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

Advertiser disclosure

By Polly Fleeting ·

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*) 
  • 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 January 16, 2021

Search promoted home loans below or do a full Mozo database search. Advertiser disclosure.

I want to borrow


  • 1.99% p.a.variable for 12 months and then 2.48% p.a. variable

    2.47% p.a.

  • mozo-experts-choice-2020

    2.34% p.a. variable

    2.34% p.a.

  • mozo-experts-choice-2020

    2.19% p.a. variable

    2.19% p.a.

  • 2.04% p.a.
    fixed 2 years

    2.79% p.a.

  • 2.09% p.a.
    fixed 2 years

    2.56% p.a.

  • 2.19% p.a. variable

    2.20% p.a.


Talk to a Mozo home loans expert

Buying your first home, refinancing your existing home or thinking of investing? Speak to Steve, our home loans expert today!

^See information about the Mozo Experts Choice Home Loans 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.