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Compare Australia's top fixed rate personal loans

Search and compare some of Australia's fixed rate personal loans from a wide range of Australian lenders. View interest rates, repayments, fees, features and more to find one that's ideal for you.

100+ personal loan providers in RateCity’s database

280+ personal loan products in RateCity’s database

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Find and compare fixed rate personal loans

What is a fixed rate personal loan?

A fixed interest rate is where you lock in the rate on a loan for an agreed-upon period of time, typically one to five years. The interest charged on your loan principal will not change during this fixed period, meaning neither will your personal loan repayments.

Benefits and risks of a fixed rate personal loan

Budgeting is typically a lot easier with a fixed interest rate, as your personal loan repayment amount will not change over the fixed period. This financial stability may offer you peace of mind, as you'll know exactly how much you’ll be paying each month. 

Additionally, a fixed interest rate can act as a shield against potential interest rate hikes in the market. If interest rates rise during your fixed term, your locked-in rate remains unaffected, potentially saving you money over the life of the loan. However, the trade-off for this stability is typically less flexibility compared to variable rate loans, where you might benefit from falling interest rates and get more access to flexible repayment features. 

Variable interest rates on personal loans can fluctuate monthly, as determined by the lender and influenced by the Reserve Bank of Australia's cash rate. This could make budgeting challenging, as your monthly repayments may increase or decrease unexpectedly, unlike a fixed rate personal loan. 

While you could benefit from reduced interest rates if the cash rate were to fall, remember that lenders often act out of cycle with the RBA. If you’re considering a variable rate with the expectation of cash rate cuts being swiftly passed on to your personal loan, you might need to be patient, as this could take longer than you expect.


  • Your repayment amount does not change.
  • Allows for easier budgeting and financial planning with predictable repayments.
  • Your interest rate will not fluctuate with the market.


  • If the lender cuts its rates, you miss out on a rate decrease.
  • Some lenders reserve features for variable rate loans.
  • Fixed rate loans may charge break fees if you want to exit the loan early or refinance.

What fees are charged on a fixed rate personal loan?

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 for the most competitive interest rates. 

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 even end up costing more over the life of the loan than higher-interest personal loans with lower fees.

Some fees you may be charged include:

  • Application fees
  • Establishment fees
  • Early repayment fees
  • Redraw fees
  • Late payment fees
  • Ongoing monthly fees
  • Other account keeping fees

To get a more accurate idea of a personal loan’s total cost, consider its comparison rate, which combines the loan's advertised interest rate with many of its fees and charges. This may help some borrowers better understand a loan’s potential ongoing costs. For example, if a personal loan has a low advertised rate, but much higher comparison rate, you may assume there are costly fees involved.

Not every cost associated with a loan is included in its comparison rate, so look into additional fees, features and any benefits before making your final choice. Lenders may charge higher ongoing costs, such as an annual fee, if the personal loan includes extra features. If you prefer to minimise fees as much as possible, a no-frills basic personal loan may better align with your budget.

Can you refinance a fixed rate personal loan later on?

It is possible to refinance a fixed rate loan, but the process may be expensive. Fixed rate personal loans tend to charge costly break fees if you try to leave the fixed period early and refinance, or even pay off the loan early. These costs can be substantial and are designed to compensate the lender for the interest income they would lose if you break the loan early.

Before making any decisions, request a break cost calculation from your lender. This will give you a clear picture of the financial implications of breaking your fixed rate loan.

When deciding whether it may be worth it to make the switch, consider using RateCity’s personal loan switch and save calculator, and be sure to factor in all the fees and charges. Sometimes it may be more cost effective to simply pay the personal loan off in full over the loan term than to refinance to a lower rate.

One risk when you refinance is that you can often end up extending your loan term. For example, if you only had 12 months left to repay your loan, by increasing the loan term another 2-3 years you could end up paying thousands more in interest charges. 

Repayments on a personal loan

To demonstrate the impact of a personal loan interest rate on your overall repayments, RateCity has crunched the numbers on the total interest payable for a 5-year, $30,000 personal loan at two different interest rates. 

Personal loan interest rate comparison: impact on repayments

Interest rate

Monthly repayments

Total repaid over life of loan

Personal loan A




Personal loan B








Source: RateCity.com.au. Note: Hypothetical example for demonstrative purposes of 5-year, $30,000 personal loan on two fixed interest rates of 7.00% and 12.00%. Does not factor in fees. 

As you can see, while a 4% difference in interest rates does not seem that significant, by paying a higher interest rate, you could end up paying $4,398 more in interest charges

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

How to find the best fixed rate personal loans in Australia

There is no one 'best' fixed rate personal loan for all Australians, but you can find the best personal loan for you by carefully comparing your options. 

Your best personal loan may come with a low fixed interest rate and few fees, reducing the overall cost of borrowing. For others, the best personal loan comes with helpful features, such as making extra repayments without penalty and a redraw facility. Some Australians may prioritise a Big Four Bank, while others prefer online-based competitor lenders. You ultimately need to decide what personal loan features best suit your financial needs and budget.

You can start by using a comparison table to compare offers from different lenders. You'll be able to filter down your personal loan preferences to easily compare options side by side and create a shortlist. Then, sort your results by the lowest interest rates or highest Real Time Ratings™ scores to view the most competitive options first. 

Real Time Ratings™ is RateCity’s world-first rating system that ranks personal loans based on cost and flexibility. Looking at the Real Time Ratings™ score may be one way to help you narrow down your shortlist of best personal loan options.

How to qualify and apply for a fixed rate personal loan

Some of the eligibility requirements that borrowers typically need to meet to secure a fixed rate personal loan include: 

  • Credit score:Your credit score plays a pivotal role in loan approval. A higher credit score in the 'good' to 'excellent' category may make it more likely for you to gain loan approval and to get more favorable loan terms.
  • Income requirements: Most lenders set minimum income criteria, such as earning $40,000 or more, so they can be more confident about your ability to repay the loan. There may also be restrictions around receiving government support.
  • Employment history: Stable employment is often a prerequisite for loan approval. Lenders typically favour borrowers who are employed full-time and have passed the probation period (e.g. employed 6 months or longer).
  • Other eligibility factors: This may include age restrictions or resident/visa status. 

Applying for a fixed rate personal loan

Once you've assessed your financial health and know you're in a competitive position to apply, you'll typically complete the following steps:

  1. Application documents: To make the application process faster, gather the necessary documents now, including identification, proof of income, and bank statements.
  2. Online or in-branch applications: Whether you're happy to jump online, or you prefer face-to-face customer service, now is the time to choose the application platform you prefer.
  3. Wait for approval: The personal loan application timeline can vary between lenders, but it typically takes anywhere from a few days to a couple of weeks to complete the application process and receive a decision.

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^Words such as "top", "best", "cheapest" or "lowest" are not a recommendation or rating of products. This page compares a range of products from selected providers and not all products or providers are included in the comparison. There is no such thing as a 'one- size-fits-all' financial product. The best loan, credit card, superannuation account or bank account for you might not be the best choice for someone else. Before selecting any financial product you should read the fine print carefully, including the product disclosure statement, target market determination fact sheet or terms and conditions document and obtain professional financial advice on whether a product is right for you and your finances.