Brokers give top marks to MyState Bank

MyState Bank has ended the 2021-2022 financial year on a high, achieving its best ever month for loan settlements and winning strong accolades in a national survey of independent mortgage brokers.

The record levels of business achieved in May have reinforced our status as one of the fastest growing home lenders in the country, and backs the bank’s focus on building and nurturing strong relationships with independent mortgage brokers.

Much of this new growth in MyState’s home loan portfolio, includes record monthly business from Victoria and New South Wales.

According the latest Mortgage and Finance Association of Australia data, mortgage brokers facilitated close to 70 per cent of all new residential home loans in Australia in last quarter of 2021-2022 – a 12 per cent increase year on year – and another record high.

Huw Bough, MyState’s General Manager of Banking, Retail and Strategic Partners, said customers were understandably using mortgage brokers to secure the best deals.

“Customers trust brokers to provide the right advice, and brokers trust lenders who consistently deliver the right products, with the right features and technology platform,” said Mr Bough.

With its long history as a customer-focused brand in Tasmania, and a modern suite of online home loan products, MyState Bank offers a highly attractive and competitive alternative for mortgage brokers across Australia.

“Quite often challenger banks have got better technology, more consistent service, a more human touch, and they do what they say they will,” added Mr Bough.

A key to MyState Bank’s growth has been its national network of broker relationship managers. With its initial focus for mainland expansion in Victoria, New South Wales and Queensland, more relationship managers will be recruited along the eastern seaboard as business growth continues.

MyState Bank tops the ratings in annual independent broker survey

Residential mortgage brokers have voted MyState Bank the strongest third-party provider against 14 other small banks in Momentum Intelligence’s 2022 Third Party Lending annual survey of 1050 brokers.

Based on survey data collected between February and April 2022, MyState received a rating of 81 per cent of the maximum score across the survey categories of lending products, personnel, speed, support and technology.

Blake Albones, MyState’s Head of Lending Distribution, Home Lending & Broker channels, said the exceptional survey results, released on 1 June, reflected the bank’s strong advocacy and trusted reputation it had built with its broker partners.

“It’s always nice to get these accolades, but brokers choose us because of the support we give their businesses, the great products that we provide their customers, and the ongoing support of the third-party channel. It’s always nice to hear the broker feedback, but we continue every day to be a better lender for brokers and customers,” said Mr Albones.

Momentum Intelligence’s senior research strategist, Oliver Stofka, said MyState scored above industry average across categories including business development managers, products, pricing, turnaround times and commitment to the broker channel.

“MyState has had an outstanding result in the survey this year with brokers rating them highly across all categories,” Mr Stofka said.

“Their dedication to improvements in their personnel year on year, as well as their commitment to the broker channel was held in high regard by brokers.”