Winter is almost over, the days are getting longer and warmer and it's time to start thinking about coming out of hibernation. You may have spent the last couple of months making plans for Spring, and now is the time to action them. Whether it be a home renovation, garden makeover or even upgrading your car, there are several ways we can help make those plans a reality.
If you’re looking to borrow a small amount of money quickly, something a little bit bigger or if you're just looking to consolidate your debts, a personal loan can be a flexible way to help you reach your goals, whatever they may be.
If you've looked around, done your research, and decided that a personal loan is for you, here are a couple of helpful things to know and consider before applying.
Determine the price of the thing or experience you’d use the personal loan for, and work out how much you’d need to borrow. Take a look at our calculator which can help you estimate how much you could borrow based on the amount, term and interest rate.
Our calculator can give you an idea of how much your repayments could be weekly, fortnightly or monthly. This is a handy tool to get an idea of what your budget would look like with the added loan repayments.
MyState Bank have a range of flexible loan types that may suit your needs and circumstances. We have three types of personal loan.
A simpler personal loan that locks in your repayment for the entire term of the loan. This could give you peace of mind knowing your required repayment amount will not change. For those who like to plan ahead and budget for the future this could be a good option for you.
A more flexible personal loan that gives you the ability to make extra repayments, which can help you pay off your loan sooner and reduce the interest you pay. A variable personal loan interest rate can change throughout your loan term depending on the market, which means your repayments could rise or fall at different times. Another feature of this loan is having access to redraw facilities, which means you may be able to access any money you have paid in advance of your minimum repayments – when you need it the most^.
If you have a home loan with MyState Bank you could be eligible for a discounted unsecured fixed personal loan. This could be suitable for people who are looking for fixed repayments for the life of a loan. Talk to us about whether you could be eligible for this one!
You need to be:
If a personal loan isn’t for you, but you have a home loan with us, you may be in a position where you have repaid a little in advance of your repayments and saved some extra money^. This advance amount on your repayments is available for redraw on some loan types and can be used as an alternative to taking out personal loans or racking up credit card debt which may have a higher interest rate. Learn more on how you could make the most of the redraw facility on your home loan and get ready for those reno's today.
Furthermore, if you are paying over and above the required minimum repayment on your home loan (this is the minimum amount you need to pay each month), have you considered adjusting your home loan repayments? It is worth taking the time and research how the current low interest rate environment could enable you to shift your focus on other areas that may help you reach your financial goals faster. It could help you free up more cash for savings and paying other debts and bills.
Loan applications are subject to MyState's credit approval criteria. Terms and Conditions, Fees and Charges apply, and are subject to change.
^ Redraw availability dependent on available funds, Minimum Redraw is $500 and fees may apply. Application is subject to normal lending and credit criteria. Redraw is not available on all home loan products and is dependent on available funds.
MyState Bank Limited (MyState Bank) ABN 89 067 729 195 AFSL 240896 Australian Credit Licence.