MyState Bank Secured Personal Loan
This product is available in different versions. Pick the right version for you here.
The details shown below are for a variable loan between $10,000 and $75,000
The details shown below are for a variable loan between $10,000 and $75,000
Choose the version of this loan that suits you best
| Loan type | Min loan amount | Max loan amount | |
|---|---|---|---|
| | Variable | $10,000 | $75,000 |
| | Variable | $10,000 | $75,000 |
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Loan: $10,000 $75,000
-
Loan: $10,000 $75,000
7.99% p.a.
8.96% p.a.based on $30,000
over 5 years
$200
MyState Bank Secured Personal Loan
7.99% p.a.
8.96% p.a.based on $30,000
over 5 years
$200
MyState Bank Secured Personal Loan
7.99% p.a.
8.96% p.a.based on $30,000
over 5 years
$200
9.49% p.a.
10.46% p.a.based on $30,000
over 5 years
$200
MyState Bank Secured Personal Loan
9.49% p.a.
10.46% p.a.based on $30,000
over 5 years
$200
MyState Bank Secured Personal Loan
9.49% p.a.
10.46% p.a.based on $30,000
over 5 years
$200
Mozo Review MyState Bank Secured Personal Loan Review
Last updated: 5 April 2019.
What's hot:
Variable interest rates from 7.99% (8.96% comparison rate*)
Flexible repayment schedule
Free early repayments
What's not:
$200 application fee
Mozo snapshot:
If you’ve got a car to put up as security, then the MyState Bank Secured Personal Loan might be right up your alley. The loan offers a variable rate as low as 7.99% (8.96% comparison rate*), and flexible loan terms from 1-10 years. Plus you’ve got the option to pay your loan off early with no extra cost and use the redraw facility. However, there is a $200 application fee and $10 monthly service fee to budget for.
Key features:
When looking at personal loans, your first question is probably, “what’s the interest rate?” Well, MyState Bank Secured Personal Loan gives you 2 different variable rates depending on how old the car is that you’re using for collateral. If your car is up to 2 years old, you can get an interest rate as low as 7.99% (8.96% comparison rate*). Or, if your car is 2-7 years old, the interest rate is 9.49% (10.46% comparison rate*).
As far as fees are concerned the MyState Bank Secured Personal Loan comes with a $200 application fee and a monthly $10 service fee.
If you’re interested in paying off your loan early, then you can with no worries. The MyState Bank Secured Personal Loan allows you to to cut down your interest by making unlimited free early repayments and there’s no penalty for repaying the entire loan early. Also if you decide you need the funds back from your early repayments you’ll be able to redraw that money as long as it’s a minimum of $500.
Being able to properly budget repaying your car loan can be super important. So the fact that MyState Bank allows you to choose from 1-10 year loan terms, that can be paid either weekly, fortnightly or monthly lets you make sure you’re able to get the repayment schedule best for your finances. Also, the loan allows you to borrow between $10,000 and $75,000 dollars.
Who it's good for:
Since you can snag a better rate if you use a car that’s less than 2 years old for security, the MyState Bank Secured Personal Loan is particularly suited to owners of a new car.
Any catches?
If your car is over 2 years old, be aware that you’ll be getting a slightly higher interest rate. Also, make sure you budget for the $10 monthly service fee and $200 application fee.
Details
Rates and fees information correct as at 21 October 2019. Mozo has robust processes to ensure our site is updated to reflect the latest information from providers. There may be the odd occasion where updates are delayed, so please confirm information before purchasing.Rates
-
Variable
-
7.99% p.a.variable
-
8.96% p.a.based on $30,000
over 5 years
Fees
-
$200.00
-
$10.00
-
$30.00
-
$0.00
-
$0.00
Other financial bits
-
$10,000.00
-
$75,000.00
-
1 Year
-
10 Years
-
Other, Vehicle
Features
-
Weekly, Fortnightly, Monthly
-
yes
-
yes
-
none
-
none
Details
Rates and fees information correct as at 21 October 2019. Mozo has robust processes to ensure our site is updated to reflect the latest information from providers. There may be the odd occasion where updates are delayed, so please confirm information before purchasing.Rates
-
Variable
-
9.49% p.a.variable
-
10.46% p.a.based on $30,000
over 5 years
Fees
-
$200.00
-
$10.00
-
$30.00
-
$0.00
-
$0.00
Other financial bits
-
$10,000.00
-
$75,000.00
-
1 Year
-
10 Years
-
Other, Vehicle
Features
-
Weekly, Fortnightly, Monthly
-
yes
-
yes
-
none
-
none
Customer Reviews
How are MyState Bank personal loans rated by the Mozo community?
Latest review of MyState Bank Secured Personal Loan
- Overall9/10
Excellent all round
They are professional, courteous and care for their customers. I would not go anywhere else.
Read full review
They are professional, courteous and care for their customers. I would not go anywhere else.
Price8/10Features8/10Customer service10/10Convenience9/10Trust9/10Less
Jennie | Tasmania
reviewed over 4 years ago
About MyState Bank
MyState Bank is an Authorised Deposit-taking Institution and a national diversified financial services group headquartered in Tasmania. MyState Bank has strong roots in the Tasmanian community, offering lending, savings accounts, financial planning and insurance.
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