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Fixed rate loan

A fixed rate loan means the interest rate stays the same throughout the loan term. You’ll have the same repayment amount each month and it’s great if you want repayment certainty and stability in your budget.

Variable rate loan

A variable rate loan means the interest rate can go up or down depending on changes in the market or the reserve bank making changes to the cash rate. If rates drop your interest rate can drop with it, however there is a risk that rates could go up. If you like the idea of saving money if interest rates drop, you may want to consider a variable rate. The maximum borrowing amount is also higher with a variable rate personal loan.