, the maximum deposit in MyState Bank’s award winning Bonus Saver Account will be increased from $150,000 to $250,000, meaning that balances up to $250,000 and are now eligible to qualify for bonus interest.
Early access to your Christmas Account
We’re providing early access to the Christmas Account. You will be able to access your Christmas Account funds early either online or in-branch without incurring an interest penalty.
Decreasing the minimum home loan redraw amount to $1 with no fee.
You will be able to redraw any additional payments from your home loan – previously the minimum redraw amount was $500. Internet Banking is presently being updated so that there is no minimum redraw. It is free to redraw online but we’re also waiving the $30 redraw fee if you need to visit a branch.