People’s Choice Credit Union will be reducing its standard variable home loan rates for existing members by 25 basis points effective 17 March 2020. This reflects the recent decision by the Reserve Bank of Australia and positions People’s Choice as one of the country’s most competitive lenders when compared with the Big Four banks.
People’s Choice has cut rates by up to 90 basis points since June 2019, including cuts of up to 25 basis points in June, July and October 2019. These savings have been passed on to our members, offering them a genuine alternative to the major banks, while also maintaining competitive returns for our large number of depositors.
While changes to the Reserve Bank of Australia’s cash rate provide a key influence on our rates, we also consider regulatory requirements, funding costs and market demand when setting our rates. We believe our current rates achieve those aims.