Browsing New South Wales » Personal Loans » Fixed Rate Personal Loans
Related Categories: Personal Loans, Variable Rate Personal Loans, Secured Personal Loans, Unsecured Personal Loans, Student Loans
When it comes to getting personal loans, Australians have a choice when it comes to the type of interest rates they want to pay. The interest rates are generally what lenders charge for the length of the loan, so the longer the time set for a personal loan, the more payments on the interest rate will have to be made.
In most cases, borrowers will have to pay what is known as a fixed interest rate on the personal loans that they receive from lenders. To understand what a fixed rate is and the benefits or potential pitfalls that may apply is important when making the most informed choice about which type of personal loan to receive.
There are two types of interest rates that can be applied to a personal loan, variable and fixed. A variable interest means that the interest rate will change according to current market conditions. A fixed rate however will stay with the loan for its entire lifetime no matter what happens in the marketplace.
For example, if you take out a fixed personal loan with an interest rate that is set at 10% for example, then it will not matter how the market changes in terms of the new interest rates that may become the norm. Whether they rise or fall, you will continue to pay the same interest rate for your loan regardless of the current lending rate.
Of course, there are times in which you will want to have a fixed personal loan as it will be advantageous to your particular needs.
Arguably the best reason to take out such a loan is its predictability. Since the interest rate will never change, you can better budget a fixed personal loan than you can one with a variable interest rate. This works very well for individuals or families on a tight budget who cannot afford to have the interest levels rise by any appreciable amount.
A fixed personal loan also counters the effects of an uncertain market where interest rates may rise or fall with little in the way of warning. During uncertain economic times, a fixed personal loan is one that offers a considerable benefit that you can trust. A volatile market means that interest rates can rise or fall quickly and having a fixed personal loan may be the best answer.
The biggest disadvantage of a fixed personal loan is that if interest rates should drop you will wind up paying more than a variable personal loan. In fact, studies have shown that more people who take out variable personal loans will wind up paying less than those who received a fixed personal loan.
Of course, there is a big difference between being more likely to pay less money and actually having it work out that way. For Australians who live on a tight budget, a fixed personal loan may be the best option thanks to its predictable nature and hedge against uncertain times.
39 Montague Street
North Wollongong, New South Wales 2500
Australia
Easy Plan Financial Services is a Wollongong based financial consulting company with years of experience in the local finance market.
94 Belford Street
BROADMEADOW, New South Wales 2292
Australia
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9/32-36 Martin Pl
Sydney, New South Wales 2000
Australia
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269 Clartinda Street
Parkes, New South Wales 2870
Australia
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28-32 The Kingsway
Suite 109, 1st Floor
Cronulla, New South Wales 2230
Australia
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411 Bong Bong Street
Bowral, New South Wales 2576
Australia
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64 Elbow Street
West Kempsey, New South Wales 2440
Australia
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217 Clarence Street
Level 7
Sydney, New South Wales 2000
Australia
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38-40 Young Street
Wollongong, New South Wales 2500
Australia
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Shop P003, Podium Level
Bankstown, New South Wales 2200
Australia
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Suite 13/357 Gympie Road
Strathpine, Queensland 4500
Australia
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Regents Park, Queensland 4118
Australia
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5 Lime Street
King Street Wharf Level 3, Suite 323
Sydney, New South Wales 2000
Australia
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25 Ferguson Street
Unit 6 Level 1
Albany Creek, Queensland 4035
Australia
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39 Montague Street
North Wollongong, New South Wales 2500
Australia
Easy Plan Financial Services is a Wollongong based financial
88 Phillip Street
Sydney, New South Wales 2000
Australia
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231 North Quay
Level 1
Brisbane, Queensland 4000
Australia
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60 Castlereagh Street
Sydney, New South Wales 2000
Australia
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Australia
JP Morgan Bank in Australia and New Zealand was launched as
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2 Chifley Square
Chifley Plaza
Sydney, New South Wales 2000
Australia
UBS is a global firm, which provides financial services to
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