comparing 5 year loans

Five-year fixed rate personal loans

Rates and Fees verified correct on October 25th, 2016

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, or to consolidate debt or make a large purchase, a fixed rate loan could be one to consider. This page is a guide on fixed rate personal loans with five-year terms.

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.

Fixed Rate Personal Loan Comparison

Rates last updated October 25th, 2016
Interest Rate (p.a.) Comparison Rate (p.a.) Min Loan Amount Loan Term Application Fee Monthly Repayment
HSBC Personal Loan
A competitive fixed interest rate loan with the option to make extra repayments. Min. income $30,000
From 11.99% (fixed) 12.54% $5,000 1 to 5 years $150 Go to site More
ANZ Fixed Rate Personal Loan
A flexible loan option that lets you pay off your debt, buy a car, fix up your house or cover travel costs.
From 13.95% (fixed) 14.81% $5,000 1 to 7 years $0 Go to site More
SocietyOne Personal Loan
A competitive interest rate from 9.80% p.a. for five years. Comparison rate of 10.87% p.a. based on $30,000 over five years.
From 9.8% (fixed) 10.87% $5,000 5 years 4% (of loan amount) Go to site More
CUA Fixed Rate Personal Loan
A competitive fixed-rate loan with flexible repayments that can help you consolidate debt or make a large purchase.
From 11.99% (fixed) 12.83% $1,000 1 to 7 years $120 Go to site More
Latitude Personal Loan (Secured)
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.
From 12.99% (fixed) 14.2% $3,000 2 to 7 years $250 (Loans under $4000 - $140) Go to site More
St.George Unsecured Personal Loan - Fixed Rate
Convenient redraw facility, flexible personal loan repayment options with competitive interest rate.
From 14.35% (fixed) 15.22% $3,000 1 to 5 years $195 Go to site More
Westpac Unsecured Personal Loan
Borrow up to $50,000 for a term of up to 7 years with the unsecured Loan from Westpac
From 12.99% (fixed) 14.01% $4,000 1 to 7 years $250 Go to site More
St.George Secured Personal Loan - Fixed Rate
Get behind the wheel of your perfect car with a competitive interest rate from St.George. Get an application response within 60 seconds.
From 8.49% (fixed) 9.39% $3,000 1 to 5 years $195 Go to site More

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, any 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 minimum age, income, employment, credit and financial criteria that needs to 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.

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Related Posts

HSBC Personal Loan

A competitive fixed interest rate loan with the option to make extra repayments. Min. income $30,000

Latitude Personal Loan (Secured)

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.

CUA Variable Rate Personal Loan

Enjoy a competitive interest rate, flexible repayment options and no monthly fees.

SocietyOne Unsecured Personal Loan

Interest rates range from 7.9% p.a. to 24.25% p.a. Comp rate from 9.58% p.a. to 27.99% p.a. depending on your credit score

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