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Five-year fixed rate personal loans

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

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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.

Latitude Personal Loan (Unsecured)

Latitude Personal Loan (Unsecured)

From

7.99 % p.a.

fixed rate

From

9.24 % p.a.

comparison rate

  • Fixed interest rate
  • Low ongoing fees
  • Additional repayments OK
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Latitude Personal Loan (Unsecured)

Apply Latitude Personal Loan (Unsecured) for what you need from $3,000 and use it for a range of purposes. Repay weekly, fortnightly or monthly.

  • Interest rate: 7.99% p.a.
  • Comparison rate: 9.24% p.a.
  • Interest rate type: Fixed
  • Establishment fee: $250 ( Loans under $5000 - $140 )
  • Minimum loan amount: $3,000
  • Maximum loan amount: $70,000
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Compare a range of fixed rate personal loans

Updated March 29th, 2020
$
Name Product Interest Rate (p.a.) Comparison Rate (p.a.) Min Loan Amount Loan Term Application Fee Monthly Service Fee Monthly Repayment
Latitude Personal Loan (Unsecured)
From 7.99% (fixed)
9.24%
$3,000
1 to 7 years
$250 (Loans under $5000 - $140)
$13
You'll receive a fixed rate between 7.99% p.a. and 19.99% p.a. based on your risk profile
Apply for what you need from $3,000 and use it for a range of purposes. Repay weekly, fortnightly or monthly. Note: New loan customers borrowing over $20,000 for debt consolidation before 29 March 2020 pay no repayments or interest for three months.
Pepper Money Unsecured Fixed Rate Personal Loan
From 7.95% (fixed)
9.56%
$5,000
18 months to 7 years
4% of the loan amount, capped at $495
$13
You'll receive a fixed rate between 7.95% p.a. and 16.95% p.a. based on your risk profile
A loan from $5,000 to use for a range of purposes. Make additional repayments or pay off the loan early, penalty-free.
Harmoney Unsecured Personal Loan
From 6.99% (fixed)
7.69%
$2,000
3 to 5 years
$500 ($200 for loans of below $5,000)
$0
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 $50,000 and repay your loan over 3 or 5 years terms.

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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 loanUnsecured 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 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

Pros

  • 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

Cons

  • 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

Check out other fixed rate personal loans

Frequently asked questions

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Personal Loan Offers

Important Information*
Logo for Harmoney Unsecured Personal Loan
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 $50,000 and repay your loan over 3 or 5 years terms.

Logo for NAB Personal Loan Unsecured Fixed
NAB Personal Loan Unsecured Fixed

You'll receive a fixed rate between 9.99% p.a. and 18.99% p.a. ( 10.66% p.a. to 19.59% p.a. comparison rate) 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. Note: Majority of customers will get the headline rate of 12.69% p.a. (13.34% p.a. comparison rate) or less. See Comparison rate warning in (i) above. Application fee of $150 waived off.

Logo for SocietyOne Unsecured Personal Loan
SocietyOne Unsecured Personal Loan

You'll receive a fixed rate between 7.5% p.a. and 20.49% 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.

Logo for Pepper Money Unsecured Fixed Rate Personal Loan
Pepper Money Unsecured Fixed Rate Personal Loan

You'll receive a fixed rate between 7.95% p.a. and 16.95% p.a. based on your risk profile
A loan from $5,000 to use for a range of purposes. Make additional repayments or pay off the loan early, penalty-free.

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