MyState Bank Personal Loans

Apply for secured and unsecured personal loans with a redraw facility and no fees charged for early repayment.

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MyState Bank

MyState Bank is a Tasmanian-based financial lender with over 50 years of experience providing and managing a range of financial products. Besides personal loans, MyState Bank also offers home loan products, insurance, bank accounts and a variety of bank cards.

MyState Bank subscribes to responsible lending, meaning that you won’t be approved for a loan amount that you can’t afford to repay. As the largest Tasmanian-owned financial lender, MyState Bank currently services over 120,000 customers across the Australia.

MyState Bank Unsecured Personal Loan

MyState Bank Unsecured Personal Loan


12.99 % p.a.

variable rate


16.42 % p.a.

comparison rate

  • Simple application
  • No security required
  • Redraw facility available
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100% confidential application

MyState Bank Unsecured Personal Loan

Apply for a MyState Bank Unsecured Personal Loan and get competitive interest rate offer with a flexible range of repayment options.

  • Interest rate: 12.99% p.a.
  • Comparison rate: 16.42% p.a.
  • Interest rate type: Variable
  • Application fee:$200
  • Minimum loan amount: $3,000
  • Maximum loan amount: $50,000
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Compare MyState Bank Personal Loans

Updated October 18th, 2019
Name Product Interest Rate (p.a.) Comparison Rate (p.a.) Min Loan Amount Loan Term Application Fee Monthly Service Fee Monthly Repayment

Compare up to 4 providers

Updated October 18th, 2019
Name Product Interest Rate (p.a.) Comparison Rate (p.a.) Min Loan Amount Loan Term Application Fee Monthly Service Fee Monthly Repayment
From 7.99% (variable)
1 to 10 years
Apply for up to $75,000 and repay the loan over a period up to 10 years.

Compare up to 4 providers

What types of personal loans does MyState Bank offer?

You can choose between three personal loan products.

  • Secured personal loan. Borrow up to $75,000 over a maximum loan term of 10 years. You get a lower interest rate than on an unsecured loan since your assets serve as collateral and repayments are made weekly, fortnightly or monthly with a starting interest rate of 7.99% p.a.
  • Unsecured personal loan. No assets or collateral are required to secure this loan type. You can borrow between $3,000 and $50,000 over a loan period of 1 year to 7 years. The same repayment terms apply with interest rates starting at 12.99% p.a.
  • Overdraft. Existing customers can apply for an overdraft facility of up to $30,000 and, if going for the secured option, 80% of property value. You only pay interest on the amount you use and you must make repayments of at least 3% of the outstanding balance. Interest is 15.5% p.a. on unsecured overdrafts.

Features of a MyState Bank personal loan

Here are some of the features and benefits of a MyState Bank personal loan:

  • Secured and unsecured options. You have the option to secure your loan with property, which gives you a lower interest rate and a higher loan amount than you would receive for an unsecured loan.
  • Flexible repayments. Besides being able to repay weekly, fortnightly or monthly, you can also make lump-sum repayments or repay the loan in full without penalty fees.
  • Redraw facility. This facility is available from a minimum of $500.
  • Interest. These loans are repaid with variable interest rates based on the amount you borrow and the loan term.
  • Loan amounts. You can borrow between $3,000 and $50,000 on an unsecured loan or between $10,000 and $75,000 if the loan is secured with property. Overdraft is available for up to $30,000 or 80% of property value.
  • Loan terms. Unsecured personal loans can be repaid between 1 to 7 years, while secured loans can be repaid between 1 year and 10 years.

What other products does MyState Bank offer?

Besides personal loans, MyState Bank also offers the following financial products:

  • Home loans. MyState Bank’s four home loans are tailored to help customers buy their first home or invest in additional properties. A line of credit is also available as a home loan option.
  • Bank accounts. You can open one of five bank accounts to help you save or use the offset account to decrease interest on home loans or facilitate paying bills.
  • Term deposits. These can help customers create wealth over investment terms of between one and 24 months.
  • Business financial products. MyState Bank offers new and established businesses a tailored set of financial products.
  • Personal loan insurance. This product insures the loan amount and will cover repayments in certain cases of accident or injury. Choose between four types of cover.

How to apply for a MyState Bank personal loan

MyState Bank accepts applications online as well as in person at a branch. You can also request a call-back by filling in the fields at the bottom of the personal loans product page. Advice is also available on the customer service line.

You’ll be asked to confirm your age and citizenship or resident status before going through to the application form, as well as meet the following criteria:

  • You must be at least 18 years old.
  • You must an Australian citizen or permanent resident.
  • You must confirm that you’ve been employed part-time or full-time for at least three months, casually employed for at least 12 months or self-employed for at least two years.
  • Your credit history must be free of defaults and bankruptcy.

You'll also need the following documents on hand:

  • Proof of income. Your two latest payslips dated within the last 60 days or last year's Group Certificate plus one recent payslip. If you are self-employed, you must provide a copy of your two latest tax returns, as well as profit and loss statements for the past two financial years and your most recent tax assessment.
  • Assets. This includes investments or other assets you may have, including valuable furniture, leisure items, vehicles and superannuation.
  • Liabilities. Here you must declare any credit cards, existing loans and other debts you’re currently repaying.
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