Best Fixed Rate Personal Loan

Best fixed rate personal loans*

Avoid the stress of unpredictable interest rates with a fixed rate loan.

If you like the security of consistent monthly payments to help you stick to a budget, you may want to consider taking out a fixed rate loan. Fixed interest rate loans offer a predetermined interest rate that will remain the same for either the entire loan term or for a specified number of years.

Fixed rates are not affected by changing market interest rates and will remain stable. This stability can be very handy when market interest rates are fluctuating and the future seems uncertain since you will always know how much you need to pay.

It can be overwhelming to take out a car, home or personal loan if you are unsure of what to look out for. Use finder.com.au to compare fixed rate loans and take the stress out of finding a loan that works for you.

RateSetter Unsecured Personal Loan - 3yr Fixed

RateSetter Unsecured Personal Loan - 3yr Fixed

From

8.11 % p.a.

fixed rate

From

8.71 % p.a.

comparison rate

  • Get a personalised comparison rate based on your credit score
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RateSetter Unsecured Personal Loan - 3yr Fixed

RateSetter offers this unsecured personal loan with a fixed or variable rate. Receive a tailored interest rate from 8.11% p.a. based on your risk profile.

  • Interest rate from: 8.11% p.a.
  • Comparison rate: 8.71% p.a.
  • Interest rate type: Fixed
  • Application fee: $89
  • Minimum loan amount: $2,001
  • Maximum loan amount: $45,000
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Compare fixed rate personal loans

Rates last updated December 12th, 2018
$
Name Product Interest Rate (p.a.) Comparison Rate (p.a.) Min Loan Amount Loan Term Monthly Service Fee Application Fee Product Description Monthly Repayment
RateSetter Unsecured Personal Loan - 3yr Fixed
From 8.11% (fixed)
8.71%
$2,001
0.5 to 5 years
$0
$89
You'll receive a fixed rate from 8.11% p.a. based on your risk profile
A flexible loan with amounts from $2,001 and terms starting from 6 months. Interest and comparison rates calculated for a loan term of 3 years.
Harmoney Unsecured Personal Loan
From 6.99% (fixed)
7.69%
$5,000
3 to 5 years
$0
$500 (Upfront fee)
You'll receive a fixed rate between 6.99% p.a. and 28.69% p.a. based on your risk profile.
Apply for a loan up to $70,000 and repay your loan over 3 or 5 years terms.
ANZ Fixed Rate Personal Loan
12.45% (fixed)
13.32%
$5,000
1 to 7 years
$10
$150
You'll receive a fixed rate of 12.45% p.a.
Apply for up to $50,000 to use for a variety of purposes without needing to add security. Available to self-employed applicants.
Latitude Personal Loan (Unsecured)
From 13.99% (fixed)
15.19%
$3,000
2 to 7 years
$13
$250 (Loans under $4000 - $140)
You'll receive a fixed rate between 13.99% p.a. and 29.99% p.a. based on your risk profile
Apply for what you need from $3,000 and use it for a range of purposes. Flexible repayments options.
HSBC Personal Loan
From 8.5% (fixed)
9.06%
$5,000
1 to 5 years
$5
$150
You'll receive a fixed rate between 8.5% p.a. and 16.99% p.a. based on your risk profile
An unsecured personal loan with a tailored, fixed rate where you can make additional and early repayments without penalty.
ING Personal Loan
8.99% (fixed)
9.13%
$5,000
2 to 5 years
$0
$100
You'll receive a fixed rate of 8.99% p.a.
Benefit from no ongoing fees, no early repayment fees and flexible loan terms on amounts up to $30,000.
Westpac Unsecured Personal Loan
12.99% (fixed)
14.14%
$4,000
1 to 7 years
$12
$0
You'll receive a fixed rate of 12.99% p.a.
Benefit from the security of a fixed rate with the flexibility of additional repayments. Existing Westpac customers may qualify for discounts. Note: $250 establishment fee waived if you apply before 20 December 2018.
Latitude Low Rate Personal Loan (Unsecured)
10.99% (fixed)
12.21%
$20,000
2 to 7 years
$13
$250
You'll receive a fixed rate of 10.99% p.a.
A secured or unsecured loan available to homeowners with a large minimum borrowing amount of $20,000. Benefit from flexible repayments and fast approval.
Pepper Money Unsecured Fixed Rate Personal Loan
From 9.99% (fixed)
9.99%
$5,000
1 to 7 years
$0
$0
You'll receive a fixed rate between 9.99% p.a. and 27.99% p.a. based on your risk profile
A loan from $5,000 to use for a range of purposes. Benefit from no monthly or application fees.
NAB Personal Loan Unsecured Fixed
Headline rate 13.49% (fixed)
14.36%
$5,000
1 to 7 years
$10
$150
You'll receive a fixed rate between 11.49% p.a. and 18.99% p.a. based on your risk profile
An unsecured loan up to $55,000 you can use for a range of purposes and pay off over up to 7 years.
SocietyOne Unsecured Personal Loan
From 7.5% (fixed)
9.51%
$5,000
2 to 5 years
$0
3% (of loan amount)
You'll receive a fixed rate between 7.5% p.a. and 19.99% p.a. based on your risk profile
A loan from $5,000 to use for a range of purposes. Benefit from no ongoing fees and no early repayment fee.
NOW FINANCE Personal Loans
From 8.95% (fixed)
10.56%
$5,000
1.5 to 7 years
$13
$495 (Based on $10,000)
You'll receive a fixed rate between 8.95% p.a. and 16.95% p.a. based on your risk profile
Apply for loans from $5,000 and get a dedicated loan manager. No security required.
Australian Military Bank Fixed Rate Personal Loan
From 7.93% (fixed)
8.77%
$1,000
1 to 5 years
$10
from $100 to $500
You'll receive a fixed rate between 7.93% p.a. and 18.87% p.a. based on your risk profile
An unsecured loan with a low minimum borrowing amount and flexible repayment options.
CUA Unsecured Fixed Rate Personal Loan
11.99% (fixed)
11.99%
$5,000
1 to 7 years
$0
$0
You'll receive a fixed rate of 11.99% p.a.
An unsecured loan from $5,000 with no monthly or establishment fees and flexible repayments.
CUA Discount Fixed Personal Loan (Loans over $30,000)
10.99% (fixed)
10.99%
$30,000
1 to 7 years
$0
$0
You'll receive a discounted fixed rate of 10.99% p.a.
Receive a discounted rate for borrowing over $30,000 and benefit from features such as no monthly fees and flexible repayments.
St.George Unsecured Personal Loan - Fixed Rate
From 12.99% (fixed)
14.06%
$2,000
1 to 5 years
$12
$0
You'll receive a fixed rate between 12.99% p.a. and 19.99% p.a. based on your risk profile
A low minimum borrowing amount of $2,000 to fund a range of purposes. Note: $195 establishment fee waived if you apply before 20 December 2018.
People's Choice CU Discounted Personal Loan
From 7.99% (fixed)
8.35%
$10,000
1 to 10 years
$0
$250
You'll receive a fixed rate of 7.99% p.a.
Secure this loan with a vehicle up to 7 years old and benefit from long loan terms up to 10 years and pre-approval.

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How does a fixed rate loan work?

The main purpose of a fixed rate loan is to lock in an interest rate to avoid market interest fluctuations and keep your repayments stable. This means you can worry less and enjoy the security of knowing your repayments will remain the same.

Fixed rate loans are perfect for purchasing or refinancing a new house, purchasing an investment property or buying a new car. Typically, a fixed term will be from one to five years, after which you can either renew the loan with another fixed interest rate or change it to a variable interest rate loan. It is generally an ideal time to take out a fixed interest loan when interest rates are low, as you will be able to lock in a better rate. Taking advantage of low interest rates may save you a considerable amount of money in the long run, depending on the economic market.

How to compare fixed rate loans

  • Interest rate. While a fixed rate does not change, the actual rate you receive will vary depending on which lender and loan product you choose. However, the loan with the lowest interest rate will not necessarily be the cheapest as you need to factor any fees or charges into the cost of the loan.
  • Repayment flexibility. Many fixed rate loans previously did not offer the option of advanced or additional repayments. However, as the market has become more competitive, a number of lenders now provide flexible repayment options. Making advanced or additional repayments on your fixed rate loan can reduce the term and the cost of your loan considerably. Some fixed rate loans will also offer flexible repayment schedules, such as the ability to make payments on a weekly, fortnightly or monthly basis.
  • Fees and charges. In addition to the interest rate, there will generally be other one-off or ongoing fees that contribute to the overall cost of your loan. These may include charges like establishment or application fees, monthly administration fees or early termination fees. Try to find a lender with minimal fees and charges to reduce the overall cost of your loan.
  • Comparison rate. The comparison rate is essential to consider when comparing fixed rate loans as it better reflects the true overall cost of the loan. It incorporates all of the associated fees and costs and is calculated using the amount of the loan, the term of the loan, the frequency of repayment, the interest rate and the associated fees. However, it does not generally include early repayment fees.

Pros and cons of fixed rate loans

Pros

  • Consistent repayments. The interest rate remains the same for the term of your loan, which is great for managing your budget.
  • Secure and stable rates. If market interest rates rise, you can save a considerable amount of money in the long run by having your rate locked in.
  • Feeling of security and stability. The lender cannot increase the interest rate at any point during the fixed term period, giving you peace of mind when making your repayments.

Cons

  • Low market interest rates. If interest rates drop, you could be paying more money than if you went with a variable rate loan.
  • Limited flexibility. There are generally less features and more penalty fees associated with fixed rate loans, such as extra fees for early or advanced repayments.
  • Higher charges and fees. Fixed rate loans typically have higher upfront and establishment fees which will increase the overall cost of your loan. This is in return for offering secure interest rates.
  • Exit fees. If you want to get out of your loan or change the loan term, the fees associated with doing so are generally quite high.

Things to avoid about fixed rate loans

  • Not considering your personal and financial situation beforehand. One of the biggest indicators as to whether a fixed rate loan may suit you is to take a look at your current situation. If you’ve just started a new job, or if this is one of your first credit commitments, then a fixed rate may be able to help you get on top of your repayments as they’ll be the same every time. Older professionals and families may opt for a variable loan because they’re already familiar with the loan process and can cater for fluctuating repayments as they may have cash reserves on hand.
  • Early termination of the loan. If there are cheaper variable loans on offer, you may consider terminating the fixed loan period. However, this is often not a wise idea. When entering into a fixed loan contract, the lender is offering you security in return for a set term. If you choose to exit the term of the loan early, the lender will expect to be compensated because they will now be financially disadvantaged. You will be charged "break costs" which generally take into account the time left on the fixed term and the amount remaining of the original loan. Ask your lender to provide a break cost figure before you opt to terminate your loan as the fees can be quite substantial and put a big hole in your savings.
  • Fees and charges. This may seem obvious, but fees and charges are the biggest pitfall to avoid. The best piece of advice to take on board is to read the small print. Be sure to shop around and research as much as you can to avoid all of those little extra payments that can add up to major costs.

How to apply for a fixed rate loan

You will generally need to be over 18 years old and an Australian citizen or permanent resident to be eligible for a fixed rate loan. You can apply through all major banks and lenders, and some will let you apply online, making the process even easier and more convenient. As part of your application, you will generally need to provide the following:

  • Personal and contact details
  • Details of your employment and income
  • Any assets, debts or liabilities, including existing loans or credit cards

It is essential to read the fine print of any loan to make sure you won’t get hit with unexpected charges and fees. It’s also important to make sure the lender you choose offers features and options, such as advanced repayments, that will save you money in the long term. Compare lenders with finder.com.au to find the best* fixed rate loan for you.

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Personal Loan Offers

Important Information*
Harmoney Unsecured Personal Loan

You'll receive a fixed rate between 6.99% p.a. and 28.69% p.a. based on your risk profile.
Apply for a loan up to $70,000 and repay your loan over 3 or 5 years terms.

Citi Personal Loan Plus

You'll receive a variable rate between 8.99% p.a. and 17.99% p.a. (9.96% p.a. to 18.91% p.a. comparison rate) based on your risk profile
A credit limit up to $75,000 that you can continue to draw down over terms up to 5 years.

ANZ Fixed Rate Personal Loan

You'll receive a fixed rate of 12.45% p.a.
Apply for up to $50,000 to use for a variety of purposes without needing to add security. Available to self-employed applicants.

RateSetter Unsecured Personal Loan - 3yr Fixed

You'll receive a fixed rate from 8.11% p.a. based on your risk profile
A flexible loan with amounts from $2,001 and terms starting from 6 months. Interest and comparison rates calculated for a loan term of 3 years.

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