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MyState Home Loans

MyState is an Australian financial group that was founded as the Connect Credit Union. It was renamed MyState Bank in 2014 and is the largest Tasmanian-owned financial organisation.

MyState is based in Hobart and provides a range of financial products, such as personal, business and home loans, bank accounts, credit cards, insurance and agribusiness. It also has a wealth management service that offers financial planning and investment advice.

MyState Standard Variable Loan

The MyState Standard Variable Loan is a variable rate loan that allows customers to borrow up to 97 per cent of the property value, with a minimum loan amount of $30,000. Additional repayments are permitted and there is a redraw facility for those wanting to access these payments, with a minimum redraw of $500. There is also a 100 per cent offset account for homebuyers wanting to use their savings to reduce the interest on the loan. Customers also have the option of an interest-only loan and can make repayments weekly, fortnightly and monthly.

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MyState Special Residential Loan

The MyState Special Residential Loan is a discounted variable rate loan that requires a minimum loan amount of $100,000. Customers are offered a different rate depending upon thr size of the loan deposit, with the lowest rate given to loans borrowing below 80 per cent of the property value. Additional repayments and redraws are also available and customers have the ability to use an offset account to reduced the interest owed on the loan.

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MyState Cash on Hand Loan

The MyState Cash on Hand Loan is a variable line of credit loan that allows homeowners to borrow up to 80 per cent of the value of their property. Customers are given access to the equity they own in their home as security against the loan, which can be used to fund renovations, investments and other purchases. Interest is only paid on the amount of the loan that is used and additional repayments can be made.

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MyState Fixed Loan

The MyState Fixed Loan offers a fixed interest rate for a period of one, two, three or five years. Customers can borrow up to 97 per cent of the property value and the fixed interest rate varies depending upon the size of the loan deposit, with the lowest rate offered to customers borrowing less than 80 per cent of the property value. There is also the option of an interest-only loan and the loan reverts to a standard variable loan at the end of the fixed-rate period. Limited additional repayments of up to $10,000 can be made per year and repayments can be made weekly, fortnightly and monthly.

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Home Loans from MyState

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Pros
  • Suitable for small deposits.
  • Discounted interest rates available.
  • Flexible repayment options.
Cons
  • Branch access limited to Tasmania.
  • No package loans.
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Customer Service

MyState customers can contact the bank in a number of ways, including by email, online or in person at their Tasmanian branches. There is a specialised home loan telephone line, as well as a general customer phone line and one for those experiencing financial hardship. Customers can also book a telephone or in-person appointment via the MyState website.

  • Customer service centre (phone)
  • Online banking
  • Email
  • Branch
Applying and Eligibility

Potential customers at MyState can apply for a home loan in a number of ways. There is an online application on the MyState website and applications can also be made via the specialised home loan phone line. Customers also have the option of meeting with a MyState home loan specialist in person at one of their local branches. Before applying for a home loan it is advisable to think about how much money you could conceivably borrow given your financial situation and income. You will also need to provide documentation when applying for a home loan. This will include:

  • Personal identification documents.
  • Proof of income and employment.
  • Information on other earnings, assets and savings.
  • Details of other loans, debts and liabilities.
  • Personal insurance documents.

Refinancers will also have to provide home loan statements for the past six months and a current payout quote for the loan you wish to refinance. 

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