Compare fixed rate personal loans

Looking for certainty on your personal loan in Australia? Opting for fixed interest on your loan is a great way to bring stability to each of your instalments, as well as potentially access the lowest rates on the market.

As the name suggests, a fixed rate personal loan has a set interest rate. This means that the interest rate does not change. Even if the lender’s interest rates move (increase or decrease), the loan’s rate won’t change. It also means that your payments will stay the same throughout the life of the loan.

You can compare and choose fixed rate personal loans with Savvy from our range of lending partners to help you save money across your term. Start comparing today and get your application moving before you know it.

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site-logos Harmoney Unsecured Personal Loan
  Advertised
rate from
Comparison
rate from
Monthly
Repayments
 
site-logos 5.35%
fixed
6.14% 
fixed
$570.96
over 60 months
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Borrow up to $50,000 with personalised rates and repay over 3 or 5 years loan terms.

site-logos OurMoneyMarket Unsecured Personal Loan
  Advertised
rate from
Comparison
rate from
Monthly
Repayments
 
site-logos 5.45%
fixed up to 20.99% p.a.
6.04% 
fixed up to 23.83% p.a. based on $30,000 over 5 years
$572.34
over 60 months
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Apply for an unsecured personal loan up to $75,000 and receive a special rate of 5.45% p.a. for first 12 months for loan amounts over $35,000.

site-logos Symple Loans Personal Loan
  Advertised
rate from
Comparison
rate from
Monthly
Repayments
 
site-logos 5.75%
variable
6.47% 
fixed
$576.50
over 60 months
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More details

Earn up to 50,000 Qantas Points with a more rewarding personal loan from Symple

site-logos Now Finance No Fee Unsecured Personal Loan
  Advertised
rate from
Comparison
rate from
Monthly
Repayments
 
site-logos 5.95%
fixed up to 17.95% p.a.
5.95% 
fixed up to 17.95% p.a. based on $30,000 over 5 years
$579.29
over 60 months
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More details

Borrow up to $50,000 with no fees, now and forever. Minimum requirement to earn $22,100 p.a. and have good to excellent credit.

site-logos SocietyOne Unsecured Personal Loan
  Advertised
rate from
Comparison
rate from
Monthly
Repayments
 
site-logos 5.95%
fixed up to 19.99% p.a.
5.95% 
fixed up to 20.93% p.a. based on $30,000 over 5 years
$579.29
over 60 months
Go to site
More details

Borrow up to $50,000 with rates between 5.95% p.a. and 14.99% p.a. based on your credit rating.

Harmoney customers applying for loans of this amount and length can receive an interest rate between 5.35% p.a. and 19.09% p.a. (6.14% p.a. and 19.99% p.a. comparison rates). Loan terms are offered for lengths of three or five years. A $30,000 personal loan repaid monthly over five years at the minimum 6.14% p.a. comparison rate will cost an estimated $34,916.34, inclusive of all interest and most fees, with monthly repayments of $581.94.

Symple customers applying for loans of this amount and length can receive an interest rate between 5.75% p.a. and 25.99% p.a. (6.47% p.a. and 29.20% p.a. comparison rates). Loan terms are offered for lengths of one to seven years. A $30,000 personal loan repaid monthly over five years at the minimum 6.47% p.a. comparison rate will cost an estimated $35,193.78, inclusive of all interest and most fees, with monthly repayments of $586.56.

SocietyOne customers applying for loans of this amount and length can receive an interest rate between 5.95% p.a. and 19.99% p.a. (5.95% p.a. and 21.70% p.a. comparison rates). Loan terms are offered for lengths of two, three or five years. A $30,000 personal loan repaid monthly over five years at the minimum 5.95% p.a. comparison rate will cost an estimated $34,757.21, inclusive of all interest and most fees, with monthly repayments of $579.29.

Now Finance customers applying for loans of this amount and length can receive an interest rate between 5.95% p.a. and 17.95% p.a. (5.95% p.a. and 17.95% p.a. comparison rates). Loan terms are offered for lengths of 18 months to seven years. A $30,000 personal loan repaid monthly over five years at the minimum 5.95% p.a. comparison rate will cost an estimated $34,757.21, inclusive of all interest, with monthly repayments of $579.29.

OurMoneyMarket customers applying for loans of this amount and length can receive an interest rate between 5.45% p.a. and 20.99% p.a. (6.04% p.a. and 23.83% p.a. comparison rates). Loan terms are offered for lengths of one to seven years. A $30,000 personal loan repaid monthly over five years at the minimum 6.04% p.a. comparison rate will cost an estimated $34,855.67, inclusive of all interest and most fees, with monthly repayments of $580.93.

The features and benefits of a fixed rate personal loan

Low rates from 5.35% p.a. (6.14% p.a. comparison)

Find a great rate for your personal loan and keep it that way all throughout your loan term by locking in a great deal with fixed interest.

Get approved for up to $50,000

There’s a reason why personal loans are so popular; you can pay for minor renovations as little as $2,000 or an expansive holiday up to $50,000.

Loan terms from one to seven years

The beauty of this is that you can choose how long you take to repay your personal loan, with terms available as short as one year up to seven to suit your capabilities.

Repayment stability

Because your interest rate remains the same across your loan period, you can more easily budget around your repayments month-to-month knowing what they’ll cost.

Protection from rate rises

Part of the stability that your fixed rate brings is protection against any increases in market rates; this means you’ll never pay more for your loan than your current instalments.

Unsecured finance

Unlike secured personal loans, there’s no obligation for you to use an asset like your car to help you get approved for financing up to $50,000 and at an affordable rate.

Tailored interest rates

Each applicant will receive a personalised interest rate built to reflect their financial position and loan, so you won’t simply receive a generic rate that doesn’t reward your strong position.

Option to pay above the minimum

We’re partnered with lenders who offer you the option to make extra payments above the minimum, to help you pay your loan off early and save money, without any fees.

Why you should compare fixed rate personal loans with Savvy

Fixed vs. variable rates: where they differ

Common fixed rate personal loan questions answered

What can I use a personal loan for?

There are myriad reasons you might look to take out a personal loan: consolidating debt, covering your family’s or pet’s medical expenses, buying a car and just about anything in between. Personal loans can essentially be used for anything you like, which is what makes them so appealing as a product for borrowers.

What do I need to be eligible for a fixed rate personal loan?

Exact eligibility requirements will vary from lender to lender. However, generally speaking, you will need to be:

  • at least 18 years old
  • an Australian citizen or permanent resident
  • employed or receiving some form of income

You will also need to pass the lender’s credit worthiness checks. Generally this means you will need to have:

  • proof of your Australian residential address
  • a good credit score (usually above 500)
  • bank statements that show you have good financial habits (e.g. no overdraws, regularly putting money into savings, etc.)
  • evidence of your employment and regular income
  • evidence that you will be able to afford the repayments
Am I able to refinance a fixed rate personal loan?

Yes – you’ll be able to switch your fixed rate loan to that of another lender during your loan term if you choose. However, it’s more common for fixed rate loans to have fees relating to breaking and refinancing to a separate product, so you should always review these in advance and weight up which makes sense for you financially. We’re partnered with lenders who won’t charge heavy fees for you to refinance, so you can compare flexible options here.

What fees will I pay on my personal loan?

Personal loans usually come with a set of fees that you’ll be required to pay as part of your agreement. These include:

  • Establishment fee: up to $595
  • Ongoing fees: up to $10 per month
  • Late payment fees: from $15 to $35

 

It’s important to note that some lenders don’t charge either an establishment fee or monthly service fees (while some charge neither), so comparing lenders who offer low- or no-fee loans is a great way to help you save a meaningful amount in the long run.

How long can I take to repay my fixed rate personal loan?

Most lenders offer fixed rate personal loan terms of between 1 and 5 years. However, there are some that offer up to 7 years.

It’s important you choose your loan term carefully. Make it too short and you may not be able to meet your repayments. Make it too long and you will end up paying more in interest.

I need more money – can I take out another personal loan?

Generally speaking, it’s best not to have multiple loans at the one time. As an alternative – and depending on your lender – you may be able to redraw from your current loan. However, you must be ahead on your repayments (i.e. made extra payments) for this to be an option.

You may also be able to apply for a ‘loan top up’. This is effectively an extension of your loan and, if approved, will increase the amount you owe. However, you need to be aware that this will be another credit application and could affect your credit history.

What is a line of credit fixed rate personal loan?

A line of credit fixed rate personal loan goes through the exact same approval process. Once approved for a certain amount you can then draw down funds as required.