Is your fixed home loan coming to an end?

You may be wondering what happens next or what to do. Moving from one interest rate to another, especially in a rising rate environment, can be tricky to navigate. To help with what may be a stressful and confusing time, we’ve put together some information on what happens next, so that you can choose the right home loan option for you.

If you're a member with us, we'll be reaching out to you directly. But if you have any questions in the meantime, you can always call our team on 13 11 82 and we'll be happy to help.

If you're looking to refinance to People's Choice, you can apply online or get in touch with one of our Home Loan Advisers.

What are your options when your fixed rate ends?

  • 1. Re-fix your loan

    Lock in certainty of repayments with a new fixed rate on your loan for the next 1 to 5 years.
  • 2. Switch to a variable rate

    Allow your loan to automatically roll over to a variable rate.
  • 3. Explore your home loan options

    Switch to one of our other home loan products better suited to you. 

Fix or re-fix your home loan

With a fixed home loan, the interest rate stays the same for the fixed period. At People’s Choice you can choose to fix for between 1-5 years. If interest rates increase, you’ll be fortunate enough to keep your current rate within the fixed period. But if interest rates fall, you won't be able to take advantage of the reduced rate. Benefits of fixing your home loan include:
  • The ability to make extra repayments of up to $10,000 a year, so you can pay your loan off faster
  • Guaranteeing your chosen fixed rate for up to 90 days from when you apply to when your loan is funded, with our rate-lock facility
  • The certainty of fixed repayments, which can be helpful for budgeting and peace of mind

Choose a variable home loan

A variable home loan has an interest rate that moves in line with the market. This means your repayment amounts may change over time. Rates may rise or fall, which will cause a change to your repayment amount. The change may or may not be to your advantage – this is the risk you take by choosing a variable home loan. Benefits include:
  • An offset account option - link your loan and transaction account to help reduce interest
  • Access to extra funds if you're ahead on your repayments, via our redraw facility
  • The freedom to make unlimited extra repayments, so you can pay off your home loan faster

Explore your home loan options

Circumstances change and it may be time to review your home loan. To explore a loan better suited to you, speak to one of our specialists to discuss available options. When reviewing your home loan, you may want to:
  • Top-up or increase your home loan
  • Split your home loan
  • Consolidate your debts

Ready to find your next home loan?

Browse our home loans and start your online enquiry today.
  • No matter the goal, we're here to help you take care of your financial wellbeing. Visit our dedicated page to learn more.
  • We may be able to offer Financial Hardship Assistance to those in need. If you're finding it hard to stay on top of your finances, please get in touch with us to see if we can help. For more information, please visit this dedicated page. 

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