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MyState Bank launches new home loan

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staff reporter 3 minute read

The Tasmania-based lender has launched a new “simplified low rate home loan product” for “no-nonsense borrowers". 

The new MyState Basic Home Loan was created by the bank after brokers voiced support for a mortgage that “is easy for consumers to understand”.

It comes with a 3.79 per cent per annum variable interest rate for principal and interest, owner-occupied lending where the loan-to-value ratio is under 80 per cent.

It does not have an establishment fee or ongoing monthly loan fees and allows for extra repayments and redraw of additional funds.

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MyState Limited group executive – broker distribution Huw Bough said that the new loan was designed for “no-nonsense borrowers who wanted a simple and transparent bank loan product with a highly attractive rate, fast approval and great ongoing service levels”.

He commented: “The market is cluttered with a wide range of loans with different features, options, annual deductions, time restrictions and rates from alternative lenders.

“We want to give our broker partners the option of offering a highly competitive loan that is simply what it says, with no hidden surprises.”

[Related: MyState Bank revamps online broker portal]

 

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