based on 620 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.

MyState Bank took home a 2022 Mozo Experts Choice Award, winning in the First Home Buyer Loan category.

What home loans do MyState Bank offer?

Rates and fees verified as correct at 25 May 2022. 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

4.89% p.a.

4.72% p.a.

$0.00

$350

5.19% p.a.

5.09% p.a.

$0.00

$800

4.39% p.a.

4.58% p.a.

$0.00

$800

4.99% p.a.

4.74% p.a.

$0.00

$800

4.29% p.a.

4.56% p.a.

$0.00

$800

5.29% p.a.

5.12% p.a.

$0.00

$800

4.69% p.a.

4.65% p.a.

$0.00

$800

5.09% p.a.

4.77% p.a.

$0.00

$800

4.49% p.a.

4.61% p.a.

$0.00

$800

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

2.34% p.a.

2.37% p.a.

$0.00

$350

2.78% p.a.

2.81% p.a.

$0.00

$350

3.44% p.a.

3.47% p.a.

$0.00

$350

2.29% p.a.

2.32% p.a.

$0.00

$350

3.48% p.a.

3.51% p.a.

$0.00

$350

2.49% p.a.

2.52% p.a.

$0.00

$350

2.49% p.a.

2.52% p.a.

$0.00

$650

3.73% p.a.

3.79% p.a.

$0.00

$800

3.03% p.a.

3.09% p.a.

$0.00

$800

3.69% p.a.

3.75% p.a.

$0.00

$800

2.49% p.a.

2.55% p.a.

$0.00

$800

2.39% p.a.

2.45% p.a.

$0.00

$800

2.44% p.a.

2.50% p.a.

$0.00

$800

4.97% p.a.

5.04% p.a.

$0.00

$950

4.57% p.a.

4.64% p.a.

$0.00

$950

3.24% p.a.

3.29% p.a.

$0.00

$650

3.19% p.a.

3.24% p.a.

$0.00

$650

2.53% p.a.

2.58% p.a.

$0.00

$650

2.54% p.a.

2.59% p.a.

$0.00

$650

2.84% p.a.

2.89% p.a.

$0.00

$650

2.64% p.a.

2.69% p.a.

$0.00

$650

3.24% p.a.

3.30% p.a.

$0.00

$800

2.84% p.a.

2.90% p.a.

$0.00

$800

3.19% p.a.

3.25% p.a.

$0.00

$800

2.53% p.a.

2.59% p.a.

$0.00

$800

2.54% p.a.

2.60% p.a.

$0.00

$800

2.64% p.a.

2.70% p.a.

$0.00

$800

4.97% p.a.

5.04% p.a.

$0.00

$950

4.57% p.a.

4.64% 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
Price
Features
Customer service
Convenience
Trust

122 Reviews

Recent MyState Bank home loan reviews

MyState Bank First Home Loan Deposit Scheme Variable Loan
Overall 1/10
Dodgy drip feeding of impossible loan conditions

I got rapid pre-approval after applying for a loan to buy land and build, and receiving assurances from MyState I had 12 months to build. So I went ahead and put an offer on a block of land in, only to be told a week before the cooling off deadline some 6 weeks later, that I needed a building contract or the loan wasn't going to happen! So I had to go ahead and just purchase the land, thereby forgoing my ability to access the First Home Guarantee, and that meant I have to conveniently pay MyState $15k in LMI. Then they tell me 3 days before the deadline that I have to come up with 10% deposit, not 5% because I'm buying in a regional area which they don't like. Then they say even though I'm paying for their valuation, which came back as $15k higher than I'm paying the vendor, they're not going to take it into account. Why? They don't feel like it. A dodgier pack of discriminating drip feeding pen-pushers I have never met. They've had the application for 50+ days and counting. All for someone with zero debts.

Read full review

I got rapid pre-approval after applying for a loan to buy land and build, and receiving assurances from MyState I had 12 months to build. So I went ahead and put an offer on a block of land in, only to be told a week before the cooling off deadline some 6 weeks later, that I needed a building contract or the loan wasn't going to happen! So I had to go ahead and just purchase the land, thereby forgoing my ability to access the First Home Guarantee, and that meant I have to conveniently pay MyState $15k in LMI. Then they tell me 3 days before the deadline that I have to come up with 10% deposit, not 5% because I'm buying in a regional area which they don't like. Then they say even though I'm paying for their valuation, which came back as $15k higher than I'm paying the vendor, they're not going to take it into account. Why? They don't feel like it. A dodgier pack of discriminating drip feeding pen-pushers I have never met. They've had the application for 50+ days and counting. All for someone with zero debts.

Price
1/10
Features
1/10
Customer service
1/10
Convenience
1/10
Trust
1/10
Less
Carole, Victoria, reviewed 4 months ago
MyState Bank Fixed Rate Loan
Overall 8/10
Thorough

Flexible.

Read full review

Flexible.

Price
6/10
Features
5/10
Customer service
9/10
Convenience
9/10
Trust
6/10
Less
Pamela, Tasmania, reviewed 5 months ago
MyState Bank Home Loan
Overall 1/10
CONSIDERING CONTACTING A CURRENT AFFAIR PROGRAMME

Have a daughter applying for a home loan single person! Cannot believe understand the crap/delay/frustration/stress/stress and depression she is undergoing through this Organisation! Would not recommend Your Organisationtion - you advertise quick turnover for Loan applications - SUGGEST YOU ADVERTISE SOMEWHAT DIFFERENT - SLOW GO - SLOW PROCESS- SLOW APPROVAL - YOU SHOULD BE HELD ACCOUNTABLE - YOU DEFINITELY DO NOT PREACH WHAT YOU ADVERTISE!!!!! FALSE ADVERTISING COMPLETELY!!!!!!!

Read full review

Have a daughter applying for a home loan single person! Cannot believe understand the crap/delay/frustration/stress/stress and depression she is undergoing through this Organisation! Would not recommend Your Organisationtion - you advertise quick turnover for Loan applications - SUGGEST YOU ADVERTISE SOMEWHAT DIFFERENT - SLOW GO - SLOW PROCESS- SLOW APPROVAL - YOU SHOULD BE HELD ACCOUNTABLE - YOU DEFINITELY DO NOT PREACH WHAT YOU ADVERTISE!!!!! FALSE ADVERTISING COMPLETELY!!!!!!!

Price
1/10
Features
1/10
Customer service
1/10
Trust
1/10
Less
Daphne, Queensland, reviewed 6 months ago
MyState Bank Home Loan
Overall 1/10
Do not recommend

Waited a very long time post a yes on pre approval - to then after supplying lots of extra documents to help support us they still denied us, despite our loan servicing is more then fine. We forgot to disclose a trade support loan of $2700 by a honest mistake as you pay additional $300 per week in next tax barrack to repay any HECS etc and had been paying that for 12 weeks so loan would of been paid back- updated work and filled out new tax deduction form not claiming it got at letter from work as per request from MyState. After waiting and waiting and doing everything they asked, getting letters for them that no bank would of asked for going out of our way as I was so excited to move from Westpac to MyState and give them my more the capable customer loyalty and service… plus also promised timelines to then be declined because of a wee mistake- it’s so not fair and have lost a valued customer. Made a complaint and yet to receive a call back.

Read full review

Waited a very long time post a yes on pre approval - to then after supplying lots of extra documents to help support us they still denied us, despite our loan servicing is more then fine. We forgot to disclose a trade support loan of $2700 by a honest mistake as you pay additional $300 per week in next tax barrack to repay any HECS etc and had been paying that for 12 weeks so loan would of been paid back- updated work and filled out new tax deduction form not claiming it got at letter from work as per request from MyState. After waiting and waiting and doing everything they asked, getting letters for them that no bank would of asked for going out of our way as I was so excited to move from Westpac to MyState and give them my more the capable customer loyalty and service… plus also promised timelines to then be declined because of a wee mistake- it’s so not fair and have lost a valued customer. Made a complaint and yet to receive a call back.

Price
1/10
Features
1/10
Customer service
1/10
Convenience
1/10
Trust
1/10
Less
Jacinta, Victoria, reviewed 7 months ago
MyState Bank First Home Loan Deposit Scheme Variable Loan
Overall 1/10
Run now while you can.

Absolutely useless. Had to get finance extended twice while Mystate stuffed around and kept our hopes up for approval but never even reviewed our application before finance time ran out. NEVER EVEN LOOKED AT IT. Appalling customer service. Said they will be looking at it over the weekend, nothing happened. They just couldn't be bothered. Avoid like the plague.

Read full review

Absolutely useless. Had to get finance extended twice while Mystate stuffed around and kept our hopes up for approval but never even reviewed our application before finance time ran out. NEVER EVEN LOOKED AT IT. Appalling customer service. Said they will be looking at it over the weekend, nothing happened. They just couldn't be bothered. Avoid like the plague.

Price
7/10
Customer service
3/10
Convenience
1/10
Trust
1/10
Less
Blair, Queensland, reviewed 9 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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