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 - 2025
Unloan Variable Home Loan
- Owner occupier
- Principal & Interest
- 20% min deposit
- Redraw available
Go to site- Interest rate
-
5.74
%
p.a.
Variable
- Comparison rate
-
5.65
%
p.a.
- Initial monthly repayment
-
$2,915
- The first home loan with an increasing discount (conditions apply)
- No application or banking fees
- interest rate
-
5.74% p.a. (5.65% p.a. comparison rate)
- 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 automatically 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
Basic Home Loan
- Fixed rate
- Owner occupier
- Principal & Interest
- 30% min deposit
- Redraw available
Go to site- Interest rate
-
5.39
%
p.a.
Fixed 2 years
- Comparison rate
-
5.82
%
p.a.
- Initial monthly repayment
-
$2,805
- No ongoing fees
- Free redraw from your loan using Macquarie Online.
- No application or account management fees
- interest rate
-
1 year - 5.49% p.a. (5.87% p.a. comparison rate)
2 years - 5.39% p.a. (5.82% p.a. comparison rate)
3 years - 5.39% p.a. (5.77% p.a. comparison rate)
4 years - 5.59% p.a. (5.81% p.a. comparison rate)
5 years - 5.59% p.a. (5.78% p.a. comparison rate)
- Fixed loan revert rate
-
5.89% p.a.
- Upfront fees
-
$350
- Ongoing fees
-
$0.00
- Discharge Fee
-
$400.00
- Package
-
-
- Maximum loan to value ratio
-
70.00%
- minimum borrowing amount
-
$150,000
- maximum borrowing amount
-
$10,000,000
- type of mortgage
-
Fixed
- Repayment types
-
Principal & Interest
- Availability
-
Owner Occupier
- Repayment options
-
Monthly
- Extra repayments
-
yes - up to $10,000 p.a.
- Redraw facility
-
yes - free
- Minimum redraw amount
-
-
- Offset account
-
no
- Split account
-
yes
- Other restrictions
-
-
- Other benefits
-
-
- Special Offers
-
-
Read reviews and learn more about Macquarie home loans
Go to site -
Promoted
Mozo experts choice awards won:
- First Home Buyer Loan - 2025
Variable Home Loan 90
- Owner occupier
- Principal & Interest
- 10% min deposit
- Offset available
- Redraw available
Go to site- Interest rate
-
5.79
%
p.a.
Variable
- Comparison rate
-
5.83
%
p.a.
- Initial monthly repayment
-
$2,931
- No monthly or ongoing fees
- Option to add an offset for 0.10% p.a.
- interest rate
-
5.79% p.a. (5.83% p.a. comparison rate)
- Fixed loan revert rate
-
n/a
- Upfront fees
-
$530
- Ongoing fees
-
$0.00
- Discharge Fee
-
$0.00
- Package
-
-
- Maximum loan to value ratio
-
90.00%
- minimum borrowing amount
-
$50,000
- maximum borrowing amount
-
$2,000,000
- 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
-
$0.00
- Offset account
-
yes
- Split account
-
yes
- Other restrictions
-
Offset sub-account available for additional +0.10%. $300 discharge fee and $250 discharge documentation fee applicable if loan doesnt go to full term.
- Other benefits
-
-
- Special Offers
-
-
Read reviews and learn more about loans.com.au home loans
Go to site
-
Basic Home Loan
- Fixed rate
- Owner occupier
- Principal & Interest
- 30% min deposit
- Redraw available
Go to site- Interest rate
-
5.39
%
p.a.
Fixed 2 years
- Comparison rate
-
5.82
%
p.a.
- Initial monthly repayment
-
$2,805
- No ongoing fees
- Free redraw from your loan using Macquarie Online.
- No application or account management fees
- interest rate
-
1 year - 5.49% p.a. (5.87% p.a. comparison rate)
2 years - 5.39% p.a. (5.82% p.a. comparison rate)
3 years - 5.39% p.a. (5.77% p.a. comparison rate)
4 years - 5.59% p.a. (5.81% p.a. comparison rate)
5 years - 5.59% p.a. (5.78% p.a. comparison rate)
- Fixed loan revert rate
-
5.89% p.a.
- Upfront fees
-
$350
- Ongoing fees
-
$0.00
- Discharge Fee
-
$400.00
- Package
-
-
- Maximum loan to value ratio
-
70.00%
- minimum borrowing amount
-
$150,000
- maximum borrowing amount
-
$10,000,000
- type of mortgage
-
Fixed
- Repayment types
-
Principal & Interest
- Availability
-
Owner Occupier
- Repayment options
-
Monthly
- Extra repayments
-
yes - up to $10,000 p.a.
- Redraw facility
-
yes - free
- Minimum redraw amount
-
-
- Offset account
-
no
- Split account
-
yes
- Other restrictions
-
-
- Other benefits
-
-
- Special Offers
-
-
Read reviews and learn more about Macquarie home loans
Go to site -
Switch & Save One Year Fixed Home Loan
- Fixed rate
- Owner occupier
- Principal & Interest
- Offset available
- Redraw available
Go to site- Interest rate
-
5.54
%
p.a.
Fixed 1 year
- Comparison rate
-
5.74
%
p.a.
- Initial monthly repayment
-
$2,852
- No penalty for early payout
- No penalty for making additional payments
- 100% Savings Offset facility
- interest rate
-
1 year - 5.54% p.a. (5.74% p.a. comparison rate)
- Fixed loan revert rate
-
5.64% p.a.
- Upfront fees
-
$1,555
- Ongoing fees
-
$0.00
- Discharge Fee
-
$300.00
- Package
-
-
- Maximum loan to value ratio
-
-
- minimum borrowing amount
-
$100,000
- maximum borrowing amount
-
$900,000
- 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
-
$100.00
- Offset account
-
yes
- Split account
-
no
- Other restrictions
-
-
- Other benefits
-
-
- Special Offers
-
-
Read reviews and learn more about Transport Mutual Credit Union home loans
Go to site -
Switch and Save Home Loan
- Owner occupier
- Principal & Interest
- Offset available
- Redraw available
Go to site- Interest rate
-
5.64
%
p.a.
Variable
- Comparison rate
-
5.75
%
p.a.
- Initial monthly repayment
-
$2,883
- No penalty for early payout
- No penalty for making additional payments
- 100% Savings Offset facility
- interest rate
-
5.64% p.a. (5.75% p.a. comparison rate)
- Fixed loan revert rate
-
n/a
- Upfront fees
-
$1,555
- Ongoing fees
-
$0.00
- Discharge Fee
-
$300.00
- Package
-
-
- Maximum loan to value ratio
-
-
- minimum borrowing amount
-
$100,000
- maximum borrowing amount
-
$900,000
- 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
-
$100.00
- Offset account
-
yes
- Split account
-
no
- Other restrictions
-
-
- Other benefits
-
-
- Special Offers
-
-
Read reviews and learn more about Transport Mutual Credit Union home loans
Go to site -
Fixed Home Loan
- Fixed rate
- Owner occupier
- Principal & Interest
- 5% min deposit
- Redraw available
- Cashback
Go to site- Interest rate
-
5.69
%
p.a.
Fixed 2 years
- Comparison rate
-
6.00
%
p.a.
- Initial monthly repayment
-
$2,899
- Get up to $4,000 cashback (T&Cs apply)
- Up to 12 months repayments in advance without penalties
- Split loan available
- interest rate
-
1 year - 5.89% p.a. (6.05% p.a. comparison rate)
2 years - 5.69% p.a. (6.00% p.a. comparison rate)
3 years - 5.69% p.a. (5.98% p.a. comparison rate)
4 years - 5.89% p.a. (6.03% p.a. comparison rate)
5 years - 5.89% p.a. (6.03% p.a. comparison rate)
- Fixed loan revert rate
-
5.99% 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 -
Mozo experts choice awards won:
- Low Cost Home Loan - 2025
Unloan Variable Home Loan
- Owner occupier
- Principal & Interest
- 20% min deposit
- Redraw available
Go to site- Interest rate
-
5.74
%
p.a.
Variable
- Comparison rate
-
5.65
%
p.a.
- Initial monthly repayment
-
$2,915
- The first home loan with an increasing discount (conditions apply)
- No application or banking fees
- interest rate
-
5.74% p.a. (5.65% p.a. comparison rate)
- 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 automatically 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 -
Mozo experts choice awards won:
- Low Cost Home Loan - 2025
Simple Home Loan Variable
- Owner occupier
- Principal & Interest
- 40% min deposit
- Redraw available
Go to site- Interest rate
-
5.74
%
p.a.
Variable
- Comparison rate
-
5.74
%
p.a.
- Initial monthly repayment
-
$2,915
- No application, ongoing or monthly fees
- Make additional repayments at any time
- Access your money via internet banking at any time
- interest rate
-
5.74% p.a. (5.74% p.a. comparison rate)
- Fixed loan revert rate
-
n/a
- Upfront fees
-
$0
- Ongoing fees
-
$0.00
- Discharge Fee
-
$175.00
- Package
-
-
- Maximum loan to value ratio
-
60.00%
- minimum borrowing amount
-
$150,000
- maximum borrowing amount
-
$3,500,000
- 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
-
$0.00
- Offset account
-
no
- Split account
-
yes
- Other restrictions
-
Valuation and legal fees covered up to $1,000. Anything above this charged at cost.
- Other benefits
-
-
- Special Offers
-
-
Read reviews and learn more about First Option Bank home loans
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OMG Home Loan
- Owner occupier
- Principal & Interest
- 40% min deposit
- Redraw available
Go to site- Interest rate
-
5.74
%
p.a.
Variable
- Comparison rate
-
5.77
%
p.a.
- Initial monthly repayment
-
$2,915
- No ongoing annual fees
- Pre-approval valid for 3 months
- interest rate
-
5.74% p.a. (5.77% p.a. comparison rate)
- Fixed loan revert rate
-
n/a
- Upfront fees
-
$300
- Ongoing fees
-
$0.00
- Discharge Fee
-
$395.00
- Package
-
-
- Maximum loan to value ratio
-
60.00%
- minimum borrowing amount
-
$20,000
- 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
-
$0.00
- Offset account
-
no
- Split account
-
yes
- Other restrictions
-
-
- Other benefits
-
-
- Special Offers
-
-
Read reviews and learn more about BCU Bank 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.