10 Questions About MyState Bank, the Tasmanian Lender Most Mainland Brokers Don't Price
MyState is the only ASX-listed bank headquartered in Tasmania. Their home loan book is unusual in two specific ways that matter to borrowers in 2026: flat-rate pricing from 60% LVR all the way to 95%, and 95% LVR on investment — which almost nobody else offers. This is the 10-question briefing.
Same 5.84% rate at 60% LVR and at 95% LVR
Most lenders step their variable rate up by 0.15–0.40% each time the LVR band crosses 70%, 80% and 90%. MyState prices the risk into the assessment rate instead of the product rate. Here is how MyState compares to a typical Big 4 pricing curve across the four LVR bands.
Who is MyState Bank?
MyState Bank is the home loan brand of MyState Limited (ASX: MYS), a Tasmania-headquartered financial services group. The bank was formed in 2008 by the merger of Tasmanian Permanent Building Society (founded 1862) and Connect Credit Union. MyState Limited listed on the ASX in 2010 and now holds both the bank and TPT Wealth, a licensed trustee and wealth manager.
The bank is APRA-regulated and deposit-insured under the Financial Claims Scheme. Head office is in Hobart, with branches across Tasmania and broker-channel lending nationwide. It is genuinely Tasmanian — not a mainland bank with a Tasmania-labelled product set.
What is MyState's cheapest home loan rate?
5.84% variable for owner-occupier P&I, applying from <60% LVR all the way to 95% LVR via the government Home Guarantee Scheme. Average rate across all 68 products on our panel is 6.26% (the 7.26% panel average is dragged up by high-risk and interest-only specialty products, not the mainstream book).
Does MyState really lend to investors at 95% LVR?
Yes — and almost nobody else does. MyState is one of a very small number of lenders on across our panel that allows 95% LVR on investment property purchases. The rate is a flat 5.99% variable across every LVR band on investment P&I.
Peer comparison for investment lending at 90%+ LVR:
- MyState — 95% LVR, 5.99%
- ANZ — 95% LVR, ~7.1% on investor basic
- CBA — 95% LVR, ~7.0% on investor standard variable
- Bank of Melbourne — 95% LVR, ~6.9%
- Most non-bank and mutual lenders — cap at 90% on investment
For an investor with only 5–10% deposit who still wants an institutional lender (not Pepper or Liberty at specialist rates), MyState is frequently the cheapest and cleanest option available.
Does MyState lend outside Tasmania?
Yes, nationally. MyState accepts security properties in NSW, VIC, QLD, WA, SA, ACT and NT through the broker channel. The physical branch footprint is Tasmania-only, but loan origination, valuation, underwriting and settlement all work identically regardless of which state the property is in.
That said, MyState's pricing and policy still carry a Tasmanian valuer-network advantage on Tasmanian security. If you are buying in Hobart, Launceston or regional Tasmania, MyState valuers have deeper local market knowledge than mainland Big 4 valuers flown in or priced by automated models. On the mainland, MyState uses standard national valuer panels like everyone else.
What is MyState's maximum loan amount?
$5 million. This is unusually high for a bank of MyState's size — Beyond Bank and Credit Union SA cap at $2.5m, P&N Bank at $2m, most mutuals at $1.5–$2m. MyState's ceiling matches Macquarie and the Big 4 for standalone residential lending.
Practical implication: high-income borrowers or prestige-property buyers in Tasmania (Sandy Bay, Battery Point, Launceston heritage) can get the full amount from MyState without needing to route to CBA or Macquarie for scale reasons.
How fast is MyState approval?
Average ~15 business days submission-to-unconditional on our Q1 2026 data. That is slower than the mutual leaders (Great Southern 5 days, Heritage 6 days) and slower than Big 4 (CBA 9, Westpac 8). It is not slow by non-bank standards, but if speed is critical MyState is not the right choice.
On a Tasmanian security with clean PAYG and no unusual income structure, submissions often clear faster than the average (8–10 days is common). On mainland securities or self-employed files, allow the full 15-day window.
What is MyState's assessment rate and DTI cap?
8.79% assessment rate (product rate + 3.00% APRA buffer) and 6.5x DTI cap. This is where MyState prices the risk that other lenders price into the product rate — the higher assessment rate slightly reduces maximum borrowing capacity on marginal files.
In practical terms: on a $150k income with $60k in existing commitments, MyState's borrowing capacity is roughly $30k–$40k lower than at CBA (8.99% assessment, 7.0x DTI) — though CBA's 95% LVR rate is ~0.55% higher. The right trade-off depends on whether your file is capacity-constrained or rate-sensitive.
Does MyState accept self-employed with short trading history?
No — two years minimum. MyState requires two years of lodged tax returns for self-employed borrowers and does not offer a low-doc or alt-doc product. Self-employed borrowers with only 1 year of returns should route to ING (5.89% on 1-year self-employed with 2 years ABN) or Pepper Money / Liberty for alt-doc at specialist rates.
For self-employed borrowers with 2+ years clean returns, MyState is fine — but they won't price meaningfully sharper than a comparable full-doc Big 4 offer, so the decision usually hinges on LVR and deposit size.
How does MyState compare to Heritage Bank, Auswide and Bendigo?
All four are sub-Big-4 regional/mutual-scale banks with branch networks. The positioning differs meaningfully:
- MyState — TAS-first, flat LVR pricing, 95% investment LVR, $5m ceiling. 5.84% cheapest OO, ~15 day turnaround.
- Heritage Bank — QLD-first mutual, 8.49% assessment rate (lowest on panel = highest capacity), 6 day turnaround. 5.49% cheapest OO but 20% genuine savings gotcha above 90% LVR.
- Auswide Bank — QLD regional, 3 win profiles vs 1 fee-trap profile clearly defined, $600 application fee is the structural cost.
- Bendigo Bank — national with Community Bank model, 305 franchise branches, 5.94% cheapest but strong local-community story.
For a Tasmanian borrower or an investor chasing 95% LVR, MyState wins. For speed or highest borrowing capacity, Heritage wins. For QLD-specific service with fee-trap-awareness, Auswide wins. For community/branch presence nationally, Bendigo wins.
When is MyState the right answer, and when isn't it?
MyState wins when:
- Investor with 5–10% deposit wanting 95% LVR at non-specialist pricing (almost unbeatable)
- Owner-occupier with ≥80% LVR wanting flat mid-tier pricing
- Tasmanian security property (local valuer network adds 1–2 days of certainty)
- High-income borrower needing up to $5m single-security loan
- Borrower wanting a genuinely state-based ASX-listed bank, not a mainland mutual labelled for Tas
MyState loses when:
- <60% LVR on owner-occupier — Heritage, Bank Australia and UniBank are all sharper here
- Self-employed with 1 year of returns — MyState requires 2 years
- Speed-critical file — 15 days average is too slow for tight settlements
- Low-doc income scenarios — MyState has no low-doc product
- Borrower valuing an extensive mainland branch network — MyState branches are Tasmania-only
The honest summary: MyState is a specialist lender wearing mainstream clothes. They win a specific set of profiles cleanly and lose to better-priced alternatives on the rest.
Tasmanian Context
Why Tasmania-specific lending matters. Tasmanian property markets operate on different fundamentals to mainland capitals — heritage stock dominates inner Hobart, regional Tasmanian towns (Devonport, Burnie, Smithton) have thin comparable-sales data that mainland AVM models handle poorly, and Tasmanian valuers typically return properties at 0–5% above AVM estimates where mainland valuers often trim 3–5%. For Tasmanian files, MyState's local valuer network can be the difference between deal and no-deal. On the mainland, that advantage goes away and MyState competes on pure pricing and policy like any other non-Big-4.
MyState Bank — April 2026 Snapshot
Is MyState the right fit for your LVR band?
We'll benchmark MyState against the two cheapest alternatives at your specific LVR — whether 60% or 95%. Fast, free, no signup.
Run the comparisonIs MyState a bank or a credit union?
A bank. ASX-listed (ticker MYS), APRA-regulated as an ADI. Formed from a 2008 merger of Tasmanian Permanent Building Society and Connect Credit Union; listed in 2010.
What is MyState's cheapest home loan rate?
5.84% variable on Basic Variable and Special Residential owner-occupier P&I, applying from <60% LVR through to 95% LVR via the Home Guarantee Scheme.
Does MyState lend to investors at 95% LVR?
Yes. MyState is one of very few lenders on our panel that supports 95% LVR on investment property. The rate is a flat 5.99% across all LVR tiers.
What is MyState's maximum loan amount?
$5 million on a single residential security — high for a bank of MyState's size, matching Macquarie and Big 4 ceilings.
How long does MyState take to approve a home loan?
About 15 business days on average submission-to-unconditional. Tasmanian-security PAYG files often clear in 8–10 days; mainland and self-employed files sit at the longer end.
Does MyState offer low-doc or alt-doc loans?
No. Self-employed borrowers need two full years of lodged tax returns. Route to ING, Pepper Money or Liberty for shorter income histories.
Is MyState accredited for the First Home Guarantee?
Yes, and this is how the 95% LVR at the headline rate is accessed without LMI for eligible first home buyers.
Does MyState have branches outside Tasmania?
No. Physical branch network is Tasmania-only. Broker-channel lending is nationwide with identical policy and pricing regardless of state.
Richard Esteb
I price every high-LVR investor file against MyState because almost no other institutional lender will go to 95% on investment. On mainland files at low LVR I rarely submit there — the flat pricing model means MyState is built to win the high-LVR end of the market, not the low. Refreshed 15 March 2026.