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Brokers should now find it easier to sell one lender’s products after it added ‘bank’ to its name.
Tasmanian-based MyState Financial is now known as MyState Bank after APRA authorised the change of name.
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Chief executive Melos Sulicich said the rebranding would help MyState win client recognition.
“MyState was an approved deposit-taking institution, but few customers know what that is,” he said.
“Importantly, our products are highly competitive, and being called a bank makes it easier for our broker partners to sell our products and benefit from our generous commission structures.”
Mr Sulicich said MyState wanted to use brokers and aggregators to grow its business.
“Our immediate focus is to simplify our loan origination processes and provide faster turnaround times for our broker partners and their customers,” he said.
“Recently we introduced market-leading mortgage terms for selected borrowers, offering loans of up to 85 per cent of valuation without having to pay for LMI, which exemplifies our commitment to the broker channel.”
MyState has forecast that it will implement a new loan origination platform in early 2015.
