comparing 5 year loans

Five-year fixed rate personal loans

Rates and fees last updated on

A locked rate for a generous term. Find out if five-year fixed rate personal loans could be right for you.

Fixed rate personal loans offer you the benefit of the same repayments no matter what happens in the market. Whether you’re looking for a secured loan to buy a car or an unsecured loan to pay for a holiday, a fixed rate loan could be one to consider. This page is a guide on fixed rate personal loans with five-year terms.

SocietyOne Unsecured Personal Loan

SocietyOne Unsecured Personal Loan

from

7.50 % p.a.

fixed rate

from

9.51 % p.a.

comparison rate

  • A and AA grade borrowers
  • Must be employed
  • Min. loan amount $5,000
Security Logo

100% confidential application

SocietyOne Unsecured Personal Loan

Use your loan for a holiday, home improvement, a special project or even a wedding. Access to additional repayments through redraw facility.

  • Interest rate from: 7.50% p.a.
  • Comparison rate: 9.51% p.a.
  • Interest rate type: Fixed
  • Application fee: 3% (of loan amount)
  • Minimum loan amount: $5,000
  • Maximum loan amount: $50,000
Go to site

Compare a range of fixed rate personal loans

Rates last updated October 21st, 2017
$
Name Product Interest Rate (p.a.) Comparison Rate (p.a.) Min Loan Amount Loan Term Monthly Service Fee Application Fee Monthly Repayment Product Description
SocietyOne Unsecured Personal Loan
From 7.5% (fixed)
9.51%
$5,000
2 to 5 years
$0
3% (of loan amount)
Based on your risk profile, you will receive a tailored rate between 7.5% and 20.14% with a SocietyOne personal loan.
DirectMoney Unsecured Personal Loan
From 8.5% (fixed)
9.36%
$5,000
3 to 5 years
$0
$595
This unsecured loan features tiers of interest rates from 8.5% p.a. to 19.95% p.a. based on your credit history.
Westpac Unsecured Personal Loan
From 12.99% (fixed)
14.14%
$4,000
1 to 7 years
$12
$0 (On new loan applications before 7th December 2017)
Borrow up to $50,000 for a term of up to 7 years with the unsecured Loan from Westpac
RateSetter Personal Loan
From 8.66% (fixed)
9.17%
$2,001
0.5 to 5 years
$0
$0 (Upfront fee $250 for loan terms of 2 years and above)
RateSetter offers personalised interest rates ranging from 3.7% p.a. to 9.6%.p.a. determined by your risk profile.
Pepper Money Unsecured Fixed Rate Personal Loan
From 9.99% (fixed)
9.99%
$5,000
1 to 7 years
$0
$0
Apply for up to $50,000 and receive conditional approval within minutes.
NOW FINANCE Personal Loans
From 8.95% (fixed)
10.42%
$4,000
1.5 to 7 years
$13
$395 (Based on $10,000)
Get rewarded with a low interest rate for your good credit history. Rates from 8.95% p.a. to 16.95% p.a. depending on your credit score.
St.George Unsecured Personal Loan - Fixed Rate
From 12.99% (fixed)
14.06%
$2,000
1 to 5 years
$12
$195
Convenient redraw facility, flexible personal loan repayment options with competitive interest rate.
Latitude Personal Loan (Secured)
From 12.99% (fixed)
14.2%
$3,000
2 to 7 years
$13
$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.
Latitude Low Rate Personal Loan (Secured)
From 10.99% (fixed)
12.21%
$20,000
2 to 7 years
$13
$250
Homeowners can take advantage of a competitive low rate secured loan.

Compare up to 4 providers

How does a five-year fixed rate personal loan work?

When you apply for a fixed rate personal loan, the rate that is stated in your loan contract will be locked in place for the duration of your five-year term. Taking into account any other ongoing fees, this rate will be used to calculate your repayments. Your weekly, fortnightly or monthly repayment will stay the same for the entire five-year term. At the end of the term, your debt will be repaid.

What are the types of fixed rate personal loans?

A few different types of fixed rate personal loans exist, each suited to different loan purposes and for borrowers in varying situations. Depending on what you need, either of the following might be suitable:

  • Secured fixed rate personal loan. If you’re looking to purchase a car, draw on your home equity or even use a high-priced asset as a guarantee, you could consider a secured fixed rate loan.
  • Unsecured fixed rate personal loan. Unsecured personal loans may be more suited to you if you aren’t looking to buy a vehicle, your vehicle isn’t eligible to be used as a guarantee or you‘re looking to pay for a holiday or consolidate debt.

How you can compare your fixed rate personal loan options

If you’re wondering which fixed rate loan is right for you, compare your options to find the best fit. Keep the following features in mind:

  • Interest rates. These loans all come with fixed interest rates, but compare them with loans with loans that have similar features to see how competitive the rate is.
  • Upfront and ongoing fees. Will you be charged an establishment fee? Are there any monthly or annual fees? These can add up over a period of five years, so check before you apply.
  • Loan suitability. This is mainly true for secured personal loans, but check you will be able to finance what you need to with the loan. Ensure the loan amount is sufficient and you will receive the loan when you need it.
  • Eligibility. Lenders set the minimum age, income, employment, credit and financial criteria that must be met in order for you to be eligible for the loan. Ensure you meet these before you submit your application.

Benefits and drawbacks of five-year fixed rate personal loans

  • You’ll have a generous repayment term to repay your loan, making the loan suitable for higher amounts
  • Your repayments will remain the same during the loan term
  • Secured personal loan options are available, so you have the option of locking in a low rate for this period
  • Longer repayment terms, while keeping your repayments lower, see you paying more interest in total
  • Your circumstances may change during the five years, which could make it difficult to meet your repayments

Frequently asked questions

Can I take out a fixed rate loan for shorter repayment terms?

Yes. Fixed rate personal loans are available in one-year increments for between one and five years, and you can also take out a personal loan for up to seven years if you need longer terms.

How much can I borrow?

This depends on the lender and your individual financial circumstances. However, lenders generally offer between $3,000 and $80,000 loan amounts with fixed rate personal loans.

Can I repay my fixed rate loan early?

Generally, no. If a lender allows you to do this, you will usually need to pay a fee. Check the terms of your loan before you apply.

Was this content helpful to you? No  Yes

Related Posts

SocietyOne Unsecured Personal Loan

Based on your risk profile, you will receive a tailored rate between 7.5% and 20.14% with a SocietyOne personal loan.

Westpac Unsecured Personal Loan

Borrow up to $50,000 for a term of up to 7 years with the unsecured Loan from Westpac

Citi Personal Loan Plus

Borrow up to $75,000 to use for a range of purposes. Competitive rate of 9.99% p.a. available to all approved applicants.

Latitude Personal Loans (Unsecured)

An unsecured loan designed for multiple purposes – renovating, buying a car or travelling. Funds can be in your account in as little as 24 hours.

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