People’s Choice Credit Union cuts rate: where basic home loans sit now

By Polly Fleeting · · 2 min read
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happy woman smiling because of slashed home loan rate

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!

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Important disclosures and comparison rate warning*
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
Find out more

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: 

ANZSimplicity PLUS Special Offer Home Loan2.72% (2.76% comparison rate*)
CommBankExtra Home Loan2.79% (2.80% comparison rate*)
NABBase Variable Rate Home Loan2.69% (2.69% comparison rate*)
WestpacFlexi First Option Home Loan2.79% (2.80% comparison rate*)

Want to compare more mortgage options? Check out the table below or head over to our home loan comparison tool.

Mozo may receive payment if you click the products below. We don’t compare the entire market, but you can compare more home loans here.
Last updated 10 October 2024 Important disclosures and comparison rate warning*

Home loan comparisons on Mozo

Promoted

  • Unloan Variable

    • Owner Occupier
    • LVR <80%
    Interest rate
    5.99 % p.a.
    Variable
    Comparison rate
    5.90 % p.a.
    Initial monthly repayment
    $2,995
    Go to site

    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.

  • Fixed Home Loan

    • Owner Occupier
    • Principal and Interest
    Interest rate
    5.54 % p.a.
    Fixed 2 years
    Comparison rate
    5.93 % p.a.
    Initial monthly repayment
    $2,852
    Go to site

    Competitive fixed rate on up to a 30 year loan term. No application fees to pay. Additional repayments up to $20,000 per year without penalty. Free online redraw. Optional 100% offset feature ($10/month) 10% minimum deposit. Fees & charges apply, Australian Credit Licence 237879 is held by Bendigo and Adelaide Bank Limited, the credit provider.

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* 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.

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