What type of Personal Loan is best for me a variable or fixed rate loan?
A variable rate loan gives you flexibility, as you can pay extra off your loan and redraw those extra payments if and when you need them*. The interest rate is not fixed, so it may vary over the term of the loan. A fixed rate loan gives you the security of knowing what your repayments are and protects you against interest rate rises for the life of the loan. You can pay extra off your loan, but there is a limit on the amount of additional payments you can make before break costs apply. * Subject to BankSA Bank approval. Minimum redraw amount is $500 and a redraw fee applies for each approved request.
