MyState Bank is getting Tasmanians into their first home

Tasmanian home grown bank, MyState, is delighted to be helping more first home buyers take advantage of new financial initiatives – and our customers agree – with MyState Bank being recognised with Mozo’s ‘Expert’s Choice Award’ in the ‘First Home Buyer Loan’ category.

One of Australia’s fastest-growing lenders, MyState Bank is helping buyers receive the financial support they need to get a foot in the door.

Earlier this year, the Tasmanian state government released a new 10-year $1.5 billion-plus housing package, which builds on existing initiatives to make owning a home more affordable.

Under the new package, first home owners who purchase a property that costs $600,000 or less will be able to fully access stamp duty concessions and the First Home Owner Grant. This reflects an increase on the previous $300,000 threshold, and acknowledges recent increases in property prices.

With these new Tasmanian state government provisions, eligible first home buyers and pensioners who are downsizing their family home could save around $11,250 on property duty when they buy a $600,000 home.

Additionally, the Tasmanian state government has confirmed the First Home Owner Grant will remain at up to $30,000 for the 2022/2023 financial year.

“These are big changes in favour of the Apple Isle’s growing number of first home buyers. MyState Bank is here to help you understand how to access government bonuses and incentives, as well as walk you through the home loan process and beyond,” said MyState General Manager Banking, Huw Bough.

“We’re here to make one of the most important steps you can take to build your wealth as easy as possible,” he added.

MyState Bank has proudly supported thousands of Australians into their first home. We have some of the most up-to-date digital home loan assessment and approval systems, backed by knowledgeable and dedicated lending specialists. MyState is also proud to support our extensive network of expert broker partners around Australia.

More about the Mozo ‘Expert’s Choice Award’ in the ‘First Home Buyer Loan’ category

MyState Bank is excited to announce our recent award for Mozo’s ‘Expert’s Choice Award’ in the ‘First Home Buyer Loan’ category.

A key criteria assessed by Mozo included offering the lowest cost variable loan rate for borrowers with a 90% loan-to-value-ratio (LVR) loan.

The Mozo ‘Expert’s Choice Award’ in the ‘First Home Buyer Loan’ category was judged across 441 home loan products from 89 lenders. The analysis is based on data contained in Mozo’s product database as at 5 January 2021.

MyState has everything first home owners and all borrowers need to establish a firm financial foundation. Contact us today to find out why so many Australians prefer to bank with us.

Supporting Australian borrowers

Timely access to finance is essential when borrowers are in the market for a home. This is even more important at the moment, when the real estate market is hot and competition for properties is extremely high.

That’s why at MyState we offer loan applicants*:

• Two-business day conditional approvals.
• Fully assessed pre-approvals to give borrowers the confidence they need to bid on a property.
• 30-day settlements, subject to approvals, to ensure borrowers meet key timelines for the transactions.

MyState Bank offers online mortgage origination and AI-driven personalised insights, accessible through our banking app.

Later this year, we’ll be launching a new mobile app and internet banking platform to further cement our digital capabilities.