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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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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.
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.
Fixed rate loans are suitable for a range of purposes:
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:
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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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