Low rates starting from 9.19% p.a. (comparison rate from
10.58% p.a.)
with money in your bank account in as little as
60 minutes.
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Find out how much your repayments and interest rate could be with our calculator.
Estimated monthly repayments
Example interest rate
Comparison rate
Total charges
$1,857.28
Total repayments
$21,857.28
It won’t affect your credit score!
Interest rate (p.a.)
up to
Comparison rates (p.a.)*
up to
Are you deciding whether you should get a fixed rate personal loan or a variable rate personal loan? There are advantages and disadvantages of both alternatives, so it’s worth comparing the different options available on the market to find the personal loan that is best suited to your financial situation. Whether you need extra money because you are planning a wedding, wanting to buy a new car, doing home renovations or you need to pay for some unexpected bills, it is important to take out a personal loan that you’ll be able to comfortably repay.
As the name suggests, a variable rate personal loan is a loan where the interest rate you will be charged on your loan balance is not set but can vary over the life of the loan. When the Reserve Bank of Australia (RBA) makes changes to the official interest rate, this can impact the variable interest rate you will pay on your personal loan. On the other hand, with a fixed rate personal loan you will be paying the same interest rate on your loan balance for the duration of your loan as your interest rate will not be impacted by outside economic conditions such as when the RBA changes the official rate.
There are both pros and cons of getting a variable rate personal loan over a fixed rate personal loan so you’ll need to assess the benefits of each type of loan so you can choose the best option for you. One of the advantages of getting a variable rate personal loan is that the starting interest rate on a variable rate personal loan will usually be lower than on a fixed rate personal loan for the same amount over some loan term. Another advantage is that there is a possibility your interest rate will come down during the life of your loan. This will mean you’ll have extra money that you didn’t budget for. This money could be used for many things, but with the flexibility of many variable rate personal loans in many cases, you will be able to use this money to make additional repayments off your loan without being penalised. You’ll need to check the terms of your specific loan to make sure this is possible. By doing this you may be able to pay off your variable rate personal loan earlier than expected, which can bring the total cost of the loan down. On the flip side though, just as your variable rate can fall, it can also increase if the RBA raises the official interest rate. If this happens, your variable interest rate is likely to go up which means your repayments will increase. If you are on a very tight budget, this can be very stressful.
One risk of taking out a variable rate personal loan is that you can’t calculate the variable interest payments over the life of the loan. Although you can calculate what the interest will be based on the rate at the time you take out your loan, this may change over the life of the loan. On the other hand, with a fixed rate personal loan because the interest rate is locked in, you can plan your repayments over the life of the loan so you can avoid the stress of any unexpected rate rises.
Before taking out either a variable rate personal loan or a fixed rate personal loan it is worth doing a personal loan comparison Australia. This will help you compare interest rates, fees, and repayments between the different lenders so you can find the personal loan that best suits your circumstances. Make sure you look at the comparison rates too, not just the interest rates. The comparison rate factors in fees, so it can give you a better idea of the real cost of the loan. The comparison rate can be calculated slightly differently across different banks and lenders, so you’ll need to take this into account, too.
If you are looking for an affordable low rate variable loan, MoneyMe offers some of the most competitive rates in Australia. Whether you require a $5,000 personal loan, a $20,000 personal loan, or a $30,000 personal loan, at MoneyMe, we can provide quick loans of up to $50,000. We have a free online personal loan calculator to help you work out what your repayments are likely to be and therefore how much money you can comfortably afford to borrow. Unlike some personal loans, at MoneyMe we have no early exit fees and you can make extra repayments along the way. The online application process is simple and, without needing to supply a lot of paperwork, should only take a few minutes. With our express loan, you’ll receive your decision quickly. And once we have approved your loan, depending on who you bank with, you could have access to your money within 60 minutes.
MoneyMe has provided loans online to many customers across Australia, so if you are looking for low rate personal loans without any early exit fees or hidden costs then you’ve come to the right place. If you have any questions about our personal loans, you can contact our support team via phone, email, or online. Apply online today!
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Must be Australian citizen, New Zealand citizen or permanent resident
Earn more than $30,000 p.a. from employment
Must at least be 18 years old
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And the experience was nothing short of outstanding.
The team at MONEYME have been amazing to deal with. Super fast and helpful service & I love how easy the app is to use. 10/10 from me.
Professional and friendly people to deal with. Absolutely great dealing with MONEYME!
Terrific service and almost too easy, great communication, the timing was prompt and the App very handy.. thank you.
The app is fantastic, I like being able to see exactly where I’m at
Great customer service and quick and easy response. There were no extra cost and very happy with the rate I received.
I have had no problems at all everything was done to my satisfaction at a fast and prompt manner.
Loan was sorted quickly and with little fuss. Will use again in the future.
Efficient and Great. Fast approval with a reasonable repayment plan. Can’t ask for much more than that.
Easy to deal with very comparative I will recommend this company and I will definitely use them again and again and again .
Was a stress free application and approval received within hours. Experience was awesome, kept me in the loop when required.
Was a stress free application and approval received within hours. Experience was awesome, kept me in the loop when required. 💚
It's all about the service that is provided for the customer. Would recommend to others
MONEME were a dream to deal with, super tech, super fast and super easy! I wished I had found them sooner.
I’d gladly recommend
MONEYME has been a great help and they assisted me with all my queries.
No Fuss and easy to apply. No problems at all. Straight forward. They took all the worries and before I knew it had my loan sorted. Just great.
Easy to do business with. It was a really easy process and I would highly recommend them.
Done an amazing job, very quick and very reliable. I would recommend MONEYME to everyone. Thank you
It's all about the service that is provided for the customer. Would recommend to others
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