MyState Bank Home Loans: The 2026 Review

MyState Bank Limited, originally established as a credit union in Tasmania, emerged from the merger of two credit unions under the name Connect Credit Union. Over time, it transitioned into a publicly listed bank, maintaining its roots in Tasmania. With ABN 89 067 729 195, MyState Bank has grown while operating independently, without a parent company, and includes TPT Wealth Limited as a subsidiary.

Today, MyState Bank positions itself as an independent alternative to the Big 4 banks, leveraging its strong digital banking capabilities and customer service. Despite having a branch network primarily in Tasmania, the bank offers digital services across Australia, appealing to tech-savvy customers. With 4 main products and 65 variations, MyState Bank provides a comprehensive range of financial services.

MyState Bank targets home buyers and refinancers, focusing on competitive interest rates and flexible loan features. It participates in the Australian Government 5% Deposit Scheme, supporting first home buyers. The bank's value proposition includes affordability and digital convenience, making it a suitable choice for those comfortable with online banking.

• Legal Name: MyState Bank Limited
• ABN: 89 067 729 195
• ACN: 067 729 195
• Headquarters: Tasmania, Australia
• Type: Publicly Listed Company
• Ownership: Independent

• Website: https://mystate.com.au
• Phone: 138 001
• Address: Tasmania, Australia

MyState Bank offers competitive home loan features tailored for budget-conscious borrowers, including flexible repayment options and digital banking conveniences.

• Additional Repayments: Borrowers can make additional repayments of up to $10,000 per year during the fixed rate period. This feature allows you to pay down your loan faster, potentially saving on interest over the life of the loan. However, redraws are not available during the fixed period.
• Digital Banking: MyState Bank provides a comprehensive digital banking experience through its app and internet banking. You can make faster payments with digital wallets or PayID, ensuring convenient access to your funds anytime, anywhere.
• Lenders Mortgage Insurance (LMI): LMI is required if you're borrowing more than 80% of the property's value. This insurance protects the lender in case of default, allowing borrowers to enter the market with a smaller deposit.
• Offset Account: The Offset Account is linked to your home loan and reduces the interest payable by offsetting your loan balance with your account balance. This can significantly reduce the interest cost over the loan term and help shorten the loan duration.
• No Ongoing Fees: MyState Bank's fixed-rate home loans come with no ongoing fees, making them an attractive option for those looking to minimise additional costs and manage their budget effectively.
• 5% Deposit Scheme: Participating in the Australian Government’s 5% Deposit Scheme, MyState Bank provides eligible first home buyers the opportunity to purchase a home with a smaller deposit. Eligibility requires a good credit rating and Australian citizenship or permanent residency.
• Nationwide Digital Services: Despite a primarily Tasmanian branch network, MyState Bank offers robust digital services nationwide, supported by a strong broker network. This makes it a viable option for borrowers comfortable with online banking.

MyState Bank offers a clear and structured fee approach, with upfront costs and no ongoing fees for fixed-rate home loans, providing transparency for borrowers.

• Establishment Fee: $300 - Charged for setting up the loan, applicable to most products.
• Additional Valuation Fee: $200 - Payable for each additional property used as security.
• Mortgage Preparation Fee: $95 - Charged for preparing a new mortgage over the secured property.
• Settlement Fee: $350 - Payable at the time of loan settlement.
• Mortgage Discharge Fee: $380 - Charged when discharging the mortgage security.
• Break Cost Fee: Variable - Applicable to fixed-rate loans if paid out before the fixed term ends.
• Switch Fee: $150 - Payable when switching between different interest rate types.
• Demand Notices Fee: $30 - Charged for issuing demand notices.

MyState Bank provides home loans to Australian citizens and permanent residents, offering competitive rates and digital convenience to borrowers nationwide.

• At least 18 years old
• Australian citizen or permanent resident
• Good credit rating
• Stable income to demonstrate repayment ability
• Minimum 5% deposit for eligible first home buyers under the Australian Government 5% Deposit Scheme
• Loan-to-Value Ratio (LVR) up to 95% on some products
• No redraws or offset facilities during the fixed-rate period
• Extra repayments up to $10,000 per year allowed during the fixed term

• LMI may be required for LVRs above 80%.
• The Australian Government 5% Deposit Scheme is available for eligible first home buyers.
• Online banking is essential as the physical branch network is primarily in Tasmania.