MyState Bank’s ability to promptly turn around home loan applications, coupled with its lending flexibility enables customers to secure their home, often against the odds.
MyState Bank’s General Manager Banking, Tony MacRae, said in the current housing market with, record low interest rates, strong interstate interest in Tasmanian properties and rising prices, MyState has provided customers with some certainty in seeking to buy a home.
Mr MacRae said MyState Bank had recently responded to new customers experiencing delays in gaining loan approvals from interstate-based banks that risked losing their dream home purchases.
He said MyState’s local decision-making and understanding of the Tasmanian property market provided customers with a significant advantage.
“Tasmanian housing is ‘hot’ at the moment, with house prices rising by some six percent in just the past three months. Coupled with record low rental availability, there is often intense competition for properties.
“This means that purchasers need to be certain of their finance. If not, they stand to lose their desired property.
“We recently assisted one couple who moved from interstate to Tasmania for work and had been caught in a costly rental trap until they found their dream home on the Tasman Peninsula. However, their home loan application to one of the ‘big four’ banks was lost in long approval delays and bureaucratic ‘postcode’ discrimination.
“They were on the verge of losing their property due to the delay and that bank’s guidelines that preclude lending that distance from Hobart.”
Mr MacRae said with only days remaining before the due settlement, the couple approached MyState Bank.
“MyState was able to assess the application in less than 48 hours, approve the home loan and enable the couple to escape the rental spiral and secure their home for the future.
“This is a prime example of prompt local decision-making and an understanding of the Tasmanian property market helping customers realise their home purchase dreams.
“We were able to turn around the home loan application in a matter of hours because the decision was made here and we did not have to get approval from a head office in Melbourne, Sydney or further afield,” he said.
“That’s the big advantage MyState enjoys. We are Tasmanian, we know the Tasmanian property market and we are determined to do the best by our customers. And we pride ourselves on fully understanding our customers’ needs and making these important decisions as quickly as possible to avoid any undue worry and disappointment,” Mr MacRae said.
MyState Bank offers attractive variable and fixed home loan interest rates with a range of features and currently is offering $3,000 cashback and zero establishment fee on property loans refinanced from another bank.
Prospective home loan customers can contact a MyState Bank branch, or online or by calling 138 001.