Powered by MOMENTUM MEDIA
subscribe to our newsletter

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.

Advertisement
Advertisement

“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.

PROMOTED CONTENT


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

APRA approves lender ‘bank’ status
mortgagebusiness

Latest News

Citi is to exit its consumer business, including mortgages, loans, retail banking and credit card operations, in Australia and 12 other ...

The major bank’s CEO has reiterated that responsible lending changes could simplify the lender’s processes and improve mortgage approv...

The non-major has reported growth in housing lending as well as a rise in home loan settlements via the broker channel. ...

FROM THE WEB

Join a group of highly informed brokers.

Broker Pulse, a community-driven knowledge base of lender performance Reveal exactly which lenders are making life easiest for brokers and their clients by taking this monthly survey and joining a group of highly informed brokers who leverage these insights every month.

JOIN NOW
podcast

LATEST PODCAST: Tackling the home deposit challenge

Do you expect to see strong uptake of the HomeBuilder scheme?

Website Notifications

Get notifications in real-time for staying up to date with content that matters to you.