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Important disclosure

Fixed Rate Personal Loans

Are you searching for a personal loan with no surprises? Compare fixed rate personal loans below and use our calculator to find a budget-friendly option with a rate that won’t stray and repayments that never change.

Compared fixed personal loans

Pay ZERO fees^ on all loans with NOW Finance. That's right - no establishment fee, no monthly fees, no early payout fee on all loans between $8,000-$50,000. What's more, get your guaranteed, tailored interest rate in two minutes without impacting your credit score. ^Charges such as default or enforcement costs may apply if you do not comply with the terms of your loan. Comparison rate can vary from 5.95% to 17.95%

Overview

Minimum loan amount$8,000

Maximum loan amount$50,000

Minimum term (years)1.5 years

Maximum term (years)7 Years

Personal loan interest rates (base)5.95%

Personal loan comparison rate5.95%

Monthly repayments (approx)$303

Total repayments (approx)$10,943

Total interest repayments (approx)$943

Rate typeFixed

Secured or unsecuredUnsecured

Encumberance/REVVS check fee$0

Application / establishment fee$0

GO TO Now Finance

Other Fees & Information

Monthly fee$0

Quarterly fee$0

Annual fee$0

Other fees$0

Redraw facilityNo

Repayment scheduleWeekly, Fortnightly

Early repayments allowedYes

Early repayments fee$0

Missed payment fee$35

For debt consolidation?Yes

Sponsored Yes

Telephone1300 275 669

Data accurate as of23/02/2021

GO TO Now Finance

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OurMoneyMarket offer competitive low rates on loans up to $50,000, plus free extra repayments and fee-free redraw facility.

Overview

Minimum loan amount$2,001

Maximum loan amount$50,000

Minimum term (years)1 year

Maximum term (years)7 Years

Personal loan interest rates (base)5.45%

Personal loan comparison rate6.07%

Monthly repayments (approx)$309

Total repayments (approx)$11,134

Total interest repayments (approx)$1,134

Rate typeFixed

Secured or unsecuredUnsecured

Encumberance/REVVS check fee$0

Application / establishment fee$250

GO TO OurMoneyMarket

Other Fees & Information

Monthly fee$0

Quarterly fee$0

Annual fee$0

Other fees$0

Redraw facilityYes

Repayment scheduleWeekly, Fortnightly

Early repayments allowedYes

Early repayments fee$0

Missed payment fee$25

For debt consolidation?Yes

Sponsored Yes

Telephone1300 990 115

Data accurate as of30/06/2021

GO TO OurMoneyMarket

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Fast and easy online application. Money can be in your account same-day. Flexible repayments with no early exit fees. Comparison interest rates from 7.64% to 13.32% p.a.

Overview

Minimum loan amount$2,100

Maximum loan amount$50,000

Minimum term (years)1 year

Maximum term (years)5 years

Personal loan interest rates (base)6.25%

Personal loan comparison rate7.64%

Monthly repayments (approx)$320

Total repayments (approx)$11,547

Total interest repayments (approx)$1,547

Rate typeFixed

Secured or unsecuredUnsecured

Encumberance/REVVS check fee$0

Application / establishment fee$495

GO TO MoneyMe

Other Fees & Information

Monthly fee$10

Quarterly fee$0

Annual fee$0

Other fees$0

Redraw facilityNo

Repayment scheduleFortnightly/Monthly

Early repayments allowedYes

Early repayments fee$0

Missed payment fee$15

For debt consolidation?Yes

Sponsored Yes

Telephone1300 329 037

Data accurate as of03.03.2021

GO TO MoneyMe

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Pay ZERO fees^ on all loans with NOW Finance. That's right - no establishment fee, no monthly fees, no early payout fee on all loans between $8,000-$50,000. What's more, get your guaranteed, tailored interest rate in two minutes without impacting your credit score. ^Charges such as default or enforcement costs may apply if you do not comply with the terms of your loan. Comparison rate can vary from 5.95% to 17.95%

Overview

Minimum loan amount$8,000

Maximum loan amount$50,000

Minimum term (years)1.5 years

Maximum term (years)7 Years

Personal loan interest rates (base)5.95%

Personal loan comparison rate5.95%

Monthly repayments (approx)$303

Total repayments (approx)$10,943

Total interest repayments (approx)$943

Rate typeFixed

Secured or unsecuredUnsecured

Encumberance/REVVS check fee$0

Application / establishment fee$0

GO TO Now Finance

Other Fees & Information

Monthly fee$0

Quarterly fee$0

Annual fee$0

Other fees$0

Redraw facilityNo

Repayment scheduleWeekly, Fortnightly

Early repayments allowedYes

Early repayments fee$0

Missed payment fee$35

For debt consolidation?Yes

Sponsored Yes

Telephone1300 275 669

Data accurate as of23/02/2021

GO TO Now Finance

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A quick and easy, 100% online application. No printing. No paper. No fuss. No monthly account keeping fees, no exit fees and no early repayment fees.

Overview

Minimum loan amount$2,001

Maximum loan amount$75,000

Minimum term (years)1 year

Maximum term (years)7 Years

Personal loan interest rates (base)5.35%

Personal loan comparison rate5.65%

Monthly repayments (approx)$308

Total repayments (approx)$11,117

Total interest repayments (approx)$1,117

Rate typeFixed

Secured or unsecuredSecured

Encumberance/REVVS check fee$0

Application / establishment fee$250

GO TO OurMoneyMarket

Other Fees & Information

Monthly fee$0

Quarterly fee$0

Annual fee$0

Other fees$0

Redraw facilityYes

Repayment scheduleWeekly, Fortnightly

Early repayments allowedYes

Early repayments fee$0

Missed payment fee$25

For debt consolidation?Yes

Sponsored Yes

Telephone1300 990 115

Data accurate as of30/06/2021

GO TO OurMoneyMarket

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OurMoneyMarket offer competitive low rates on loans up to $50,000, plus free extra repayments and fee-free redraw facility.

Overview

Minimum loan amount$2,001

Maximum loan amount$50,000

Minimum term (years)1 year

Maximum term (years)7 Years

Personal loan interest rates (base)5.45%

Personal loan comparison rate6.07%

Monthly repayments (approx)$309

Total repayments (approx)$11,134

Total interest repayments (approx)$1,134

Rate typeFixed

Secured or unsecuredUnsecured

Encumberance/REVVS check fee$0

Application / establishment fee$250

GO TO OurMoneyMarket

Other Fees & Information

Monthly fee$0

Quarterly fee$0

Annual fee$0

Other fees$0

Redraw facilityYes

Repayment scheduleWeekly, Fortnightly

Early repayments allowedYes

Early repayments fee$0

Missed payment fee$25

For debt consolidation?Yes

Sponsored Yes

Telephone1300 990 115

Data accurate as of30/06/2021

GO TO OurMoneyMarket

Hide info -

Use Driva's platform to compare rates and choose the best car loan option for you. Making car financing fast, simple & transparent with Jump Payments.

Overview

Minimum loan amount$2,000

Maximum loan amount$100,000

Minimum term (years)1 Year

Maximum term (years)7 Years

Personal loan interest rates (base)4.69%

Personal loan comparison rate6.55%

Monthly repayments (approx)$310

Total repayments (approx)$11,169

Total interest repayments (approx)$1,169

Rate typeFixed

Secured or unsecuredSecured

Encumberance/REVVS check fee$0

Application / establishment fee$400

GO TO Driva

Other Fees & Information

Monthly fee$0

Quarterly fee$0

Annual fee$0

Other fees$0

Redraw facilityNo

Repayment scheduleWeekly, Fortnightly, Monthly

Early repayments allowedYes

Early repayments fee$0

Missed payment fee$0

For debt consolidation?No

Sponsored No

Telephone1300 755 494

Data accurate as of21/09/2020

GO TO Driva

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There's nothing quite like the thrill of buying a car, but one of the biggest challenges is finance. Ideally you'll want a car loan that offers flexibility and a low competitive rate, and is easy to apply for.

Overview

Minimum loan amount$10,000

Maximum loan amount$100,000

Minimum term (years)1 year

Maximum term (years)7 years

Personal loan interest rates (base)5.69%

Personal loan comparison rate6.39%

Monthly repayments (approx)$314

Total repayments (approx)$11,336

Total interest repayments (approx)$1,336

Rate typeFixed

Secured or unsecuredSecured

Encumberance/REVVS check fee$8

Application / establishment fee$399

GO TO NRMA

Other Fees & Information

Monthly fee$0

Quarterly fee$0

Annual fee$0

Other fees$0

Redraw facilityNo

Repayment scheduleFortnightly, Monthly

Early repayments allowedYes

Early repayments fee$205 or 2% of outstanding balance (whichever the greater) at the time the final payout is made. Applies in the first three quarters of the original loan term only.

Missed payment fee$0

For debt consolidation?No

Sponsored Yes

Telephone1300 732 398

Data accurate as of21/09/2020

GO TO NRMA

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Fast and easy online application. Money can be in your account same-day. Flexible repayments with no early exit fees. Comparison interest rates from 7.64% to 13.32% p.a.

Overview

Minimum loan amount$2,100

Maximum loan amount$50,000

Minimum term (years)1 year

Maximum term (years)5 years

Personal loan interest rates (base)6.25%

Personal loan comparison rate7.64%

Monthly repayments (approx)$320

Total repayments (approx)$11,547

Total interest repayments (approx)$1,547

Rate typeFixed

Secured or unsecuredUnsecured

Encumberance/REVVS check fee$0

Application / establishment fee$495

GO TO MoneyMe

Other Fees & Information

Monthly fee$10

Quarterly fee$0

Annual fee$0

Other fees$0

Redraw facilityNo

Repayment scheduleFortnightly/Monthly

Early repayments allowedYes

Early repayments fee$0

Missed payment fee$15

For debt consolidation?Yes

Sponsored Yes

Telephone1300 329 037

Data accurate as of03.03.2021

GO TO MoneyMe

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NRMA used car loans can help you get one step closer to owning your dream pre-loved car.

Overview

Minimum loan amount$10,000

Maximum loan amount$100,000

Minimum term (years)1 year

Maximum term (years)7 years

Personal loan interest rates (base)6.99%

Personal loan comparison rate7.70%

Monthly repayments (approx)$321

Total repayments (approx)$11,557

Total interest repayments (approx)$1,557

Rate typeFixed

Secured or unsecuredSecured

Encumberance/REVVS check fee$8

Application / establishment fee$399

GO TO NRMA

Other Fees & Information

Monthly fee$0

Quarterly fee$0

Annual fee$0

Other fees$0

Redraw facilityNo

Repayment scheduleFortnightly, Monthly

Early repayments allowedYes

Early repayments fee$205 or 2% of outstanding balance (whichever the greater) at the time the final payout is made. Applies in the first three quarters of the original loan term only.

Missed payment fee$0

For debt consolidation?No

Sponsored Yes

Telephone1300 732 398

Data accurate as of21/09/2020

GO TO NRMA

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Use Driva's platform to compare rates and choose the best car loan option for you. Making car financing fast, simple & transparent with Jump Payments.

Overview

Minimum loan amount$2,000

Maximum loan amount$100,000

Minimum term (years)1 Year

Maximum term (years)7 Years

Personal loan interest rates (base)4.47%

Personal loan comparison rate5.28%

Monthly repayments (approx)$309

Total repayments (approx)$11,132

Total interest repayments (approx)$1,132

Rate typeFixed

Secured or unsecuredSecured

Encumberance/REVVS check fee$0

Application / establishment fee$400

GO TO Driva

Other Fees & Information

Monthly fee$0

Quarterly fee$0

Annual fee$0

Other fees$0

Redraw facilityNo

Repayment scheduleWeekly, Fortnightly, Monthly

Early repayments allowedYes

Early repayments fee$0

Missed payment fee$0

For debt consolidation?No

Sponsored No

Telephone1300 755 494

Data accurate as of21/09/2020

GO TO Driva

Hide info -

Use Driva's platform to compare rates and choose the best car loan option for you. Making car financing fast, simple & transparent with Jump Payments.

Overview

Minimum loan amount$2,000

Maximum loan amount$100,000

Minimum term (years)1 Year

Maximum term (years)7 Years

Personal loan interest rates (base)4.69%

Personal loan comparison rate6.55%

Monthly repayments (approx)$310

Total repayments (approx)$11,169

Total interest repayments (approx)$1,169

Rate typeFixed

Secured or unsecuredSecured

Encumberance/REVVS check fee$0

Application / establishment fee$400

GO TO Driva

Other Fees & Information

Monthly fee$0

Quarterly fee$0

Annual fee$0

Other fees$0

Redraw facilityNo

Repayment scheduleWeekly, Fortnightly, Monthly

Early repayments allowedYes

Early repayments fee$0

Missed payment fee$0

For debt consolidation?No

Sponsored No

Telephone1300 755 494

Data accurate as of21/09/2020

GO TO Driva

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Whatever it is you’re dreaming about, a Bankwest Flexible Personal Loan puts you in control. Pay it off early, make additional repayments and redraw additional repayments you’ve made all at no extra cost!

Overview

Minimum loan amount$5,000

Maximum loan amount$50,000

Minimum term (years)1 Year

Maximum term (years)7 Years

Personal loan interest rates (base)10.99%

Personal loan comparison rate11.81%

Monthly repayments (approx)$335

Total repayments (approx)$12,089

Total interest repayments (approx)$2,089

Rate typeFixed

Secured or unsecuredUnsecured

Encumberance/REVVS check fee$0

Application / establishment fee$249

GO TO Bankwest

Other Fees & Information

Monthly fee$10

Quarterly fee$0

Annual fee$0

Other fees$0

Redraw facilityYes

Repayment scheduleWeekly, Fortnightly, Monthly

Early repayments allowedYes

Early repayments fee$0

Missed payment fee$0

For debt consolidation?Yes

Sponsored No

Telephone13 17 19

Data accurate as of21/09/2020

GO TO Bankwest

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Whether you're taking control of your finances, planning a special event, or making a large purchase, our Unsecured Personal Loan may be the right solution.

Overview

Minimum loan amount$2,000

Maximum loan amount$40,000

Minimum term (years)1 Year

Maximum term (years)5 Years

Personal loan interest rates (base)12.99%

Personal loan comparison rate14.06%

Monthly repayments (approx)$337

Total repayments (approx)$12,142

Total interest repayments (approx)$2,142

Rate typeFixed

Secured or unsecuredUnsecured

Encumberance/REVVS check fee$10

Application / establishment fee$0

GO TO St.George Bank

Other Fees & Information

Monthly fee$12

Quarterly fee$0

Annual fee$0

Other fees$0

Redraw facilityNo

Repayment scheduleWeekly, Fortnightly, Monthly

Early repayments allowedYes

Early repayments fee$150

Missed payment fee$9

For debt consolidation?No

Sponsored No

Telephone13 33 30

Data accurate as of14/12/2018

GO TO St.George Bank

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A personal loan can help you to get what you’ve always wanted. Plan ahead with a flexible loan term of between 1 and 7 years. Apply for between $4,000 and $50,000 (conditions apply). Make extra repayments to pay your loan off sooner (prepayment fee may apply). Choose a repayment frequency to suit when you get paid - weekly, fortnightly or monthly.

Overview

Minimum loan amount$5,000

Maximum loan amount$50,000

Minimum term (years)1 Year

Maximum term (years)7 Years

Personal loan interest rates (base)11.99%

Personal loan comparison rate13.15%

Monthly repayments (approx)$340

Total repayments (approx)$12,268

Total interest repayments (approx)$2,268

Rate typeFixed

Secured or unsecuredUnsecured

Encumberance/REVVS check fee$0

Application / establishment fee$250

GO TO Westpac

Other Fees & Information

Monthly fee$12

Quarterly fee$0

Annual fee$0

Other fees$0

Redraw facilityNo

Repayment scheduleWeekly, Fortnightly, Monthly

Early repayments allowedYes

Early repayments feeYes

Missed payment feeYes

For debt consolidation?Yes

Sponsored No

Telephone1300 720 697

Data accurate as of21/09/2020

GO TO Westpac

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Borrow from $5,000 up to $55,000 for 1 to 7 years flexible loan terms

Overview

Minimum loan amount$5,000

Maximum loan amount$55,000

Minimum term (years)1 Year

Maximum term (years)7 Years

Personal loan interest rates (base)12.69%

Personal loan comparison rate13.56%

Monthly repayments (approx)$340

Total repayments (approx)$12,269

Total interest repayments (approx)$2,269

Rate typeFixed

Secured or unsecuredUnsecured

Encumberance/REVVS check fee$0

Application / establishment fee$150

GO TO NAB

Other Fees & Information

Monthly fee$10

Quarterly fee$0

Annual fee$0

Other fees$0

Redraw facilityYes

Repayment scheduleWeekly, Fortnightly, Monthly

Early repayments allowedYes

Early repayments fee$0

Missed payment fee$5

For debt consolidation?Yes

Sponsored No

Telephone13 13 12

Data accurate as of21/09/2020

GO TO NAB

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Wisr provide personalised low rates for applicants with good credit. Borrow between $5,000 and $50,000 with transparent terms and easy online application.

Overview

Minimum loan amount$5,000

Maximum loan amount$50,000

Minimum term (years)3 Year

Maximum term (years)5 Years

Personal loan interest rates (base)11.40%

Personal loan comparison rate12.27%

Monthly repayments (approx)$348

Total repayments (approx)$12,559

Total interest repayments (approx)$2,559

Rate typeFixed

Secured or unsecuredUnsecured

Encumberance/REVVS check fee$0

Application / establishment fee$595

GO TO Wisr

Other Fees & Information

Monthly fee$0

Quarterly fee$0

Annual fee$0

Other fees$0

Redraw facilityNo

Repayment scheduleMonthly

Early repayments allowedYes

Early repayments fee$0

Missed payment fee$25

For debt consolidation?Yes

Sponsored Yes

Telephone1300 992 007

Data accurate as of21/09/2020

GO TO Wisr

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As a member owned organisation, our first priority is to help you. We continually focus on providing high levels of personalised service and value for money products – such as our Personal Loans– there to help you make those life-changing purchases.

Overview

Minimum loan amount$2,000

Maximum loan amount$100,000

Minimum term (years)1 Year

Maximum term (years)7 Years

Personal loan interest rates (base)13.99%

Personal loan comparison rate15.78%

Monthly repayments (approx)$350

Total repayments (approx)$12,609

Total interest repayments (approx)$2,609

Rate typeFixed

Secured or unsecuredUnsecured

Encumberance/REVVS check fee$0

Application / establishment fee$250

GO TO People's Choice Credit Union

Other Fees & Information

Monthly fee$0

Quarterly fee$0

Annual fee$0

Other fees$0

Redraw facilityYes

Repayment scheduleWeekly, Fortnightly, Monthly

Early repayments allowedYes

Early repayments fee$0

Missed payment fee$0

For debt consolidation?Yes

Sponsored No

Telephone13 11 82

Data accurate as of21/09/2020

GO TO People's Choice Credit Union

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Wisr provide personalised low rates for applicants with good credit. Borrow between $5,000 and $50,000 with transparent terms and easy online application.

Overview

Minimum loan amount$5,000

Maximum loan amount$50,000

Minimum term (years)3 Year

Maximum term (years)5 Years

Personal loan interest rates (base)13.40%

Personal loan comparison rate14.28%

Monthly repayments (approx)$359

Total repayments (approx)$12,925

Total interest repayments (approx)$2,925

Rate typeFixed

Secured or unsecuredUnsecured

Encumberance/REVVS check fee$0

Application / establishment fee$595

GO TO Wisr

Other Fees & Information

Monthly fee$0

Quarterly fee$0

Annual fee$0

Other fees$0

Redraw facilityNo

Repayment scheduleMonthly

Early repayments allowedYes

Early repayments fee$0

Missed payment fee$25

For debt consolidation?Yes

Sponsored Yes

Telephone1300 992 007

Data accurate as of21/09/2020

GO TO Wisr

Hide info -

Wisr provide personalised low rates for applicants with good credit. Borrow between $5,000 and $50,000 with transparent terms and easy online application.

Overview

Minimum loan amount$5,000

Maximum loan amount$50,000

Minimum term (years)3 Year

Maximum term (years)5 Years

Personal loan interest rates (base)16.40%

Personal loan comparison rate17.31%

Monthly repayments (approx)$374

Total repayments (approx)$13,484

Total interest repayments (approx)$3,484

Rate typeFixed

Secured or unsecuredUnsecured

Encumberance/REVVS check fee$0

Application / establishment fee$595

GO TO Wisr

Other Fees & Information

Monthly fee$0

Quarterly fee$0

Annual fee$0

Other fees$0

Redraw facilityNo

Repayment scheduleMonthly

Early repayments allowedYes

Early repayments fee$0

Missed payment fee$25

For debt consolidation?Yes

Sponsored Yes

Telephone1300 992 007

Data accurate as of21/09/2020

GO TO Wisr

Hide info -

Wisr provide personalised low rates for applicants with good credit. Borrow between $5,000 and $50,000 with transparent terms and easy online application.

Overview

Minimum loan amount$5,000

Maximum loan amount$50,000

Minimum term (years)3 Year

Maximum term (years)5 Years

Personal loan interest rates (base)19.45%

Personal loan comparison rate20.34%

Monthly repayments (approx)$390

Total repayments (approx)$14,068

Total interest repayments (approx)$4,068

Rate typeFixed

Secured or unsecuredUnsecured

Encumberance/REVVS check fee$0

Application / establishment fee$595

GO TO Wisr

Other Fees & Information

Monthly fee$0

Quarterly fee$0

Annual fee$0

Other fees$0

Redraw facilityNo

Repayment scheduleMonthly

Early repayments allowedYes

Early repayments fee$0

Missed payment fee$25

For debt consolidation?Yes

Sponsored Yes

Telephone1300 992 007

Data accurate as of21/09/2020

GO TO Wisr

Hide info -

We understand no two borrowers are the same. That's why our rates are personalised to your credit history. The better your credit history, the lower your interest rate.

Overview

Minimum loan amount$5,000

Maximum loan amount$50,000

Minimum term (years)2 Years

Maximum term (years)5 Years

Personal loan interest rates (base)16.79%

Personal loan comparison rate19.07%

Monthly repayments (approx)$408

Total repayments (approx)$14,717

Total interest repayments (approx)$4,717

Rate typeFixed

Secured or unsecuredUnsecured

Encumberance/REVVS check fee$0

Application / establishment fee5.00%

GO TO SocietyOne

Other Fees & Information

Monthly fee$0

Quarterly fee$0

Annual fee$0

Other fees$0

Redraw facilityNo

Repayment scheduleWeekly, Fortnightly, Monthly

Early repayments allowedYes

Early repayments fee$0

Missed payment fee$35

For debt consolidation?Yes

Sponsored No

Telephone-

Data accurate as of18/01/2018

GO TO SocietyOne

Hide info -

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BestFind.com.au provides factual information in relation to financial products. While BestFind.com.au attempts to make a wide range of products and providers available, it may not cover all the options available to you. Moreover, we cannot be responsible for changes made to this information by product providers and/or inaccurate information obtained from a product provider. All product information comes from the product provider or publicly available information and to the best of our knowledge is correct at time of publishing. The information published on BestFind.com.au is general in nature only and does not consider your personal objectives, financial situation or particular needs and is not recommending any particular product to you. If you decide to apply for a product you will be dealing directly with that provider and not with BestFind.com.au. BestFind.com.au recommends that you read the relevant PDS or offer documentation before taking up any financial product offer. For more information please see BestFind.com.au's Terms of Use and Services Guide.

Minimum and maximum loan periods vary between 6 months and 10 years. Comparison interest rates vary between 6.55% and 20.89% p.a. Total interest repayments vary between $1,387 and $4,165 over the life of the loan. *Comparison rate is based on an unsecured loan of $10,000 for a term of 3 years. WARNING: This comparison rate is true only for the examples given and may not include all fees and charges. Different terms, fees or other loan amounts might result in a different comparison rate. These rates can change without further notice. All rates quoted are per annum. For more information regarding fees click on "View fees & additional info +" for each product or contact the provider.

What type of loan are you looking for?

Fixed rate personal loans – Keep your budget predictable

A flexible personal loan can pave the way for your dream wedding, holiday, car, or more. But you may not always want a flexible interest rate to go along with it. Instead, like most Aussie borrowers, you’re likely keen to avoid any uncertainty over your household budget.

That means choosing a locked rate that fixes your repayments to the same spot. Before you sign on the dotted line, read up on fixed rate personal loans to make sure you’re getting the best deal.

What’s a fixed rate personal loan?

A fixed rate personal loan does justice to its name by offering you a constant interest rate over the life of your loan. If your rate is set in stone, the domino effect includes locked repayments, a budget you can control, and more financial security and peace of mind.

A fixed rate will stay stable because it’s not under the influence of the Reserve Bank cash rate. So even if market rates shoot up, a fixed rate weathers the storm. In the same vein, if rates tumble, a fixed rate will also sit it out. Generally, most Australian lenders offer this type of loan, which is often the more common option for borrowers.

How do fixed rate personal loans work?

If your application is approved and you accept the rate on offer, that rate won’t change until you clear your debt. Typically, the lender calculates your rate based on the size of your debt, the time you’ll take to repay, your credit rating, the current trends in market rates, plus a host of other factors. Besides a locked interest rate, the loan also comes with the following parts:

  • Loan amounts. On average, you can pocket between $2,000 and $50,000 depending on your borrowing capacity. Your borrowing capacity is in turn affected by a stack of factors, including the health of your credit rating and income and whether the debt is secured or unsecured.
  • Loan terms. Generally, repayment periods can last as long as 12 or 24 months for small personal loans and 5 or 7 years for larger sums.
  • Monthly repayments. Settling your debt means you’ll have to send regular repayments through to the lender. Although fixed-rate loans offer security budget-wise, it’s best to figure out what you’ll actually be paying before the agreement kicks in. Our fixed rate personal loan calculator is an easy-to-use tool if you want to find a monthly repayment that keeps your budget stable. Simply plug in your amount and term, and it does the math for you.

Pros of fixing your rate

  • Easy budget work. Keeping a pulse on your budget is easier since you already know what your future repayments will be.
  • Protection from rate increases. If market rates hike upwards, your repayments will remain untouched. That means you pay for exactly what you ordered for each instalment.
  • You can calculate the total cost of the loan beforehand. This is handy if you want to factor in your long-term financial goals when taking out a personal loan.

Cons of fixing your rate

  • Less flexible. Your fixed rate loan might lack features like redraw facilities and the option to make early repayments. If the lender allows you to make early repayments, they may charge a fee.
  • Higher interest rates. You’ll often start out with a higher rate when you choose to fix.
  • No benefits when the cash rate decreases. Unfortunately, protection from interest rate increases also means you won’t enjoy any low-interest benefits when the cash rate falls.

Variable rate loans vs fixed rate personal loans

Another type of interest rate that’s also offered by Australian lenders is the variable rate. Variable interest rates “track” changes in the Bank of Australia’s cash rate and adapt accordingly. In other words, the rate isn’t locked and might fluctuate at one time or another.

Although fixed rate loans usually fly off the lender’s shelves faster than variable rate loans, having an unlocked rate has its own merits. You can read up more on this in our variable rate personal loans guide.

Types of personal loans with fixed interest rates

Personal loans with fixed rates can be split into two types – those which require collateral and those which don’t:

  • Secured fixed rate personal loans. In this arrangement, collateral backs your debt and provides security for the lender who can collect your asset if you default. Collateral can be the asset you’re purchasing with the borrowed funds as with car loans. Or it can be property that you already own. Since you’re reducing the lender’s financial risk, you’ll likely end up with a lower rate. You can also get approval if you have bad credit or grey areas in your eligibility status.
  • Unsecured fixed rate personal loans. With this loan option, there’s no collateral required. But since you’re not giving the lender a guarantee for the money you borrow, they can only hand out funds if your credit rating is in good shape. In addition, you might have to pay a higher interest rate to minimise the lender’s risk.

When should you choose a fixed rate?

Generally, you’ll likely fare better with a fixed rate under the following circumstances:

  • Your budget can’t take any “shocks.” If you’re already running on a tight budget, squeezing in more finance costs after a rate increase might leave you struggling. A fixed rate removes this risk, making it safer, particularly when you can’t be sure about the future of your income.
  • You need a longer repayment period. If you’re planning to hang onto your debt for longer, a fixed rate makes sense. That’s because it’s harder to predict market trends for the long run.
  • Interest rates are predicted to rise. When the market looks uncertain, it’s best to push for stability and security by fixing. Your rate will remain on the lower side even if market rates spiral up.

How to choose the best fixed rate personal loan for your needs

The straight path to securing the best fixed rate deal typically involves taking the following steps:

  • Consider the comparison rate. A low interest fixed rate personal loan may help you save hundreds or even thousands of dollars over the long term. But the “real” rate for your loan is one that combines the interest rate plus fees and charges. This rate is the comparison rate, and looking for the lowest comparison rate possible helps you locate the cheapest fixed rate personal loans on the market. Also, be mindful of other charges and fees that might exist outside the comparison rate. These can also impact the true cost of your loan when activated.
  • Check for repayment flexibility. A flexible personal loan comes with the go-ahead to make extra repayments if you want to. It’s a bonus if the lender doesn’t charge early repayment fees. Paying off your loan faster allows you to reduce interest costs, which leaves you with more cash flow to do other things.
  • Get a personalised quote. You may not always be able to get the advertised rate, so a quote shows what the lender is actually willing to offer you. However, you need to tread carefully. Some lenders carry out hard credit checks when you apply, and this can leave a mark on your credit file. Instead, it’s best to get quotes from lenders that only use soft search tools since this won’t affect your credit score.
  • Look for a flexible lender. Some credit providers offer well-rounded loan packages that include discounts and online accounts that help you stay on track with your repayments. Other perks include redraw facilities that allow you to withdraw the extra repayments you’ve sunk into your loan.

How to apply for a personal loan with a fixed rate

Comparing options and choosing a personal loan that fits your bill becomes easier if you’re using our product table above. Once you’ve made your choice, go ahead and click the “Go to Site” button. Keep in mind that applying on the lender’s website generally requires you to have some info and documents on hand:

  • Personal and contact details
  • Employment details
  • Details about expenses, assets, liabilities, and other debts you have
  • Proof of identification that shows you’re an Australian citizen who’s 18 years and above
  • Proof of income – payslips and bank statements

Fixed rate personal loans FAQ

Can I use a fixed rate personal loan for anything?

Personal loans have many uses, including debt consolidation, which bundles all your other debts into one repayment. However, it’s best to check with the lender to make sure they approve the use you have in mind.

Which fees should I look out for when applying?

Common fees to watch out for include:

  • Application fees
  • Establishment fees
  • Monthly or annual fees
  • Late payment fees
  • Early repayment fees
  • Redraw fees

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