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.
Symple Loans Personal Loan
Symple Loans Personal Loan
From
5.75 %p.a.
variable rate
From
6.89 %p.a.
comparison rate
Quick approvals
Flexible repayment options
Personalised interest rate
100% confidential application
Symple Loans Personal Loan
Get access to flexible repayment options and next-day funding with a Symple personal loan.
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 IT Journalism Awards. Elizabeth has found writing about innovations in financial services to be her passion (which has surprised no one more than herself).
You'll receive a variable rate between 9.99% p.a. and 17.99% p.a. (9.99% p.a. to 17.99% 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: No establishment fee and no monthly account service fees apply if you apply and are approved before 31 March 2020.
You'll receive a variable rate between p.a. and 16.40 p.a. based on your risk profile A flexible loan with amounts from $2,001 and terms starting from 6 months. Interest and comparison rates calculated for a loan term of 3 years.
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.
How likely would you be to recommend finder to a friend or colleague?
0
1
2
3
4
5
6
7
8
9
10
Very UnlikelyExtremely Likely
Required
Thank you for your feedback.
Our goal is to create the best possible product, and your thoughts, ideas and suggestions play a major role in helping us identify opportunities to improve.
Important information about this website
finder.com.au is one of Australia's leading comparison websites. We compare from a wide set of major banks, insurers and product issuers.
finder.com.au has access to track details from the product issuers listed on our sites. Although we provide information on the products offered by a wide range of issuers, we don't cover every available product. You should consider whether the products featured on our site are appropriate for your needs and seek independent advice if you have any questions.
Products marked as 'Promoted' or "Advertisement" are prominently displayed either as a result of a commercial advertising arrangement or to highlight a particular product, provider or feature. Finder may receive remuneration from the Provider if you click on the related link, purchase or enquire about the product. Finder's decision to show a 'promoted' product is neither a recommendation that the product is appropriate for you nor an indication that the product is the best in its category. We encourage you to use the tools and information we provide to compare your options and find the best option for you.
The identification of a group of products, as 'Top' or 'Best' is a reflection of user preferences based on current website data. On a regular basis, analytics drive the creation of a list of popular products. Where these products are grouped, they appear in no particular order.
Where our site links to particular products or displays 'Go to site' buttons, we may receive a commission, referral fee or payment.
We try to take an open and transparent approach and provide a broad based comparison service. However, you should be aware that while we are an independently owned service, our comparison service does not include all providers or all products available in the market.
Some product issuers may provide products or offer services through multiple brands, associated companies or different labelling arrangements. This can make it difficult for consumers to compare alternatives or identify the companies behind the products. However, we aim to provide information to enable consumers to understand these issues.
Providing or obtaining an estimated insurance quote through us does not guarantee you can get the insurance. Acceptance by insurance companies is based on things like occupation, health and lifestyle. By providing you with the ability to apply for a credit card or loan we are not guaranteeing that your application will be approved. Your application for credit products is subject to the Provider's terms and conditions as well as their application and lending criteria.
Please read our website terms of use for more information about our services and our approach to privacy.
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