People’s Choice Credit Union cuts rate: where basic home loans sit now
It’s good news again for borrowers!
Today, People’s Choice Credit Union cut its home loan rate by 20 basis points.
The Basic Variable Home Loan now has a rate of 2.49% (2.49% comparison rate*) down from 2.69% (2.69% comparison rate*).
According to the Mozo database, the average rate for basic, owner occupier, principal and interest variable home loans sits at 3.15%.
That means People’s Choice Credit Union’s rate sits a solid 0.66% below average.
Want to get to know this mortgage option a little better? Read below!
People’s Choice Credit Union Basic Variable Home Loan
- 2.49% variable rate (2.49% comparison rate*)
- Extra repayments and redraw facility
- No upfront or ongoing fees
If you want a loan that’s a one stop shop for a low rate, flexible features and minimal fees, People’s Choice Credit Union’s Basic Variable Home Loan ticks those boxes. Not only does this loan come with a competitive 2.49% (2.49% comparison rate*), there are also no upfront or ongoing fees attached to it. Plus, when it comes to paying down your loan, there’s plenty of room to be flexible with both free extra repayments and a redraw facility. Bear in mind though, this is a basic loan option so there is no offset account, plus you’ll need to budget for a $350 discharge fee at the end of the loan.
Which lenders offer low rates in basic variable home loans?
A basic variable home loan refers to a loan that comes without an offset account and is not part of a package.
At the moment, there are over 80 loans on the Mozo database that have rates below the 3.15% average. And while People’s Choice Credit Union’s rate is extremely competitive, it’s just shy of the top five rates at the moment.
The top five variable rates right now for basic home loans:
- Reduce Home Loans Super Saver Variable Home Loan: 2.04% (2.19% comparison rate*)
- Firstmac Basic 80 (Broker Special) Home Loan: 2.19% (2.59% comparison rate*)
- Homestar Star Essentials Home Loan: 2.29% (2.32% comparison rate*)
- Pacific Mortgage Group Standard Variable Home Loan: 2.44% (2.44% comparison rate*)
- loans.com.au Smart Home Loan 80: 2.48% (2.50% comparison rate*)
How do the big banks compare?
When it comes to the big four banks, all of them have a basic variable home loan option that comes with an ongoing competitive rate.
Here’s the lowest of what’s on offer:
| ANZ | Simplicity PLUS Special Offer Home Loan | 2.72% (2.76% comparison rate*) |
| CommBank | Extra Home Loan | 2.79% (2.80% comparison rate*) |
| NAB | Base Variable Rate Home Loan | 2.69% (2.69% comparison rate*) |
| Westpac | Flexi First Option Home Loan | 2.79% (2.80% comparison rate*) |
Want to compare more mortgage options? Check out the table below or head over to our home loan comparison tool.
-
Promoted
Mozo experts choice awards won:
- Low Cost Home Loan - 2024
Unloan Variable
- Owner Occupier
- LVR <80%
Go to site- Interest rate
-
5.99
%
p.a.
Variable
- Comparison rate
-
5.90
%
p.a.
- Initial monthly repayment
-
$2,995
Built by CommBank, the Unloan is the first home loan with an increasing discount (conditions apply) for borrowers. No application or banking fees. No monthly account keeping or early exit fees. Apply online in minutes.
- interest rate
-
5.99% p.a. (5.90% p.a.*)
- Fixed loan revert rate
-
n/a
- Upfront fees
-
$0
- Ongoing fees
-
$0.00
- Discharge Fee
-
$0.00
- Package
-
-
- Maximum loan to value ratio
-
80.00%
- minimum borrowing amount
-
$10,000
- maximum borrowing amount
-
$10,000,000
- type of mortgage
-
Variable
- Repayment types
-
Principal & Interest
- Availability
-
Owner Occupier
- Repayment options
-
Weekly, Fortnightly, Monthly
- Extra repayments
-
yes - free
- Redraw facility
-
yes - free
- Minimum redraw amount
-
-
- Offset account
-
no
- Split account
-
no
- Other restrictions
-
-
- Other benefits
-
Rate discounted by 0.01% p.a. every year up to a maximum discount of 0.30% p.a..
- Special Offers
-
-
Read reviews and learn more about Unloan home loans
Go to site -
Promoted
Neat Home Loan
- Owner Occupier
- Principal & Interest
- LVR <60%
Go to site- Interest rate
-
6.09
%
p.a.
Variable
- Comparison rate
-
6.11
%
p.a.
- Initial monthly repayment
-
$3,027
Competitively-priced variable rate loan. Ideal for owner occupiers and investors. No service fees to pay. Make free extra repayments and redraws. Flexible repayment schedule available.
- interest rate
-
6.09% p.a. (6.11% p.a.*)
- Fixed loan revert rate
-
n/a
- Upfront fees
-
$250
- Ongoing fees
-
$0.00
- Discharge Fee
-
$300.00
- Package
-
-
- Maximum loan to value ratio
-
60.00%
- minimum borrowing amount
-
$80,000
- maximum borrowing amount
-
$5,000,000
- type of mortgage
-
Variable
- Repayment types
-
Principal & Interest
- Availability
-
Owner Occupier
- Repayment options
-
Weekly, Fortnightly, Monthly
- Extra repayments
-
yes - free
- Redraw facility
-
yes - free
- Minimum redraw amount
-
-
- Offset account
-
no
- Split account
-
no
- Other restrictions
-
If the valuation is over $360, ubank will cover the first $360. Home loans with a term of greater than 30 years will only be available for owner-occupied P&I 80% LVR purchase applications.
- Other benefits
-
-
- Special Offers
-
-
Read reviews and learn more about ubank home loans
Go to site -
Promoted
Optimum Fixed Rate Home Loan
- Owner Occupier
- Principal & Interest
- LVR <80%
Go to site- Interest rate
-
5.89
%
p.a.
Fixed 1 year
- Comparison rate
-
6.30
%
p.a.
- Initial monthly repayment
-
$2,867
Lock in a competitive fixed interest rate and enjoy peace of mind for the fixed period with SWS Bank’s Optimum Fixed Rate Home Loan.There are no application, ongoing or banking fees to pay and first home buyers and refinancers can apply with a speedy online application. Get the flexibility of loan split options and redraw facility. No offset account available for fixed rate proportion of loan. Other fees may be applicable. T&Cs apply.
- interest rate
-
1 year - 5.89% p.a. (6.53% p.a.*)
2 years - 5.69% p.a. (6.42% p.a.*)
3 years - 5.59% p.a. (6.30% p.a.*)
- Fixed loan revert rate
-
6.60% p.a.
- Upfront fees
-
$0
- Ongoing fees
-
$0.00
- Discharge Fee
-
-
- Package
-
-
- Maximum loan to value ratio
-
80.00%
- minimum borrowing amount
-
-
- maximum borrowing amount
-
$2,500,000
- type of mortgage
-
Fixed
- Repayment types
-
Principal & Interest
- Availability
-
Owner Occupier
- Repayment options
-
Weekly, Fortnightly, Monthly
- Extra repayments
-
yes - free up to $20,000 p.a. during fixed rate term
- Redraw facility
-
yes - free
- Minimum redraw amount
-
$1.00
- Offset account
-
no
- Split account
-
yes
- Other restrictions
-
Legal and exit fee at cost. Valuation fee charged at cost, starting from $132.
- Other benefits
-
-
- Special Offers
-
-
Read reviews and learn more about SWSbank home loans
Go to site -
Promoted
Fixed Home Loan
- Owner Occupier
- Principal & Interest
- LVR <95%
Go to site- Interest rate
-
5.69
%
p.a.
Fixed 2 years
- Comparison rate
-
6.34
%
p.a.
- Initial monthly repayment
-
$2,899
Get the security of a competitive fixed rate home loan for 2 years with IMB. Get up to $4,000 cashback (T&Cs apply). Up to 12 months repayments in advance without penalties. Free Internet and Mobile Banking redraws (T&Cs apply). Up to a 30 year loan term. Split loan available. No offset account.
- interest rate
-
1 year - 6.19% p.a. (6.45% p.a.*)
2 years - 5.69% p.a. (6.34% p.a.*)
3 years - 5.69% p.a. (6.28% p.a.*)
4 years - 5.89% p.a. (6.30% p.a.*)
5 years - 5.89% p.a. (6.27% p.a.*)
- Fixed loan revert rate
-
6.34% p.a.
- Upfront fees
-
$799
- Ongoing fees
-
$6.00 monthly
- Discharge Fee
-
$350.00
- Package
-
-
- Maximum loan to value ratio
-
95.00%
- minimum borrowing amount
-
$10,000
- maximum borrowing amount
-
$5,000,000
- type of mortgage
-
Fixed
- Repayment types
-
Principal & Interest
- Availability
-
Owner Occupier
- Repayment options
-
Weekly, Fortnightly, Monthly
- Extra repayments
-
yes - free up to 1 year in advance
- Redraw facility
-
yes - free
- Minimum redraw amount
-
$500.00
- Offset account
-
no
- Split account
-
yes
- Other restrictions
-
Monthly fee only applies to fixed period of loan.
- Other benefits
-
-
- Special Offers
-
$4,000 cashback for loans $750,000 and above with a maximum LVR of 80%, settled within 90 days of application for refinancers or 180 for purchase loans. $3,000 for loans between $500k and $749k, $2,000 for loans between $250k and $499k.
Read reviews and learn more about IMB Bank home loans
Go to site
-
Optimum Fixed Rate Home Loan
- Owner Occupier
- Principal & Interest
- LVR <80%
Go to site- Interest rate
-
5.89
%
p.a.
Fixed 1 year
- Comparison rate
-
6.30
%
p.a.
- Initial monthly repayment
-
$2,867
Lock in a competitive fixed interest rate and enjoy peace of mind for the fixed period with SWS Bank’s Optimum Fixed Rate Home Loan.There are no application, ongoing or banking fees to pay and first home buyers and refinancers can apply with a speedy online application. Get the flexibility of loan split options and redraw facility. No offset account available for fixed rate proportion of loan. Other fees may be applicable. T&Cs apply.
- interest rate
-
1 year - 5.89% p.a. (6.53% p.a.*)
2 years - 5.69% p.a. (6.42% p.a.*)
3 years - 5.59% p.a. (6.30% p.a.*)
- Fixed loan revert rate
-
6.60% p.a.
- Upfront fees
-
$0
- Ongoing fees
-
$0.00
- Discharge Fee
-
-
- Package
-
-
- Maximum loan to value ratio
-
80.00%
- minimum borrowing amount
-
-
- maximum borrowing amount
-
$2,500,000
- type of mortgage
-
Fixed
- Repayment types
-
Principal & Interest
- Availability
-
Owner Occupier
- Repayment options
-
Weekly, Fortnightly, Monthly
- Extra repayments
-
yes - free up to $20,000 p.a. during fixed rate term
- Redraw facility
-
yes - free
- Minimum redraw amount
-
$1.00
- Offset account
-
no
- Split account
-
yes
- Other restrictions
-
Legal and exit fee at cost. Valuation fee charged at cost, starting from $132.
- Other benefits
-
-
- Special Offers
-
-
Read reviews and learn more about SWSbank home loans
Go to site -
Fixed Home Loan
- Owner Occupier
- Principal & Interest
- LVR <95%
Go to site- Interest rate
-
5.69
%
p.a.
Fixed 2 years
- Comparison rate
-
6.34
%
p.a.
- Initial monthly repayment
-
$2,899
Get the security of a competitive fixed rate home loan for 2 years with IMB. Get up to $4,000 cashback (T&Cs apply). Up to 12 months repayments in advance without penalties. Free Internet and Mobile Banking redraws (T&Cs apply). Up to a 30 year loan term. Split loan available. No offset account.
- interest rate
-
1 year - 6.19% p.a. (6.45% p.a.*)
2 years - 5.69% p.a. (6.34% p.a.*)
3 years - 5.69% p.a. (6.28% p.a.*)
4 years - 5.89% p.a. (6.30% p.a.*)
5 years - 5.89% p.a. (6.27% p.a.*)
- Fixed loan revert rate
-
6.34% p.a.
- Upfront fees
-
$799
- Ongoing fees
-
$6.00 monthly
- Discharge Fee
-
$350.00
- Package
-
-
- Maximum loan to value ratio
-
95.00%
- minimum borrowing amount
-
$10,000
- maximum borrowing amount
-
$5,000,000
- type of mortgage
-
Fixed
- Repayment types
-
Principal & Interest
- Availability
-
Owner Occupier
- Repayment options
-
Weekly, Fortnightly, Monthly
- Extra repayments
-
yes - free up to 1 year in advance
- Redraw facility
-
yes - free
- Minimum redraw amount
-
$500.00
- Offset account
-
no
- Split account
-
yes
- Other restrictions
-
Monthly fee only applies to fixed period of loan.
- Other benefits
-
-
- Special Offers
-
$4,000 cashback for loans $750,000 and above with a maximum LVR of 80%, settled within 90 days of application for refinancers or 180 for purchase loans. $3,000 for loans between $500k and $749k, $2,000 for loans between $250k and $499k.
Read reviews and learn more about IMB Bank home loans
Go to site -
Flex Home Loan
- Fixed
- Owner Occupier
- Principal & Interest
- LVR <60%
Go to site- Interest rate
-
5.79
%
p.a.
Fixed 2 years
- Comparison rate
-
6.27
%
p.a.
- Initial monthly repayment
-
$2,931
Competitive Fixed rate. Multiple offset accounts available. Borrowers can also make extra repayments. Redraw facility available. Simple online application process. 40% deposit required.
- interest rate
-
1 year - 5.99% p.a. (6.32% p.a.*)
2 years - 5.79% p.a. (6.27% p.a.*)
3 years - 5.79% p.a. (6.25% p.a.*)
5 years - 5.79% p.a. (6.20% p.a.*)
- Fixed loan revert rate
-
6.09% p.a.
- Upfront fees
-
$250
- Ongoing fees
-
$250.00 yearly
- Discharge Fee
-
$300.00
- Package
-
-
- Maximum loan to value ratio
-
60.00%
- minimum borrowing amount
-
-
- maximum borrowing amount
-
-
- type of mortgage
-
Fixed
- Repayment types
-
Principal & Interest
- Availability
-
Owner Occupier
- Repayment options
-
Weekly, Fortnightly, Monthly
- Extra repayments
-
yes - free
- Redraw facility
-
yes - free
- Minimum redraw amount
-
-
- Offset account
-
yes
- Split account
-
yes
- Other restrictions
-
If the valuation is over $360, ubank will cover the first $360. Home loans with a term of greater than 30 years will only be available for owner-occupied P&I 80% LVR purchase applications.
- Other benefits
-
-
- Special Offers
-
-
Read reviews and learn more about ubank home loans
Go to site -
Mozo experts choice awards won:
- Low Cost Home Loan - 2024
Unloan Variable
- Owner Occupier
- LVR <80%
Go to site- Interest rate
-
5.99
%
p.a.
Variable
- Comparison rate
-
5.90
%
p.a.
- Initial monthly repayment
-
$2,995
Built by CommBank, the Unloan is the first home loan with an increasing discount (conditions apply) for borrowers. No application or banking fees. No monthly account keeping or early exit fees. Apply online in minutes.
- interest rate
-
5.99% p.a. (5.90% p.a.*)
- Fixed loan revert rate
-
n/a
- Upfront fees
-
$0
- Ongoing fees
-
$0.00
- Discharge Fee
-
$0.00
- Package
-
-
- Maximum loan to value ratio
-
80.00%
- minimum borrowing amount
-
$10,000
- maximum borrowing amount
-
$10,000,000
- type of mortgage
-
Variable
- Repayment types
-
Principal & Interest
- Availability
-
Owner Occupier
- Repayment options
-
Weekly, Fortnightly, Monthly
- Extra repayments
-
yes - free
- Redraw facility
-
yes - free
- Minimum redraw amount
-
-
- Offset account
-
no
- Split account
-
no
- Other restrictions
-
-
- Other benefits
-
Rate discounted by 0.01% p.a. every year up to a maximum discount of 0.30% p.a..
- Special Offers
-
-
Read reviews and learn more about Unloan home loans
Go to site -
Budget Home Loan
- LVR <80%
- Owner Occupier
- Principal & Interest
Go to site- Interest rate
-
6.04
%
p.a.
Variable
- Comparison rate
-
6.07
%
p.a.
- Initial monthly repayment
-
$3,011
Enjoy a discounted variable home loan from IMB. Get up to $4,000 cashback (T&Cs apply). Life-of-loan discount off IMB’s standard variable interest rate. Unrestricted additional repayments. Free Internet and Mobile Banking redraws (T&Cs apply). No monthly fees to pay. Up to a 30 year loan term. Split loan available. No offset account.
- interest rate
-
6.04% p.a. (6.07% p.a.*)
- Fixed loan revert rate
-
n/a
- Upfront fees
-
$350
- Ongoing fees
-
$0.00
- Discharge Fee
-
$350.00
- Package
-
-
- Maximum loan to value ratio
-
80.00%
- minimum borrowing amount
-
$10,000
- maximum borrowing amount
-
$5,000,000
- type of mortgage
-
Variable
- Repayment types
-
Principal & Interest
- Availability
-
Owner Occupier
- Repayment options
-
Weekly, Fortnightly, Monthly
- Extra repayments
-
yes - free
- Redraw facility
-
yes - free
- Minimum redraw amount
-
$500.00
- Offset account
-
no
- Split account
-
yes
- Other restrictions
-
-
- Other benefits
-
The $449 application fee is waived for <80% LVR Owner Occupier Principal and Interest loans.
- Special Offers
-
$4,000 cashback for loans $750,000 and above with a maximum LVR of 80%, settled within 90 days of application for refinancers or 180 for purchase loans. $3,000 for loans between $500k and $749k, $2,000 for loans between $250k and $499k.
Read reviews and learn more about IMB Bank home loans
Go to site -
Neat Home Loan
- Owner Occupier
- Principal & Interest
- LVR <60%
Go to site- Interest rate
-
6.09
%
p.a.
Variable
- Comparison rate
-
6.11
%
p.a.
- Initial monthly repayment
-
$3,027
Competitively-priced variable rate loan. Ideal for owner occupiers and investors. No service fees to pay. Make free extra repayments and redraws. Flexible repayment schedule available.
- interest rate
-
6.09% p.a. (6.11% p.a.*)
- Fixed loan revert rate
-
n/a
- Upfront fees
-
$250
- Ongoing fees
-
$0.00
- Discharge Fee
-
$300.00
- Package
-
-
- Maximum loan to value ratio
-
60.00%
- minimum borrowing amount
-
$80,000
- maximum borrowing amount
-
$5,000,000
- type of mortgage
-
Variable
- Repayment types
-
Principal & Interest
- Availability
-
Owner Occupier
- Repayment options
-
Weekly, Fortnightly, Monthly
- Extra repayments
-
yes - free
- Redraw facility
-
yes - free
- Minimum redraw amount
-
-
- Offset account
-
no
- Split account
-
no
- Other restrictions
-
If the valuation is over $360, ubank will cover the first $360. Home loans with a term of greater than 30 years will only be available for owner-occupied P&I 80% LVR purchase applications.
- Other benefits
-
-
- Special Offers
-
-
Read reviews and learn more about ubank home loans
Go to site -
Flex Home Loan
- Owner Occupier
- Principal & Interest
- LVR <60%
Go to site- Interest rate
-
6.09
%
p.a.
Variable
- Comparison rate
-
6.33
%
p.a.
- Initial monthly repayment
-
$3,027
Competitive variable rate. Multiple offset accounts available. Borrowers can also make extra repayments. Redraw facility available. Simple online application process. 40% deposit required.
- interest rate
-
6.09% p.a. (6.33% p.a.*)
- Fixed loan revert rate
-
n/a
- Upfront fees
-
$250
- Ongoing fees
-
$250.00 yearly
- Discharge Fee
-
$300.00
- Package
-
-
- Maximum loan to value ratio
-
60.00%
- minimum borrowing amount
-
-
- maximum borrowing amount
-
-
- type of mortgage
-
Variable
- Repayment types
-
Principal & Interest
- Availability
-
Owner Occupier
- Repayment options
-
Weekly, Fortnightly, Monthly
- Extra repayments
-
yes - free
- Redraw facility
-
yes - free
- Minimum redraw amount
-
-
- Offset account
-
yes
- Split account
-
yes
- Other restrictions
-
If the valuation is over $360, ubank will cover the first $360. Home loans with a term of greater than 30 years will only be available for owner-occupied P&I 80% LVR purchase applications.
- Other benefits
-
-
- Special Offers
-
-
Read reviews and learn more about ubank home loans
Go to site
Your selected home loans
* WARNING: This comparison rate applies only to the example or examples given. Different amounts and terms will result in different comparison rates. Costs such as redraw fees or early repayment fees, and cost savings such as fee waivers, are not included in the comparison rate but may influence the cost of the loan. The comparison rate displayed is for a secured loan with monthly principal and interest repayments for $150,000 over 25 years.
** Initial monthly repayment figures are estimates only, based on the advertised rate. You can change the loan amount and term in the input boxes at the top of this table. Rates, fees and charges and therefore the total cost of the loan may vary depending on your loan amount, loan term, and credit history. Actual repayments will depend on your individual circumstances and interest rate changes.
^See information about the Mozo Experts Choice Home Loan Awards
Mozo provides general product information. We don't consider your personal objectives, financial situation or needs and we aren't recommending any specific product to you. You should make your own decision after reading the PDS or offer documentation, or seeking independent advice.
While we pride ourselves on covering a wide range of products, we don't cover every product in the market. If you decide to apply for a product through our website, you will be dealing directly with the provider of that product and not with Mozo.