MyState Personal Loans

Rates and Fees verified correct on December 5th, 2016

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

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

MyState 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 currently services over 120,000 customers across the Australia.

Compare MyState Personal Loans

Rates last updated December 5th, 2016
$
Interest Rate (p.a.) Comparison Rate (p.a.) Min Loan Amount Loan Term Application Fee Monthly Repayment
MyState Unsecured Personal Loan
Apply for up to $50,000 and make additional repayments without penalty.
From 12.99% (variable) 16.42% $3,000 1 to 7 years $200 More
MyState Secured Personal Loan
Apply for a loan up to $75,000 and use the funds for any purpose.
From 7.99% (variable) 8.96% $10,000 1 to 10 years $200 More
MyState Financial Overdraft
A convenient line of credit from $500 that can be secured or unsecured.
From 7.89% (variable) $500
Rates last updated December 5th, 2016
$
Interest Rate (p.a.) Comparison Rate (p.a.) Min Loan Amount Loan Term Application Fee Monthly Repayment
HSBC Personal Loan
A competitive fixed interest rate loan with the option to make extra repayments. Min. income $30,000
From 11.99% (fixed) 12.54% $5,000 1 to 5 years $150 Go to site More
Latitude Personal Loans (Unsecured)
An unsecured loan designed for multiple purposes – renovating, buying a car or travelling. Funds can be in your count in as little as 24 hours.
From 13.99% (fixed) 15.2% $3,000 2 to 7 years $250 (Loans under $4000 - $140) Go to site More
CUA Fixed Rate Personal Loan
A competitive fixed-rate loan with flexible repayments that can help you consolidate debt or make a large purchase.
From 11.99% (fixed) 11.99% $1,000 1 to 7 years $0 Go to site More
ANZ Fixed Rate Personal Loan
A flexible loan option that lets you pay off your debt, buy a car, fix up your house or cover travel costs.
From 13.95% (fixed) 14.81% $5,000 1 to 7 years $150 Go to site More
MoneyPlace P2P Loan
Interest rates from 8.90% p.a to 17.25% p.a. Comp rates from 8.90% p.a to 19.01% p.a depending on your credit score.
From 8.9% (fixed) 8.9% $5,000 3 to 5 years 0% - 3.75% of loan amount Go to site More
RateSetter Personal Loan
Ratesetter allow you to get a personalised rate based on your credit score.
From 9.42% (fixed) 9.42% $2,001 0.5 to 5 years $0 (fees may be charged) Go to site More
NOW FINANCE Personal Loans
Get rewarded with a low interest rate for your good credit history.
From 9.95% (fixed) 11.41% $4,000 1.5 to 7 years $395 (Based on $10,000) Go to site More
RACQ Unsecured Loan
An unsecured personal loan that lets you borrow funds for what you need. Repay the loan on terms up to seven years.
From 13.95% (fixed) 14.52% $5,000 1 to 7 years $378 Go to site More
CUA Variable Rate Personal Loan
Enjoy a competitive interest rate, flexible repayment options and no monthly fees.
From 12.99% (variable) 12.99% $1,000 1 to 7 years $0 Go to site More
St.George Get Set Loan Personal Loan
A revolving line of credit that lets you access your funds as and when you need to.
From 17% (variable) $5,000 $150 Go to site More
ANZ Variable Rate Personal Loan
A variable rate loan that lets you make and redraw additional repayments.
From 14.69% (variable) 15.55% $5,000 1 to 7 years $150 Go to site More

What types of personal loans does MyState offer?

You can choose between three personal loan products.

  • Secured personal loan. Borrow up to $75,000 over a maximum loan term of 10 year(s). 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(s) to 7 year(s). 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 7.89% p.a.. on property-secured loans and 15.5% p.a. on unsecured loans.

Features of a personal loan from MyState

Here are some of the features and benefits of a MyState 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 year(s) and 7 year(s), while secured loans can be repaid between 1 year(s) and 10 year(s).

What other products does MyState offer?

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

  • Home loans. MyState’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 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 personal loan from MyState

MyState 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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This page was last modified on 20 October 2016 at 12:35.

HSBC Personal Loan

A competitive fixed interest rate loan with the option to make extra repayments. Min. income $30,000

Latitude Personal Loan (Secured)

Can be used for whatever purpose: renovating, buying a car, booking a holiday. Funds can be in your account in as little as 24 hours.

CUA Variable Rate Personal Loan

Enjoy a competitive interest rate, flexible repayment options and no monthly fees.

SocietyOne Unsecured Personal Loan

Interest rates for a 3 year loan range from 7.88% p.a. to 25.49% p.a. Comparison rate from 9.9% p.a. to 26.74% p.a. depending on your credit score

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