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What is a fixed interest rate?

A fixed interest rate is guaranteed not to change during it's fixed rate term.

As the name suggests, the interest rate is set (fixed) for an agreed period of time and it will not go up or down during the term of the contract.

Fixed interest rate terms typically range from 6 months to 5 years.  Lenders sometimes offer split-year fixed interest rates for terms, like 18 or 30 months.  These are often promotional interest rates.

Fixed interest rate loans are generally less flexible, in terms of repayment options, than variable or floating interest rate loans.