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What’s the difference between a Fixed Rate and Variable Rate Personal Loan?

See all Personal loans FAQs

Last updated 15 February 2018


Variable Rate Personal Loan interest rates may go up and down during the loan term. You can make early or additional repayments at any time at no extra cost. You can redraw available funds through your redraw facility if you need to (fees apply if conducted in branch).

With a Fixed Rate Personal Loan the interest rate doesn’t change during the  term of the loan, so your repayments will remain the same. You'll know exactly what you need to pay each month and be protected from any increase in interest rates.

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