Fixed Rate Personal Loan

With a fixed rate loan, your repayments remain the same for the entire loan term. Make sure to check if you can make extra repayments before applying.

We’re reader-supported and may be paid when you visit links to partner sites. We don’t compare all products in the market, but we’re working on it!

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".
$
Name Product Interest Rate (p.a.) Comparison Rate (p.a.) Min Loan Amount Loan Term Application Fee Monthly Service Fee Monthly Repayment
OurMoneyMarket Personal Loan

From 5.45% (fixed)
6.07%
$2,001
1 to 7 years
From $250
$0
You'll receive a fixed rate from 5.45% p.a. to 20.99% p.a. based on your risk profile.
A personalised loan from $2,001 to $75,000 that varies based on your credit history and financial situation.

⭐ Finder Exclusive: Apply before 31 December 2021 to secure a discounted rate of 5.45% p.a. (comparison rate: 6.07% p.a.) for the first 12 months on loans over $35,000. T&Cs apply.
NOW Finance No Fee Unsecured Personal Loan

From 5.95% (fixed)
5.95%
$5,000
18 months to 7 years
No Establishment Fee
$0
You'll receive a fixed rate between 5.95% p.a. and 17.95% p.a. based on your risk profile
Borrow from $5,000 to $7,999 with loan terms between 18 months and 3 years or borrow $8,000 to $50,000 with loan terms between 18 months and 7 years.

⭐ Finder Exclusive: Apply and settle a NOW Finance No Fee Unsecured Personal Loan for home improvement by 31 December 2021 for a chance to win a $2,000 Bunnings gift card.
Alex Bank Personal Loan

From 4.99% (fixed)
4.99%
$2,100
6 months to 5 years
$0 (Waived $295 establishment fee)
$0
You'll receive a fixed interest rate from 4.99% p.a. to 14.99% p.a. based on your risk profile
Borrow between $2,100 and $30,000 from 6 months to 5 years. Note: The $295 establishment fee will be waived for loan applications submitted by 26 January 2022.
Harmoney Unsecured Personal Loan

From 5.35% (fixed)
6.14%
$2,000
3 to 5 years
$575 ($275 for loans of below $5,000)
$0
You'll receive a fixed rate between 5.35% p.a. and 19.09% p.a. based on your risk profile.
Apply for a loan up to $50,000 and repay your loan over 3 or 5 years terms.
Plenti Personal Loan

From 6.39% (fixed)
6.39%
$5,000
3 to 7 years
$0 to $649
$0
You'll receive a fixed rate between 6.39% p.a. and 17.89% p.a. based on your risk profile.
A flexible loan with amounts from $5,000 and terms starting from 3 years. Interest and comparison rates calculated for a loan term of 5 years.
Wisr Personal Loan ($5,000 to $30,000)

From 6.49% (fixed)
6.49%
$5,000
3 to 7 years
$0 - Waived Establishment Fee
$0
You'll receive a fixed rate between 6.49% p.a. and 20.95% p.a. based on your risk profile
A loan from $5,000 that charges no fees for extra or early repayments. Keep in mind security is required in some cases.

⭐Special Offer:The $595 establishment will be waived for unsecured personal loans between $5,000 and $30,000. Offer ends 31 December 2021. T&Cs apply.
Wisr Personal Loan ($30,001 to $64,000)

From 6.49% (fixed)
7.11%
$30,001
3 to 7 years
$595
$0
You'll receive a fixed rate between 6.49% p.a. and 20.95% p.a. based on your risk profile
A loan from $30,001 that charges no fees for extra or early repayments. Keep in mind security is required in some cases.
NAB Personal Loan Unsecured Fixed

From 6.99% (fixed)
7.91%
$5,000
1 to 7 years
$150
$10
You'll receive a fixed rate between 6.99% p.a. and 18.99% p.a. (7.91% p.a. to 19.83% p.a. comparison rate) based on your risk profile
Borrow from $5,000 to $55,000, with 1 to 7 year loan terms available. This loan comes with no fees for extra repayments and no early exit fees.
ANZ Fixed Rate Personal Loan
8.99% (fixed)
9.88%
$5,000
1 to 7 years
$150
$10
You'll receive a guaranteed rate of 8.99% p.a. with a comparison rate of 9.88% p.a. if you're approved.
Apply for up to $50,000 to use for a variety of purposes without needing to add security. Available to self-employed applicants.

⭐Special Offer: Secure a reduced interest rate of 8.99% p.a. if you apply and get approved by 15 December 2021. Apply for up to $50,000 to use for a variety of purposes without needing to add security.
Great Southern Bank Unsecured Fixed Rate Personal Loan
9.39% (fixed)
9.64%
$5,000
1 to 7 years
$175
$0
You'll receive a guaranteed rate of 9.39% p.a. with a comparison rate of 9.64% p.a. if you're approved.
An unsecured loan from $5,000 with flexible repayments and no monthly fee.
SocietyOne Unsecured Personal Loan

From 5.95% (fixed)
5.95%
$5,000
2 to 5 years
from $0 to $595
$0
You'll receive a fixed rate between 5.95% 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.
MoneyMe Personal Loans

From 6.25% (fixed)
7.64%
$2,100
1 to 5 years
from $295 to $495
$10
You'll receive an interest rate between 6.25% p.a. and 19.95% p.a. based on your risk profile
Borrow up to $50,000 with no hidden fees or costs. Application process usually takes 5 minutes to complete and is done fully online.
loading

Compare up to 4 providers

If you're applying for personal loans, you may be wondering whether a fixed or variable rate loan would be better. With a fixed rate loan, you get to lock in a set rate for the duration of your loan term. This means that you can easily predict and budget for your repayments and not worry about changes to the interest rate.

How does a fixed rate personal loan work?

Fixed rate personal loans are a standard form of personal loan. With this loan, your interest rate will not change during the loan term. This is in contrast to variable rate loans, where rates fluctuate based on the market rate.

Fixed rate loans come with the advantage of predictable repayments, but there may be some restrictions. These restrictions mostly have to do with repayments. For instance, some fixed rate loans may not allow you to make additional repayments. Or if you can, there may be a ceiling on how much you can repay. You may also not be able to exit your loan early without paying a penalty.

That said, not all fixed rate loans come with these restrictions. This is why you should compare your options and find one that comes with the features you need.

What features does a fixed rate personal loan have?

Here's what you can typically expect with a fixed rate personal loan:

  • Secured or unsecured loans. For a secured loan, you may be able to borrow up to $100,000, or $50,000 for an unsecured loan.
  • Standard loan terms. Loan terms generally range from 1 to 7 years.
  • Repayment stability. Your interest rate will not change over the lifetime of your loan. This means that you know exactly how much you'll pay every month and how much the loan will cost you over its lifetime.
  • Fees. As with any loan, there may be establishment and ongoing monthly fees.
  • Repayment restrictions. Fixed rate personal loans may come with fees or restrictions for additional repayments. If you want to repay the loan early, you may also be met with a break fee. This will depend on the lender, but you should watch out for this anyway. Some lenders may only charge fees if you repay your loan within a certain period, such as in the first year. Fixed rate loans may also not have a redraw facility. This means that if you do make extra repayments, you won't be able to withdraw it if you need to.

What is a break fee?

A break fee or an early exit fee is the compensation you pay for breaking a deal or contract. In finance, a break fee is paid by the borrower to the lender for either cancelling the contract early or switching to another loan type. You could, for instance, request to switch to a variable rate loan. This may incur a break fee.

When you borrow money, the lender essentially borrows the money for your loan from someone else. They have to pay interest on that amount. If you borrowed money at a fixed rate, the lender would have borrowed based on the fixed rate you agreed on.

If you decide to break the loan contract, the lender will incur extra costs. The break fee is intended to cover this extra cost. Some lenders may have a set figure for the break fee, so it's best to look into that.

What is the difference between fixed rate and variable rate loans?

There are a number of advantages and marked differences between fixed and variable rate loans. These include:

Fixed rate personal loans

  • Your repayments remain the same every month. This makes it easy to predict repayments and budget for them.
  • If the interest rate goes up, you won't be affected by it.
  • You will know exactly how much the loan will cost over its lifetime, as there are no surprises or fluctuations.
  • There may be repayment restrictions, such as penalties for early repayments.

Variable rate personal loans

  • These loans come with more features and flexibility. You can make extra repayments, exit the loan early and access redraw facilities.
  • If the interest rate goes down, your loan repayments will be lower.
  • But if it increases, your repayments will be higher. It's difficult to predict, so you will need to be certain you can afford any changes.

Will a fixed rate loan be better for me?

When it comes to choosing between a fixed or variable rate, there are a number of questions you need to ask yourself. This includes:

  • Do I want flexibility with my repayments?
    Variable rate loans are known to offer more repayment flexibility. But this is not always the case. Some fixed rate loans also offer similar features. If you want features such as penalty-free extra repayments and early exit or redraw facilities, look for a loan that offers these features.
  • Which loan is cheaper?
    Cost is an important consideration. Both fixed and variable rate loans offer competitive rates, but you also need to consider the cost of the loan at the end of the term. Also look into fees and see which loan works out to be cheaper. You can use our personal loan calculator to help you figure out whether you can afford the loan.
  • Will I be able to absorb the cost of higher interest payments if I choose a variable rate loan?
    If interest rates fall, you will naturally benefit from a variable rate loan, while you'd be out of luck with a fixed rate loan. But if they increase, are you in a position to absorb the extra cost? Will you have trouble meeting your repayments?

How do I compare fixed rate personal loans?

To help you find the right fixed rate loan, you should keep the following in mind:

  • Is the loan secured or unsecured? Secured loans require an asset as collateral, and come with lower interest rates. For an unsecured loan, you don't need an asset as security, but interest is higher. Secured loans come with the risk of losing your asset if you don't meet loan repayments.
  • What does it cost and is it affordable? You need to consider how much the loan will cost you, inclusive of interest and fees. Comparing interest rates is a good way to check if the loan is competitive, but you should also keep an eye on other fees and the comparison rate. The latter takes into account interest and the fees you will be charged, and will give you an indication of the true cost of the loan. Some of the fees include establishment fees and monthly or annual ongoing account maintenance fees. Once you've accounted for the cost, you need to consider whether you can afford the loan. Look at what your monthly repayments are and whether they sit comfortably in your budget.
  • What is the loan term? Your loan term is how long you have to repay the loan. Generally, fixed rate loans come with a 1- to 7-year term. The length of the term will affect how high your repayments are. That is, with a short term, you can expect higher monthly repayments. But with longer terms, you pay more in interest and fees. You can use a personal loan calculator to get an idea of what your repayments will be with different loan terms.
  • What features does the loan have? If there are specific loan features you would like to have, make sure to check which loans offer them. This can include early repayments, early exit without penalty and redraw facilities.
  • How much can I borrow? Lenders have set minimum and maximum lending amounts. Make sure the amount you need is on offer from the lender.
  • Am I eligible? Lenders have specific requirements the borrower must meet. These include income and credit score. You should check if you're eligible for the loan before applying.
  • How long will it take to receive the funds? Check how long the lender takes to approve the loan and transfer the funds to you. If you need your funds within a certain time, make sure to account for this in your comparison.

How have fixed rate personal loans changed over time?

In general, interest rates for unsecured fixed loans, based on RBA data, have been on a downward trend. Starting from December 1988, the RBA has provided data on indicator lending rates for unsecured personal loans. For unsecured fixed loans, it started at 19% p.a in 1988. Since then, the rate has decreased, making it cheaper to borrow. The rates are currently around 12.46% since the RBA last updated its data in February 2020. This means that over the years, it's gotten cheaper to borrow money.

Note: The RBA has not updated the average fixed rates on personal loans since Feb 2020.

What should I avoid with a fixed rate personal loan?

  • Applying for the first loan you see. You won't know if you're getting the best deal if you apply for the first loan you find. Compare your options first and make a shortlist based on cost, terms and eligibility.
  • Borrowing more than you can afford. Check the cost of the loan and make sure you can afford it. You should be comfortably able to include your repayments in your budget. You should also avoid borrowing more than you need.
  • Multiple applications. Every loan application shows up on your credit report. Several applications within a short period can have a negative impact on your credit score. This can make it harder for you to get a loan in the future. Select a single loan and lender that you're eligible for and that suits your needs. If you've already applied for finance, give it a few more days or contact the lender before applying elsewhere.
  • Long-term repercussions and legal issues. Once you sign a loan agreement, you are bound to its conditions. You will have to pay the loan and all the fees and payments. Keep in mind that for unsecured loans, the lender can initiate legal proceedings against you if you don't repay the loan. It can also report the debt to a credit reporting body like Equifax and use the services of a debt collector. With secured loans, your loan security can be repossessed by the lender if you fail to make your repayments.

How can I apply for a fixed rate personal loan?

🤔 Work out what type of loan to apply for, how much you need to borrow and what you can afford.
🔎 Start comparing lenders and loan products. Don't forget to compare interest rates, fees and eligibility criteria. You can use Finder's comparison table.
✅ Select a lender. Click "Go to site" to be directed to the lender's page, or "More info" if you want to read about the lender.
🖨️ Organise and prepare the required documentation. This will make the application process easier.
📱 Apply. Most lenders have their applications online.

Frequently asked questions

More guides on Finder

    Personal Loan Offers

    Important Information*
    Logo for Harmoney Unsecured Personal Loan
    Harmoney Unsecured Personal Loan

    You'll receive a fixed rate between 5.35% p.a. and based on your risk profile.
    Apply for a loan up to $50,000 and repay your loan over 3 or 5 years terms.

    Logo for ANZ Fixed Rate Personal Loan
    ANZ Fixed Rate Personal Loan

    You'll receive a fixed rate of 8.99% p.a.
    Apply for up to $50,000 to use for a variety of purposes without needing to add security. Available to self-employed applicants.

    Logo for NAB Personal Loan Unsecured Fixed
    NAB Personal Loan Unsecured Fixed

    You'll receive a fixed rate between 6.99% p.a. and 18.99% p.a. ( 7.91% p.a. to 19.83% p.a. comparison rate) based on your risk profile
    Borrow from $5,000 to $55,000, with 1 years to 7 years loan terms available. This loan comes with no fees for extra repayments and no early exit fees.

    Logo for SocietyOne Unsecured Personal Loan
    SocietyOne Unsecured Personal Loan

    You'll receive a fixed rate between 5.95% 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.

    Ask an Expert

    You are about to post a question on finder.com.au:

    • Do not enter personal information (eg. surname, phone number, bank details) as your question will be made public
    • finder.com.au is a financial comparison and information service, not a bank or product provider
    • We cannot provide you with personal advice or recommendations
    • Your answer might already be waiting – check previous questions below to see if yours has already been asked

    Finder only provides general advice and factual information, so consider your own circumstances, or seek advice before you decide to act on our content. By submitting a question, you're accepting our Terms of Use, Disclaimer & Privacy Policy and Privacy & Cookies Policy.

    4 Responses

      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 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 Customer Care
        ShirleySeptember 9, 2014Staff

        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

    Go to site