MyState Bank Secured Personal Loan review - Rates and fees | finder.com.au

MyState Bank Secured Personal Loan

Last updated:  

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.


From 7.99% (variable)

Interest Rate (p.a.)

8.96%

Comparison Rate (p.a.)

$10,000

Min Loan Amount

We’re reader-supported and may be paid when you visit links to partner sites. We don’t compare all products in the market, but we’re working on it!

Details

Product NameMyState Bank Secured Personal Loan
Interest Rate (p.a.)
From 7.99% (variable)
Comparison Rate (p.a.)8.96%
Interest Rate TypeVariable
Min Loan Amount$10,000
Max. Loan Amount$75,000
Loan SecuritySecured

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.

Compare other personal loans

Data updated regularly
$
Name Product Interest Rate (p.a.) Comparison Rate (p.a.) Min Loan Amount Loan Term Application Fee Monthly Service Fee Monthly Repayment
Plenti Car Loan
From 4.89% (fixed)
5.44%
$2,000
3 to 7 years
from $249 to $799
$0
You'll receive a fixed rate from 4.89% p.a.
Borrow up to $100,000 with a Plenti Car Loan and benefit from no early repayment or exit fees.
Loans.com.au - New and Dealer Used Car Loan
From 4.67% (fixed)
5.22%
$5,000
3 to 5 years
$400
$0
You'll receive a fixed rate from 4.67% p.a. based on your risk profile
Finance a new car and benefit from features such as fast approval, no ongoing fees and an optional balloon payment. Settle the loan before 30 November 2021 and enter the draw to win a $1,000 fuel gift voucher. T&Cs apply.
IMB New Car Loan
4.99% (fixed)
5.34%
$2,000
1 to 7 years
$275.12 ($250 Application fee + $25.12 PPS registration fee)
$0
You'll receive a fixed rate of 4.99% p.a.
A low minimum borrowing amount of $2,000 that you can use to purchase a new car or one that's up to two years old.
NRMA New Car Loan
From 4.99% (fixed)
5.69%
$5,000
1 to 7 years
$499
$0
You'll receive a fixed rate from 4.99% p.a.
Purchase a new or used car up to 2 years old and benefit from a fixed rate and no monthly fees. Pre-approval available within 5 business hours.
MoneyForJam Car Loan
From 3.25% (fixed)
5.82%
$5,000
1 to 7 years
From $1 to $990
$25
You'll receive a fixed rate from 3.25% p.a. based on your risk profile
Borrow between $5,000 and $120,000 with loan terms up to 7 years to finance a new or used car. Get access to more than 40 providers.
Credit Concierge Car Loan
From 3.85% (fixed)
4.91%
$10,000
1 to 7 years
$350
$8.50
You'll receive a fixed rate of 3.85% p.a. with a comparison rate of 4.91% p.a.
Get access to over 20 providers to fund a new or used car.

Wisr Secured Car Loan
From 4.74% (fixed)
5.01%
$5,000
3 to 7 years
$195 (Includes PPSR registration fee)
$0
You'll receive a personalised interest rate from 4.74% p.a. to 16.01% p.a. based on your risk profile
A flexible car loan from $5,000 - $63,000 with personalised rates and rewards for strong credit customers.

NAB Personal Loan Unsecured Fixed
From 6.99% (fixed)
7.91%
$5,000
1 to 7 years
$150
$10
You'll receive a fixed rate between 6.99% p.a. and 18.99% p.a. ( 7.91% p.a. to 19.83% p.a. comparison rate) based on your risk profile
An unsecured loan up to $55,000 you can use for a range of purposes and pay off over up to 7 years. Note: Majority of customers will get the headline rate of 12.69% (13.56% comparison rate) or less. See Comparison rate warning in (i) above.
OurMoneyMarket Car Loan
From 5.35% (fixed)
5.65%
$2,001
1 to 7 years
$250
$0
You'll receive a fixed interest rate from 5.35% p.a. to 14.99% p.a. based on your risk profile.
Borrow between $2,001 and $75,000 to finance a new or used car up to 10 years.
CUA Secured Fixed Car Loan
6.79% (fixed)
7.16%
$5,000
1 to 7 years
$265 ($175 Establishment Fee + $90 Security Administration Fee)
$0
You'll receive a fixed rate of 6.79% p.a.
A secured loan with a high maximum borrowing amount up to $100,000. Redraw facility and no monthly fees.
Latitude Personal Loan (Secured)
From 5.99% (fixed)
7.26%
$3,000
1 to 7 years
Loans under $5000 - $140
$13
You'll receive a fixed rate between 5.99% p.a. and 21.99% p.a. based on your risk profile
Lock in a competitive fixed rate when you offer security. Loan can be used for any purpose and repayments are flexible. You can check your interest rate before applying with no impact to your credit score.
Stratton Finance New Car Loan
From 3.85% (fixed)
4.05%
$10,000
3 to 7 years
$700
$8.25
You'll receive a fixed rate from 3.85% p.a. depending on the lender you are approved with
Apply for up to $250,000 and use cash or trade in a vehicle to use as a deposit. Optional balloon payment available.
Driva Car Loan
From 3.95% (fixed)
5.1%
$2,000
1 to 7 years
$295 (Varies by lender, starting from $295)
$10
You'll receive a fixed rate from 3.95% p.a.
Borrow up to $250,000 with loan terms from 1 to 7 years. Get access to a range of lenders.
RACV New Car Loans
From 4.99% (fixed)
5.69%
$5,000
1 to 7 years
$499
$0
You'll receive a fixed rate from 4.99% p.a.
A larger loan of $5,000 or more to help you buy a new or used car. 5-hour pre approval available and no ongoing fees.
NRMA Used Car Loan
From 6.24% (fixed)
6.94%
$5,000
1 to 7 years
$499
$0
You'll receive a fixed rate from 6.24% p.a.
Finance a used car with NRMA and benefit from a fixed rate term and no monthly fees. Pre-approval available within 5 business hours.
Symple Loans Personal Loan
From 5.75% (variable)
6.47%
$5,000
1 to 7 years
from 0% to 5% of the loan amount
$10
You'll receive a personalised interest rate from 5.75% p.a. to 25.99% p.a. based on your risk profile
Borrow up to $50,000 to pay for what you need.
loading

Compare up to 4 providers

Personal Loan Offers

Important Information*
Logo for Harmoney Unsecured Personal Loan
Harmoney Unsecured Personal Loan

You'll receive a fixed rate between 6.99% p.a. and 24.79% p.a. based on your risk profile.
Apply for a loan up to $50,000 and repay your loan over 3 or 5 years terms.

Logo for ANZ Fixed Rate Personal Loan
ANZ Fixed Rate Personal Loan

You'll receive a fixed rate of 10.5% p.a.
Apply for up to $50,000 to use for a variety of purposes without needing to add security. Available to self-employed applicants.

Logo for NAB Personal Loan Unsecured Fixed
NAB Personal Loan Unsecured Fixed

You'll receive a fixed rate between 6.99% p.a. and 18.99% p.a. ( 7.91% p.a. to 19.83% p.a. comparison rate) based on your risk profile
An unsecured loan up to $55,000 you can use for a range of purposes and pay off over up to 7 years. Note: Majority of customers will get the headline rate of 12.69% p.a. (13.56% p.a. comparison rate) or less. See Comparison rate warning in (i) above.

Logo for SocietyOne Unsecured Personal Loan
SocietyOne Unsecured Personal Loan

You'll receive a fixed rate between 6.99% p.a. and 20.49% p.a. based on your risk profile
A loan from $5,000 to use for a range of purposes. Benefit from no ongoing fees and no early repayment fee.

Ask an expert

To ask a question simply log in via your email or create an account.

You are about to post a question on finder.com.au:

  • Do not enter personal information (eg. surname, phone number, bank details) as your question will be made public
  • finder.com.au is a financial comparison and information service, not a bank or product provider
  • We cannot provide you with personal advice or recommendations
  • Your answer might already be waiting – check previous questions below to see if yours has already been asked

Finder only provides general advice and factual information, so consider your own circumstances, or seek advice before you decide to act on our content. By submitting a question, you're accepting our Terms of Use, Disclaimer & Privacy Policy and Privacy & Cookies Policy.

4 Comments

    Default Gravatar
    Dave
    August 27, 2019

    Hi,

    I’m currently living with my parents and would like to apply for a secured personal loan to renovate a room in my house into an office work room. I have a good credit rating and I’m able to provide all my documentation besides just 1 which is my 3 month bank statement. For the past 6 months or so I have been investing my salary into my car every week. Are there any loans out there where I can have my car for security and still be applicable for a loan? My most recent statements were from November 27th till February 6th. I can provide my tax return and my payslips from my accountant. I also have no credit cards nor any debt at all. My car cost $45000 and I’m looking for a $15000 to $20000 dollar loan.

      Avatarfinder Customer Care
      Jeni
      August 28, 2019

      Hi Dave,

      Thank you for getting in touch with Finder.

      If you consider applying for a secured loan with MyState Bank, simply head to their website or make an appointment at a local MyState Bank branch.

      If you’re still looking around, you may start comparing your other secured personal loan options. Please make sure that you’ve read the relevant T&Cs or PDS of the loan products before making a decision and consider whether the product is right for you.

      I hope this helps.

      Thank you and have a wonderful day!

      Cheers,
      Jeni

    Default Gravatar
    Tracy
    August 27, 2018

    With a Veda credit score of 595, with no defaults, would this hinder my ability for a personal loan?

      Avatarfinder Customer Care
      Jhez
      August 28, 2018

      Hello Tracy,

      Thank you for your comment.

      Lenders do a credit check every time you apply for a loan. This is one of the factors they consider for approving an applicant. So if you have a good credit score, you may be approved for a loan, but it’s not a guarantee since other factors need to be assessed as well. So it’s recommended to speak with the lender and check your eligibility before submitting an application for a loan.

      You may refer to our guide on how to understand your Veda score and see how it will impact your credit application.

      You can also check some ways to improve your credit score.

      Should you wish to have real-time answers to your questions, try our chatbox on the lower right corner of our page.

      Regards,
      Jhezelyn

Go to site