MyState is a personal loan lender based in Tasmania. MyState is the largest Tasmanian-owned financial institution and has been in business for over 50 years. MyState is a wholly-owned subsidiary of MyState Limited, which was formed in 2009 after the merger between MyState and Tasmanian Perpetual Trustees Limited.
MyState serves over 120,000 customers in Tasmania and across Australia. It operates bank branches around Tasmania and offers customers access to a network of ATMs across the country.
MyState Bank personal loan repayment calculator
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at interest rate 6.99 %
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Pros and cons
- Additional payments allowed
- Free redraw facility
- Flexible repayment options
- Charges an establishment fee
- Charges monthly fees
- Limited range of loans
MyState Bank personal loans rates
based on $30,000 loan amount for 5 years at 6.99%
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Total repayments for a 5-year, $30,000 loan at 7.98% would be $35,634*. Terms from - years
based on $30,000 loan amount for 5 years at 7.83%
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Total repayments for a 5-year, $30,000 loan at 8.22% would be $36,351*. Terms from - years
based on $30,000 loan amount for 5 years at 7.99%
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Total repayments for a 5-year, $30,000 loan at 8.97% would be $36,489*. Terms from - years
based on $30,000 loan amount for 5 years at 8.99%
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Total repayments for a 5-year, $30,000 loan at 11.45% would be $37,356*. Terms from - years
based on $30,000 loan amount for 5 years at 10.09%
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Total repayments for a 5-year, $30,000 loan at 10.37% would be $38,324*. Terms from - years
Features of a MyState personal loan
MyState offers multiple personal loans suitable for a range of borrowers. MyState provides both secured and unsecured personal loans, with variable interest rates.
MyState personal loans have a maximum amount of $75,000 and a maximum term of 10 years. Customers can choose to make repayments weekly, fortnightly or monthly.
Customers are permitted free redraw facility as well as additional payments with no penalty. However, MyState charges both an establishment fee and a monthly fee.
MyState personal loan rates tend to be moderate.
MyState personal loans – customer service
Customers can contact MyState by phone, email, appointment or by dropping into one of its branches. MyState operates branches only in Tasmania, so other Australian residents will need to contact via phone or email.
Who is eligible for a MyState personal loan?
- Must be at least 18
- Must be an Australian citizen or permanent resident
- Must be applying in your own name
- Must have a good credit rating
How to apply for a MyState personal loan?
- Click ‘Apply Now’
- Complete the online application
- Submit the online application
MyState personal loans review
MyState is a smaller Australian personal loan lender and, as such, offers a thinner range of loans than larger banks. However, MyState does provide both secured and unsecured loans with variable interest.
Customers can borrow up to $75,000 for up to 10 years.
MyState charges an establishment fee and ongoing monthly fees. Customers are allowed free redraws and free additional payments, which means customers are able to pay their loan early if they wish.
In terms of current personal loan interest rates, MyState is in the middle of the market. Both its secured and unsecured loan options offer moderate interest rates.
Because so many personal loan lenders exist, it’s important to compare personal loan rates. By comparing several different lenders, you’ll be able to find the best personal loan rates for your financial situation.
Learn more about personal loans
Can you refinance a $5000 personal loan?
Much like home loans, many personal loans can be refinanced. This is where you replace your current personal loan with another personal loan, often from another lender and at a lower interest rate. Switching personal loans may let you enjoy more affordable repayments, or useful features and benefits.
If you have a $5000 personal loan as well as other debts, you may be able to use a debt consolidations personal loan to combine these debts into one, potentially saving you money and simplifying your repayments.
What is a bad credit personal loan?
A bad credit personal loan is a personal loan designed for somebody with a bad credit history. This type of personal loan has higher interest rates than regular personal loans as well as higher fees.
Do student personal loans require security?
While some personal loans can be secured by the value of an asset, such as a car or equity in a property, student personal loans are often unsecured, which typically have higher interest rates.
Some lenders also offer guarantor personal loans to students. These loans have lower interest rates, as a guarantor (usually a relative of the borrower with good credit) will fully or partially guarantee the loan, taking on the financial responsibility if the borrower defaults.
How much can you borrow with a bad credit personal loan?
Borrowers who take out bad credit personal loans don’t just pay higher interest rates than on regular personal loans, they also get loaned less money. Each lender has its own policies and loan limits, but you’ll find it hard to get approved for a bad credit personal loan above $50,000.
Should I get a fixed or variable personal loan?
Fixed personal loans keep your interest rate the same for the full loan term, while interest rates on variable personal loans may be raised or lowered during your loan term.
A fixed rate personal loan keeps your repayments consistent, which can help keep your budgeting consistent. You won't have to worry about higher repayments if your rates were to rise. However, on a fixed loan you’ll also potentially miss out on more affordable repayments if variable rates were to fall.
What is an unsecured bad credit personal loan?
A bad credit personal loan is ‘unsecured’ when the borrower doesn’t offer up an asset, such as a car or jewellery, as collateral or security. Lenders generally charge higher interest rates on unsecured loans than secured loans.
What is a personal loan?
A personal loan sits somewhere between a home loan and a credit card loan. Unlike with a credit card, you need to sign a formal contract to access a personal loan. However, the process is easier and faster than taking out a mortgage.
Loan sizes typically range from several hundred dollars to tens of thousands of dollars, while loan terms usually run from one to five years. Personal loans are generally used to consolidate debts, pay emergency bills or fund one-off expenses like holidays.
What is the average interest rate on personal loans for single parents?
Like other types of personal loans, the average interest rate for personal loans for single parents changes regularly, as lenders add, remove, and vary their loan offers. The interest rate you’ll receive may depend on a range of different factors, including your loan amount, loan term, security, income, and credit score.
What are the Westpac personal loan eligibility criteria?
The process to apply for a personal loan from Westpac is simple and can be done online. To be eligible for a Westpac Bank personal loan, you must meet the eligibility criteria. These include:
- You should be over 18 years old
- You must be a permanent resident or hold a valid visa with confirmed employment in Australia
- You should earn a regular and permanent income of at least $35,000 before taxes
If you feel you meet these eligibility criteria, you can apply for a personal loan with Westpac. With your application form, you’ll also have to submit the following documents:
- Personal details including name, contact information, and residential address
- Proof of identity such as drivers licence or passport details
- If you’re self-employed, you’ll need a list of assets, savings, investments, and liabilities as well as your most recent tax return information
- If you’re an employee you’ll need to submit information related to your employment and finances like bank statements and payslips
Westpac Australia personal loans are available for amounts from $4,000 up to $50,000 and loan terms of up to seven years.
Is a personal loan a variable or fixed-rate loan?
Depending on the personal loan lender, you may be able to choose between a fixed and a variable interest rate. But, there are a few distinct differences between the two, so it’s important to weigh up the pros and cons before deciding on what’s right for you.
A fixed interest rate loan gets you the convenience of knowing exactly how much you need to repay each fortnight or month. On the other hand, you generally won’t be able to make lump sum or advanced payments to close your personal loan early - or at least not without a penalty.
With a variable interest rate personal loan, you may be able to get a longer loan repayment term, with the option of paying off the loan early. You typically won’t need to pay any additional charges for an early full repayment either. The potential disadvantage with an interest rate that can change is that your repayment is not entirely predictable, as it can fluctuate with the market. However, you’ll likely have more options as more lenders offer a variable interest rate personal loan.
Can single mothers get personal loans online?
Many lenders offer online applications for personal loans, which can be convenient for borrowers who have busy lives. If you’re not confident your personal loan application will be approved, you may want to consider contacting the lender by email, live chat, phone, or by visiting a branch, to discuss your situation before applying.
Where can I get a personal loan?
The Australian personal loans market contains dozens of lenders offering several hundred different products. Personal loans are available through a range of institutions, including:
- The big four banks (ANZ, Commonwealth Bank, NAB and Westpac)
- Smaller banks (such as Bank of Queensland, Bendigo Bank and MyState)
- Mutual banks (such as Heritage Bank, Greater Bank and Newcastle Permanent)
- Credit unions (such as People’s Choice Credit Union, BCU and Community First Credit Union)
- Non-bank lenders (such as Pepper Money, Liberty and RACV)
- Peer-to-peer marketplaces (such as Harmoney, SocietyOne and RateSetter)
There are three main ways to access personal loans. You can go through a comparison website, such as RateCity. You can use a finance broker. Or you can directly contact the lender.
What are the pros and cons of personal loans?
The advantages of personal loans are that they’re easier to obtain than mortgages and usually have lower interest rates than credit cards.
One disadvantage with personal loans is that you have to go through a formal application process, unlike when you borrow money on your credit card. Another disadvantage is that you’ll be charged a higher interest rate than if you borrowed the money as part of a mortgage.
How long does it take to get a student personal loan?
Completing an online personal loan application can often take anywhere from 10 minutes to 1 hour. Depending on your lender, processing your personal loan application may take anywhere between 1 and 24 hours. If your personal loan application is approved, you may receive the money in your bank account the following business day, or, in some cases, the same day.
Can I get a no credit check personal loan?
Personal loans with no credit checks are available and called ‘payday loans’. These are sometimes used as short-term solutions for cash-strapped Australians. They often carry higher interest rates and fees than regular personal loans, and individuals risk putting themselves into a worsened cycle of debt.