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People's Choice Credit Union First Home Buyer Fixed Rate Loan (Package)

Advertiser disclosure

The details shown below are for an owner occupier taking out a principal & interest loan of at least $100,000 with an LVR below 95%

The details shown below are for an owner occupier taking out a interest only loan of at least $100,000 with an LVR below 95%

Choose the version of this loan that suits you best

  • Owner Occupier (Principal & Interest)

    LVR < 95%

    Loan: $100,000

  • Owner Occupier (Interest Only)

    LVR < 95%

    Loan: $100,000

Fixed 3 year rate
p.a.
Comparison Rate
n/a
Service fee
$395.00 yearly
Upfront fee
$0
Fixed 3 year rate
p.a.
Comparison Rate
n/a
Service fee
$395.00 yearly
Upfront fee
$0

Mozo editorial review People's Choice Credit Union First Home Buyer Fixed Rate Loan (Package)

Last updated: 2 October 2020.

binocular icon
What's hot
  • 1.99% 1-year fixed rate (3.91% comparison rate*)
  • Borrow with just a 5% deposit
  • Free extra repayments up to $10k p.a
What's not
  • $395 yearly service fee
Mozo snapshot

Looking to enter the property market for the first time? With a 1-year fixed rate of just 1.99% (3.91% comparison rate*) and the potential to borrow with a deposit as low as 5%, the First Home Buyer Fixed Rate Loan (Package) from People's Choice Credit Union could be a competitive option for first home buyers.

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Key features

As the name implies, the First Home Buyer Fixed Rate Loan (Package) from People's Choice Credit Union (PCCU) has been purpose-built for first time buyers. 

Owner occupiers will be able to grab a rate of just 1.99% (3.91% comparison rate*) on loans over $100,000, which is currently one of the lowest 1-year fixed rates in our database. Plus, they’ll be able to borrow with a deposit as low as 5%, though Lenders Mortgage Insurance may apply for deposits below 20%. 

While the loan doesn’t come with an offset account or a redraw facility, borrowers will be able to make extra repayments towards their loan balance (capped at $10,000 per year) as well as split the loan into variable and fixed rate portions. 

In terms of fees, there are no upfront or application fees to worry about, though there is a $395 annual service fee to consider. 

And because this is a package loan, People's Choice Credit Union also provides home loan customers with discounts and fee waivers on a range of other products including credit cards, personal loans and bank accounts.

snapshot
Who is it good for

With it’s super low 1-year fixed rate, lack of upfront fees and flexible deposit requirement, the First Home Buyer Fixed Rate Loan (Package) from PCCU really is made for first time buyers. In fact, one of the loan conditions is that borrowers on the loan must have never previously owned a residential property.

question icon
Any catches

Aside from weighing up the $395 annual service fee, borrowers should also keep in mind that after the 1-year fixed rate period ends the interest rate will revert to a much higher 3.66%. So if the intro term is too short, PCCU’s Fixed Rate Home Loan (Package) with 1-5 year fixed terms could be an alternative.  

Details

Rates and fees information correct as at 18 January 2021. Mozo has robust processes to ensure our site is updated to reflect the latest information from providers. There may be the odd occasion where updates are delayed, so please confirm information before purchasing.
Rates
  • n/a

  • n/a

  • n/a

  • n/a

  • 1.99% (3.91%*)

  • n/a

  • n/a

  • n/a

  • n/a

  • n/a

  • n/a

  • 3.66% p.a.

Fees
  • $0.00

  • $0.00

  • $0.00

  • $0.00

  • n/a

  • $395.00 yearly

  • $350.00

Other financial bits
  • $100,000

  • none

  • none

  • 95.00%

Features
  • Weekly, Fortnightly, Monthly

  • yes - free up to $10,000 p.a

  • none

  • no

  • none

  • yes

  • no

  • Available for first home buyers only where each borrower on the loan must have never previously owned a residential property.

  • none

  • none

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.

Details

Rates and fees information correct as at 18 January 2021. Mozo has robust processes to ensure our site is updated to reflect the latest information from providers. There may be the odd occasion where updates are delayed, so please confirm information before purchasing.
Rates
  • n/a

  • n/a

  • n/a

  • n/a

  • 2.74% (4.33%*)

  • n/a

  • n/a

  • n/a

  • n/a

  • n/a

  • n/a

  • 4.21% p.a.

Fees
  • $0.00

  • $0.00

  • $0.00

  • $0.00

  • n/a

  • $395.00 yearly

  • $350.00

Other financial bits
  • $100,000

  • none

  • none

  • 95.00%

Features
  • Weekly, Fortnightly, Monthly

  • yes - free up to $10,000 p.a

  • none

  • no

  • none

  • yes

  • no

  • Available for first home buyers only where each borrower on the loan must have never previously owned a residential property.

  • none

  • none

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.

Customer Reviews

How are People's Choice Credit Union home loans rated by the Mozo community?

Price
7.3/10
Features
6.6/10
Customer service
8.2/10
Convenience
7.9/10
Trust
8.0/10

Latest review of People's Choice Credit Union First Home Buyer Fixed Rate Loan (Package)

  • Overall 6/10
    It's not a bank, it's a credit union

    I have nothing else to compare but I think I'm getting taken care of but I'm not sure how much longer they'll be around.

    Read full review

    I have nothing else to compare but I think I'm getting taken care of but I'm not sure how much longer they'll be around.

    Price
    3/10
    Features
    5/10
    Customer service
    7/10
    Convenience
    2/10
    Trust
    6/10
    Less
    Nyree, South Australia reviewed 8 months ago
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About People's Choice Credit Union

People's Choice Credit Union is a member owned financial institution offering its members a wide range of competitive banking, insurance and investment products and services. Formed through the merger of Savings & Loans and Australian Central, Peoples Choice Credit Union has more than 350,000 members Australia wide. At Peoples Choice Credit Union, its customers are its owners so everything they do is designed to benefit their members.

See People's Choice Credit Union home loans

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People's Choice Credit Union

Fixed Rate Home Loan (Package)

p.a.

3.67% p.a.

$395.00 yearly

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People's Choice Credit Union

Basic Variable Home Loan

3.68% p.a.

3.69% p.a.

$0.00

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Smart Booster Home Loan

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

2.47% p.a.

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UHomeLoan - Discount Offer

2.34% p.a. variable

2.34% p.a.

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Athena

AcceleRATES Variable Home Loan

2.19% p.a. variable

2.19% p.a.

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Virgin Money

Reward Me Fixed Rate Home Loan

2.04% p.a.
fixed 3 years

2.73% p.a.

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Macquarie

Basic Home Loan (Fixed)

2.19% p.a.
fixed 3 years

2.53% p.a.

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86 400

Neat Home Loan

2.19% p.a. variable

2.20% p.a.

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Suncorp

Fixed Home Loan (Home Package Plus)

1.99% p.a.
fixed 3 years

2.90% p.a.

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People's Choice Credit Union

Fixed Rate Home Loan (Package)

2.09% p.a.
fixed 3 years

3.67% p.a.

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loans.com.au

Smart Booster Home Loan

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

2.47% p.a.

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UBank

UHomeLoan (Fixed)

1.95% p.a.
fixed 3 years

2.27% p.a.

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Athena

AcceleRATES Variable Home Loan

2.19% p.a. variable

2.19% p.a.

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Virgin Money

Reward Me Fixed Rate Home Loan

2.04% p.a.
fixed 3 years

2.73% p.a.

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Macquarie

Basic Home Loan (Fixed)

2.19% p.a.
fixed 3 years

2.53% p.a.

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86 400

Neat Home Loan

2.19% p.a. variable

2.20% p.a.

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Suncorp

Fixed Home Loan (Home Package Plus)

1.99% p.a.
fixed 3 years

2.90% p.a.

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People's Choice Credit Union

Fixed Rate Home Loan (Package)

2.09% p.a.
fixed 3 years

3.67% p.a.

Thumbnail icon for loans.com.au

loans.com.au

Smart Booster Home Loan

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

2.47% p.a.

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UBank

UHomeLoan - Discount Offer

2.34% p.a.

2.34% p.a.

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Athena

AcceleRATES Variable Home Loan

2.19% p.a.

2.19% p.a.

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Macquarie

Basic Home Loan

2.64% p.a.

2.64% p.a.

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86 400

Neat Home Loan

2.19% p.a.

2.20% p.a.

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People's Choice Credit Union

Basic Variable Home Loan

2.49% p.a.

2.49% p.a.

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Suncorp

Back to Basics

2.54% p.a.

2.55% p.a.

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Bank of Queensland

Economy

2.59% p.a.

2.76% p.a.

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loans.com.au

Fixed Home Loan

1.99% p.a.
fixed 3 years

2.70% p.a.

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UBank

UHomeLoan (Fixed)

1.95% p.a.
fixed 3 years

2.27% p.a.

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Virgin Money

Reward Me Fixed Rate Home Loan

2.04% p.a.
fixed 3 years

2.73% p.a.

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Macquarie

Basic Home Loan (Fixed)

2.19% p.a.
fixed 3 years

2.53% p.a.

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Suncorp

Fixed Home Loan (Home Package Plus)

2.19% p.a.
fixed 3 years

3.03% p.a.

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People's Choice Credit Union

Fixed Rate Home Loan (Package)

2.09% p.a.
fixed 3 years

3.67% p.a.

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Bank of Queensland

Fixed Rate

2.09% p.a.
fixed 3 years

3.01% p.a.

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Qudos Bank

Fixed Rate Home Loan

2.19% p.a.
fixed 3 years

2.68% p.a.

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.