Fixed Rate Personal Loans
Deciding on a fixed rate personal loan instead of a variable interest rate is one of the first decisions you will make. But before you fix your decision, search and compare a range of Australian personal loans and read our list of advantages and disadvantages of a fixed loan, so you can make an informed one.
Interest rates, repayments and budgets: The great thing about fixed rates is that it enables you to budget better because your repayments don’t change. This means you don’t have to concern yourself with interest rate rises as your rate will be locked in, as well as your repayments, for the agreed fixed period.
Extra repayments and interest rate falls: The main disadvantage to locking in a fixed rate personal loan is if interest rates fall, as this means you will be locked into your agreed fixed rate even if the variable rate falls below it. The other thing to consider is extra repayments and early repayment penalties if you want to pay off your debt early. If you desire this particular option make sure you check for early repayment features when comparing fixed loans.
If a fixed rate personal loan is ticking all of the boxes then go ahead and start comparing some of the best right here.
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