MyState

MyState

Founded: 1960

Lender Type: Regional Bank

Owned by: ASX Listed

Headquartered in Tasmania, MyState is the mix of MyState Limited, Tasmanian Perpetual Trustees Limited, and the Rock Building Society of Queensland. It was officially coined MyState Bank in 2014 and has evolved into the largest Tasmanian-owned financial institution. This lender is distinguished by friendly customer service, great online and mobile banking services, and competitive rates.

Key Benefits

Good customer service
Flexible features on all loan products
Reasonable fees

Drawbacks

Interest rates aren’t competitive on all products
No loan packages
Branches limited to Tasmania

Home Loan Products

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Home Loans Description

Special Residential

This is a premium variable rate loan which can be used for purchases, new builds, or residential investment. Enjoy a low rate with a large deposit. If you are borrowing over 80%, you’ll have a slightly higher interest rate but MyState does offer low deposit loans with this product. Save with no monthly service fees and a 100% offset account. You may also enjoy the freedom that comes with MyState – you are welcome to use this loan to top off your mortgage, you’ll get a hassle-free pre-approval, and there are no fees for early payout.

Fixed Rate

If protection from rising interest rates is important to your financial goals, this fixed rate loan is a practical option. You can borrow up to 95% of the property value and opt for flexible repayments to suit your financial lifestyle. You can even pay interest only for a set period. Choose between one and five-year fixed terms. With no ongoing monthly fees, more of your money can go towards paying down your mortgage rather than servicing your account.

Standard Variable

This is a great option if you plan on paying down your loan early. There is no early payout penalty, no monthly service fees, and you can use a 100% offset account. Redraw is available with a $500 minimum if you need to access your funds down the line. While you have plenty of flexibility with this loan, the interest rate is not that competitive.

Residential Investment Loan

This loan is designed for residential investment. You can borrow as much as 50% of the property value and take advantage of interest only repayments, which can give you the time to start turning a profit from your investment before you have to make full monthly repayments. You’ll also save with no monthly fees and a competitive investment loan interest rate.

Line of Credit

When you want to have cash in hand to renovate, consolidate debt, or for other purposes, a Line of Credit home loan gives you the freedom to meet your financial goals, even as they change over the years. You can use your funds for any non-business purpose. MyState will even extend your credit limit if you need more in the future. Interest is only charged on the funds used and there are no monthly accounting fees.

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