Save with balance transfers, 0% deals & platinum perks exclusive to finder
Compare cards
couple applying for loan

Two-year fixed rate personal loans

Rates and fees last updated on

Find a competitive rate to help finance a personal purchase and pay it off over two years.

A fixed rate loan can give you a way to finance what you want while keeping your repayments the same for the duration of the loan term. There are a few different loan terms available. This guide will take you through two-year fixed rate personal loans, what types you can consider applying for and how you can compare your options.

RateSetter 2-Year Personal Loan

RateSetter 2-Year Personal Loan

from

4.69 % p.a.

fixed rate

from

7.11 % p.a.

comparison rate

  • Get a personalised comparison rate based on your credit score
Security Logo

100% confidential application

RateSetter 2-Year Personal Loan

The RateSetter Personal Loan offer provide you the facility of peer-to-peer lending with a personalised comparison rate based on your credit score. Borrow up to $45,000

  • Interest rate from: 4.69% p.a.
  • Comparison rate: 7.11% p.a.
  • Interest rate type: Fixed
  • Application fee: $0
  • Minimum loan amount: $2,001
  • Maximum loan amount: $45,000
Go to site

Loans you can fix for 2 years

Rates last updated July 25th, 2017
Name Product Interest Rate (p.a.) Comparison Rate (p.a.) Min Loan Amount Loan Term Application Fee Product Description
RateSetter 2-Year Personal Loan
From 4.69% (fixed)
7.11%
$2,001
2 to 2 years
$0 (Upfront fee $250 for loan terms of 2 years and above)
This peer-to-peer loan is only available for a 2-year term at the rate of 4.69% p.a.
Citi Personal Loan Plus
From 11.99% (variable)
12.48%
$5,000
3 to 5 years
$0 ($199 fee waived)
Borrow up to $75,000. All approved applicants will receive the advertised variable rate of 11.99% p.a.
Latitude Low Rate Personal Loan (Secured)
From 10.99% (fixed)
12.21%
$20,000
2 to 7 years
$250
Homeowners can take advantage of a competitive low rate secured loan.
NOW FINANCE Personal Loans
From 8.95% (fixed)
10.42%
$4,000
1.5 to 7 years
$395 (Based on $10,000)
Get rewarded with a low interest rate for your good credit history.
Latitude Personal Loan (Secured)
From 12.99% (fixed)
14.2%
$3,000
2 to 7 years
$250 (Loans under $4000 - $140)
Can be used for whatever purpose: renovating, buying a car, booking a holiday. Funds can be in your account in as little as 24 hours.
RateSetter Personal Loan
From 8.46% (fixed)
8.97%
$2,001
0.5 to 5 years
$0 (Upfront fee $250 for loan terms of 2 years and above)
Ratesetter allow you to get a personalised rate based on your credit score.

Compare up to 4 providers

How do two-year fixed rate personal loans work?

When you apply for a fixed rate loan, the rate on your contract stays in place for the duration of the two-year term. At the end of the two years, a variable rate may come into effect (if this is how your contract is set up) or, more likely, your loan will be paid out.

Repayment schedules differ between lenders, but the options available are usually weekly, fortnightly or monthly. Fixed rate loans can be secured or unsecured and you can use them to pay for a car, a holiday, home renovations or even to consolidate debt.

What types of fixed rate personal loans are available?

There are a few types of fixed rate personal loans you can apply for, including:

  • Car loan
    Finance your new or used vehicle purchase and pay it off over a two-year period. As the loan is secured, you’ll find more competitive rates on offer.
  • Secured personal loan
    More than a car can be used as security for a loan – motorcycles, jetskis, boats and even term deposits can be used as guarantees on a fixed rate loan. Find out more in our secured loans guide.
  • Unsecured personal loan
    If you need a flexible loan amount, want to finance a few purchases or you’re looking to consolidate debt, an unsecured fixed rate loan may be an option to consider.

couple looking at screen

How you can compare your two-year fixed rate loan options

If you’re considering a fixed rate loan with a two-year term, the first step is comparing what options are available to you. Here are some features to keep in mind.

  • Interest rate. This rate will stay in place for two years, so make sure it’s competitive.
  • Fees. Is there an establishment fee? What about monthly or annual fees? These can add significantly to the cost of the loan over a two-year period.
  • Eligibility criteria. Are you eligible for the loan? This is one of the most important aspects to take into account. Check minimum age, employment and financial criteria.

Weigh up the benefits and drawbacks of these loans

  • Your repayments will remain the same for the entire two-year term
  • Fixed two-year terms will see your debt repaid in a relatively short period
  • Fixed rate personal loans generally come with more restrictive repayment terms, including charges or limits for additional repayments
  • Depending on how much you borrow, your ongoing repayments may be high

Still have questions about fixed rate personal loans?

What other fixed rate terms are available?

You can apply for a fixed rate personal loan with terms of one, two, three, four, five, six or seven years.

Can I make extra repayments on a fixed rate personal loan?

Generally, no. Lenders place restrictions on fixed rate personal loans because you benefit by locking in your rate. However, restrictions on repayments differ between lenders, so check reviews on finder.com.au before you apply.

Can I apply for a fixed rate personal loan?

The eligibility criteria differ between lenders. You will generally need to be over the age of 18, receiving a regular income and have good credit. Check the minimum eligibility criteria before you submit your application.

Was this content helpful to you? No  Yes

Related Posts

RateSetter Personal Loan

Ratesetter allow you to get a personalised rate based on your credit score.

Citi Personal Loan Plus

Borrow up to $75,000. All approved applicants will receive the advertised variable rate of 11.99% p.a.

NOW FINANCE Personal Loans

Get rewarded with a low interest rate for your good credit history.

Ask an Expert

You are about to post a question on finder.com.au:

  • Do not enter personal information (eg. surname, phone number, bank details) as your question will be made public
  • finder.com.au is a financial comparison and information service, not a bank or product provider
  • We cannot provide you with personal advice or recommendations
  • Your answer might already be waiting – check previous questions below to see if yours has already been asked

Finder only provides general advice and factual information, so consider your own circumstances, read the PDS or seek advice before you decide to act on our content. By submitting a question, you're accepting our Terms and Conditions and Privacy Policy.
Ask a question
feedback