Compare fixed rate personal loans

Benefit from stable repayments when you lock in your rate for your loan term

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Fixed rate personal loans have a set rate for the duration of a loan term. Because of this, loans with a fixed rate allow you to accurately predict your future repayments. This type of loan comes with a lot of benefits, such as being able to structure your budget and never being hit with a higher repayment. However, there are also a few added restrictions to fixed rate loans when compared to their variable rate counterpart. We break these down for you in this guide, to help you decide if a fixed rate loan is right for you.

Harmoney Unsecured Personal Loan

Harmoney Unsecured Personal Loan

From

6.99 % p.a.

fixed rate

From

7.69 % p.a.

comparison rate

  • Borrow up to $70,000
  • 3 and 5 years terms
  • No hidden fees
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100% confidential application

Harmoney Unsecured Personal Loan

An unsecured personal loan up to $70,000. You'll receive a tailored interest rate between 6.99% p.a. and 28.69% p.a. based on your risk profile.

  • Interest rate from: 6.99% p.a.
  • Comparison rate: 7.69% p.a.
  • Interest rate type: Fixed
  • Application fee: $500 ($200 for loans of below $5,000)
  • Minimum loan amount: $2,000
  • Maximum loan amount: $70,000
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Fixed rate personal loan comparison

For more information on any of these loans, simply click "More Info" to be taken to our review page. To apply for a loan, click "Go to site".

Updated December 8th, 2019
$
Name Product Interest Rate (p.a.) Comparison Rate (p.a.) Min Loan Amount Loan Term Application Fee Monthly Service Fee Monthly Repayment
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 $70,000 and repay your loan over 3 or 5 years terms.
From 8.95% (fixed)
10.56%
$5,000
18 months to 7 years
4% of the loan amount, capped at $495
$13
You'll receive a fixed rate between 8.95% 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.
9.89% (fixed)
10.14%
$5,000
1 to 7 years
$175
$0
You'll receive a fixed rate of 9.89% p.a.
An unsecured loan from $5,000 with flexible repayments and no monthly fee.
From 7.5% (fixed)
9.51%
$5,000
2 to 5 years
from 3% of loan amount
$0
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.
From 8.95% (fixed)
10.56%
$5,000
18 months to 7 years
$495 (Based on $10,000)
$13
You'll receive a fixed rate between 8.95% p.a. and 16.95% p.a. based on your risk profile
Apply for loans from $5,000 and get a dedicated loan manager. No security required. Note: Applicants approved before 31 December 2019 will receive a special offer $200 Coles Gift Card.
From 10.69% (fixed)
11.58%
$5,000
1 to 7 years
$150
$10
You'll receive a fixed rate between 10.69% p.a. and 18.69% p.a. ( 11.58% p.a. to 19.53% 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. (13.56% p.a. comparison rate) or less. See Comparison rate warning in (i) above.
From 13.99% (fixed)
15.19%
$3,000
1 to 7 years
$250 (Loans under $5000 - $140)
$13
You'll receive a fixed rate between 13.99% p.a. and 24.99% 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.
From 7.93% (fixed)
8.77%
$1,000
1 to 5 years
$500 (from $100 to $500)
$10
You'll receive a fixed rate between 7.93% p.a. and 18.87% p.a. based on your risk profile
An unsecured loan with a low minimum borrowing amount and flexible repayment options.
10.99% (fixed)
12.21%
$20,000
1 to 7 years
$250
$13
You'll receive a fixed rate of 10.99% p.a.
A secured or unsecured loan available to homeowners with a large minimum borrowing amount of $20,000. Benefit from flexible repayments and fast approval.
From 8.99% (fixed)
10.31%
$5,000
6 months to 4 years
$250 ($195 For Loans $5000 to $10000)
$0
You'll receive a personalised rate of between 8.99% p.a. and 29.99% p.a. based on your risk profile.
Borrow up to $25,000 over a 4 year loan term.
From 5.99% (fixed)
6.63%
$10,000
1 to 10 years
$200
$5
You’ll receive a fixed rate of 5.99% p.a. ( 6.63% p.a. comparison rate ).
Apply for up to $75,000 available with asset security. Only good credit applicants can apply for this loan.
9.99% (fixed)
11.22%
$20,000
1 to 7 years
$250
$13
You'll receive a fixed rate of 9.99% p.a.
A secured or unsecured loan available to homeowners with a large minimum borrowing amount of $20,000. Benefit from flexible repayments and fast approval.
From 12.99% (fixed)
14.06%
$2,000
1 to 5 years
$195
$12
You'll receive a fixed rate between 12.99% p.a. and 18.9% p.a. based on your risk profile
A low minimum borrowing amount of $2,000 to fund a range of purposes.

Compare up to 4 providers

How do fixed rate personal loans work?

Fixed rate personal loans are a standard form of personal loan in which the rate will not change during the loan term. Variable rate personal loans, on the other hand, have rates which fluctuate with market changes. With a fixed rate loan, you can usually choose a loan term of between one and five years.

Having your repayments remain fixed for the life of a loan is a big benefit, but it's important to understand fixed rate personal loans generally come with restrictions. These mostly have to do with repayments. For example, you may not be able to make additional repayments or you may only be able to make repayments up to a set cap. You may also not be able to repay the loan early. However, not all fixed rate personal loans come with these restrictions - and not all fixed rate loans are created equal - which makes it important to compare your options.

What features come with fixed rate personal loans?

Fixed rate personal loans come with a number of benefits, but also a few restrictions. Here are the typical features you can expect:

  • Loan term

    Lenders offer varying loan terms depending on a number of factors. These include whether the loan is secured or unsecured, and the circumstances of the borrower. However, you can usually expect a term of between one and five years, with some lenders extending up to seven years. With some loans, part of this term may be fixed and the rest variable.

  • Repayments stability

    The interest rate is fixed and that means your repayments stay the same for the entirety of your loan term. This will be the case regardless of what happens to rates in the market.

  • Up-front and ongoing fees

    Look out for fees for establishing the loan or ongoing monthly fees. These aren't standard for fixed rate personal loans, so remember to compare what's available.

  • Early payment penalties

    Fixed rate personal loans may come with fees for paying your loan back early or for making additional repayments. These differ between lenders, but generally, because you are considering ending the fixed term early, you will usually be expected to pay a fee. This is sometimes referred to as a "break fee"*. You might also find some lenders only charge fees if you repay your loan within a certain period, for example, in the first year.

*What's a break fee?

A break fee is a type of compensation for the breaking of a deal or contract. In finance, a break fee is a fee that's paid by the borrower to the lender for either cancelling the contract early or switching to another loan type. Depending on the borrower, break fees may only be payable if the market interest rate is lower than your fixed rate.

This could mean that the amount payable is the difference in the amount of interest that will be lost due to the fixed term being broken, and the projected interest that can be earned by re-lending the funds at the new offered rate for the remaining contracted fixed-term. Other lenders may have a set break-fee.

Should you get a fixed rate or variable rate personal loan?

Personal loans that come with a fixed interest rate can be suitable to help you finance a range of different purposes:

Fixed rate personal loans

  • Your repayments remain the same each month, making it easy to budget
  • Some loans still come with repayment flexibility, such as allowing early and additional repayments
  • Many loans come with repayment restrictions such as penalties for early repayments
  • Loan terms generally only extend up to five years

Variable rate personal loans

  • Flexible repayments such as no penalty for early and extra repayments
  • Loan teams can extend up to seven years
  • Your rate may change over your loan term
  • Loan terms generally only extend up to five years

Variable or fixed rate? The questions to ask

  • Do I want flexibility with my repayments?

    Generally speaking, variable rate loans offer more flexible repayments. This includes the ability to make extra repayments, repay the loan early and access a redraw facility. Some fixed rate personal loans may also offer these features but not all will. If you want features such as the ability to make early repayments, make sure to find a loan that offers this without charging a penalty.

  • Which type of loan offers me a lower rate?

    Both fixed rate and variable rate personal loans can offer competitive rates, so it pays to compare both to find a good deal. Also look out for risk-based personal loans if you have a good credit history. These loans reward good credit borrowers with better rates.

  • Does the loan type offer me the features I need?

    While fixed rate loans generally come with certain features, there are no hard and fast rules that lenders need to play by. This means that you could find a loan offering all of the features you want and it could have a fixed or variable interest rate. So, decide what features you want from your personal loan; whether it be repayment flexibility, a long loan term or a redraw facility, and find a loan that offers what you want.

How do I compare fixed rate personal loans?

Keep the following in mind when comparing fixed rate personal loan options:

  • Is the loan secured or unsecured?

    If you're looking to buy a vehicle or own a property you can consider a secured fixed rate loan and use the asset you own, or are looking to buy, as a guarantee. Secured loans usually come with lower interest than their unsecured counterparts because they're less risky for lenders. But be aware that if you fail to make your repayments, the lender is able to repossess your asset and sell it to recoup its losses.

  • What's the interest rate?

    Comparing interest rates is important as this is the rate you will be paying for the whole term of your loan. Compare the loan against similar offerings to get an idea if it's competitive. Remember to check the comparison rate as well as the advertised interest rate. This is because comparison rates take into consideration additional fees and charges, and are therefore a more accurate representation of what you will have to pay.

  • How long is the loan term?

    This ultimately comes down to what you need. You can expect most lenders to offer repayment terms of between one and five years for fixed rate loans, but some lenders extend their offerings up to seven years. The longer the loan term, the lower your repayments - but ultimately you will end up paying more over the life of the loan with a longer loan term.

  • What fees and penalties will I be charged?

    Look out for up-front charges such as establishment fees, ongoing costs in the form of monthly or annual fees, and what you will be charged if you repay the loan early or make extra repayments. Other costs to watch out for include penalties for late payments.


Can I make extra repayments with a fixed rate personal loan?

As mentioned above, you can generally still make additional repayments on a fixed rate personal loan, but may be charged a fee for doing so. However, some fixed rate loans will allow you to make extra payments, or even pay off your loan early, without penalty.

This means you can benefit from the stability of fixed repayments, but also have the flexibility to pay off the loan as you want. Even if you don't plan on making extra repayments, it may be worth considering a personal loan that offers the ability to do so.

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.

Compare fixed rate personal loans that allow additional repayments

Updated December 8th, 2019
$
Name Product Interest Rate (p.a.) Comparison Rate (p.a.) Min Loan Amount Loan Term Application Fee Monthly Service Fee Monthly Repayment
6.9% (fixed)
$5,000
Up to 3 years
$199
$0
Introductory fixed rate of 6.9% p.a. applies for 3 years
Get an introductory rate of 6.9% on your initial balances transferred for 3 years. Standard rate applies after this period.
From 10.69% (fixed)
11.58%
$5,000
1 to 7 years
$150
$10
You'll receive a fixed rate between 10.69% p.a. and 18.69% p.a. ( 11.58% p.a. to 19.53% 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. (13.56% p.a. comparison rate) or less. See Comparison rate warning in (i) above.
From 12.99% (fixed)
14.06%
$2,000
1 to 5 years
$195
$12
You'll receive a fixed rate between 12.99% p.a. and 18.9% p.a. based on your risk profile
A low minimum borrowing amount of $2,000 to fund a range of purposes.
From 8.49% (fixed)
9.6%
$3,000
1 to 5 years
$195
$12
You'll receive a fixed rate from 8.49% p.a. based on the value of your car
Get a competitive rate and apply for a larger loan up to $80,000 when you attach a new or used car as security to the loan.
From 8.95% (fixed)
10.56%
$5,000
18 months to 7 years
4% of the loan amount, capped at $495
$13
You'll receive a fixed rate between 8.95% 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.

Compare up to 4 providers

Is there anything to avoid with fixed rate personal loans?

  • Taking on a longer loan term than you need. While your repayments might be lower with a longer loan term, you will end up paying more interest. Budget your repayments before you apply and work out a repayment period that you can afford.
  • Taking a loan you can’t afford. Establish your ability to repay the loan before you fill in the application. While this is especially true if you take out a secured loan, as you stand to lose your collateral, defaulting on an unsecured loan can mean a bad credit rating for the next fives years.
  • Not reading the fine print. Go over your loan contract so you're aware of all fees, charges and conditions.

How do you apply for a fixed rate personal loan?

  1. Compare + click. Use the table above to compare your fixed rate personal loan options. Once you find a loan that's right for you, you can click on the lender's name to read a more detailed review or click "Go to site" to start the application process.
  2. Eligibility + application. You can confirm your eligibility on the Finder review page or on the lender's website. You will need to meet minimum age, income, employment and credit requirements before submitting your application. Online applications differ, but generally you will need your personal, financial and employment details.
  3. Approval + funding. You can usually find out if you're approved or conditionally approved within a few minutes, but some lenders may take longer. You can check back with the lender to find out about the status of your application. If you're approved, your loan can be funded any time from that same day to a week later. Check with the lender for details on a timeframe.

Some questions we've been asked about fixed rate personal loans

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Personal Loan Offers

Important Information*
Logo for RateSetter Unsecured Personal Loan - 3yr Variable
RateSetter Unsecured Personal Loan - 3yr Variable

You'll receive a variable rate between p.a. and 16.40 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 3 years.

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 $70,000 and repay your loan over 3 or 5 years terms.

Logo for NOW FINANCE Personal Loans
NOW FINANCE Personal Loans

You'll receive a fixed rate between 8.95% p.a. and 16.95% p.a. based on your risk profile
Apply for loans from $5,000 and get a dedicated loan manager. No security required. Note: Applicants approved before 31 December 2019 will receive a special offer $200 Coles Gift Card.

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.

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4 Responses

  1. Default Gravatar
    shellyAugust 28, 2015

    we are wanting to remodel our home. what loan would be good for us?

    • Avatarfinder Customer Care
      ElizabethAugust 28, 2015Staff

      Hi Shelly,

      Thanks for your question.

      I’m not able to recommend a specific loan to you as the best loan will depend on how much you’re looking to borrow, your financial situation, what you’re eligible for, etc. To remodel your home you can use an unsecured personal loan, some of which are on the page above, or a home equity loan, which secures the loan amount against the equity you hold in your home in gives you a lower rate. You can compare your loan options using the tables on the page above and on the page I’ve linked. Once you’ve found a loan you’re eligible for and that you want to apply for, click ‘Go to Site’ to find out more and submit your application.

      I hope this has helped.

      Thanks,

      Elizabeth

  2. Default Gravatar
    steveSeptember 8, 2014

    is there an organisation i can talk to that would go through all aspects with me on the phone to make sure i’m making the right decision on a personal loan

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