Changes Affect Mortgage and Deposit Accounts
HOBART — MyState Bank has announced an increase in its variable rates for both mortgage lending and deposits, effective March 26, 2026. The bank stated that variable mortgage rates will rise by 0.25%, impacting new and existing customers with owner-occupied and residential investment loans.
In addition to the mortgage rate change, MyState Bank will also increase the Hello Saver welcome deposit rate by 0.30%, reaching 5.15% for the first four months for new customers, before reverting to 4.75% for balances under $100,000. The Bonus Saver bonus rate is also set to increase by 0.25%, according to the bank.
Impact and Industry Context
Customers will receive written notification of their new repayment details in the coming weeks, MyState Bank confirmed. This rate adjustment follows a broader trend of rising interest rates in the financial sector, as institutions respond to economic conditions and regulatory changes.
MyState Limited, the holding company for MyState Bank, Auswide Bank, and TPT Wealth, is registered in Hobart and listed on the ASX. The group operates under the regulation of the Australian Prudential Regulatory Authority, holding necessary licenses from the Australian Securities and Investments Commission.
These changes come at a time when many Australians are closely monitoring interest rate movements, given their potential impact on household budgets and savings. As the Reserve Bank of Australia continues to evaluate economic indicators, financial institutions like MyState Bank are adjusting their offerings to stay competitive and ensure customer satisfaction. Experts suggest that while rate increases can pose challenges for borrowers, they also present opportunities for savers to gain better returns on their deposits. It remains essential for consumers to stay informed about financial market trends and consider their long-term financial strategies in light of these adjustments.
Source: newshub.medianet.com.au
Last updated: 30 March 2026, 2:06 pm
