MyState Bank rate update

MyState Bank has made some home loan rate sheet changes effective 31 January 2024.

The changes were made to align with credit policy and include:

The maximum available LVR for OO P&I variable rate loans has been increased to 98%
The INV IO LVR <=95% rate has been removed

Please refer to Appendix A of the Mortgage Lending Procedure for full details on LVR limits including the treatment of LMI.

Keep up to date with MyState Bank recent Home Lending policy changes – Effective Monday 5 February 2024

MyState Bank is making some changes to their broker procedure and servicing calculator. Please see below an outline of some of the changes:

Funds to complete – gifts Immediate family updated to include: Spouse, de facto partner, child, parent, grandparent, immediate aunt or uncle (brother/sister of parents), grandchild or sibling of an applicant; or a child, parent, grandparent, immediate aunt or uncle (brother/sister of parents), grandchild or sibling of an applicant’s spouse or de facto partner. It includes step-relations (e.g. step-parents and step-children) and adoptive relations.
Calculation method updated to the 2 most recent computer generated payslips containing at least 6 months YTD is required – Annualised overtime from latest play slip to be adopted. See 7.2 in Broker Procedure.
Calculation method updated – Casual income to be calculated using the YTD calculator which will project income for 48 weeks – See 7.4 in Broker Procedure for further details
Rent Income – New simpler calculation method adopted please see 7.8 in Broker Procedure
Parenting Payment now accepted as income – See 7.12 Broker Procedure for further detail
Other Income (Airbnb, Bed and Breakfast, short stay/holiday rentals) – See 7.15 Broker Procedure for further detail.
Deductible Interest (Negative Gearing) – See 7.16 Broker Procedure for further detail
High Risk Postcodes – Updated in line with Helia changes.