7.5 / 10

based on 601 MyState Bank banking product reviews as rated by Mozo community

MyState Bank home loans

MyState Bank is a Tasmania-based Bank formed after Tasmania Perpetual Trustees and MyState Financial merged in 2009. It’s since carved out a reputation as a community-minded bank, with a number of projects aimed at supporting local not-for-profit organisations. Below, we run through its range of variable and fixed home loan offers.

What home loans do MyState Bank offer?

Rates and fees verified as correct at 27 July, 2021. Other information correct at the time of writing. Advertiser disclosure.

Fixed Rate Home Loans

If you’re looking to borrow between $30,000 and $3,000,000, you can opt for an award winning fixed rate home loan from MyState Bank. Available for up to 95% of the property’s value, you have the option to split your loan between fixed and variable rates, and to choose between weekly, fortnightly or monthly repayments. You can also make up to $10,000 in fee-free additional repayments during the fixed rate period. Keep in mind, application and settlement fees apply.

Home loan repayments calculator

years

Product Fixed 3 year rate Comparison Rate Service fee Upfront fee Monthly repayments

2.09% p.a.

3.78% p.a.

$0.00

$350

3.24% p.a.

4.09% p.a.

$0.00

$650

2.99% p.a.

4.04% p.a.

$0.00

$950

2.09% p.a.

3.80% p.a.

$0.00

$650

3.09% p.a.

4.07% p.a.

$0.00

$950

2.49% p.a.

3.90% p.a.

$0.00

$650

2.99% p.a.

4.04% p.a.

$0.00

$950

2.39% p.a.

3.87% p.a.

$0.00

$650

Variable Rate Home Loans

If you’d like a little more flexibility, check out MyState Bank’s variable rate home loan, available for $100,000 to $3,000,000, and up to 95% of the property’s value. You’ll have access to a host of flexible features with this mortgage, including the use of an offset account, unlimited fee-free extra repayments, and the opportunity to redraw those extra funds if needed, although fees and a minimum amount apply to the latter.

Home loan repayments calculator

years

Product Rate Comparison Rate Service fee Upfront fee Monthly repayments

2.39% p.a.

2.42% p.a.

$0.00

$350

3.03% p.a.

3.06% p.a.

$0.00

$350

3.19% p.a.

3.24% p.a.

$0.00

$650

2.34% p.a.

2.37% p.a.

$0.00

$350

3.23% p.a.

3.26% p.a.

$0.00

$350

2.44% p.a.

2.47% p.a.

$0.00

$350

2.44% p.a.

2.47% p.a.

$0.00

$650

3.48% p.a.

3.53% p.a.

$0.00

$650

3.28% p.a.

3.35% p.a.

$0.00

$950

3.44% p.a.

3.51% p.a.

$0.00

$950

2.44% p.a.

2.49% p.a.

$0.00

$650

2.34% p.a.

2.37% p.a.

$0.00

$650

2.39% p.a.

2.44% p.a.

$0.00

$650

4.72% p.a.

4.79% p.a.

$0.00

$950

4.32% p.a.

4.39% p.a.

$0.00

$950

3.98% p.a.

4.05% p.a.

$0.00

$950

3.43% p.a.

3.50% p.a.

$0.00

$950

2.69% p.a.

2.74% p.a.

$0.00

$650

2.74% p.a.

2.79% p.a.

$0.00

$650

2.94% p.a.

2.99% p.a.

$0.00

$650

2.79% p.a.

2.84% p.a.

$0.00

$650

4.23% p.a.

4.30% p.a.

$0.00

$950

2.94% p.a.

2.99% p.a.

$0.00

$650

3.68% p.a.

3.75% p.a.

$0.00

$950

2.69% p.a.

2.74% p.a.

$0.00

$650

2.74% p.a.

2.79% p.a.

$0.00

$650

2.79% p.a.

2.84% p.a.

$0.00

$650

4.72% p.a.

4.79% p.a.

$0.00

$950

4.32% p.a.

4.39% p.a.

$0.00

$950

MyState Bank home loan features in a glance

Repayment Icon

Extra repayments feature

You can make unlimited additional repayments on a variable rate Mystate Bank home loan, but keep in mind that for the fixed rate offer, these extra repayments are capped at $10,000.

Schedule icon

Flexible repayment schedule

On any home loan option from MyState Bank, you can choose between weekly, monthly or fortnightly repayments, to fit your schedule.

Deposit icon

Low deposit

Having trouble saving up a deposit for your mortgage? No problem. MyState Bank home loans can be secured with as little as a 5% deposit - but keep in mind that, as with most home loans, you’ll need to pay for Lender’s Mortgage Insurance if your LVR is above 80%.

How are MyState Bank home loans rated?

Mozo users have rated MyState Bank home loans on price, features, convenience, trust and customer service so you can see what real Aussies have to say about their experiences.

Icon of home-loans
MyState Bank home loans
Overall
7.1/10
Price
Features
Customer service
Convenience
Trust

115 Reviews

Recent MyState Bank home loan reviews

MyState Bank Standard Variable Home Loan
Overall 10/10
BEST BANK EVER

Wow. This is the first time I've moved to a smaller bank and I will never go back to one of the big 4 banks again. Their customer service is 10/10. They're extremely efficient, helpful and knowledgeable. They've well and truly exceeded my expectations in what i'm looking for in a bank and I would highly recommend them to everyone. Well done MyState. Keep up your good work!

Read full review

Wow. This is the first time I've moved to a smaller bank and I will never go back to one of the big 4 banks again. Their customer service is 10/10. They're extremely efficient, helpful and knowledgeable. They've well and truly exceeded my expectations in what i'm looking for in a bank and I would highly recommend them to everyone. Well done MyState. Keep up your good work!

Price
9/10
Features
8/10
Customer service
10/10
Convenience
10/10
Trust
9/10
Less
Snez, Victoria, reviewed 20 days ago
MyState Bank Home Loan
Overall 1/10
Worst bank in the world

This bank is nothing but trouble the entire way. We were charged 4 thousand because they took 60 days to get the finance. Then they we sold some land everyone had to wait literally 4 months just for mystate to do their part. My conveyancer and i have never seen anything like it. I could go on and on and on they literally dont care they are the slowest in the world and have zero problem stuffing you around non stop no matter how urgent your situation is they will not help you. Stay away

Read full review

This bank is nothing but trouble the entire way. We were charged 4 thousand because they took 60 days to get the finance. Then they we sold some land everyone had to wait literally 4 months just for mystate to do their part. My conveyancer and i have never seen anything like it. I could go on and on and on they literally dont care they are the slowest in the world and have zero problem stuffing you around non stop no matter how urgent your situation is they will not help you. Stay away

Price
1/10
Features
1/10
Customer service
1/10
Convenience
1/10
Trust
1/10
Less
Tyson, South Australia, reviewed 3 months ago
MyState Bank Home Loan
Overall 2/10
Too slow.

When applying for a home loan the time to decision is too long. Most contracts of sale assume a 14 day finance clause, however, even if you have pre-approval from this bank, you will wait 21 days (or longer) for a decision. I'm a permanent full time worker, with a very good credit rating, earning above average salary and applying for a LVR <80% and this is the timeline I've experienced with them, twice. Never again.

Read full review

When applying for a home loan the time to decision is too long. Most contracts of sale assume a 14 day finance clause, however, even if you have pre-approval from this bank, you will wait 21 days (or longer) for a decision. I'm a permanent full time worker, with a very good credit rating, earning above average salary and applying for a LVR <80% and this is the timeline I've experienced with them, twice. Never again.

Price
6/10
Features
6/10
Customer service
2/10
Convenience
8/10
Trust
3/10
Less
John, Victoria, reviewed 3 months ago
MyState Bank First Home Loan Deposit Scheme Variable Loan
Overall 3/10
Not recommended.

Archaic loan with higher interest rate than competitors, very little features, and those it does have are cumbersome and costly.

Read full review

Archaic loan with higher interest rate than competitors, very little features, and those it does have are cumbersome and costly.

Price
4/10
Features
2/10
Customer service
5/10
Convenience
2/10
Trust
5/10
Less
Gayle, Tasmania, reviewed 3 months ago
MyState Bank Home Loan
Overall 3/10
High loan interest rates, refuse to drop

I am living in regional NSW and there are no physical banks to visit and withdraw money. The variable interest remained unchanged with the large reserve bank decrease. Was paying 3.52% for variable and they still refused to drop the rate given I was offered 1.89% for the same loan with a different bank. We will now be moving to a new bank. Although I had minimal issues contacting customer service and they were polite to deal with.

Read full review

I am living in regional NSW and there are no physical banks to visit and withdraw money. The variable interest remained unchanged with the large reserve bank decrease. Was paying 3.52% for variable and they still refused to drop the rate given I was offered 1.89% for the same loan with a different bank. We will now be moving to a new bank. Although I had minimal issues contacting customer service and they were polite to deal with.

Price
2/10
Features
2/10
Customer service
10/10
Convenience
2/10
Trust
7/10
Less
Scott, New South Wales, reviewed 6 months ago

What do you need to apply for a MyState Bank home loan?

If you’ve decided a MyState Bank home loan is the one for you, then the next step is applying. Here are a few things you’ll need to have with you when you do:

  • Photo I.D., such as a driver’s licence or passport
  • Details of your earnings - this includes proof of regular income, like payslips or bank statements
  • Details about your assets - like property, savings or investments
  • Details about your expenses - which includes debts and regular payments you make

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