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Fixed rate personal loans you can make extra repayments towards

Rates and fees last updated on

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.

NAB Personal Loan

NAB Personal Loan Unsecured Fixed

from

14.99 % p.a.

fixed rate

from

15.85 % p.a.

comparison rate

  • Redraw facility enabled
  • No early exit fees
  • Borrow up to $55,000
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NAB Personal Loan

NAB offers a fixed interest rate loan that allows you to make extra repayments without penalty. Use your loan for a holiday, home improvement, a special project or even a wedding.

  • Interest rate from: 14.99% p.a.
  • Comparison rate: 15.85% p.a.
  • Interest rate type: Fixed
  • Application fee: $150
  • Minimum loan amount: $5,000
  • Maximum loan amount: $55,000
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Compare fixed rate loans that allow additional repayments

Rates last updated September 25th, 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
NAB Personal Loan Unsecured Fixed
From 14.99% (fixed)
15.85%
$5,000
1 to 7 years
$10
$150
An unsecured loan available for a wide range of purposes for a long period of time up to 7 years. You must have held a NAB Credit Card or Transaction account for at least 6 months before applying.
IMB Secured Personal Loan
From 7.39% (fixed)
7.74%
$2,000
1 to 5 years
$0
$250
All approved applicants can access this competitive rate and use the loan to finance a range of purposes. Loan amounts up to $60,000 available.
St.George Unsecured Personal Loan - Fixed Rate
From 12.99% (fixed)
14.06%
$3,000
1 to 5 years
$12
$195
Convenient redraw facility, flexible personal loan repayment options with competitive interest rate.
Westpac Unsecured Personal Loan
From 12.99% (fixed)
13.77%
$4,000
1 to 7 years
$12
$0 (On new loan applications before Oct 3 2017)
Borrow up to $50,000 for a term of up to 7 years with the unsecured Loan from Westpac

Compare up to 4 providers

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.

Things 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.

Have more questions?

How long do fixed rate personal loan terms last for?

Generally, fixed rate personal loans are available for terms in one-year increments between one and seven years.

Can I repay my entire loan early?

Lenders that allow you to make extra repayments may also allow you to repay your loan early. Additional fees may apply, so check the fine print first.

How can I make an extra repayment on my personal loan?

The process differs between lenders, but you’re usually able to make additional repayments using the same method as you make your regular repayments. You can check other available repayment options with your lender.

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