🎂 Turned 31 this year? Get health insurance before your price rises.
Get cover
Family eating - dental loans

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.

HSBC Personal Loan Offer

HSBC Personal Loan

from

9.50 % p.a.

fixed rate

from

10.06 % p.a.

comparison rate

  • Competitive interest rate
  • Additional payments OK
  • Borrow up to $50,000
Security Logo

100% confidential application

HSBC Personal Loan Offer

Apply for a HSBC Personal Loan and you'll get access to a competitive interest rate offer and a flexible range of repayment options.

  • Interest rate from: 9.50% p.a.
  • Comparison rate: 10.06% p.a.
  • Interest rate type: Fixed
  • Application fee: $150
  • Minimum loan amount: $5,000
  • Maximum loan amount: $50,000
Go to site
Promoted

Personal loans you can fix for 7 years

Rates last updated June 25th, 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
HSBC Personal Loan
From 9.5% (fixed)
10.06%
$5,000
1 to 5 years
$5
$150
A competitive fixed interest rate loan with the option to make extra repayments. Rates range from 9.5% p.a. to 15.99% p.a. based on your credit history.
NOW FINANCE Personal Loans
From 7.95% (fixed)
9.42%
$5,000
1.5 to 7 years
$13
$395 (Based on $10,000)
Get rewarded with a low interest rate for your good credit history. Rates from 7.95% p.a. to 16.95% p.a. depending on your credit score.
MyState Unsecured Personal Loan
12.99% (variable)
16.42%
$3,000
1 to 7 years
$10
$200
Apply for up to $50,000 and make additional repayments at any time without penalty.
CUA Unsecured Fixed Rate Personal Loan
11.99% (fixed)
11.99%
$5,000
1 to 7 years
$0
$0
Apply for a loan up to $60,000 and keep repayments manageable with a competitive fixed rate.
Pepper Money Unsecured Fixed Rate Personal Loan
From 9.99% (fixed)
9.99%
$5,000
1 to 7 years
$0
$0
Apply for up to $50,000 and receive conditional approval within minutes. Interest rates range from 9.99% p.a. to 21.74% p.a. The rate you are approved for depends on individual circumstances.
Latitude Personal Loan (Unsecured)
From 13.99% (fixed)
15.19%
$3,000
2 to 7 years
$13
$250 (Loans under $4000 - $140)
An unsecured loan with a tailored rate from 13.99% p.a. to 29.99% p.a. designed for multiple purposes including renovating, buying a car or travelling.

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.

Was this content helpful to you? No  Yes

Related Posts

Personal Loan Offers

Important Information*
Harmoney Unsecured Personal Loan

Interest rates are tailored to each applicant individually, and start from as low as 6.99% p.a. to 26.95% p.a.. based on your credit history.

Citi Personal Loan Plus

Borrow up to $75,000 to use for a range of purposes. You’ll receive a rate of between 8.99% p.a. and 17.99% p.a. depending on your risk profile. (Comparison Rate of 9.96% p.a. to 18.91% p.a..)

SocietyOne Unsecured Personal Loan

Based on your risk profile, you will receive a tailored rate between 7.5% and 20.49% with a SocietyOne personal loan.

CUA Unsecured Fixed Rate Personal Loan

Apply for a loan up to $60,000 and keep repayments manageable with a competitive fixed rate.

Ask an Expert

You are about to post a question on finder.com.au:

  • Do not enter personal information (eg. surname, phone number, bank details) as your question will be made public
  • finder.com.au is a financial comparison and information service, not a bank or product provider
  • We cannot provide you with personal advice or recommendations
  • Your answer might already be waiting – check previous questions below to see if yours has already been asked

Finder only provides general advice and factual information, so consider your own circumstances, or seek advice before you decide to act on our content. By submitting a question, you're accepting our Terms and Conditions and Privacy Policy.

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.

    • Default Gravatar
      MariaNovember 30, 2017

      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

Ask a question
Go to site