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 Home Loan Calculator  
Interested in a MyState home loan? RateCity has a suite of calculators that can show you what your repayments would be and how MyState compares to its competitors. Simply plug in your borrowing amount below.

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MyState Bank home loans rates

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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.
MyState Bank 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

How to Apply

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. 

FAQs

They’re impersonal 

Most comparison sites give you information about rates, fees and features, but expect you’ll pay more with a low advertised rate and $400 ongoing fee or a slightly higher rate and no ongoing fee. The answer is different for each borrower and depends on a number of variables, in particular how big your loan is. Comparisons are either done based on just today or projected over a full 25 or 30 year loan. That’s not how people borrow these days. While you may take a 30 year loan, most borrowers will either upgrade their house or switch their home loan within the first five years. 

You’re also expected to know exactly which features you want. This is fine for the experienced borrower, but most people know some flexibility is a good thing, but don’t know exactly which features offer more flexibility than others. 

What is the flexibility score?

Today’s home loans often try to lure borrowers with a range of flexible features, including offset accounts, redraw facilities, repayment frequency options, repayment holidays, split loan options and portability. Real Time Ratings™ weights each of these features based on popularity and gives loans a ‘flexibility score’ based on how much they cater to borrowers’ needs over time. The aim is to give a higher score to loans which give borrowers more features and options.

They’re not always timely

In today’s competitive home loan market, lenders are releasing new offers almost daily. These offers are often some of the most attractive deals in the market, but won’t get rated by traditional ratings systems for up to a year. 

The assumptions are out of date 

The comparison rate is based on a loan size of $150,000 and a loan term of 25 years. However, the typical loan size is much higher than that. Million dollar loans are becoming increasingly common, especially if you live in metropolitan parts of Australia, like Sydney and Melbourne. It’s also uncommon for borrowers to hold a loan for 25 years. The typical shelf life for a home loan is a few years. 

The other problem is because it’s a percentage, the difference between 3.9 or 3.7 per cent on a $500,000 doesn’t sound like much, but equals around $683 a year. Real Time Ratings™ not only looks at the difference in the monthly repayments, but it will work out the actual cost difference once fees are taken into consideration. 

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^Words such as "top", "best", "cheapest" or "lowest" are not a recommendation or rating of products. This page compares a range of products from selected providers and not all products or providers are included in the comparison. There is no such thing as a 'one- size-fits-all' financial product. The best loan, credit card, superannuation account or bank account for you might not be the best choice for someone else. Before selecting any financial product you should read the fine print carefully, including the product disclosure statement, fact sheet or terms and conditions document and obtain professional financial advice on whether a product is right for you and your finances.

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