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.
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]