Base criteria of: a $400,000 loan amount, variable, fixed, principal and interest (P&I) home loans with an LVR (loan-to-value) ratio of at least 80%. However, the ‘Compare Home Loans’ table allows for calculations to be made on variables as selected and input by the user. All products will list the LVR with the product and rate which are clearly published on the Product Provider’s web site. Monthly repayments, once the base criteria are altered by the user, will be based on the selected products’ advertised rates and determined by the loan amount, repayment type, loan term and LVR as input by the user/you. *The Comparison rate is based on a $150,000 loan over 25 years. Warning: this comparison rate is true only for this example and may not include all fees and charges. Different terms, fees or other loan amounts might result in a different comparison rate. Rates correct as of .

Founded in 1998 as the Connect Credit Union after a merger between the Savings and Loans Credit Union Cooperative and the Teachers Police & Nurses Credit Union of Tasmania, MyState Bank came into existence in 2007 after another merger, this time between the CCU and Island State Credit Union. Today, MyState Bank is the largest Tasmanian-owned financial organisation.

Based in Hobart, MyState Bank provides a range of financial products to borrowers in Tasmania, and while they do not offer package loans, they are a great bank to go to for flexible repayment options and smaller deposits. They are an authorised deposit-taking institution.

While their services are limited to Tasmania, they do have 10 physical branches across the state, and like many smaller lenders, they take a decidedly "Not one of the big four" mindset when it comes to how they take care of their borrowers, offering wealth management expert services alongside their home loans and other financial services including Mystate online banking.

Beyond their physical branches, MyState Bank allows customers to do their banking via the internet, mobile apps, or over the phone.

In order to apply for a home loan with MyState Bank, you must:

  • be at least 18 years of age
  • provide proof of Identification enough to pass the 100 point check, which can include your passport, birth certificate, etc.
  • be able to provide evidence of your financial details when you apply, so make sure you hang on to your tax returns, payslips, and other financial details
  • agree to a credit check
  • provide a list of your income against your expenses, which will show the lender a complete view of your current financial situation as far as incoming and outgoing cash flow is concerned
  • provide a list of assets (like existing properties and investments as well as savings) and debts (any open lines of credit or other loans, etc.)
  • Details about the property you're planning to buy, such as the price of the property and how much you are looking to borrow

Additionally, anyone looking to refinance will need to provide statements the last six months of their existing loans, and anyone looking for a construction loan will have to provide proof of sale, council-approved plans, and building quotes.