COVID-19

Personal Customers

Home loan assistance

There are several options which may be available to help you during this time.

1Reduce your repayment to the minimum monthly repayment

If you have a MyState Bank variable rate home loan, we don’t automatically reduce your repayment to the minimum monthly repayment. We leave the decision in your hands at the time of each interest rate change.

So, if you’re currently paying over and above your minimum monthly repayment amount, you can reduce this to the minimum repayment amount.

This will not effect your credit report or days past due. To look up your minimum monthly payment go Internet Banking or the Mobile Banking App and view the details of your loan.

2Access your redraw balance

If you have an eligible variable rate home loan and you have been making repayments over and above your minimum monthly repayment amount, you may have funds available in your redraw facility. Your redraw balance is the amount you have already paid off your loan in excess of the minimum repayments required.

To access:

  • You need to have an eligible home loan and
  • You just need to be ahead on your home loan by one month

Then you can redraw any additional amount that you have paid in advance of your minimum repayments. You can redraw funds easily through internet banking or our mobile app.

A few things to note:
There is no minimum withdrawal amount – previously the minimum redraw amount was $500.
It is free to redraw online but we’re also waiving the redraw fee if you need to visit a branch.

3Apply to switch to interest only repayments

If you are currently paying the Principal + Interest on your home loan you can switch to paying Interest Only for an approved period of time. Your repayments will be less than your current Principal and Interest repayment.

Important to note:
You’d be paying more interest over the life of your loan. At the end of the period, you would revert to Principal & Interest repayments which could be substantially higher.
Interest Only loans generally have a higher interest rate and you wouldn’t be paying down your loan during the approved period.

To apply to switch to interest only payments, please fill out the hardship assistance form. We will then determine your eligibility for this switch.

4Home loan deferrals

In March 2020, MyState Bank offered assistance to customers with their home loan repayments if they had been affected by COVID-19. From September 2020, we will be offering additional assistance to customers in genuine need for further assistance may be granted a further deferral of a maximum 4 months if eligible

This offer will apply to customers who previously deferred their payments when they were financially affected due to the initial COVID-19 restrictions as well as all customers who now find themselves affected by the new restrictions put in place.

If you are experiencing ongoing financial difficulty due to COVID-19, and you will be unable to meet your revised minimum repayment, we encourage you to fill out the form on the website as soon as possible. Our collection team will be in touch with you to discuss the options available.

As each and every situation is unique, we will work with you to find the best support option that suits your needs. We will however require additional information including an overview of your financial position and other information to enable us to assess your request and provide assistance.

We encourage you, wherever possible, to start your loan repayments as this is in your best interest as interest and fees are capitalised during the assistance period.

For example, a further deferral of 6 months on a loan of $450,000, with 25 years remaining on the loan term, will add approximately $6,700 additional interest over the life of the loan.

Personal loan assistance

There are several options which may be available to help you during this time.

1Reduce your repayment to the minimum monthly repayment

If you’re currently paying over and above your minimum monthly repayment amount, you can reduce this to the minimum repayment amount.

This will not effect your credit report or days past due. To look up your minimum monthly payment go Internet Banking or the Mobile Banking App and view the details of your loan.

2Access your redraw balance

If you have an eligible variable rate personal loan and you have been making repayments over and above your minimum monthly repayment amount, you may have funds available in your redraw facility. Your redraw balance is the amount you have already paid off your loan in excess of the minimum repayments required.

To access:

  • You need to have an eligible personal loan and
  • You just need to be ahead on your personal loan by one month

Then you can redraw any additional amount that you have paid in advance of your minimum repayments. You can redraw funds easily through internet banking or our mobile app.

A few things to note:
There is no minimum withdrawal amount – previously the minimum redraw amount was $500.
It is free to redraw online but we’re also waiving the redraw fee if you need to visit a branch.

3Personal loan repayment deferrals

Customers in genuine need for further assistance may be granted a further deferral of a maximum 4 months if eligible. If you are experiencing ongoing financial difficulty due to COVID-19, and you will be unable to meet your revised minimum repayment, we encourage you to fill out the form on the website as soon as possible. Our collection team will be in touch with you to discuss the options available.

From September 2020, eligible genuine customers may be able to extend their deferral by up to 4 months.

As each and every situation is unique, we will work with you to find the best support option that suits your needs. We will however require additional information including an overview of your financial position and other documents to enable us to assess your request and provide assistance.

Interest and fees continue to be incurred and are capitalised during the assistance period. For this reason, we encourage you, wherever possible, to start your loan repayments as this is in your best interest.

Savings accounts assistance

Early access to your Christmas Account

Until 30 September 2020, 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.


Business customers

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.

1Govt Guarantee SME loans

About the loan

  • Unsecured business loans of up to $250,000
  • Loan terms up to 3 years from initial drawdown
  • No repayments for the first 6 months, principal and interest repayments will apply after this period
  • Loan can be drawn in three instalments in the first 6 months, with interest capitalising only on the drawn down amount
  • No establishment fees, no drawdown fees and no ongoing account fees
  • 5.50% variable interest rate

About the loan

  • Existing MyState Bank and TPT Wealth Customers and new MyState Bank customers
  • Small to medium (SME) Businesses with a turnover of less than $50 million
  • Loans must be for business purposes and be used to support current and working capital needs (not for purchase of property or equipment)
  • New loans only - cannot be used to refinance existing debt

About the loan

  1. Complete the enquiry form on this page
  2. Make sure you select the ‘COVID-19 Government Backed Business Loan’ as your enquiry reason

From there one of our experienced business banking relationship managers will contact you shortly to review and talk you through next steps.

2Deferring your loan repayments

If you currently have a 6 month loan deferral in place, see what this means for you.

If you’re still experiencing ongoing financial difficulty due to COVID-19, and you will be unable to meet your revised minimum repayment, we encourage you to contact us as soon as possible to discuss the options available.

From September 2020, eligible genuine customers may be able to extend their deferral by up to 4 months.

As each and every situation is unique, we will work with you to find the best support option that suits your needs. We will however require additional information including an overview of your financial position and other documents to enable us to assess your request and provide assistance.

We encourage you, wherever possible, to start your loan repayments as this is in your best interest as interest and fees are capitalised during the assistance period.

3Early access to business term deposit accounts

If you have a small business which is affected by COVID-19, then we will allow you early access to these funds.


Complaints & Feedback

We take your feedback seriously and aim to provide simple, easy to use and trustworthy services to our customers. If you are dissatisfied please use our complaint services to lodge a compliant.

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