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Following the Reserve Bank’s recent decision to increase the cash rate by a further 0.50%, People’s Choice will be lifting interest rates on both term investments and home loans.

The standard variable rate for both existing and new residential loans will lift 0.50% p.a. to 5.76% p.a., effective from 19 July 2022.

People’s Choice is also increasing interest paid on term investments, with increases of up to 0.50% p.a., from 15 July 2022.

“We’re increasing the interest we pay on term investments from three months right through to five years,” said Maria-Ann Camilleri, Chief Member Officer.

The return on a 12-month term deposit will increase to 2.75% p.a., a lift of 0.40% p.a.

Deposits for nine, 10 and 11 months will all increase by 0.50% p.a. to 1.60% p.a., while four- and five-year investments will return 3.00% p.a.

Additional interest rate rises for savings accounts are now being considered. These would build upon those increases which came into effect on 1 July 2022. A decision is expected shortly.

“As market rates change we will always strive to do the very best for our members,” Ms Camilleri said.

For additional information and support, please visit the home loan FAQs page on our website.

  • 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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