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Seven-year fixed rate personal loans

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.

NAB Unsecured Fixed Personal Loan

NAB Personal Loan Unsecured Fixed


11.99 % p.a.

fixed rate


12.87 % p.a.

comparison rate

  • Additional repayments without penalty
  • No early exit fees
  • Borrow up to $55,000
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NAB Unsecured Fixed Personal Loan

NAB offers a fixed interest rate loan. Use your loan for a holiday, home improvement, a special project or even a wedding. It’s even a smart way to take control of your credit card debt.

  • Interest rate from: 11.99% p.a.
  • Comparison rate: 12.87% p.a.
  • Interest rate type: Fixed
  • Application fee: $150
  • Minimum loan amount: $5,000
  • Maximum loan amount: $55,000
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Personal loans you can fix for 7 years

Rates last updated March 24th, 2018
Name Product Interest Rate (p.a.) Comparison Rate (p.a.) Min Loan Amount Loan Term Monthly Service Fee Application Fee Product Description Monthly Repayment
NAB Personal Loan Unsecured Fixed
11.99% (fixed)
1 to 7 years
An unsecured personal loan with a competitive fixed rate that you can make additional repayments to without penalty. Note: You must have held a NAB credit card or transaction account for at least 6 months before applying.
Westpac Unsecured Personal Loan
From 12.99% (fixed)
1 to 7 years
Borrow up to $50,000 for a term of up to 7 years with this unsecured loan.
People's Choice CU Unsecured Personal Loan
From 13.99% (fixed)
1 to 7 years
An competitive unsecured personal loan available from $2,000.
MyState Unsecured Personal Loan
From 12.99% (variable)
1 to 7 years
Apply for up to $50,000 and make additional repayments at any time without penalty.
Bank of Melbourne Unsecured Variable Rate Personal Loan
From 12.99% (variable)
1 to 7 years
An unsecured personal loan that gives you a choice between a fixed or variable rate. Apply before 30th April 2018 and you could get 1% off the advertised rate.

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 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.

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Personal Loan Offers

Important Information*
SocietyOne Unsecured Personal Loan

Based on your risk profile, you will receive a tailored rate between 7.5% and 20.14% with a SocietyOne personal loan. Apply before 31 March 2018 to earn 2 Velocity Points for every $1 you borrow.

NAB Personal Loan Unsecured Fixed

An unsecured personal loan with a competitive fixed rate that you can make additional repayments to without penalty. Note: You must have held a NAB credit card or transaction account for at least 6 months before applying.

Westpac Unsecured Personal Loan

Borrow up to $50,000 for a term of up to 7 years with this unsecured loan.

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2 Responses

  1. Default Gravatar
    AdamNovember 28, 2017

    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.

    • Staff
      MariaNovember 30, 2017Staff

      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.


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