Are you looking to apply for a large loan or just want lengthy terms to keep your repayments low? Consider applying for a personal loan with seven-year terms. You can keep your repayment amounts the same by opting for a fixed interest rate and there are various loan types available. Find out more about seven-year fixed loans in the guide below.
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These loans can be used to finance any personal purchase (the loan types are broken down into more detail below). When you apply for the loan, you need to agree to the interest rate stated in your loan contract. This rate will apply for the entire seven-year term.
Any loan establishment fees or monthly fees will be added onto your repayments. At the end of the seven years, your debt will be repaid.
What you can finance with a fixed rate personal loan
Fixed rate loans are suitable for a range of purposes:
New or used vehicles. This not only includes cars but also motorbikes, boats and even jet skis and caravans.
Debt consolidation. If you have outstanding debts on a credit card or personal loan, you can consolidate and repay it over a longer term with a fixed rate.
Home improvements. Add value to your home and have up to seven years to repay what you borrow.
Holidays. If you’re planning on taking a trip you can take out an unsecured loan to pay for your flights, hotel rooms or anything else you need.
How you can compare fixed rate loans with seven-year terms
As this loan will be with you for seven years, it’s important to compare your options and find the right one. Here are some points to keep in mind:
What interest rate applies? Compare similar loans to see how competitive the interest rate is.
How much will you be charged in fees? Check for establishment fees, monthly fees, annual fees and any other fees you may be charged. If you want the option of paying back your loan early, check to see if this is an option and how much it will cost.
Is the loan suitable for your purpose? If you want to buy a car, is the vehicle eligible? If you want to consolidate debt, can you bring all of your credit accounts over? Check all aspects of the loan before applying.
How can you access and manage your account? The loan will be with you for seven years, so you want to ensure you can manage your account effectively. Check if there is a mobile app or online account tools.
Weigh up the benefits and drawbacks before applying
Your repayments will be low because the loan term is long
You can easily budget because your repayments will remain the same throughout the seven years
A range of different financing options are available
As the loan term is longer, you end up paying more in interest
You will probably be charged a fee for early or additional repayments
Questions you might still have
Are there shorter fixed rate terms?
Yes, you can consider applying for a fixed rate personal loan in any one-year increment between one and seven years.
Am I eligible for a fixed rate personal loan?
Eligibility criteria depend on the lender you are looking to apply with and should be confirmed before submitting your application. However, you will generally need to be over the age of 18 and a permanent Australian resident or Australian citizen.
How do I apply?
If you’ve found a loan you want to apply for and you meet the eligibility requirements, you can click “Go to Site” to submit your application directly with the lender.
Elizabeth Barry is Finder's global fintech editor. She has written about finance for over five years and has been featured in a range of publications and media including Seven News, the ABC, Mamamia, Dynamic Business and Financy. Elizabeth has a Bachelor of Communications and a Master of Creative Writing from the University of Technology Sydney. In 2017, she received the Highly Commended award for Best New Journalist at The Lizzies. Elizabeth has found writing about innovations in financial services to be her passion (which has surprised no one more than herself).
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You'll receive a variable rate between 8.99% p.a. and 17.99% p.a. (9.67% p.a. to 18.6% p.a. comparison rate) based on your risk profile A credit limit up to $75,000 that you can continue to draw down over terms up to 5 years. Note: The establishment fee will be waived if you apply before 30 September 2019.
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You'll receive a fixed rate between 6.99% p.a. and 28.69% p.a. based on your risk profile. Apply for a loan up to $70,000 and repay your loan over 3 or 5 years terms.
I want to consolidate a personal loan of 21k, and take out another 4 so 25k loan total. I currently pay $480 per month on this amount over 7 years. I want my new rate to be much lower, reducing my monthly repayment amounts.
While it’s possible to consolidate your loan through the different lenders featured on this page, you’d need to review the rates that they offer to see if you’d be able to able reduce your monthly repayment amounts.
This page on Personal Loan Calculators would help you compare the features of each loan.
Also, this page on Personal Loans for Debt Consolidation has tips and answers to common questions that you may find helpful in your decision.
Please note that finder is not a product issuer. The approval of your application would depend on the lender’s assessment of your financial situation and ability to make loan repayments.
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I want to consolidate a personal loan of 21k, and take out another 4 so 25k loan total. I currently pay $480 per month on this amount over 7 years. I want my new rate to be much lower, reducing my monthly repayment amounts.
Hi Adam,
Thank you for your inquiry.
While it’s possible to consolidate your loan through the different lenders featured on this page, you’d need to review the rates that they offer to see if you’d be able to able reduce your monthly repayment amounts.
This page on Personal Loan Calculators would help you compare the features of each loan.
Also, this page on Personal Loans for Debt Consolidation has tips and answers to common questions that you may find helpful in your decision.
Please note that finder is not a product issuer. The approval of your application would depend on the lender’s assessment of your financial situation and ability to make loan repayments.
I hope this helps.
Best,
Maria