MyState decreases variable home loan rates
First published on June 12, 2019
MyState Bank today announced a decrease to its standard variable home loan rate of 20 basis points, effective 27 June 2019 for both new and existing loans.
The majority of MyState mortgage customers will receive the benefit of this cut. Some customers, who already hold low rate basic home loan accounts may receive a rate cut of 10 bps. In reaching this decision, MyState has been focussed on trying to distribute the rate changes as equitably as possible across all of our customers – both lending customers and our much larger number of deposit customers.
MyState Bank’s General Manager, Banking, Tony MacRae, said that MyState’s funding costs were increasingly driven by a combination of market forces rather than just the RBA cash rate.
“A number of considerations weighed into our decision including trying to buffer our deposits and savings customers – particularly retirees or customers saving for their first home – from the impact of the cut. Providing competitive rates for our deposit customers was a significant consideration in our decision.”
All customers who are affected will be advised directly by MyState of any changes to their loans later this month. Customers are welcome to contact MyState's Customer Care Team on 138 001.