MyState Bank Home Loan Review for Australian Expats

MyState Bank Home Loan Options

MyState Bank offers the following home loan products. Please note that these may not be available for borrowers from overseas. Speak with us to discuss your best options.

This is a simple and straightforward variable rate home loan with a competitive interest rate. It is a good option if you are comfortable with the flexibility of a variable rate and are looking for a low monthly repayment.

The fixed rate loan provides the certainty of a fixed interest rate for a set period of time. This can be a good option if you are looking for budget stability and want to protect yourself from fluctuations in interest rates.

Split home loans combine fixed and variable interest rates, offering a balance between stability and flexibility.

MyState Bank Home Loan Review

Here are the pros and cons of choosing MyState Bank to buy property in Australia.

Pros Cons
Consideration of foreign income
Limited branch network
Fast and easy online application process
Small lender
Competitive interest rates
Relatively new to expat lending
Flexible loan options

Allow us to find you the perfect home loan.

Apply online to get expert recommendations with real interest rates and repayments.

Features of MyState Bank Home Loans

MyState Bank can help you get the following home loan features.

Feature Details
100% Offset Account
The bank offers a 100% offset account on its Special Residential Home Loan. This means that you can link any amount of money in your savings account to your home loan and reduce your interest payments accordingly.
Redraw Facility
The bank offers a free redraw facility on most of its home loans. This means that you can access your extra repayments without any penalties or fees.
No Early Repayment Penalties
The bank does not charge early repayment penalties on its home loans. This means that you can pay off your loan early without having to worry about any extra fees.

Facts About MyState Bank

The bank's roots trace back to 2007 when two Tasmanian credit unions, Island State Credit Union and Connect Credit Union, merged to form MyState Credit Union. In 2009, this credit union demutualised and merged with Tasmanian Perpetual Trustees Limited, creating MyState Limited.

In 2011, MyState Limited acquired The Rock Building Society, a Queensland-based building society, expanding its presence into mainland Australia. A significant milestone arrived in 2014 when MyState Financial, the largest subsidiary, received approval to rename itself MyState Bank.

In 2023, it was awarded the Canstar 5-Star Excellent Credit Rating for its Everyday Savings Account.

How Do I Apply for an Expat Mortgage with MyState Bank?

Here’s a step-by-step guide on how an Australian expat, permanent resident, or foreign investor living overseas can apply for an Australian expat home loan with MyState Bank.

  • Check Eligibility: Before applying, ensure you meet the eligibility criteria. A mortgage broker can help you with this.
  • Gather Required Documents: You’ll need to provide various documents to support your application, such as your passport and Australian birth certificate or citizenship certificate and proof of employment and income.
  • Secure Pre-approval: Consider obtaining pre-approval before searching for a property. This gives you an estimated borrowing capacity and demonstrates your financial standing to potential sellers.
  • Choose a Home Loan Product: The bank offers various home loan options tailored to expat needs. Compare interest rates, fees, and features to find the best fit.
  • Apply Online: The bank’s online application process is simple and convenient. Complete the application form, upload the required documents, and provide any additional information requested.
  • Provide Additional Documents: Once your application is assessed, the bank may request additional documents to verify your information. Respond promptly to avoid delays.
  • Valuation and Insurance: If your application is approved, the property will be valued to determine its market value. You’ll need to arrange home building and contents insurance.
  • Finalise Loan Documents: Once valuation and insurance are in place, you’ll receive final loan documents for review and signing.
  • Funding and Settlement: Upon signing, the bank will fund your loan, and you can proceed with property settlement.

For a smoother application process, consider engaging a mortgage broker like Odin Mortgage, who specialises in expat home loans. We can guide you through the process, negotiate on your behalf, and help you secure the best possible deal.

Who is Eligible?

Australian expats and permanent residents living overseas can apply for a home loan with MyState Bank to purchase a property in Australia. MyState Bank offers a dedicated expat home loan program with competitive features, including the following.

  • A maximum loan-to-value ratio (LVR) of 90%, allowing you to borrow up to 90% of the property’s value with a 10% deposit.
  • Consideration of foreign income when assessing your borrowing capacity, enabling you to leverage your overseas earnings.
  • A fast and easy online application process, catering to your overseas location.
  • A dedicated expat support team to assist you throughout the process.

Foreign investors living overseas can also apply for a home loan with MyState Bank to purchase an investment property in Australia. The eligibility criteria for foreign investors are similar to those for Australian expats and permanent residents, with some additional requirements.

  • Proof of foreign income and financial stability
  • A valid visa or residency permit for Australia
  • A clear purpose for the investment property (e.g., rental income, capital appreciation)

In addition to the specific requirements for expats and foreign investors, all applicants for a MyState Bank home loan must meet the following general eligibility criteria.

  • Australian citizenship or permanent residency
  • Minimum age of 18 years
  • Regular employment or source of income
  • Satisfactory credit history
  • Ability to provide required documentation

It is advisable to contact a specialist mortgage broker to discuss your specific eligibility and requirements for a home loan as an expat, permanent resident, or foreign investor living overseas.

What Documents Do I Require?

MyState Bank requires a range of documents to support a home loan application from an overseas applicant. Check them out below.

Personal Identity Documents

This includes documents such as a copy of your passport or other valid government-issued photo ID and Australian birth certificate or citizenship certificate (if applicable).

Proof of Employment and Income

This includes documents such as recent payslips or employment contracts demonstrating a regular source of income, tax returns for the past two years, and bank statements showing income deposits.

Documents Supporting Overseas Residency

This includes documents such as proof of overseas residency, such as a visa, utility bills, or lease agreement.

Property-Related Documents

This includes documents such as purchase contract or offer to purchase for the property, evidence of a deposit paid for the property, valuation report for the property, building and contents insurance details, and council rates and strata levies (if applicable).

Additional Documentation

This includes documents such as proof of savings or other assets, details of any existing debts or financial commitments, and credit report (if available).

It’s important to note that MyState Bank may request additional documents depending on the specific circumstances of your application. It’s advisable to check the bank’s website or contact them directly for the most up-to-date list of required documents.

Other Related Products from MyState Bank

Construction Loan

Construction loans are designed to finance the construction of a new home. It provides flexibility in terms of drawdowns and repayments, and it can be tailored to suit the specific needs of your project.

Investment Home Loan

Investment home loans are designed for borrowers who are purchasing a property to rent out. It offers competitive interest rates and flexible features to help you manage your investment property.

First Home Buyer Home Loan

First home buyer loans are designed to help first-time home buyers get onto the property ladder. It offers a range of features and benefits, including government assistance programs and low-doc options.

Need a Mortgage With MyState Bank?

MyState Bank remains committed to its vision of being Australia’s most customer-loved bank. It continues to invest in innovation, expand its product offerings, and strengthen its customer relationships, ensuring its position as a leading financial institution in the years to come.

We can help you secure your overseas home loan with MyState Bank or any other lender that could be more suitable for your specific circumstances. Please speak with us today to discuss your situation and requirements!

Other Australian Lender Reviews

Allow us to find you the perfect home loan.

Apply online to get expert recommendations with real interest rates and repayments.

FAQs About MyState Bank

MyState Bank offers a maximum LVR of 90% for Australian expats living overseas who are purchasing a property in Australia. This means that you can borrow up to 90% of the purchase price of the property, and you will need to provide a 10% deposit.

Yes, MyState Bank will consider your foreign income when assessing your loan application. This means that you may be able to borrow more than you would be able to if you were only earning Australian income.

You will need to provide a range of documents to support your expat home loan application, including a copy of your passport and Australian birth certificate or citizenship certificate, proof of employment and income (e.g., payslips, tax returns), and evidence of overseas residency (e.g., visa, utility bills). You can find more information in the relevant section above.

Yes, MyState Bank will consider applications from self-employed expats. However, you may need to provide additional documentation to support your income and financial stability.

The processing time for an expat home loan application with MyState Bank will vary depending on the complexity of your application. However, you can expect the process to take between 2 and 4 weeks.

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