MyState Bank personal loan repayment calculator

Thinking about taking out a personal loan with MyState Bank? Use our personal loan calculator to see how much you’d have to repay under different borrowing scenarios. You can also see how MyState Bank personal loans compare with other options.

I'd like to borrow

$

Loan term

Credit Score ()

Your estimated repayment

at interest rate 10.00 %

Total interest payable

$0

Total amount payable

$0

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

Product
Advertised Rate
Comparison Rate*
Repayment
Upfront Fee
Features
Go to site
Company

7.83%

Variable

8.22%

$606

based on $30,000 loan amount for 5 years

$175

Redraw facility
Extra repayments
Fully drawn advance
Secured
MyState Bank
More details

8.99%

Fixed

9.97%

$623

based on $30,000 loan amount for 5 years

$200

Redraw facility
Extra repayments
Fully drawn advance
Secured
MyState Bank
More details

10.24%

Variable

10.52%

$641

based on $30,000 loan amount for 5 years

$95

Redraw facility
Extra repayments
Fully drawn advance
Secured
MyState Bank
More details

9.99%

Variable

10.96%

$637

based on $30,000 loan amount for 5 years

$200

Redraw facility
Extra repayments
Fully drawn advance
Secured
MyState Bank
More details

11.20%

Variable

13.44%

$655

based on $30,000 loan amount for 5 years

$95

Redraw facility
Extra repayments
Fully drawn advance
Secured
MyState Bank
More details

7.99%

Variable

8.97%

$608

based on $30,000 loan amount for 5 years

$200

Redraw facility
Extra repayments
Fully drawn advance
Secured
MyState Bank
More details

9.49%

Variable

10.46%

$630

based on $30,000 loan amount for 5 years

$200

Redraw facility
Extra repayments
Fully drawn advance
Secured
MyState Bank
More details

12.99%

Fixed

13.95%

$682

based on $30,000 loan amount for 5 years

$200

Redraw facility
Extra repayments
Fully drawn advance
Secured
MyState Bank
More details

12.99%

Variable

13.95%

$682

based on $30,000 loan amount for 5 years

$200

Redraw facility
Extra repayments
Fully drawn advance
Secured
MyState Bank
More details

15.50%

Variable

15.78%

$722

based on $30,000 loan amount for 5 years

$95

Redraw facility
Extra repayments
Fully drawn advance
Secured
MyState Bank
More details

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.

Can you refinance a $5000 personal loan?

Many personal loans, much like home 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.

Can single mothers get personal loans online?

Many lenders offer online applications for personal loans, which can be convenient for borrowers who don’t have a lot of free time. 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.

How can I get a $3000 loan approved?

Personal loans and medium amount loans from responsible lenders don’t have guaranteed approval, as the lender will want to check that you can afford the loan repayments on your current income without ending up in financial hardship.

Having a good credit score can increase the likelihood of your personal loan application being approved. Bad credit borrowers who opt for a medium amount loan with no credit checks may need to prove they can afford the repayments on their current income (Centrelink payments may not count – so you should check with the lender prior to making an application).

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.

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, but you’ll find it hard to get approved for a bad credit personal loan above $50,000.

What is a bad credit personal loan?

A bad credit personal loan is a personal loan designed for somebody with a bad credit history. They have higher interest rates than regular personal loans and are also harder to access.

Personal Loans Frequently Asked Questions

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, with 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 guarantee the loan, taking on the financial responsibility if the borrower defaults.

What do I need to get a fast loan?

Most lenders will need to you provide the following information in your application for a fast loan:

  • Proof of identity
  • Proof of residence
  • Proof of income
  • Details of any assets you own (e.g. car, home etc.)
  • Details of any liabilities you owe (other personal loans, credit cards, mortgages etc.)
  • How much you want to borrow
  • How long you want to pay it back
  • Purpose of your loan

Are there any interest-free emergency loans?

The No Interest Loans Scheme (NILS) allows low income borrowers to take out no-interest loans for up to $1500 to purchase essential goods and services.

There are also similar low-interest loan schemes available to borrowers in financial hardship who are having a tough time getting finance approved.

Can I get a fast loan with bad credit?

Some lenders offer fast loans to borrowers with bad credit. Providers of small payday loans of up to $2000 or medium amount loans of up to $5000 may have no credit checks, though these lenders will usually want to confirm you can afford their loans on your income.

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 usually 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's a credit report?

A credit report is a record of your credit history – your credit enquiries, borrowings and your repayments. The report will include information about any bankruptcies or other relevant legal judgements. It will also include biographical information such as your address, date of birth, driver’s licence number and employment history.

How long are $3000 loans?

Medium amount loans can be repaid between 16 days and 2 years. Many personal loans have terms between 1 year and 5 years, though some are as short as 6 months while others last for 10 years.

Generally, the shorter a loan’s term, the more expensive your repayments, but the less total interest you’ll pay. Loans with longer terms mean more affordable repayments, but more interest charges over the full term.

Are there emergency loans with no credit checks?

While many personal loans require a credit check as part of the application process, some personal loans and payday loans have no credit checks, which may appeal to some bad credit borrowers.

Keep in mind that even if a loan is available with no credit check, the lender will likely want to confirm that you can afford the repayments on your current income.