Refinancing My Existing Home

Life is constantly changing and your home loan needs the flexibility to suit your lifestyle. If you want a better deal on your home loan, MyState Bank’s home loan experts can tailor a loan with competitive home loan interest rates and features to suit your changing needs.

Planning to refinance

Whether you’re looking to pay off your home loan sooner, keep your repayments low, or simply want the flexibility to move or renovate as you please, refinancing your home loan with MyState can help you achieve better value and more competitive loan options.

When it comes to refinancing, there are some important things to consider.

Don’t just look for the lowest interest rate. Compare the interest rates, fees, and features of your current home loan to your other home loan options. If you’re adjusting your home loan to suit your changing lifestyle think about what’s changing and what you need to accommodate that change. There’s no point refinancing to a lower rate home loan and then paying for features you don’t need.

Do the maths. Are there any establishment fees associated with starting your new loan? Are there any government charges involved? Make sure you’re aware of any additional costs that might arise if you change loans so you can be sure it’s not actually costing you more to refinance.

To apply to refinance your home loan or discuss your options with a local lending expert, you can make an appointment, complete our online application form, call our Customer Care team on 138 001 or drop into your nearest MyState branch.

Switching loans

At MyState, we make switching your home loan easy, and we guarantee you’ll have a decision on your new loan in 60 minutes. Just call us on 138 001 or make an appointment to visit us in branch and we’ll get your application underway. It’s as simple as that.

With a MyState home loan, you’ll benefit from:

  • No monthly account keeping fees
  • Competitive interest rates
  • A great range of home loan features
  • The freedom and flexibility to tailor a loan to suit you

View and compare our home loan products to find the right loan for you.

Applying for pre-approval
Having a pre-approved ‘yes’ from MyState gives you the ability to say ‘yes’ too. Pre-approval allows you to make an offer quicker, with the confidence of knowing exactly how much you can afford to spend. To find out more about home loan pre-approval make an appointment online with your local lending expert today.
The application process

Applying for a home loan with MyState is easy, and we’ll keep you up to date with what’s happening every step of the way. Check out our step-by-step guide to the application process below.

Stage 1: Application

Download our home loan checklist to help you get your documents ready, then drop into your nearest branch or call 1300 092 468 to begin the application process. We’ll process your loan application on the spot, subject to an employment check, valuation & lender’s mortgage insurance. You’ll have a decision on your home loan within 60 minutes, guaranteed.

Stage 2: Verification

We’ll check your documents, including your employment history, to verify that they’re all correct.

Stage 3: Valuation

We’ll order a valuation to verify the value of your preferred property. The valuer will get in touch with the real estate agent directly and arrange the valuation; then report back to us.

Stage 4: Lender’s Mortgage Insurance

If it’s required, we’ll apply for Lender’s Mortgage Insurance. If you have a sizeable deposit, you may not need it. We’ll let you know either way.

Stage 5: Unconditional approval

At this stage, once your details have all been verified, the valuation is satisfactory and mortgage insurance (if required) approved, we’ll unconditionally approve your loan, which is a 100% guarantee that we’ll be financing your home loan.

Stage 6: Funding

At this stage, your loan will be opened, and the arrangements to book settlement will be made with your conveyancer and settlement will take place at an agreed time.

Apply online for a MyState Bank Home Loan

MyState Bank Home Loan Products

Make an appointment with a MyState Bank lender to start your application

Frequently asked questions

1What will I need when applying for a home loan?

You need to be

  • At least 18 years old
  • An Australian citizen or permanent resident
  • Applying in your own name
  • Have a good credit rating

You will need to have

  • Two forms of ID (driver's licence, Australian passport or Medicare card)
  • Two payslips (if you have an employer)
  • Your most recent tax assessment (if you are self-employed)

A little bit of time

  • About 20 minutes
2How can I improve my chances of the loan being approved?

You can give yourself the best chance possible by:

  • Work out your borrowing capacity, what repayments can you afford? We will use a range of criteria to decide how much you are eligible to borrow, but you need to be comfortable that you can afford to repay the loan.
  • Establish a good banking history, keep your accounts in good order.
  • Keep your credit rating in good standing by staying on top of payments to avoid arrears, debts or missed payments.
  • Save money, demonstrating your ability to save regularly shows a history of managing money responsibly.
3How do I apply for a home loan?

You can complete our online application, make an appointment or call us on 138 001.

Calculators

 

At MyState Bank we want to give you as much help as we can in managing your finances. Wherever you are in life, these calculators will assist you in planning for your financial needs.

 

We’re here to help

With over 50 years experience our local, friendly staff can help you find what you're looking for.


1 Interest rate available on owner-occupied, principal and interest loans less than 80% of property value. Other rates available for different loan terms.

2 Comparison rate based on $150,000 over 25 years. WARNING: This comparison rate applies only to the example or examples given. Different amounts and terms will result in different comparison rates. Costs such as redraw fees or early repayment fees, and cost savings such as fee waivers, are not included in the comparison rate but may influence the cost of the loan. Lending, credit criteria, terms/conditions, fees and charges apply and are subject to change.

3 Interest rate available on owner-occupied, principal and interest loans for eligible borrowers under the First Home Loan Deposit Scheme only. Other rates available for different loan terms.

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