No longer Tasmania’s best kept secret

MyState Bank’s significant growth highlights investment in people and technology

According to recently-released data from the Australian Prudential Regulation Authority (APRA), MyState has one of the fastest-growing mortgage books in Australia for the financial year to date (31 October 2021).

APRA’s data shows MyState’s loan book grew by 11.56% over the current financial year to date, versus the industry average at 2.17%. MyState’s percentage growth outstrips all of the major and regional banks.

It’s an especially rewarding achievement, given MyState also has one of the lowest loan arrears’ rates in the country.

Huw Bough, MyState’s General Manager of Banking, said MyState has invested in its people and digital processing, ensuring one of the best customer and mortgage broker experiences of any bank in the market.

“The strength of MyState’s loan book reflects our extensive investments in people and state-of-the-art digital back-end processes. Our focus has been on business-wide efficiencies which have streamlined loan approvals, providing a frictionless experience for borrowers,” said Mr Bough.

“MyState’s home loan portfolio growth also comes down to customers being more comfortable with a mortgage broker recommending a challenger bank that has the bells and whistles like Apple Pay, Garmin Pay and Samsung Pay. Plus there’s now greater acceptance of the loan process being managed virtually, from application through to approval.”

“We’re not hamstrung by expensive, clunky legacy systems, which means we’re providing a consistent service for customers and mortgage brokers. MyState’s human touch combined with its digital platform helps deliver a smooth experience for our clients and brokers,” he said.

Mr Bough said despite the business’ rapid growth over the past few years, MyState has earned the trust of mortgage brokers and customers on conditional approval turnaround times and regularly communicating the status of applications.

“Turnaround times vary greatly. Some major lenders are taking as long as 30 days just to look at your pre-approval application, whereas MyState is consistently delivering conditional approval turnaround times of two business days*.”

Prospective home loan customers can contact a MyState Bank accredited mortgage broker, visit a branch, apply online or call 138 001.

* Loan applications are subject to MyState's credit approval criteria.