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

By Polly Fleeting · · 2 min read
Fact Checked
Advertiser disclosure
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!

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.

Compare Home Loans - last updated 9 December 2023

Search promoted home loans below or do a full Mozo database search . Advertiser disclosure
  • Featured Product
    Mozo Expert Choice Badge
    Unloan Variable

    Owner Occupier, Refinance Only, LVR <80%

    interest rate
    comparison rate
    Initial monthly repayment
    5.74% p.a. variable
    5.65% p.a.

    For refinancers only. 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 in as little as 10 minutes.

    Go to site
    Details
  • Home Variable Rate

    Owner Occupier, Principal & Interest, Refinance Only

    interest rate
    comparison rate
    Initial monthly repayment
    6.15% p.a. variable
    6.15% p.a.

    Enjoy a competitive variable interest rate from Up. No application, monthly, annual, redraw, or discharge fees to pay. Up to 50 free offset accounts available. Up home loans are only available to owner-occupiers buying or refinancing in major Australian cities. Up is 100% owned by Bendigo Bank. New joiners get $10 by signing up to the app using code UPHOMEMOZO. (T&Cs apply) Mozo Experts Choice award winner.

    Go to site
    Details
  • Mozo Expert Choice Badge
    Variable Rate Home Loan Special Offer

    Package, Owner Occupier, Principal & Interest, LVR<80%

    interest rate
    comparison rate
    Initial monthly repayment
    6.14% p.a. variable
    6.51% p.a.

    Package benefits across Home Loans, Visa Credit Card, Personal Loans and Term Deposits. No package fee for the first year. No application, settlement or redraw fees to pay. Quick and easy application. Free CoreLogic RP Data property reports. *Terms, conditions and lending criteria apply.

    Go to site
    Details
  • Mortgage Simplifier

    LVR<80%, Owner Occupier, Principal & Interest

    interest rate
    comparison rate
    Initial monthly repayment
    6.14% p.a. variable
    6.43% p.a.

    Get a competitive variable rate with ING’s Mortgage Simplifier. Free extra repayments, no monthly or annual fees. Freedom to make free extra repayments or redraws. Winner of Australia’s Best Essential Bank in the Mozo Experts Choice Awards.

    Details
  • Featured Product
    Mozo Expert Choice Badge
    Unloan Variable

    Investment, Refinance Only

    interest rate
    comparison rate
    Initial monthly repayment
    6.04% p.a. variable
    5.95% p.a.

    For refinancers only. Built by CommBank, the Unloan is the first home loan with an increasing discount (conditions apply) for investors. No application or banking fees. No monthly account keeping or early exit fees. Apply in as little as 10 minutes.

    Go to site
    Details
  • Home Fixed Rate

    Owner Occupier, Principal & Interest, Refinance Only

    interest rate
    comparison rate
    Initial monthly repayment
    6.40% p.a.
    fixed 4 years
    6.24% p.a.

    Enjoy the security of a competitive fixed interest rate from Up. No application, monthly, annual, redraw, or discharge fees to pay. Up to 50 free offset accounts available. Up home loans are only available to owner-occupiers buying or refinancing in major Australian cities. Up is 100% owned by Bendigo Bank. New joiners get $10 by signing up to the app using code UPHOMEMOZO. (T&Cs apply). Mozo Experts Choice award winner.

    Go to site
    Details

* 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

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