MyState’s big broker play continues, with rates slashed and cashback offer extended

by Mike Wood19 Oct 2021

MyState has made another major play for broker business, cutting rates on investment and owner occupier home loans and extending its cashback offer to refinancer customers.

It is the latest of a series of big plays from the Tasmanian bank, which has expanded aggressively into the New South Wales and Victorian markets, adding key hires in their broker and BDM teams.

Just last week, they announced Sydney-based BNK Bank chief Brett Morgan would take over from Melos Sulicich, their retiring CEO, who was based in Tasmania.

According general manager, banking Huw Bough, MyState is putting brokers at the heart of its expansion plans.

“Brokers have always been about providing the right solution for customers, and I think that we’re fortunate because brokers are advocating for MyState,” he said.

89% of brokers rate our turnaround times as either good or very good. On top of that, the cashback is then something that provides for a total value proposition that brokers provide to their customers.”

Read more: MyState announces new CEO

“When brokers look at choosing to partner with a bank, they look at a number of things. One is turnaround times, another is interest rates. One of the advantages that we have is that we’re seen as an innovative digital bank: 93% of our savings customers are engaged with us online.”

“If you look at MyState relative to our competition, especially to the majors, it reminds me of when Apple Pay came into the country. The majors were very slow to pick it up, whereas we were customer-focused and because of that, we listened to them saying that they wanted Apple Pay and a total digital banking solution, so we provided it.”

“By being so customer-centric, we are able to deliver solutions that add value back to brokers. Customers choose to go to a broker because they want choice of lenders. They don’t necessarily want to go to a major: if they did, they’d just walk down the street.”

“What they want is choice, and by providing an all-round proposition to the customer – whether investment or owner-occupied – we can compete heavily.”