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Fixed rate personal loans you can make extra repayments towards

Looking for a personal loan with repayment stability and flexibility? Learn about fixed rate personal loans that allow extra repayments.

Fixed rate loans can offer you a convenient way to finance a personal purchase, allowing you to make repayments that stay the same throughout your loan term. However, these loan terms can extend up to seven years, and during that time you may want some flexibility with your repayments during that time. There are fixed rate loans that offer this, and the guide below will take you through what you want to know.

Pepper Money Unsecured Fixed Rate Personal Loan

Pepper Money Unsecured Fixed Rate Personal Loan

from

9.99 % p.a.

fixed rate

from

9.99 % p.a.

comparison rate

  • Fast turnaround
  • Loans amounts from $5,000
  • Competitive fixed rate
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Pepper Money Unsecured Fixed Rate Personal Loan

Pepper Money offer competitive interest rate loan with no application and ongoing fees.

  • Interest rate from: 9.99% p.a.
  • Comparison rate: 9.99% p.a.
  • Interest rate type: Fixed
  • Application fee: $0
  • Minimum loan amount: $5,000
  • Maximum loan amount: $50,000
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Compare fixed rate loans that allow additional repayments

Rates last updated May 21st, 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
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. Interest rates range from 9.99% p.a. to 21.74% p.a. The rate you are approved for depends on individual circumstances.
Bank of Melbourne Unsecured Variable Rate Personal Loan
From 12.99% (variable)
14.06%
$3,000
1 to 7 years
$12
$195
An unsecured personal loan with flexible loan repayments and a convenient redraw facility. You will receive a personalised interest rate between 12.99% p.a. and 19.99% p.a. If you borrow more than $10,000 to buy a new or used car, you'll receive a $200 fuel card. Note: Must apply before 28 June 2018.
St.George Unsecured Personal Loan - Fixed Rate
From 12.99% (fixed)
14.06%
$2,000
1 to 5 years
$12
$195
Convenient redraw facility and flexible personal loan repayment options with a competitive interest rate between 12.99% p.a. and 19.99% p.a.. If you borrow more than $10,000 to buy a new or used car, you'll receive a $200 fuel card. Note: Must apply before 28 June 2018.
Westpac Unsecured Personal Loan
12.99% (fixed)
14.14%
$4,000
1 to 7 years
$12
$250 (No establishment fee for a new Unsecured Personal Loan before 14 June 2018)
A competitive, fixed rate personal loan that allows you to make extra repayments. Apply before 14 June 2018 and pay $0 establishment fee.

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How do these personal loans work?

Fixed rate personal loans lock in a certain interest rate for the entire term of your loan, which can be anywhere between one and seven years. While these loans tend to come with less repayment flexibility, there are loans that allow additional repayments. Keep in mind that some loans in the table above may allow repayment flexibility but charge you a fee, or only allow additional repayments up to a certain limit.

How you can compare your fixed rate personal loan options

If you’re ready to compare your fixed rate loan options, keep the following considerations in mind to help you find the right loan.

  • Interest rate. Compare loans to see how competitive the interest rate is. You could hold this loan for a few years so an uncompetitive rate could see you paying hundreds or thousands of dollars in unnecessary interest.
  • Fees. Check for upfront fees such as establishment fees that will be added onto your loan principal as well as ongoing fees such as monthly or annual fees.
  • Eligibility criteria. Are you eligible for the loan? Minimum age, income and employment criteria will apply.
  • Loan type. Is the loan secured or unsecured? If the loan is secured, do you have an eligible asset you can use as a guarantee?
  • Loan amount and terms. Find a loan that offers the funds you need with terms that make the repayments affordable on your budget.

What are the pros and cons of these loans?

Pros

  • Know what your repayments will be each month
  • Repay more than your regular repayment if you can to pay your loan off sooner

Cons

  • You still may not be able to repay the loan early without penalty
  • You may be restricted as to how much extra you can repay per year or in total

Main points to keep in mind before applying

Remember that lenders may allow additional repayments on fixed rate personal loans, but there may be restrictions. Check if there is a fee charged for making additional repayments on the loan or if there is a limit for how many additional repayments you can make per year.

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Important Information*
SocietyOne Unsecured Personal Loan

Based on your risk profile, you will receive a tailored rate between 7.5% and 20.49% with a SocietyOne personal loan.

Westpac Unsecured Personal Loan

A competitive, fixed rate personal loan that allows you to make extra repayments. Apply before 14 June 2018 and pay $0 establishment fee.

Harmoney Unsecured Personal Loan

Interest rates are tailored to each applicant individually, and start from as low as 6.99% p.a. to 26.95% p.a.. based on your credit history.

Pepper Money Unsecured Fixed Rate Personal Loan

Apply for up to $50,000 and receive conditional approval within minutes. Interest rates range from 9.99% p.a. to 21.74% p.a. The rate you are approved for depends on individual circumstances.

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