- MyState Bank is ideal for home buyers and refinancers looking for sharp interest rates, flexible loan features, and a customer-owned alternative to the big banks.
- Top 3 reasons to choose MyState Bank:
– Competitive variable and fixed rates with offset account options
– Strong digital banking tools and customer service
– Available through brokers and online across Australia - Key drawbacks to consider:
– No branch access outside Tasmania
– Application processing may take longer than some online lenders
– Limited cashback promotions compared to major banks
Who Is MyState Bank?
MyState Bank is a Tasmania-based customer-owned bank with over 60 years of history. While its physical presence is limited to Tasmania, MyState offers nationwide home loans through its digital banking platform and broker network.
MyState combines competitive rates, flexible features, and a strong customer-first reputation — making it a popular option for borrowers who want a regional alternative to the big banks without sacrificing service or features.
MyState Bank Customer Reviews
As a single borrower, I found My State’s approach supportive and non-intimidating. No pressure, just clear guidance. They really listened to my situation and offered a product that suited my income and lifestyle.
Patricia Sutton
Staff were friendly and the documentation process was straightforward. I did need to follow up once during approval, but once things got moving, settlement went through without any issues. Happy overall.
Darren Everett
The loan product from Mystate is solid, and I liked the option for redraw. However, the initial approval stage took a little longer than I expected. Once I followed up, things moved smoothly and the service was good. Just be prepared for possible minor delays early on.
Adam Townsend
I appreciated the option to lock in a fixed rate with MyState. The loan settlement took a bit longer than expected, but the communication was clear throughout. The final outcome was well worth the wait.
Tara Phillips
We used MyState Bank for a high-LVR home loan, and they took the time to explain the loan insurance and repayment options clearly. The rate was good, and the team made the process feel personal and supportive.
Nathaniel Gale
The online portal was easy to navigate, and MyState’s staff were quick to answer emails and phone calls. Everything went through smoothly, and I’ve been happy with the mobile banking tools too.
Isabelle Clarke
We borrowed for an investment property, and MyState’s team were thorough, helpful, and well-organised. They walked me through the extra requirements clearly, and we settled on time without any surprises.
Mark Byrne
I chose MyState for its competitive fixed-rate offer, and I’m glad I did. The application was straightforward, done mostly online, but with the reassurance that I could drop into a branch if needed. Excellent balance of digital and personal service.
Leanne Harding
This was our first home loan, and MyState made it easy. The team guided us clearly through all the paperwork, and they were quick to respond whenever we had questions. Felt like real people were looking out for us.
Caleb Turner
We refinanced our home loan with MyState and were pleasantly surprised by how smooth and friendly the process was. The rates were attractive, and we felt well-supported the entire way through—even down the line when we had follow-up questions.
Zoe Fletcher
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Types of MyState Bank Home Loans
MyState offers a variety of loans to suit first-home buyers, refinancers, and investors:
Basic Variable Home Loan
- No-frills loan with a low variable rate
- Redraw available
- No offset account
- Ideal for budget-conscious borrowers who don’t need extra features
Standard Variable Home Loan
- Includes full features like offset account and redraw
- Allows extra repayments
- Can be split with fixed rate
- Best for borrowers seeking flexibility
Fixed Rate Home Loan
- Fixed terms from 1 to 5 years
- Optional offset account on eligible products
- Up to $25,000 in extra repayments during fixed period
- Ideal for those wanting repayment certainty
Investor Home Loan
- Fixed and variable options
- Interest-only or Pincipal & Interest
- Offset and redraw features available
- Suitable for standard investment purchases or refinances
MyState Bank Interest Rates & Fees
MyState is often very competitive on rates, especially for owner-occupiers and low-LVR loans.
- Rates:
– Variable and fixed rates often undercut big banks
– Discounted rates for larger deposits (LVR under 80%) - Fees:
– Application fee: ~$0–$600 depending on loan type
– Ongoing fee: Typically waived on basic loans
– Offset account: Available on select products
– Redraw: Free on eligible loans
For the latest MyState Bank interest rates and fees for your personal circumstances, speak to a mortgage broker for FREE guidance. They can also help you compare MyState's home loans with over 70+ other banks and lenders to ensure you are getting the best deal.
Key Features of MyState Bank Home Loans
MyState balances traditional lending features with digital convenience:
- Offset Account: Available with fixed and variable loans
- Redraw Facility: Access extra repayments anytime
- Split Loan Options: Combine fixed and variable
- Extra Repayments: Flexible terms across most products
- Broker Network: Widely available across Australia
- Digital Banking: User-friendly app and online banking
- Pre-Approvals: Online or through a broker
Pros & Cons of MyState Bank Home Loans
Pros:
✅ Competitive rates for owner-occupiers and investors
✅ Offset and redraw available
✅ Strong digital tools and online banking
✅ Widely available through brokers
✅ Customer-owned bank with community values
Cons:
❌ No physical branches outside Tasmania
❌ Slower turnaround times during peak periods
❌ Not ideal for complex or non-standard lending needs
Is MyState Bank a Good Lender?
Yes — MyState is a solid choice for borrowers wanting strong rates, flexibility, and the support of a customer-owned bank.
MyState is a good fit for:
- Owner-occupiers and refinancers who want competitive rates
- Borrowers seeking offset, redraw, and flexible repayment features
- First-home buyers looking for transparent and supportive service
- Investors wanting a lender with personal service and flexibility
However, it may not suit those who want in-branch access outside Tasmania, or complex lending situations.
How to Apply for a MyState Bank Home Loan
You can apply via:
- MyState’s online platform
- Mortgage brokers that are partnered with MyState
Eligibility criteria:
- Australian citizen or permanent resident
- Clean credit history and stable income
- Minimum 5–10% deposit or equity for refinancers
- Properties must meet postcode and valuation criteria
Application process:
- Submit documents (ID, payslips, bank statements)
- Apply directly online or via broker
- Pre-approval usually takes a few business days
- Full assessment and settlement process managed digitally
Need Help Comparing MyState Bank to Other Lenders?
Let Eden Emerald Mortgages help you compare MyState with over 70+ other lenders. Whether you’re looking for features, flexibility, or just the lowest possible rate, we’ll help guide you to the right loan for your situation.
Our services are 100% free for you, (we are paid a commission by the lender), so there is no downside to working with us.
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To get started on your journey of securing a home loan, fill in the form below, and an experienced mortgage broker will contact you about your personal situation. You can also call us directly on (02) 9188 9398.
