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Fixed rate personal loans from 6.57% p.a.

With a fixed rate personal loan your interest rate won't change, so your repayments are predictable. But you might not be able to repay the loan early.

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1 - 11 of 11
Name Interest Rate (p.a.) Comp. Rate (p.a.) Application Fee Monthly Fee Monthly Repayment
OurMoneyMarket Personal Loan
Fixed1 - 7 Years $2,001 - $75,000
Interest Rate (p.a.)
6.57%
to 18.99%
Comp. Rate (p.a.)
7.19%
to 21.78%
Application Fee
1.50% - 6%
min. $250
Monthly Fee
$0
Monthly Repayment
$627.42
Go to siteMore Info
NOW Finance No Fee Unsecured Personal Loan
Finder award winnerFixed18 Months - 7 Years $5,000 - $50,000
Interest Rate (p.a.)
6.75%
to 26.95%
Comp. Rate (p.a.)
6.75%
to 26.95%
Application Fee
$0
Monthly Fee
$0
Monthly Repayment
$615.26
Go to siteMore Info
NAB Personal Loan Unsecured Fixed
Fixed1 - 7 Years $5,000 - $55,000
Interest Rate (p.a.)
6.99%
to 20.49%
Comp. Rate (p.a.)
7.91%
to 21.33%
Application Fee
$150
Monthly Fee
$10
Monthly Repayment
$632.08
Go to siteMore Info
Jacaranda Finance Express Personal Loan
Fixed2 - 4 Years $5,000 - $25,000
Interest Rate (p.a.)
14.95%
to 27.95%
Comp. Rate (p.a.)
29.30%
to 42.80%
Application Fee
$475 - $990
Monthly Fee
$24
Monthly Repayment
$751.11
Go to siteMore Info
Great Southern Bank Unsecured Fixed Rate Personal Loan
Fixed1 - 7 Years $5,000 - $75,000
Interest Rate (p.a.)
7.49%
to 19.99%
Comp. Rate (p.a.)
7.74%
to 20.27%
Application Fee
$175
Monthly Fee
$0
Monthly Repayment
$627.48
More Info
EBP Money Unsecured Personal Loan
Fixed3 - 5 Years $5,000 - $25,000
Interest Rate (p.a.)
8.99%
to 15.99%
Comp. Rate (p.a.)
8.99%
to 17.85%
Application Fee
0% - 3%
Monthly Fee
$15
Monthly Repayment
$669.98
More Info
ANZ Fixed Rate Personal Loan
Fixed1 - 7 Years $5,000 - $50,000
Interest Rate (p.a.)
7.49%
to 19.99%
Comp. Rate (p.a.)
8.18%
to 20.58%
Application Fee
$150
Monthly Fee
$10
Monthly Repayment
$636.70
More Info
Special Offer: For a limited time, ANZ is waiving the $150 approval fee for new borrowers or existing borrowers increasing their personal loan. Applications must be made between 14 February and 14 May 2024. Other conditions apply.
Wisr Personal Loan
Fixed3 - 7 Years $5,000 - $62,000
Interest Rate (p.a.)
8.49%
to 23.29%
Comp. Rate (p.a.)
9.33%
to 24.05%
Application Fee
$595
Monthly Fee
$0
Monthly Repayment
$650.04
More Info
Alex Bank Personal Loan
Fixed6 Months - 5 Years $2,100 - $30,000
Interest Rate (p.a.)
11.99%
to 19.74%
Comp. Rate (p.a.)
11.99%
to 19.74%
Application Fee
$0
Monthly Fee
$0
Monthly Repayment
$664.19
More Info
Plenti Personal Loan
Fixed3 - 7 Years $5,000 - $50,000
Interest Rate (p.a.)
6.57%
to 24.09%
Comp. Rate (p.a.)
6.57%
to 26.28%
Application Fee
$0 - $595
Monthly Fee
$0
Monthly Repayment
$631.87
More Info
MoneyPlace Unsecured Personal Loan
Fixed3 - 7 Years $5,000 - $80,000
Interest Rate (p.a.)
7.24%
to 19.99%
Comp. Rate (p.a.)
7.24%
to 21.49%
Application Fee
0% - 5.50%
Monthly Fee
$0
Monthly Repayment
$649.18
More Info
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Showing 11 of 11 results

"Fixed" means a fixed interest rate, not fixed repayments

A fixed interest rate means exactly that: the interest rate doesn't change. This effectively means your repayments won't change either. But your monthly repayments can be affected by other factors, such as loan fees.

How does a fixed rate personal loan work?

Personal loans all work in the same way: you borrow money and pay it back with interest charges and fees. But with fixed rate personal loans your interest rate stays the same. This means your repayments are fairly fixed and predictable.

You can fix your rate for the entire loan term with most lenders, or for part of the loan term.

Here's a simple example:

  • You borrow $10,000 over 3 years with a fixed interest rate of 13%.
  • Your monthly repayments are $342 a month for the life of the loan.

If your loan had a variable rate, then it could change at any time, potentially increasing or decreasing your repayments.

What types of personal loans have fixed rates?

You can get a fixed interest rate for most types of personal loan:

What's the difference between a fixed rate and a variable rate personal loan?

Fixed rate personal loans

👍 Your interest rate stays the same each month, meaning your repayments won't change.

👍 You're unaffected by interest rate rises.

👍 If interest rates fall you won't be able to take advantage of it.

❌ Some lenders limit your ability to make extra repayments, keeping you in debt for longer.

Variable rate personal loans

👍 Your interest rate can change at any time (although lenders don't really move variable rate personal loans around that much).

👍 If rates rise your repayments rise too.

👍 If rates fall you can lower repayments.

❌ These loans let you make extra repayments more easily and are more likely to offer redraw facilities

Do fixed rate personal loans have lower interest rates?

An analysis of the rates in Finder's database shows that fixed rates are often slightly lower than variable rates on average.

  • The average fixed personal loan interest rate in February 2023 for a borrower with an excellent credit score is 9.03%.
  • The average variable personal loan interest rate in February 2023 for a borrower with an excellent credit score is 10.2%.

But these are average figures from a large database and are not representative of any particular product. That's why comparing rates yourself is always a good idea.

Is a fixed rate loan right for me?

The differences between fixed and variable rate personal loans are smaller than you might think. Some lenders offer the same rate for both fixed and variable loans.

For many borrowers finding a loan with fewer fees and a lower interest rate matters more than if it's fixed or variable.

A fixed rate personal loan might work better for you if:

  • You want to budget your exact repayments each month.
  • You're not too worried about paying off the loan early.
  • You don't want to make extra repayments and redraw them.
  • You're happy with the loan's rate and fees and want to forget about rising rates.

Fixed rates, early repayments and refinancing

If you fix your personal loan rate and then later decide you want to refinance to a better loan, or pay off the loan early, it might cost you.

Some lenders charge an early repayment fee for breaking a fixed rate loan early. This could be a flat fee of (for example) $300. Or it could be calculated based on your loan details and the amount your lender stands to lose when you repay the loan early.

Lenders may call this a break fee or an early repayment adjustment. Check your loan contract for the details of this cost before you fix your rate.

6 tips to get a better deal on a fixed rate personal loan

  1. Look for a lower interest rate. A lower interest rate will save you money by minimising your interest charges.
  2. Look for a loan with lower fees. Some personal loans have hefty fees that can even make a low-rate loan expensive. Fixed rate loan fees are comparable to variable rate loan fees, but repaying a fixed rate early can come with a break fee.
  3. Choose your loan term carefully. You can fix your loan rate for 1 – 7 years. A longer loan term costs you more in interest charges but makes your monthly repayments smaller.
  4. Improve your credit score before applying. The lowest fixed personal loan rates go to borrowers with excellent credit scores. Get your credit in top shape before you apply for a loan.
  5. Make sure you meet all the lender's borrowing requirements. Check the lender's website and its lending criteria before you apply. This ensures you don't waste time applying for a loan you're not eligible for (which hurts your credit score if you get rejected).
  6. Avoid borrowing more than you can afford. Borrowing more than you can afford puts you at risk of defaulting on your loan repayments. It also makes it harder to get your loan application approved.

Why compare personal loans with Finder?

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We are independently owned and have a mission to help Australians make better financial decisions. That means our opinions are our own and you can compare nearly every personal loan in Australia (and find a better deal).
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Since 2014, we've helped 300,000+ people find a personal loan by explaining your options simply. You don't need to give us any details to use our comparison. We're here to help you make a decision.

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4 Responses

    Default Gravatar
    shellyAugust 28, 2015

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

      AvatarFinder
      ElizabethAugust 28, 2015Finder

      Hi Shelly,

      Thanks for your question.

      I am not able to recommend a specific loan to you as the best loan will depend on how much you are looking to borrow, your financial situation, what you are eligible for, etc. To remodel your home, you can use an unsecured personal loan or a home equity loan which secures the loan amount against the equity you hold in your home and gives you a lower rate. Once you have found a loan you are eligible for and that you want to apply with, select ‘Go to Site’ to find out more and submit your application.

      Before applying, please ensure that you meet all the eligibility criteria and read through the details of the needed requirements as well as the relevant Product Disclosure Statements/Terms and Conditions when comparing your options before making a decision on whether it is right for you.

      I hope this has helped.

      Thanks,
      Elizabeth

    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

      AvatarFinder
      ShirleySeptember 9, 2014Finder

      Hi Steve,

      Thanks for your question.

      While we are unable to provide you with personal advise, you might be interested in the services of a financial planner.

      Cheers,
      Shirley

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