New South Wales Fixed Rate Personal Loans

Related Categories: Personal Loans, Variable Rate Personal Loans, Secured Personal Loans, Unsecured Personal Loans, Student Loans

Fixed Rate Personal 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.

What are Fixed Personal Loans?

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.

Advantages and Disadvantages of Fixed Rate Home Loans

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.

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Easy Plan Financial Services

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.

SJ Financial Services

94 Belford Street
BROADMEADOW, New South Wales 2292
Australia

SJ Financial Services aims at providing loans for almost every need a person may have. Whether you want to own a car, boat or your own home, SJ

United Overseas Bank Limited

9/32-36 Martin Pl
Sydney, New South Wales 2000
Australia

United Overseas Bank (UOB) was founded in 1935 and has a well established presence, especially in Asia with banking subsidiaries in Singapore,

Central West Credit Union Limited

269 Clartinda Street
Parkes, New South Wales 2870
Australia

Central West Credit Union Limited offers Savings account, various kinds of lending options such as car loans, home loans and personal loans, fixed

CAPE Credit Union Limited

28-32 The Kingsway
Suite 109, 1st Floor
Cronulla, New South Wales 2230
Australia

Categorized under State Credit Unions, Cape Credit Union Limited is a public company founded in 1969 in Kurnell. The organization generates about $3.

Berrima District Credit Union

411 Bong Bong Street
Bowral, New South Wales 2576
Australia

Today Berrima District Credit Union operates as a credit union that provides financial products and services such as loans, Visa credit cards and

Coastline Credit Union Limited

64 Elbow Street
West Kempsey, New South Wales 2440
Australia

Coastline Credit Union Limited is a state credit union in West Kempsey servicing loans, mortgages, personal loans, credit cards, savings accounts,

Collie Miners Credit Union Ltd

217 Clarence Street
Level 7
Sydney, New South Wales 2000
Australia

Collie Miners Credit Union Ltd is a member owned cooperative and financial mutual which is 100 percent committed to its members -maritime, mining and

Community Alliance Credit Union

38-40 Young Street
Wollongong, New South Wales 2500
Australia

Based in Wollongong, Australia, Community Alliance Credit Union Limited was incorporated in 1972.In 2003; Community Alliance Credit Union was formed

Community First Credit Union Limited

Shop P003, Podium Level
Bankstown, New South Wales 2200
Australia

Community First Credit Union is the largest community based Credit Union established in 1959 in Auburn, Australia and provides sound and well managed

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