MyState Bank Secured Fixed Rate Personal Loan

Borrow from $10,000 to $75,000 with terms up to 10 years. This loan is secured, and costs include interest charges and establishment fees.

  • Please note that MyState Bank no longer directly offer personal loans. They have partnered with Plenti to offer personal loans.

MyState Bank offers a secured personal loan for amounts ranging from $10,000 to $75,000. Their terms are from 1 to 10 years. This loan requires your new or current vehicle as security. Interest rates are fixed, meaning that your repayments will remain the same throughout the lifetime of the loan. Rates starts from 6.99% p.a., with a comparison rate of 7.62% p.a. Fees include an establishment fees of $200 and a monthly account keeping fee of $5.


From 6.99% (fixed)

Interest Rate (p.a.)

7.62%

Comparison Rate (p.a.)

$10,000

Min Loan Amount

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Details

Product NameMyState Bank Secured Fixed Rate Personal Loan
Interest Rate (p.a.)
From 6.99% (fixed)
Comparison Rate (p.a.)7.62%
Interest Rate TypeFixed
Min Loan Amount$10,000
Max. Loan Amount$75,000
Loan SecuritySecured

Things to consider about a MyState Bank Secured Fixed Rate Personal Loan

This is a secured loan, so you will need to use your current vehicle (or if you are purchasing a vehicle with the loan, the new vehicle) as collateral against the loan. Vehicles used as collateral need to be under seven years old in order to qualify as loan security (other requirements, such as the value of the car, may also apply). Successful applicants can choose whether to make their repayments weekly, fortnightly or monthly, depending on what suits their lifestyle and/or pay schedule.

Applications take just 10 minutes to complete and successful applicants could have their funds transferred as quickly as the next business day. Loans are available on terms from 1 year and up to 10 years, and there are no penalty charges if you choose to pay off your loan early.

Features of the MyState Bank Secured Fixed Rate Personal Loan

This loan comes with a number of features, such as:

  • Interest rate. This loan has a competitive interest rate of 6.99% p.a. with a comparison rate of 7.62% p.a.
  • Loan terms. This loan features repayment terms of 1 to 10 years.
  • Loan amount. Borrow from $10,000 to $75,000.
  • Fixed rate. The rate of this loan is fixed, so your minimum repayments won't change.
  • Secured. This loan requires vehicle asset security. The vehicle must be under 7 years old to qualify.
  • Flexible repayments. You can choose to repay this loan weekly, monthly or fortnightly.
  • Loan purpose. This loan can be used for any legitimate purpose – a car, a boat, a jet ski, or just to pay off existing debts.
  • Quick application. Applications only take 10 minutes to complete.
  • Quick funding. Subject to approval, you could have the funds in your account by the next business day.
  • Extra repayments. Make extra repayments or pay the whole loan off early, without penalty.

Fees and charges

There are also a number of fees and charges associated with this loan.

  • Establishment fee. This loan includes an establishment fee of $200.
  • Dishonour fee. If you dishonour a direct debit, you'll be charged an additional $30.
  • Account keeping fee. This loan has a monthly account keeping fee of $5.

*Please note that other fees and charges may also apply.

How to apply for a MyState Bank Secured Fixed Rate Personal Loan

To apply for MyState's secured personal loan, click "Go to Site" and submit an application through the lender's website directly. Before submitting an application, please ensure that you meet the following criteria. Applicants must:

  • Be over the age of 18
  • Own a vehicle that's 7 years old or less
  • Be an Australian citizen/permanent resident
  • Have a good credit rating
  • Be currently employed

You will also need the following documentation:

  • Two forms of ID – driver's licence, Australian passport or Medicare card
  • Proof of ownership of your vehicle
  • Two payslips – if you have an employer
  • Your most recent tax assessment – if you are self-employed

You can check your credit score for free to ensure that you meet the credit rating criteria for this loan. If you're unsure about your eligibility, you can also contact MyState Bank by phone to discuss any details with them. While this may be an attractive financial product, you should always compare your secured personal loan options thoroughly before submitting a loan application, to ensure that you get the best deal for your circumstances.

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