flagFounded: MyState around 1960, The Rock Building Society 1967

businessOwned by: ASX Listed

monetization_onFunded by: Retail deposits and wholesale capital markets

securityLMI Provider: Genworth

account_balanceLender type: Regional Bank

MyState Bank is an unexpected mix of MyState, a regional Tasmanian Bank, and The Rock Building Society, a Queensland Building Society based in Rockhampton. They merged in 2015 and their greater scale has enabled them to offer more competitive home loans across Australia through their mortgage broker partners.

MyState offers a good combination of competitive interest rates and niche lending policies which has enabled them to get some traction. However most borrowers don’t know who they are unless they’re a local in one of their home regions.

How do MyState Bank’s home loans compare?

They’re great at

But they’ve got some drawbacks…

  • Their banking systems are outdated which can cause massive delays
  • They’re unlikely to help people with a bad credit history
  • They don’t have a large branch network
  • They can’t help self-employed borrowers who have little to no income evidence
  • Depending on how busy they are, they may be slow to assess your application

What home loans types do they have?

These are home loans that are left over from the merger of The Rock Building Society and MyState Bank. It can get a little confusing.

The Essential Home Loan is a basic loan without many features but it has a good interest rate. It’s ideal for loans under $250,000.

The Rock Star Package is a competitive professional package that offers great rates if you are borrowing less than 80% of the property value. It has an offset account and discounts on other banking products in return for an annual fee.

Their Fixed Rate Home Loans are usually quite competitive, however, it always pays the shop around.

Credit scoring

Despite being a smaller lender, they actually have a sophisticated credit scoring system with a Scoreband from 6 being a low risk to 1 being a high risk.

What this means is that although they offer 95% home loans they aren’t handing them out like candy. You need to be in a strong financial position to qualify for them.

In addition to this, their LMI provider Genworth will also score applications, and they’re particularly tough on single borrowers or people with no genuine savings.

Tip for applying with MyState Bank

Use MyState Bank’s home loan application checklist to prepare for your home loan application.

Note: This is the latest mortgage checklist as at November 2017. Please refer to MyState Bank for their most up-to-date document requirements.

MyState Bank client story: Alison, QLD



Refinance, purchase an investment property, flexible fixed rate.


Alison and her husband had paid off most of their mortgage and were looking to invest for their retirement. They wanted to buy an investment property using a home loan with a low fixed rate.

However, Alison’s husband was expecting to receive an inheritance in the next two years so he wanted to have a fixed rate loan that would allow him to make extra repayments and pay down the loan faster.


The Rock Building Society (which is now called MyState Bank) allowed unlimited additional repayments with their fixed rate home loans.

The Rock was able to refinance the couple’s mortgage and use their equity to fund their investment property without the need for a deposit.

Compare MyState to other lenders

Not sure which lender is right for you? Our Home Loan Experts can help!

Talk to one of our mortgage brokers by calling us on 1300 889 743 or complete our free assessment form.

  • Sd

    If I have a no genuine savings loan, will it be more expensive?

  • Hi Sd,
    If you are borrowing up to 90% of the purchase price then the majority of lenders have the same rates and fees. For loans of up to 95% of the purchase price, you may be charged a slightly higher LMI premium if you can’t prove genuine savings. If you are borrowing 85% or less then generally there is no difference in loan and LMI pricing with any lender.

  • web

    I would like to buy a house in Tasmania and I think I may be going with MyState bank for finance. The property market here isn’t all that big and I’ve seen properties gone empty for months before it is purchased. Will this affect my home loan application and how it will be assessed by the lenders?

  • Hey web,

    Tasmania is a much smaller property market than the other Australian states. As you stated, there are many areas that have properties that have been on the market for long periods, even over a year. For this reason, some lenders assess Tasmania as a high risk area whereas others accept Tasmanian properties as security for a home loan. You can go directly with MyState if you like but please note that there may be other lenders that may be able to be more flexible or offer a better deal depending on your situation and loan needs. If you’d like to discuss your options and what offers are available, please feel free to speak with one of our Tasmanian property home loan specialists by calling 1300 889 743 or by completing our free online application form:

  • Jon Dun

    Hi, I’m buying a residential property to live in. This will be my first real estate purchase and I will be using my first home owners grant as part of my deposit. How do MyState Bank assess freelancers? I’ve been freelancing for over 2 years but I can’t provide much income evidence aside from bank statements.

  • Hi Jon,
    MyState Bank aren’t actually great at dealing with self-employed applicants that can’t provide sufficient income evidence. From the sounds of it, you will have to go for a low doc loan with bank statements. Note though that this generally requires that you provide 3-6 months’ bank statements depending on which lender you apply with. If possible, it would be good if you can also provide BAS statements or an accountant’s letter. You can get a free quote from one of our first home buyer and low doc specialist brokers by calling 1300 889 743 or simply enquire online and we’ll get back to you:

  • Dennis

    Hi, can I borrow a 90% investment loan with MyState Bank? I just need to confirm if this is possible as I think my cousins couldn’t do this and we were thinking of going with MyState too.

  • Unfortunately, MyState Bank are only accepting investment loan applications for up to 70% of the purchase price at the moment. This is the result of the recent tightening of the investment lending scene here in Australia. However, there are other lenders that may be able to help you so please call our office if you’d like to find out if you can qualify.

  • Jay

    Do not use mystate. Their customer service is absolutely rediculous, no notifications about changes in payments what so ever, until hear from their lawyer. Defaulted for less than 20 dollars and a repayment that was due that day (as their lawyer contacted me 2 days after). My loan repayment has increased over 5 percent in the last quarter on a home loan. As well as the hundreds of dollars in lawyer fees added to my loan because of an outstanding balance of less than 20 dollars, when I was paying more than required, but wasn’t informed about the increase, only by their lawyer. All of my banking is in the process of being changed, the rock was excellent, these guys are pathetic. You have been warned