To provide members with greater certainty in a changing market, People’s Choice has decided to leave a key home loan option unchanged despite the Reserve Bank’s move to lift Australia’s cash rate once again.
That means People’s Choice will continue to offer a four-year fixed rate home loan at just 4.99% p.a. (comparison rate* 4.87% p.a.) for Owner Occupiers paying Principal and Interest with a Home Loan Package.
“As the Reserve Bank continues to tackle inflation, we know many people want greater financial certainty so we are very happy to maintain this very attractive home loan option,” said Maria-Ann Camilleri, Chief Member Officer.
The Reserve Bank’s latest decision to further increase Australia’s cash rate by 0.50% will see People’s Choice lift interest rates on both term investments and variable rate home loans.
Our Standard Variable rate for residential loans will increase by 0.50% p.a., effective from 20 September 2022.
Meanwhile, depositors will enjoy higher interest paid on term investments, with increases on all investments from one month through to five years, with the four- and five-year options increasing by 0.40% p.a. These will apply from Friday, 16 September 2022.
For any member feeling financial pressure, please note we do have a range of support materials available through our financial wellbeing hub, the home loan FAQs page on our website and via our extensive network of lending specialists.
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