APRA approves lender ‘bank’ status

MyState Financial has been renamed MyState Bank after receiving permission from the Australian Prudential Regulation Authority to change its name.

MyState Bank is a subsidiary of MyState Limited – a diversified banking and wealth management group headquartered in Tasmania, with a suite of products and services for direct and third-party mortgage origination channels.

Managing director and chief executive Melos Sulicich said the new name is a significant milestone for the company.

“MyState was an approved deposit-taking institution, but few customers know what that is,” Mr Sulicich said.

“We are governed by the same prudential regulations as large banks and continue to adhere to the same standards,” he said.

“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.”

Mr Sulicich said being called a bank makes it easier for MyState’s broker partners to sell its products.

The lender recently introduced mortgage terms offering selected borrowers up to 85 per cent LVR without having to pay for lender's mortgage insurance (LMI).

MyState is currently developing a new loan origination platform which it expects to implement early next year.

“We’re committed to growing our presence through our broker and aggregator partners and we are working tirelessly to streamline our services,” Mr Sulicich said.

“Our immediate focus is to simplify our loan origination processes and provide faster turnaround times for our broker partners and their customers,” he said.

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