Create a home loan Key Facts Sheet

A home loan Key Facts Sheet gives you information about our standard home loans. As all credit providers are required to provide this information in a consistent format, it lets you compare these products in a more transparent way.

    Most popular questions

    • Variable or fixed rate. Which is right for me?

      If you choose a variable rate home or investment loan, the interest rate can rise or fall depending upon the market and economic conditions. This can potentially impact your repayment amount. On a variable rate, you have the flexibility to make unlimited extra repayments without a fee applying, to pay down your loan sooner.
      Choosing a fixed rate home or investment loan means you can lock your interest in at a set rate for one to five years. So if you think interest rates have hit rock bottom or that rates may rise, you can add certainty to your loan by fixing your repayments for a set period.
      If you're still not sure about which option is right for you, we're happy to help you make the right decision. Call us on 13 11 82 or visit your nearest branch for more details.
    • Will I pay interest on the full amount?

      Your loan will be disbursed as the funds are required, so you'll only pay interest on the portion of the construction loan you have drawn down.
    • If I select to lock in a rate for my new fixed rate package application, how long is the rate guaranteed for?

      This rate will be held for the 90 day ‘Approved Period’ from the date that the completed rate lock form is received by People’s Choice Credit Union. This 90 day rate guarantee does not extend beyond the expiration date of the conditional loan approval.
    • Can I take advantage of the free valuation when entering into the home loan package?

      Yes, you can take advantage of this immediately. You'll be entitled to one free valuation each year when you increase your borrowings within your home loan package.
    • What is Responsible Lending?

      At People's Choice Credit Union we understand that credit is a very important facility which allows you to achieve your personal, financial or lifestyle goals faster than you could if you had to rely on your savings alone.

      As a mutually owned financial institution we embrace our responsibility to understand your personal situation when we make recommendations regarding providing, extending or arranging credit for you. This is to ensure you are reasonably likely to meet the obligations you have in respect of repaying the debt and avoid experiencing financial stress.

      But we recognise that situations may change from time to time which may inhibit your ability to meet your credit repayment obligations. We understand the pressures that you and your family may experience during these difficult times and we work with you to find a mutually acceptable solution to aid in your overall debt management strategies and to continue to work with you to achieve your financial goals.
    • How to avoid Lenders' Mortgage Insurance?

      To avoid Lenders' Mortgage Insurance it is generally recommended the borrower keep their LVR (Loan to Value Ratio) below >80% plus any fees (conveyancer, stamp duty, building inspection, etc). If the borrower has a deposit of 20% or more of the property value, then they may not be required to pay LMI. For more information on whether you’ll need LMI please speak to one of our Home Loan Advisers or call 13 11 82.
    • Can I link an offset account to my Home Loan Package?

      An offset facility is available on our Variable Home Loan Package. Linking an offset account to your loan may help you reduce the interest payable and time taken to pay off your loan.

    More home loan calculators

    We've got a range of home loan calculators to help you work out things like stamp duty and borrowing power.

    Guides and tips

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    Get in touch with us and we can help you get the answers you need.
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