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People’s Choice is lowering its interest rate on a key fixed rate home loan, making it a very attractive option for home buyers.

From 16 August 2022, People’s Choice will be offering a four-year fixed rate home loan at just 4.99% p.a. – a reduction of 1.10% p.a.

The Reserve Bank’s latest decision to further increase the cash rate by 0.50% will also see People’s Choice lift interest rates on both term investments and variable rate home loans.

Our standard variable rate for both existing and new residential loans will increase 0.50% p.a. to 6.26% p.a., effective from 16 August 2022.

Depositors will see higher interest paid on term investments, with increases of up to 0.50% p.a., from 12 August 2022.

“We’re increasing the interest we pay on both long-term and short-term investments to provide members with a range of options in a changing market,” said Maria-Ann Camilleri, Chief Member Officer.

The return on a three-month term deposit will increase 0.35% to 1.70% p.a. A six-month term deposit will increase by the full 0.50% to 2.50% p.a., while rates for one-, two-, and three-year terms will all increase to 3.00% p.a.

We have a range of support materials available for members through our financial wellbeing hub, the home loan FAQs page on our website and via our extensive network of lending specialists.

 

FAQs

More home loan FAQs

  • How will I be notified if my interest rate is changing?

    • If you make Principal and Interest repayments, you’ll receive a letter from us with your new rate and repayment information, providing you with at least 20 days' notice for you to make any changes.
    • If you make Interest Only repayments, you’ll receive a letter from us with your new rate.
    • If you have a Line of Credit account, you’ll receive a notification of the rate change on your next statement.

  • Can I switch to a fixed interest rate?

    If you want to speak to us about fixing your home loan interest rate, email us on fixmyhomeloan@peopleschoice.com.au with your name, member number and contact phone number and we’ll be in touch within 48 hours to talk through your options.

Help and support

If you need any support managing your home loan, we’re here to help.

If you're ahead with your loan repayments, you might be able to redraw against your loan. For terms and conditions that apply to redraws, please see our lending terms and conditions (PDF, 249 KB).

Members experiencing financial difficulty at any time can find information about the support we provide on our Financial Hardship Assistance page.

Please visit our Managing debt and financial hardship section for tips on  budgeting, planning and debt consolidation.

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