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- 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.
- 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.
- You can choose from a range of product options such as Home Loan Package, Basic Variable, Standard Variable, Fixed or Line of Credit. You also have the option of selecting Principal and Interest or Interest Only repayment options.
Interest Only loans provide you with the option of making a repayment equal to the interest charge monthly. By selecting this product option and only paying the interest, you will not reduce the principal balance of your loan during your Interest Only period.
You can choose from a range options including:
- Home Loan Package
- Standard Variable
- Basic Variable
The construction period of your loan will be interest only. You have the option of selecting whether you will have a further interest only period at the end of your construction period, or if the loan reverts to principal and interest repayments.