Home News MyState Bank hikes interest rate

MyState Bank hikes interest rate

Font size :

MyState Bank is raising interest rates in recognition to the changing financial industry landscape

Non-major lender MyState Bank announced that it has increased rates for variable residential and investment loans.

The new rates will apply to new and existing loans starting Tuesday, May 29. In a statement, MyState Bank said the interest rate was in response to the changing dynamics of the financial industry.

MyState Bank head of broker sales Paul Herbert said the decision to raise the interest rate, while difficult, is in recognition of the ongoing need to invest and to further improve services for clients.

"We have carefully considered a number of factors relating to changing our variable interest rates and the decision to raise interest rates were difficult and not one that we have taken lightly. While our interest rates will rise, they are extremely low by historical standards and remain highly competitive in the market," Herbert said.

He added: "At the same time, we are continuing to improve our services for our brokers and customers to ensure that we are easy to do business with.”

Related Stories:
Low-interest rates limit price growth, economist says
The reason behind central bank's efforts to maintain interest rate

Whether you are looking to buy your first home, move home, refinance, or invest in property, a mortgage broker can help. Access loans from all the major lenders, get help with paperwork – plus there is no charge for this service. Get help from a local mortgage broker

Mortgage News and Articles

Moody's: Housing market to remain chilly for the rest of the year Moody's: Housing market to remain chilly for the rest of the year

Australia will likely erase the housing price growth it recorded last year Read more

Darwin housing market likely to see recovery next year Darwin housing market likely to see recovery next year The city has been on a price downtrend since 2015 due to the end of the mining boom ... Read more

No dramatic correction expected for Melbourne No dramatic correction expected for Melbourne Experts say ANZ's prediction of a $1,000 price decline per week is "way over the top" ... Read more

Some Interest-only borrowers have no choice but to sell Some Interest-only borrowers have no choice but to sell They face higher repayments as loans roll into the principal plus interest ... Read more

More mortgage news and articles

Sponsored Links

Friday, Jun 22, 2018
Top Featured Rates
Top Bank Rates

Get help choosing the right home loan

Let us help you find the right home loan for your needs.

Tell us a bit about your circumstances:
  • Purpose of mortgage
  • Household Income
    $
  • How much do you want to borrow?
    $
  • How much deposit do you have?
    $
  • How much is your house worth?
    $
  • How much do you still owe on your mortgage?
    $
  • What type of mortgage do you have?


  • How much is your new home?
    $
  • How much do you want to borrow?
    $
  • How soon do you want a mortgage?
Next
  • First name
  • Last name
  • Where do you live?
  • Phone number

Special Offers

Related Keywords