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Seven-year fixed rate personal loans

Rates and Fees verified correct on April 30th, 2017

Borrow as much as you need with seven years to repay, and have your repayments stay the same throughout your entire loan term.

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.

Latitude Personal Loan Offer

Latitude Personal Loan (Secured)

from

12.99 % p.a.

fixed rate

from

14.20 % p.a.

comparison rate

  • Fixed interest rate
  • Low ongoing fees
  • Additional repayments OK
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100% confidential application

Latitude Personal Loan Offer

Latitude Financial Services Personal Loan offers a low interest rate with a low ongoing fee and a rate of 12.99%.

  • Interest rate from: 12.99% p.a.
  • Comparison rate: 14.20% p.a.
  • Interest rate type: Fixed
  • Application fee: $250
  • Minimum loan amount: $3,000
  • Maximum loan amount: $50,000
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Personal loans you can fix for 7 years

$
Name Product Interest Rate (p.a.) Comparison Rate (p.a.) Min Loan Amount Loan Term Application Fee Monthly Repayment Product Description
Latitude Personal Loan (Secured)
From 12.99% (fixed)
14.2%
$3,000
2 to 7 years
$250 (Loans under $4000 - $140)
Can be used for whatever purpose: renovating, buying a car, booking a holiday. Funds can be in your account in as little as 24 hours.
CUA Discount Fixed Personal Loan (Loans over $30,000)
From 10.99% (fixed)
10.99%
$30,000
1 to 7 years
$0
Take advantage of a competitive fixed rate and no monthly fees when you borrow over $30,000
NAB Personal Loan Unsecured Fixed
From 14.99% (fixed)
15.85%
$5,000
1 to 7 years
$150
An unsecured loan available for a wide range of purposes for a long period of time up to 7 years. You must have held a NAB Credit Card or Transaction account for at least 6 months before applying.
ANZ Fixed Rate Personal Loan
From 13.95% (fixed)
14.81%
$5,000
1 to 7 years
$150
A flexible loan option that lets you pay off your debt, buy a car, fix up your house or cover travel costs.

Compare up to 4 providers

How do seven-year fixed rate personal loans work?

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.

Fixed rate loans for holiday

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 depends 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.

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