MyState Bank Secured Personal Loan
Have assets you can use as security? Benefit from lower interest rates and a loan term of up to 10 years.
This secured loan is available for loan amounts up to $75,000 and can be used for any purpose, including weddings, unforeseen expenses or paying off outstanding debt. Repayments are flexible, so you can make additional lump-sum payments or repay the whole loan amount without penalty fees. A redraw facility is also available.
Factors to consider about the MyState Bank Secured Personal Loan
This is a secured loan, so you have to put up an asset as collateral. A variable interest rate applies, starting at 7.99% p.a. with a comparison rate of 8.96% p.a. The repayment period varies between 1 to 10 years, depending on the loan amount and MyState Bank’s assessment of your financial situation.
You’ll be charged establishment and monthly fees as well as a dishonour fee. A redraw facility is available for minimum withdrawals of $500, but a fee of $30 applies per redraw.
You also have the option of an unsecured loan with a smaller maximum loan amount and a shorter loan period.
Features of the MyState Bank Secured Personal Loan
If you are considering this loan, here are some of the features from which you might benefit:
- Security. This is a secured loan, so you must put up an asset to guarantee the loan amount.
- Convenient application process. You can apply for this loan online. Required documents can be uploaded and MyState Bank will assess your finances with read-only access to your bank statements.
- Loan term. This loan can be repaid over a period of between 1 to 10 years. For the unsecured loan, the maximum loan term is 7 years.
- Loan amount. You can borrow between $10,000 and $75,000 for any purpose, but you might be asked to specify the purpose during the online application.
- Repayment terms. Choose to repay weekly, fortnightly or monthly. A minimum monthly repayment is set, so if you choose to make weekly or fortnightly repayments, the total must be equal to at least the required minimum.
- Early repayments. Additional repayments are allowed without a fee.
- Redraw facility. You have access to a redraw facility for a minimum withdrawal of $500. You will be charged a fee of $30 per redraw.
- Fees. These include an establishment fee of $200 and a monthly fee of $10. If you default on a payment, you will be charged a dishonour fee of $30.
- Loan insurance available. This is an option that will cover the loan amount in the event of unforeseen circumstances, such as accident or injury. Four types are available as single or joint cover options.
How to apply for the MyState Bank Secured Personal Loan
You can apply for a MyState Bank Secured Personal Loan online. You can also make an appointment at a local MyState Bank branch. You’ll need to meet the following criteria to apply:
- You must be 18 years old or older.
- You must be an Australian citizen or permanent resident.
- You must have had a full-time or part-time job for the last 3 months (12 months if you work casually).
- Your credit history must be free of defaults and bankruptcy.
As part of your application, you will have to provide information about your finances, including:
- Your two most recent pay slips dated within the last 60 days. If you are self-employed, include a copy of your two latest tax returns, including profit and loss statements for the past two financial years and your most recent tax assessment.
- A list of assets such as vehicles, savings, property, valuable art and furniture.
- A list of liabilities including credit cards, existing loans and outstanding debts.
- Identification including a passport, ID card or Medicare card.
Before committing to a secured loan type, explore your options and make sure you’re in a position to make the required repayments. Your assets guarantee this loan, so if you are unable to repay the amount, you risk losing them.
