Compare the top fixed rate personal loans^
ING Personal Loan
All rates shown are per annum. ING Bank (Australia) Limited ABN 24 000 893 292, AFSL and Australian Credit Licence 229823.
Fixed Rate Personal Loan
Find and compare fixed rate personal loans
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up to 9.99%
Unsecured Personal Loan - (Excellent Credit)
of loan amount
2 years to 3 years
Fixed Rate Personal Loan
2 years to 5 years
Personal Loan Fixed
1 year to 7 years
up to 25.69%
Unsecured Personal Loan (Excellent Credit) (3 Year Term) (Amount > $5000)
up to 16.95%
Unsecured Joint Personal Loan
1.5 years to 7 years
Discounted Personal Loan
1 year to 10 years
up to 11.49%
Tier 2 SocietyOne Loan Fixed
of loan amount
2 years to 3 years
Unsecured Personal Loan
1 year to 7 years
Today's top personal loans products
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The latest in personal loans news
Aussies rack up $18 billion of debt over Christmas
Debt is the last thing most Australians want to talk about, despite the country owing more than $18 billion in credit card and loan debt over Christmas alone.
Fixed Rate Personal Loans
Are you looking for a personal loan that won’t get out of control? Do you have a budget and a plan to pay back your loan once you’re home from your dream honeymoon, or your new business is up and running, or your debts have been consolidated? Do you want simple and consistent monthly repayments to suit your budget, without surprises?
If stability and security are among your financing priorities, then you may be interested in personal loans with fixed interest rates. By organising your loan repayments in advance, you’ll know exactly what you’re getting into when you sign on the dotted line, so you can enjoy piece of mind from your personal loan, in addition to its financial benefits!
Benefits of a fixed rate personal loan
When it comes to fixed rate personal loans versus variable rate personal loans, fixed rate loans are typically the more consistent choice. Variable interest rates may rise or fall from month to month, and your monthly repayment amounts could also change with them, making preparing your household’s monthly budget much more challenging.
Having a fixed interest rate on your personal loan means that you’ll always make the same repayments each month, regardless of the current economic conditions. This means you can be confident that each repayment will bring you one step closer to getting your personal loan fully paid off, without the risk of your interest rate potentially rising higher than you can easily afford.
Disadvantages of fixed rate personal loans
Agreeing to pay a fixed amount of interest on your personal loan usually also means agreeing to pay back your loan over a set length of time, without a lot of room for changes or adjustments to your repayment schedule.
Even if you find yourself with extra money to spare, such as a bonus from work or a refund from the tax office, you may not be able to easily make extra repayments and get ahead on your personal loan repayments, nor may you be able to easily pay off your personal loan ahead of schedule.
In fact, some lenders may charge fees for making extra repayments or paying off your personal loan early, to make up for the interest payments they’d be missing out on if you were to make an early exit.
Fixed rate personal loans with a redraw facility
Even if your fixed rate personal loan offers the option of easily making extra repayments, you may be hesitant to sink your additional savings into your loan. Sure, you could get ahead on your repayments, but what if that leaves you without any spare funds available in case of emergency?
If your personal loan also includes a Redraw Facility, when you get ahead on your repayments, you’ll be able to withdraw your surplus cash when you need it, subject to the lender’s terms and conditions. This adds some extra flexibility to your fixed rate personal loan, providing you with some options for managing your finances.
Fixed rate personal loan comparison rates
When you’re looking for a good deal on a fixed rate personal loan, it makes sense to start narrowing down your available options by looking at which lenders are offering the lowest interest rates – remember that these fixed interest rates should remain the same for the lifetime of the loan!
However, once you take ongoing fees and other charges into account, low interest personal loans may not actually be the cheapest options available. Low interest personal loans with high fees may end up costing more in total than higher-interest personal loans with lower fees.
To get a more accurate idea of a personal loan’s total cost to you, consider its Comparison Rate, which is the approximate combined total of its advertised interest rate and its standard fees and charges. Not every cost associated with a loan is included in its comparison rate, so it’s usually still worth looking further into the costs, features and benefits of each shortlisted loan option before making your final choice.
How much will your personal loan repayments be?
Don't get caught out by paying too much for a personal loan. Find out what the repayments will cost you in the end with RateCity's personal loan calculator
Debt consolidation with fixed rate personal loans
One possible reason to consider taking out a fixed rate personal loan is to consolidate your debts. If juggling payments to a variety of different lenders is making your household budget overly complicated, it may be simpler to swap these out for a single personal loan repayment. And if you choose a personal loan with a fixed interest rate, you can simplify your budget even further, with consistent monthly repayments that bring you one step closer to being debt-free with every month.
Remember though that not every personal loan can be used for debt consolidation, so be sure to check first.
Secured and unsecured personal loans
If you’re looking at fixed rate personal loans because financial stability and security appeal to you, then you may also be interested in the option of a Secured personal loan, where the money you borrow is guaranteed against the value of an asset you own, such as a car, or equity in your home. This helps to reduce the lender’s financial risk, which may allow you to enjoy lower interest rates. Also, if you’re unemployed or have bad credit, secured personal loans can sometimes be viable options, depending on the lender and your financial situation.
If you don’t have an asset available with enough value to guarantee your personal loan, or if you’d prefer not to risk losing your asset if you find yourself unable to make your personal loan repayments, there’s also the option of an Unsecured personal loan. These loans are more likely to have higher interest rates than their secured counterparts, due to their increased lender risk, so consider which option will best suit your financial situation.
Many lenders will require you to pay a deposit as security to qualify for a personal loan. But if you aren’t currently able to afford a full deposit, what are your options?
Some lenders offer personal loans with a high Loan to Value Ratio (LVR), where you pay a smaller deposit up front and borrow a greater percentage of your loan total. Some lenders also have 100% loans available, where you pay no deposit and instead borrow the full amount. These loan options are usually considered to be higher risks, with correspondingly high interest rates as a result.
Compare fixed rate personal loans
Deciding whether you’d prefer a fixed or variable interest rate should be among the first choices you make when choosing a personal loan. Once you know what to look for, you can compare a range of Australian personal loans, so your final choice can be an informed one.
If a fixed rate personal loan is ticking all of your boxes, then go ahead and start comparing the offers available from different lenders right here at RateCity.
Alex is a personal finance writer and PR professional at RateCity, and has been writing about finance for over three years. She is passionate about closing the gender pay and superannuation gap, and aims to help young Aussies to overcome their financial apathy and better manage their finances. Alex has been published in numerous print and online outlets, including Money Magazine, Lifehacker Australia, and Business Insider.
Your credit score will improve if you demonstrate that you’ve become more credit-worthy. You can do that by minimising credit applications, clearing up defaults and paying bills on time.
Another tip is to get the one free credit report you’re entitled to each year – that way, you’ll be able to identify and fix any errors.
If you want to fix an error, the first thing you should do is speak with the credit reporting body, which make take of the problem or contact credit providers on your behalf.
The next step would be to contact your credit provider. If that doesn’t work, you can refer the matter to the credit provider’s independent dispute resolution scheme, which would be the Australian Financial Complaints Authority (AFCA).
AFCA provides consumers and small businesses with fair, free and independent dispute resolution for financial complaints.
If that doesn’t work, your final options are to contact the Privacy Commissioner and then the Office of the Information Commissioner.
Many lenders will allow you to make extra repayments onto a quick personal loan when you can afford them, or even exit the loan early, which can help reduce the total interest you are charged. Be sure to check your quick loan’s terms and conditions, as some lenders charge early exit fees for paying off a loan ahead of schedule.
Depending on the lender, some personal loan applications can be approved in as little as one hour, or you may need to wait until the next business day. If approved, you may receive your money on the same day, the next business day, or within the week.
Most lenders will need to you provide the following information in your application for a fast loan:
- Proof of identity
- Proof of residence
- Proof of income
- Details of any assets you own (e.g. car, home etc.)
- Details of any liabilities you owe (other personal loans, credit cards, mortgages etc.)
- How much you want to borrow
- How long you want to pay it back
- Purpose of your loan
Before most providers of personal loans or medium amount loans will approve an application, they’ll want to know you can afford the loan’s repayments on your current income without ending up in financial stress. Several lenders don’t count Centrelink benefits when assessing a borrower’s income for this purpose, so these borrowers may find it more difficult to be approved for a loan.
If you’re unemployed, self-employed, or if more than 50% of your income come from Centrelink, consider contacting a potential lender before applying, to find out whether they accept borrowers on Centrelink.
Fixed personal loans keep your interest rate the same for the full loan term, while interest rates on variable personal loans may be raised or lowered during your loan term.
A fixed rate personal loan keeps your repayments consistent, which can help keep your budgeting consistent, without worrying about ending up out of pocket if your rates were to rise. However, on a fixed loan you’ll also potentially miss out on more affordable repayments if variable rates were to fall.
Few, if any, lenders would be willing to give guaranteed approval for a bad credit personal loan. Borrowers with bad credit histories can have more complicated financial circumstances than other borrowers, so lenders will want time to study your application.
It’s all about risk. When someone applies for a personal loan, the lender evaluates how likely that borrower would be to repay the money. Lenders are more willing to give personal loans to borrowers with good credit than bad credit, because there’s a higher likelihood that the personal loan will be repaid.
So a borrower with good credit is more likely to have a loan approved and to get that approval faster, while a borrower with bad credit is less likely to have a loan approved and to get that approval slower.
A personal loan sits somewhere between a home loan and a credit card loan. Unlike with a credit card, you need to sign a formal contract to access a personal loan. However, the process is easier and faster than taking out a mortgage.
Loan sizes usually range from several hundred dollars to tens of thousands of dollars, while loan terms usually run from one to five years. Personal loans are generally used to consolidate debts, pay emergency bills or fund one-off expenses like holidays.
Like other personal loan applicants, single mothers will likely need to provide a few documents to any potential lender, such as personal identification, bank statements (savings, loans, credit cards), proof of address, and proof of income (payslips, tax returns).
Some lenders offer fast loans to borrowers with bad credit. Providers of small payday loans of up to $2000 or medium amount loans of up to $5000 may have no credit checks, though these lenders will usually want to confirm you can afford their loans on your income.