Enjoy a low rate fixed personal loan that is 100% made for you
- We reward your good credit history with even better rates ensuring the loan you end up with has been tailored for you in every way.
- Winner of Canstar’s Outstanding Value Award for four years running (2015, 2016, 2017 and 2018). We think that’s pretty outstanding.
- Flexible loan terms from 6 months to 5 years for loans between $2,001 and $45,000. Use funds to consolidate debt, renovate, travel and more.
- No monthly or early repayment fees help you save more and pay off your loan faster. Because nobody has ever said ‘yes please’ to fees.
Australia’s most loved fixed personal loan.
Over 2122 borrowers have rated us 4.8/5 on ProductReview. Here’s what those happy customers have to say about our fixed loans.
RateSetter were such a pleasure to deal with. From submitting a query to getting my loan approved, the whole process took less than a week. Thanks so much to the RateSetter team for being amazing!
The sign-up process was painless, and managing the loan via the RateSetter portal is a breeze. I’d definitely recommend RateSetter to anybody, and the bonus is that you don’t have to deal with a bank.
I could not believe the ease in which I was able to obtain finance. RateSetter went above and beyond to provide me with exactly what I needed and it was done quickly and efficiently. 10 out of 10.
Great service, fast and excellent rate. I got an excellent rate and approval in a matter of days. Thanks! Would definitely use these guys again. Their website is very intuitive and easy to use.
The turn around was super quick and the application process was amazingly easy! Everything was clearly laid out and straight forward which was really helpful considering I’ve been a little stressed.
What an absolutely fantastic experience. I’d recently gone through a credit union for finance, and after over 6 weeks, they were after more paperwork and couldn’t make a decision. RateSetter took an hour.
Getting a fixed loan is as easy as 1, 2, 3.
Get your quote
Discover your personalised interest rate and repayments in 1 minute (without impacting your credit score) with our quick and easy online quote.
Apply in minutes
Finalise your application in 5 minutes, then complete our simple online identity verification and bank statement upload process.
Receive your funds
After receiving your approval, complete our simple online settlement process to receive your loan funds.
You’ve got questions we’ve got answers.
What is a fixed rate personal loan?
Personal loans always involve interest, and that interest can be fixed or variable. If your personal loan has a fixed interest rate, your repayments won’t change over the full loan term. Instead, you’ll pay the same interest rate every month.
RateSetter personal loans from 3 to 5 years are fixed rate loans. As such, you will repay the same amount each month except for the final payment, which can vary slightly to take into account rounding across the term of the loan.
Why consider a fixed rate loan?
A fixed rate loan is a particularly good idea if you’d like some certainty as to your future repayment obligations. RateSetter’s fixed rate personal loans offer you access to a versatile form of credit: you can use it to pay for a holiday, renovate your house, plan a wedding, and much more.
How does a fixed rate personal loan work?
A fixed rate personal loan works just like a standard personal loan. That is, you borrow a specific amount of money and then pay it back with interest over an agreed term. To qualify for a personal loan, you must submit an application and agree to a credit check that takes into account your borrowing history, employment status, credit score, and other factors.
What are the benefits of a fixed rate personal loan?
One of the most appealing aspects of a fixed rate personal loan is that you needn’t worry that the interest rate on your loan might increase over time. This makes it possible to lock in a competitive interest rate when you take out the loan and create a budget in advance, giving you confidence that you’ll be able to meet your debt obligations. Of course, if the general interest rate drops below the rate at which your loan is fixed, you will be obliged to continue paying the higher rate.
What can I use my fixed personal loan for?
You can use a fixed personal loan for many reasons, including:
- Consolidating debt – paying off credit card debt or bank overdraft charges
- Home renovation – financing that new kitchen, bedroom, bathroom or backyard makeover
- Wedding – making your dream day come true
- Holiday – booking that next getaway, whether it be overseas, or somewhere more local
- Study – paying those student loan fees, whether it be for high school or university
- Investment – buying shares or bonds
- Green – purchasing renewable energy products, such as solar panels or a home battery pack
- Medical – covering medical bills, whether it be dental, optical or something else
How much does a fixed personal loan cost?
If you’re considering a fixed personal loan, you may be unsure of how much it will cost. Fortunately, our fixed personal loans are priced in a relatively straightforward way. The total cost of a fixed personal loan comprises three main factors:
- the interest rate (this may be fixed or variable)
- a one-time establishment fee
- ongoing fees (such as account maintenance fees, late payment fees, and other charges)
These costs are often combined to create a comparison rate that represents the total price of a loan. This allows you to compare different fixed personal loans to find the one that best suits your needs.
For an overview of fees and charges (including interest rates) associated with RateSetter’s fixed personal loans, see the table below:
|Term||1 Year||2 Year||3 Year||Year 4||Year 5|
|Interest Rate||from 5.76% p.a.||from 5.76% p.a.||from 5.50% p.a.||from 10.12% p.a.||from 10.21% p.a.|
|Comparison Rate*||from 7.44% p.a.||from 7.72% p.a.||from 7.44% p.a.||from 10.93% p.a.||from 7.44% p.a.|
|Credit Assistance Fee||from $249||from $299||from $299||from $299||from $299|
|Early Repayment Fees||$0||$0||$0||$0||$0|
Comparison rates for 1, 2 and 3 year loans are based on an unsecured personal loan of $10,000 over a 36 month term. Comparison rates for 4 and 5 year loans are based on an unsecured personal loan of $30,000 over a 60 month term. Comparison rates shown assume a customer with an excellent credit history. Rates current as at 8pm, 17 October 2019. Warning: This comparison rate applies only to the example or examples given. Different amounts and terms will result in different comparison rates. Costs such as redraw fees or early repayment fees, and cost savings such as fee waivers, are not included in the comparison rate but may influence the cost of the loan.
Am I eligible for a fixed personal loan?
RateSetter provides secured and unsecured loans to Australian-resident individuals and businesses. If you are an individual, you can borrow for any worthwhile purpose, including a new car, home improvements, consolidating debt, a major event or holiday.
Save time before applying by making sure:
- You are aged 21 or over
- You are an Australian citizen or permanent resident
- You have a regular source of income that you can demonstrate
- You have a good credit history
To see if you may qualify for a RateSetter secured personal loan, you can get a RateEstimate – it only takes 1 minute, and won’t affect your credit score. If you request a RateEstimate, we will ask you a few questions so we can calculate an initial estimate of your borrowing potential, and the rates, fees and charges that may apply to your loan.
In making a final decision, we consider a number of factors, including your credit file as provided to us by Equifax and/or Illion, our credit bureau partners. If you would like more information regarding your credit file, you should contact Equifax and Illion directly.
What do I need to apply?
To apply for a fixed personal loan, you will need to complete our identity verification process successfully, as well as considering how suitable a fixed personal loan is to your current circumstances.
To complete identity verification you will need to provide one or more of the following documents:
- Australian State or Territory-issued drivers licence
- Australian or foreign passport
- Address verification document such as a utility bill or tenancy agreement
These details can either be entered on our website during the application process and automatically verified online or you can upload or email them to us at email@example.com.
When assessing your application, we are looking for evidence of how suitable the loan is to your current circumstances and the purpose for which you require funds. Among other things, we’ll assess your:
- Employment stability;
- Repayment history;
- Credit bureau information; and
- Other details you communicate to us.
Representative example: Based on $10,000 loan with a 36 month term for a borrower with a excellent credit history at a comparison rate of 5.50% p.a. the estimated total amount payable including all applicable fees is $11,196. RateSetter loan repayment terms range from a minimum of 6 months to a maximum of 5 years. Interest rates range from 5.76% p.a. (comparison rate 7.44% p.a.) to 12.78% p.a. (comparison rate 20.71% p.a.). Rates are subject to change depending on the rates offered by lenders in our Lending Markets. Rates stated as at 8pm, 17 October 2019 and are subject to change. RateSetter credit criteria and terms and conditions apply.