7.6 / 10

based on 593 MyState Bank 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 21 April, 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

2.39% p.a.

3.85% p.a.

$0.00

$350

3.24% p.a.

4.40% p.a.

$0.00

$950

2.99% p.a.

4.04% p.a.

$0.00

$950

2.09% p.a.

3.81% p.a.

$0.00

$950

3.09% p.a.

4.36% p.a.

$0.00

$950

2.89% p.a.

4.31% p.a.

$0.00

$950

2.99% p.a.

4.33% p.a.

$0.00

$950

2.39% p.a.

3.89% p.a.

$0.00

$950

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

2.54% p.a.

2.57% p.a.

$0.00

$350

3.03% p.a.

3.06% p.a.

$0.00

$350

2.49% p.a.

2.52% p.a.

$0.00

$350

3.23% p.a.

3.26% p.a.

$0.00

$350

2.59% p.a.

2.62% p.a.

$0.00

$350

2.93% p.a.

2.98% 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

2.59% p.a.

2.64% p.a.

$0.00

$650

2.49% p.a.

2.54% p.a.

$0.00

$650

2.54% p.a.

2.59% 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

2.79% p.a.

2.84% p.a.

$0.00

$650

2.84% p.a.

2.89% p.a.

$0.00

$650

3.44% p.a.

3.49% p.a.

$0.00

$650

2.89% p.a.

2.94% p.a.

$0.00

$650

4.23% p.a.

4.30% p.a.

$0.00

$950

3.69% p.a.

3.74% p.a.

$0.00

$650

3.68% p.a.

3.75% p.a.

$0.00

$950

2.79% p.a.

2.84% p.a.

$0.00

$650

2.84% p.a.

2.89% p.a.

$0.00

$650

2.89% p.a.

2.94% 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
7.2/10
Price
Features
Customer service
Convenience
Trust

112 Reviews

Recent MyState Bank home loan reviews

MyState Bank First Home Loan Deposit Scheme Variable Loan review
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 2 days ago
MyState Bank Home Loan review
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 3 months ago
MyState Bank Home Loan review
Overall 1/10
Customer service is terrible.

Since Mystate bank have pulled all branches out of Queensland their service has deteriorated to the point of being non existent. call them and wait times will exceed 1/2 an hour, and if you call the lenders department you are told to send them an email and they will get back to you within 3 days. Appalling. I have sold 2 houses that I had mortgaged through them and both times settlement has been held up by 5 days while they sort out their paperwork, and both times I had given them plenty of notice that the houses were sold. Never again. They have lost all my business.

Read full review

Since Mystate bank have pulled all branches out of Queensland their service has deteriorated to the point of being non existent. call them and wait times will exceed 1/2 an hour, and if you call the lenders department you are told to send them an email and they will get back to you within 3 days. Appalling. I have sold 2 houses that I had mortgaged through them and both times settlement has been held up by 5 days while they sort out their paperwork, and both times I had given them plenty of notice that the houses were sold. Never again. They have lost all my business.

Price
3/10
Features
3/10
Customer service
1/10
Convenience
1/10
Trust
4/10
Less
Noel, Queensland, reviewed 3 months ago
MyState Bank Home Loan review
Overall 8/10
Great Tasmanian bank.

Local Tasmanian bank with Tasmanians' interests in mind.

Read full review

Local Tasmanian bank with Tasmanians' interests in mind.

Price
8/10
Features
8/10
Customer service
9/10
Convenience
9/10
Trust
9/10
Less
Ben, Tasmania, reviewed 3 months ago
MyState Bank Fixed Rate Loan review
Overall 7/10
Great bank to work with.

We have been with this bank for over 15 years and even though there is no bank where we live service has always been efficient and friendly and communication is great.

Read full review

We have been with this bank for over 15 years and even though there is no bank where we live service has always been efficient and friendly and communication is great.

Price
8/10
Features
8/10
Customer service
8/10
Convenience
7/10
Trust
7/10
Less
Narissa, Queensland, reviewed 3 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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