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MyState Bank Secured Personal Loan

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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.)


Comparison Rate (p.a.)


Min Loan Amount


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.

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 25.69% 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 NAB Personal Loan Unsecured Fixed
NAB Personal Loan Unsecured Fixed

You'll receive a fixed rate between 9.99% p.a. and 18.99% p.a. ( 10.88% 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 7.5% p.a. and 20.49% p.a. based on your risk profile
A loan from $10,000 to use for a range of purposes. Benefit from no ongoing fees and no early repayment fee.

Logo for Pepper Money Unsecured Fixed Rate Personal Loan
Pepper Money Unsecured Fixed Rate Personal Loan

You'll receive a fixed rate between 7.45% p.a. and 16.95% p.a. based on your risk profile
A loan from $5,000 to use for a range of purposes. Make additional repayments or pay off the loan early, penalty-free.

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  1. Default Gravatar
    August 27, 2019


    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
      August 28, 2019

      Hi Dave,

      Thank you for getting in touch with Finder.

      Thanks for the info. If you consider applying for a secured loan with MyState Bank, kindly click on the green go to site button on this page and you will be redirected to their official page where you may learn more on their offered products or start your online application, as well as obtaining their contact info to verify further on applying for a secured loan with them.

      If you’re still looking around, you may check out this page to start comparing your other secured 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!


  2. Default Gravatar
    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
      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 how you can understand your Veda score and see how it will impact your credit application.

      Find more ways to improve your credit score here.

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


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