Name change for a non-major marks new direction

by Julia Corderoy07 Oct 2014
Non-major lender, MyState Financial has officially changed its name to MyState Bank, marking a new direction for the lender.

MyState Bank is a subsidiary of MyState Limited – a diversified banking and wealth management group headquartered in Tasmania.

Melos Sulicich, MyState Limited’s chief executive says the name change will solidify their position in the market place.

“MyState was an approved deposit taking institution, but few customers know what that is. MyState is governed by the same prudential regulations as large banks and continues to adhere to the same standards. APRA has granted us authority to call ourselves a bank which not only recognises the strength of our business and the way it’s managed but enables us to be clear about what we are,” he said.

“Importantly, our products are highly competitive, and being called a bank makes it easier for our broker partners to sell our products and benefit from our generous commission structures.”

The bank has implemented a dedicated lending support team to provide a better experience to brokers and their customers. A new loan origination platform is in development and will be implemented early in 2015.

“We’re committed to growing our presence through our broker and aggregator partners and we are working tirelessly to streamline our services. Our immediate focus is to simplify our loan origination processes and provide faster turnaround times for our broker partners and their customers," Sulicich said.

Last month, the non-major announced it will offer loans up to 80% LVR without LMI, in a bid to show its commitment to the broker channel.