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Fixed rate personal loans that allow extra repayments

The best of both worlds: How to get a personal loan with repayment stability and flexible repayments.

Fixed rate personal loans offer you a convenient way to finance a personal purchase while guaranteeing you a certain rate during your loan term. However, as personal loan terms extend up to seven years, you may want the option of making extra repayments to your loan. This page is a guide to fixed rate personal loans that allow you to do just that.

So, what's so good about these personal loans?

Fixed rate personal loans lock in your rate for however long your loan term is. This means your repayments remain the same throughout your entire loan term. In exchange for this certainty, many fixed rate personal loans have more restrictive repayments, for example, by not letting you make extra repayments or not letting you repay the loan early.

The loans in this guide are a special case. Not only do they let you lock in a rate for your loan term but they let you make extra repayments throughout your term as well. You might be able to pay off your loan early as well.

I'm not planning on making extra repayments. Why should I consider a personal loan with this option?

Just because you're not planning on making extra repayments right now, say, because you don't have it in your budget, doesn't mean you won't down the track. Most personal loan terms extend up to five or seven years. That is a long time and a lot can happen during this period. You could receive a pay rise, receive an unexpected inheritance or a large tax refund that you can put towards your loan to pay it off sooner. Why not opt for a loan that gives you the option to pay it off sooner and reduce what you pay on interest?

Compare fixed rate personal loans that allow additional repayments

Westpac Unsecured Personal Loan

Westpac Unsecured Personal Loan

12.99 % p.a.

fixed rate

14.14 % p.a.

comparison rate

  • Competitive interest rate
  • Flexible repayment options
  • Borrow up to $50,000
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Westpac Unsecured Personal Loan

A competitive fixed rate loan from Westpac where you can make additional repayments. Loans from $4,000.

  • Interest rate: 12.99% p.a.
  • Comparison rate: 14.14% p.a.
  • Interest rate type: Fixed
  • Application fee: $250
  • Minimum loan amount: $4,000
  • Maximum loan amount: $50,000
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Rates last updated October 17th, 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
Westpac Unsecured Personal Loan
12.99% (fixed)
14.14%
$4,000
1 to 7 years
$12
$250
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.
RateSetter 3-Years Personal Loan
From 8.69% (fixed)
11.24%
$2,001
0.5 to 5 years
$0
$220
You'll receive a fixed rate from 8.69% 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 5 years.
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 $50,000 to use for a range of purposes. Benefit from no monthly or application fees.
St.George Unsecured Personal Loan - Fixed Rate
From 12.99% (fixed)
14.06%
$2,000
1 to 5 years
$12
$195
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.
ANZ Variable Rate Personal Loan
15.99% (variable)
16.84%
$5,000
1 to 7 years
$10
$150
You'll receive a variable rate of 15.99% p.a.
A flexible loan with amounts starting $5,000 that offers flexible repayments and a redraw facility.

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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.

Weigh up the benefits and drawbacks 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

What should you keep in mind before you apply?

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.

Have more questions?

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Personal Loan Offers

Important Information*
HSBC Personal Loan

You'll receive a fixed rate between 9.5% p.a. and 15.99% 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.

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.

SocietyOne Unsecured Personal Loan

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.

Latitude Personal Loan (Unsecured)

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.

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