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.
Compare Home Loans - last updated 9 August 2022
-
Variable Home Loan 70
interest rate
comparison rate
Initial monthly repayment3.10% p.a. variable3.12% p.a.Affordable home loan rate for buyers or refinancers.. No monthly or ongoing fees. Option to add an offset for 0.10%. Access to savings with unlimited redraws available. Minimum 30% deposit required.
CompareCompareVariable Home Loan 70
Affordable home loan rate for buyers or refinancers.. No monthly or ongoing fees. Option to add an offset for 0.10%. Access to savings with unlimited redraws available. Minimum 30% deposit required.
- interest rate
- 3.10% p.a. variable
- comparison rate
- 3.12% p.a.
- interest rate
- 3.10% p.a. variable
- comparison rate
- 3.12% p.a.
- Upfront fees
- $520
- Ongoing fees
- $0.00
- Discharge Fee
- $0.00
- Extra repayments
- yes - free
- Redraw facility
- Offset account
- yes
- Maximum loan to value ratio
- 70.00%
- 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
- Special Offers
Read our Mozo Review to learn more about the Variable Home Loan 70
-
Unloan Variable
Owner Occupier, Refinance Only
interest rate
comparison rate
Initial monthly repayment3.14% p.a. variable3.06% 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.
CompareCompareUnloan Variable
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.
- interest rate
- 3.14% p.a. variable
- comparison rate
- 3.06% p.a.
- interest rate
- 3.14% p.a. variable
- comparison rate
- 3.06% p.a.
- Upfront fees
- $0
- Ongoing fees
- -
- Discharge Fee
- $0.00
- Extra repayments
- yes - free
- Redraw facility
- yes - free
- Offset account
- no
- Maximum loan to value ratio
- 80.00%
- minimum borrowing amount
- $10,000
- maximum borrowing amount
- $3,000,000
- type of mortgage
- Variable
- Repayment types
- Principal & Interest
- Availability
- Owner Occupier
- Repayment options
- Weekly, Fortnightly, Monthly
- Special Offers
Read our Mozo Review to learn more about the Unloan Variable
-
Featured Product
Neat Home Loan
Owner Occupier, Principal & Interest, LVR <60%
interest rate
comparison rate
Initial monthly repayment3.14% p.a. variable3.16% p.a.Low variable rate No annual fees to pay. Unlimited additional repayments. Free redraw facility available. Fast digital application. 40% deposit required. Winner of Mozo Experts Choice Australia's Best Essential Bank 2022^.
CompareCompareNeat Home Loan
Low variable rate No annual fees to pay. Unlimited additional repayments. Free redraw facility available. Fast digital application. 40% deposit required. Winner of Mozo Experts Choice Australia's Best Essential Bank 2022^.
- interest rate
- 3.14% p.a. variable
- comparison rate
- 3.16% p.a.
- interest rate
- 3.14% p.a. variable
- comparison rate
- 3.16% p.a.
- Upfront fees
- $250
- Ongoing fees
- $0.00
- Discharge Fee
- $300.00
- Extra repayments
- yes - free
- Redraw facility
- yes - free
- Offset account
- no
- 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
- Special Offers
Read our Mozo Review to learn more about the Neat Home Loan
-
PAYG Home Loan
Owner Occupier, Principal & Interest, LVR<80%
interest rate
comparison rate
Initial monthly repayment3.29% p.a. variable3.33% p.a.Low variable rate. Ideal for new home buyers or refinancers. Unlimited additional repayments. Unlimited free redraw. Application completely online. Optional 100% offset can be added for $120 p.a.. 20% deposit required.
CompareComparePAYG Home Loan
Low variable rate. Ideal for new home buyers or refinancers. Unlimited additional repayments. Unlimited free redraw. Application completely online. Optional 100% offset can be added for $120 p.a.. 20% deposit required.
- interest rate
- 3.29% p.a. variable
- comparison rate
- 3.33% p.a.
- interest rate
- 3.29% p.a. variable
- comparison rate
- 3.33% p.a.
- Upfront fees
- $840
- Ongoing fees
- $0.00
- Discharge Fee
- $500.00
- Extra repayments
- yes - free
- Redraw facility
- yes - free
- Offset account
- Optional - $10 per month
- Maximum loan to value ratio
- 80.00%
- minimum borrowing amount
- $250,000
- maximum borrowing amount
- $3,000,000
- type of mortgage
- Variable
- Repayment types
- Principal & Interest
- Availability
- Owner Occupier
- Repayment options
- Weekly, Fortnightly, Monthly
- Special Offers
Read our Mozo Review to learn more about the PAYG Home Loan
-
Celebrate Variable Home Loan
<60% LVR, Owner Occupier, Principal & Interest
interest rate
comparison rate
Initial monthly repayment3.79% p.a. variable3.79% p.a.Fast and efficient online application. Automatic discounts as loan is paid down. Free extra repayments and redraw facility. Zero fees. Min 40% deposit required.
CompareCompareCelebrate Variable Home Loan
Fast and efficient online application. Automatic discounts as loan is paid down. Free extra repayments and redraw facility. Zero fees. Min 40% deposit required.
- interest rate
- 3.79% p.a. variable
- comparison rate
- 3.79% p.a.
- interest rate
- 3.79% p.a. variable
- comparison rate
- 3.79% p.a.
- Upfront fees
- $0
- Ongoing fees
- $0.00
- Discharge Fee
- $0.00
- Extra repayments
- yes - free
- Redraw facility
- yes - free
- Offset account
- yes
- Maximum loan to value ratio
- 60.00%
- minimum borrowing amount
- $100,000
- maximum borrowing amount
- $2,000,000
- type of mortgage
- Variable
- Repayment types
- Principal & Interest
- Availability
- Owner Occupier
- Repayment options
- Weekly, Fortnightly, Monthly
- Special Offers
Read our Mozo Review to learn more about the Celebrate Variable Home Loan
-
Featured Product
Neat Home Loan
Owner Occupier, Principal & Interest, LVR 60-70%
interest rate
comparison rate
Initial monthly repayment3.24% p.a. variable3.26% p.a.Low variable rate. No annual fees to pay. Unlimited additional repayments. Free redraw facility available. Fast digital application. 30% deposit required.
CompareCompareNeat Home Loan
Low variable rate. No annual fees to pay. Unlimited additional repayments. Free redraw facility available. Fast digital application. 30% deposit required.
- interest rate
- 3.24% p.a. variable
- comparison rate
- 3.26% p.a.
- interest rate
- 3.24% p.a. variable
- comparison rate
- 3.26% p.a.
- Upfront fees
- $250
- Ongoing fees
- $0.00
- Discharge Fee
- $300.00
- Extra repayments
- yes - free
- Redraw facility
- yes - free
- Offset account
- no
- Maximum loan to value ratio
- 70.00%
- 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
- Special Offers
Read our Mozo Review to learn more about the Neat Home Loan
* 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, loan amount and term entered. 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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