Long-term personal loans

With a long-term personal loan, you pay less in the short term but more in the long run.

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Matt Corke

Edited by

David Gregory

Updated

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years
12 of 236 results
Checked 11 October 2026
Interest rate (p.a.) Comp. Rate (p.a.) Application Fee Monthly Fee Monthly Repayment
Interest Rate (p.a.)
6.99%
to 24.49%
Comp. Rate (p.a.)
6.99%
to 25.32%
Application Fee
$0
Monthly Fee
$0
Monthly Repayment
$395.93
Limited Time Offer: Apply in-app and access your funds in minutes if approved. New User Offer: Get a A$50 cash reward when you make your first repayment within 90 days of joining Revolut. Offer ends 31 Dec 2026. T&Cs apply.
Eligibility: Must be an Australian/NZ citizen or permanent resident, employed for 3+ months, earning at least $2,000/month, with a recommended Equifax credit score of 500+.
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Compare product selection
Interest Rate (p.a.)
5.95%
to 26.95%
Comp. Rate (p.a.)
5.95%
to 26.95%
Application Fee
$0
Monthly Fee
$0
Monthly Repayment
$386.19
Borrow up to $50,000 for any worthwhile purchase and pay no establishment or ongoing fees without providing collateral. You can also benefit from a more competitive interest rate if you have a strong credit score.
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Interest Rate (p.a.)
5.95%
to 18.99%
Comp. Rate (p.a.)
5.95%
to 21.78%
Application Fee
$0
min.
Monthly Fee
$0
Monthly Repayment
$386.19
Finder exclusive: Receive a $100 eGift Card if you have Excellent Credit (as determined by OMM’s credit assessment and scorecard), apply via Finder by 31 October 2026, and settle by 15 November 2026. For loans between $20,000 and $100,000 only. T&Cs apply.
Eligibility: Applicants must have an Equifax credit score of 500 or above, an annual income of more than $25k, and must be an Australian citizen or permanent resident.
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Harmoney logo
Harmoney Unsecured Personal Loan
Fixed3 - 7 Years $2,000 - $100,000
Interest Rate (p.a.)
5.94%
to 24.03%
Comp. Rate (p.a.)
5.94%
to 24.98%
Application Fee
$275 - $575
Monthly Fee
$0
Monthly Repayment
$397.20
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OurMoneyMarket logo
OurMoneyMarket Unsecured Low-Rate Personal Loan ($5,000-$100,000)
Fixed1 - 7 Years $5,000 - $100,000
Interest Rate (p.a.)
5.95%
to 18.99%
Comp. Rate (p.a.)
5.95%
to 21.78%
Application Fee
$0
min.
Monthly Fee
$0
Monthly Repayment
$386.19
No monthly or early exit fees. Loan amounts range from $5,000 to $75,000, and up to $100,000 for home improvement projects and motor vehicles.

Eligibility: Applicants must have an Equifax credit score of 500 or above, an annual income of more than $25k, and must be an Australian citizen or permanent resident.
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NAB logo
NAB Unsecured Fixed Rate Personal Loan
Fixed1 - 7 Years $5,000 - $55,000
Interest Rate (p.a.)
7.50%
to 22.00%
Comp. Rate (p.a.)
8.54%
to 22.88%
Application Fee
$0
Monthly Fee
$15
Monthly Repayment
$415.76
$250 application fee is waived for valid applications started from 8 October 2026 until 3 December 2026. Applications must be completed within 30 days. T&Cs apply.
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NAB logo
NAB Unsecured Variable Rate Personal Loan
Variable1 - 7 Years $5,000 - $55,000
Interest Rate (p.a.)
7.50%
to 22.00%
Comp. Rate (p.a.)
8.54%
to 22.88%
Application Fee
$0
Monthly Fee
$15
Monthly Repayment
$415.76
$250 application fee is waived for valid applications started from 8 October 2026 until 3 December 2026. Applications must be completed within 30 days. T&Cs apply.
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Compare product selection
ING logo
ING Personal Loan
Most LovedFixed2 - 7 Years $5,000 - $60,000
Interest Rate (p.a.)
6.19%
to 19.99%
Comp. Rate (p.a.)
7.03%
to 20.78%
Application Fee
$199
Monthly Fee
$8
Monthly Repayment
$400.29
No early repayment fees and same-day funding for existing ING customers.

Eligibility: Applicants must be 18+, Australian/ NZ citizen or permanent resident of Australia, and earning at least $36,000 a year (before tax) with PAYG payslips.
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Jacaranda Finance logo
Jacaranda Finance Unsecured Personal Loan
Fixed25 Months $3,000 - $10,000
Interest Rate (p.a.)
27.95%
to 29.95%
Comp. Rate (p.a.)
44.50%
to 46.50%
Application Fee
$13.50 - $950
Monthly Fee
$26
Monthly Repayment
$677.66
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Compare product selection
OurMoneyMarket logo
OurMoneyMarket Unsecured Low-Rate Personal Loan ($20,000-$100,000) - Excellent Credit
ExclusiveVariable1 - 7 Years $20,000 - $100,000
Interest Rate (p.a.)
5.95%
to 5.95%
Comp. Rate (p.a.)
5.95%
to 5.95%
Application Fee
$0
min.
Monthly Fee
$0
Monthly Repayment
$386.19
Finder exclusive: Receive a $100 eGift Card if you have Excellent Credit (as determined by OMM’s credit assessment and scorecard), apply via Finder by 31 October 2026, and settle by 15 November 2026. For loans between $20,000 and $100,000 only. T&Cs apply.
Eligibility: Applicants must have an Equifax credit score of 500 or above, an annual income of more than $25k, and must be an Australian citizen or permanent resident.
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Compare product selection
Fair Go Finance logo
Fair Go Finance Medium Loan
Fixed6 Months - 2 Years $2,001 - $5,000
Interest Rate (p.a.)
29.90%
to 59.20%
Comp. Rate (p.a.)
47%
to 64.99%
Application Fee
$400
Monthly Fee
$18
Monthly Repayment
$676.76
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Fair Go Finance logo
Fair Go Finance Large Loan
Fixed16 Months - 2 Years $5,050 - $10,000
Interest Rate (p.a.)
21.90%
to 29.21%
Comp. Rate (p.a.)
25.90%
to 33.76%
Application Fee
$795
Monthly Fee
$14
Monthly Repayment
$587.15
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Showing 12 of 12 results

Key takeaways

  • A long-term personal loan is where you have a loan term between 5 and 7 years.
  • This allows you to spread out your loan, reducing your monthly repayments. But you'll be in debt longer and pay more overall.
  • Always check eligibility requirements and ensure repayments fit comfortably within your budget.

How does a long-term personal loan work?

With a long-term personal loan you borrow the funds you need and then repay over a longer period of 5 to 7 years. You may be able to get a personal loan term up to 10 years, but this is less common. You will have to make regular repayments for the duration of the loan.

You'll have the choice between fixed and variable interest rates.

With fixed rates, you can expect to pay the same each month. With variable rates, your interest payments will fluctuate based on the market rate. However, variable interest loans come with more flexibility, allowing you to make additional repayments and pay back the loan early.

Long terms come with the advantage of smaller monthly repayments, given that it's stretched out over a longer period. But it also means you're paying more interest over the life of the loan.

What can I use a long-term personal loan for?

You can use the loan funds for any worthwhile purpose, including medical expenses, holidays or your wedding.

Long-term personal loans are usually taken out by people borrowing upwards of $30,000. But you may also be considering a longer term if you're borrowing less but are unable to afford higher monthly repayments.

Which is better: A short-term or long-term personal loan?

When it comes to the overall cost, short-term loans are better. Your monthly repayments are higher with a short-term personal loan, but because you'll pay the loan off faster you'll pay less in interest.

Take, for example, a $40,000 loan repaid over 3 years versus 7 years. The interest rate is 12.99% p.a.

Loan 1Loan 2
Loan amount$40,000$40,000
Loan term3 years7 years
Interest rate12.99%12.99%
Monthly repayments$1,348$728
Interest paid$8,513$21,107
Total loan cost$48,513$61,107

What are the pros and cons of long-term personal loans?

The main point of consideration with long-term personal loans is cost. The other variables – like how you can use the funds and the type of interest – remain the same.

Pros

  • Lower monthly repayments can help you manage your cash flow.
  • You could hack the loan by making additional repayments and paying your loan off sooner while taking advantage of lower interest payments.
  • You have more time to pay off the loan.

Cons

  • Higher overall cost.
  • You have to manage the debt for a longer period.
  • Being in debt for longer will mean a longer period where your ability to take out any other credit is affected.

What types of long-term personal loans can I apply for?

You will be able to choose between the following:

  • Secured personal loan. This loan will require an asset to use as loan security. Typically for secured loans, the interest rates are lower, but you run the risk of losing your asset if you default. You can use your car or home equity as security. How much you can borrow will depend on the value of your asset, but you may be able to borrow up to $100,000. You can generally use the funds how you wish, with the exception of secured car loans.
  • Unsecured personal loan. This loan doesn't require an asset as security. Borrowing amounts vary by lender, ranging from around $2,000 up to $200,000. Interest rates for unsecured loans are generally higher than for secured loans, as a result, these loans typically cost more. You can generally use the funds how you wish

There are also personal lines of credit and personal overdrafts. Your borrowing limits may be lower, and these loans don't come with fixed loan terms.

How can I compare long-term personal loans?

  • The interest rate. The interest rate is an important factor in determining the cost of the loan. It is how much you will be charged for borrowing. A low interest rate means your loan will cost less, but it's not the only cost you need to consider.
  • The fees. Apart from interest rates, you need to look at the comparison rate. The comparison rate is the total cost of the loan, inclusive of fees and interest. Fees include monthly and establishment fees. It does not include other fees that may come with exiting the loan early or making extra repayments. If those are features you're interested in, make sure to take into account how much it will cost.
  • Secured vs unsecured loan. Depending on whether you want to offer security, you can filter for secured and unsecured loans.
  • Minimum and maximum limits. Each lender will set their maximum and minimum borrowing limits. You need to check whether the amount you need to borrow is offered by the lender. How much you can actually borrow will depend on a number of factors, including your credit score.
  • Loan terms. If you need a loan term of 7 years, be sure to check if the lender offers this.
  • Repayment options. Does the lender offer you repayment flexibility? Are you able to choose between weekly, fortnightly and monthly repayments? If you're looking at a variable rate loan, look for one that allows you the option to make extra repayments without penalty. This will allow you to pay off your loan sooner.
Average personal loan length
According to Finder's Consumer Sentiment Tracker, the average length of a personal loan taken out by Australians is 4 years.
Source: Finder's consumer sentiment tracker

What should I avoid with a long-term personal loan?

  • Applying for the first loan you see. You won't know if you're getting the best deal if you apply for the first loan you find. Compare your options first and make a shortlist based on cost, terms and eligibility.
  • Borrowing more than you can afford. Check the cost of the loan and make sure you can afford it. You should be comfortably able to include your repayments in your budget. You should also avoid borrowing more than you need.
  • Splurging. Long-term personal loans involve lump-sum payments. You may be tempted to use it all up and buy more than you need. Stick to a budget and avoid spending beyond what you planned for. Remember you pay interest for every dollar you borrow.
  • Multiple applications. Every loan application shows up on your credit report. Several applications within a short period can have a negative impact on your credit score. This can make it harder for you to get a loan in the future. Select a single loan and lender that you're eligible for and that suits your needs. If you've already applied for legal finance, give it a few more days or contact the lender before applying elsewhere.
  • Long-term repercussions and legal issues. Once you sign a loan agreement, you are bound to its conditions. You will have to pay the loan and all the fees and payments. Keep in mind that for unsecured loans, the lender can initiate legal proceedings against you if you don't repay the loan. It can also report the debt to a credit reporting body like Equifax and use the services of a debt collector. With secured loans, your loan security can be repossessed by the lender if you fail to make your repayments.

Am I eligible for a long-term personal loan?

The eligibility criteria between lenders can differ. It can include any of the following:

  • Age. You'll need to be at least 18 years old to apply for a loan in Australia.
  • Income. You'll need to earn above the minimum threshold. Some lenders may require you to earn over $35,000, while others may require $24,000. If you're looking for low-income personal loans, there are some available.
  • Employment. Most lenders will require you to be employed. Some lenders will also require you to be out of your probation period or to be employed full time. Some lenders consider casual employees, while others may consider Centrelink payments.
  • Residency. You may have to be an Australian citizen or permanent resident, but there are personal loans for temporary residents.

You need to keep in mind that even if you meet the minimum requirements, lenders will consider whether you can afford the repayments first. They will look into your income, debts and the stability of your employment.

How can I apply for a long-term personal loan?

  1. Figure out your loan needs.Work out what type of loan you need, how much you need to borrow and what you can afford. You can use a personal loan calculator to help you.
  2. Start comparing lenders. You can use the comparison table on this page. Don't forget to compare interest and comparison rates and find a loan you're eligible for.
  3. Select a lender. If you're using the comparison table, you can click "Go to site" to be directed to the lender's page, or "More Info" if you want to read up on the lender.
  4. Organise and prepare the required documentation. This can make the application process easier.
  5. Apply. Most lenders have their applications online.

Frequently asked questions

Sources

Why compare personal loans with Finder?

freeAddicted to details. We know taking out a personal loan is something you'll be hooked up with for a while. That's why we put hours into research for this guide (and still do at least once a month)
expert adviceRates obsessed. Lenders come in all shapes and sizes, that's why we don't just track the big banks, but all the digi folk too. Pretty much everyone but your parents to be honest.
independentCash for whatever you need. Lending rates verified from 180+ products day and night. Whether you're buying a car, rennovating your home or heck just ready to let loose with the spending - we got you.
To make sure you get accurate and helpful information, this guide has been edited by David Gregory as part of our fact-checking process.
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Written by

Head of Publishing Ventures
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Matt Corke is Finder’s head of publishing ventures. Prior to this he was head of publishing for Australia, New Zealand and emerging markets. Matt built his first website in 1999 and has been building computers since he was in his early teens. In that time, he has survived the dot-com crash and countless Google algorithm updates. See full bio

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