Home loans

  • 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.
  • Can I switch to a fixed interest rate if I have a variable interest rate loan and I think interest rates are going to rise?

    Yes, if you want to switch to a fixed interest rate, get in touch with us so we can talk through your options.
  • 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.
  • How can I make a loan repayment?

    If you have registered for Internet Banking at People's Choice, you can set up a scheduled transfer to make recurring payments on your loan. Simply log in to Internet Banking, click on 'Transfer' under the 'Transfer/Pay' tab, click on the 'Schedule Payment' icon and follow the prompts.
    Don't have Internet Banking? Call us on 13 11 82 or visit your nearest branch, so our friendly staff can ask you a few security questions to be sure we're talking to the account holder. We'll then be able to set up your Internet Banking and you can start checking in on your accounts online right away.
    If transferring your payment from another financial institution, use the BSB 805 050, your loan account number and your surname for the account name.

Lenders Mortgage Insurance

  • How much is Lenders' Mortgage Insurance?

    The cost of LMI generally depends on the borrower's LVR (Loan to Value Ratio) and amount of money they need to borrow. The cost can vary depending on the lender. For more information on LMI when taking out a Home Loan at People’s Choice please speak to one of our Home Loan Advisers or call 13 11 82.
  • How does Lenders’ Mortgage Insurance work?

    LMI is a once-off payment made by the borrower at the time of loan settlement, which protects the lender should the borrower no longer be able to meet their loan repayments.
  • What is Lenders Mortgage Insurance?

    Lenders Mortgage Insurance (LMI) is an insurance that protects the lender in the event of default by the borrower.
  • When is LMI needed?

    LMI may be required if the borrower doesn't have a minimum of 20% deposit to take out a home loan.
  • 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.

Fixed Rate Home Loans

  • Can I pay extra off my Fixed rate home loan?

    If you choose a fixed rate home or investment loan you can make additional repayments, but if you make extra repayments of more than $10,000 in a year during a fixed rate period then a Break Cost fee will be payable. Redrawing the additional repayments is not permitted.
  • Can I redraw excess funds from my Fixed rate home loan?

    No, a redraw facility is not a feature of our Fixed Rate Home Loan. If redraw is a feature you would like in your Home Loan please consider either our Basic Variable or Standard Variable Home Loan. Alternatively, a split loan facility can provide you with the best of both loan types.
  • Can I link an offset account to my Fixed Rate Home Loan?

    No, an offset account cannot be linked to our Fixed Rate Loan. Please consider either our Standard Variable or Home Loan Package Variable Loan if you would like an offset account feature. Alternatively, a split loan facility can provide you with the best of both loan types.

Standard Variable Home Loan

Basic Variable Home Loan

Variable Home Loan Package

Fixed Home Loan Package

Investment loans

  • 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.
  • What product can I select for my Investment Home Loan?

    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.

Construction loans

Bridging loan

  • Are there limits on how long I can take out Bridging Finance for?

    A Bridging Loan can be taken for a maximum of 12 months.

    Once your existing property is sold, the balance of your loan will reduce as per your contract and your loan will be converted to another product chosen by you and described in your contract.
  • What is a Bridging Loan?

    A Bridging Loan is a short-term loan to assist you to purchase a new property pending the sale of your existing property. A Bridging Loan can help limit your expenses by offering interest only repayments while you sell your existing home. Once you have sold your existing property the proceeds of the sale are used to reduce your overall debt.
  • Will I need to make repayments on my bridging loan?

    Our Bridging Loan is interest only, meaning a repayment only equal to the interest amount is required. We also offer the option of capitalising interest on top of your loan balance. Bridging Finance can be complicated so it’s best to discuss your loan requirements with home loan specialist who will be able to explain the options available to you.

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