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People’s Choice Credit Union Package Loan

Features

The People’s Choice Credit Union Package Loan allows you to borrow up to 80 per cent of the property value with a maximum 30-year loan term. The package is available to be combined with fixed and variable loans but can also be split between a combination of both.

For borrowers locking to fix their interest rate a rate lock facility allows the preferred interest rate to be locked in up to 90 days before the beginning of the loan.

The People’s Choice Credit Union Package Loan allows you to make your repayments in weekly, fortnightly or monthly instalments. This gives you flexibility to mould your repayments to your pay cycle rather than to a schedule set by your lender.

Additional repayments are allowed with this loan and this, in conjunction with a redraw facility, means you can dip back in to any extra payments you’ve made if you need some extra cash down the road.

The People’s Choice Credit Union Package Loan also comes with an interest only option; possibly making it an attractive loan for investors.

Who is the People’s Choice Credit Union Package Loan good for?

The People’s Choice Credit Union Package Loan will be suitable for different customer’s, depending on whether they wish to have a fixed or variable loan. Variable loan customers will have access to a 100 per cent offset account that will assist in saving on interest over the life of the loan. The flexible repayment options give added choice and security to refinancers and owner-occupiers.

The fixed rate loan combined with the package may suit investors looking for an interest only loan as interest only repayments can be made for ten years.

Review - What RateCity says

The People’s Choice Credit Union Package Loan is suitable for you regardless of your position within the housing market.

The five per cent deposit option makes it attractive for first homebuyers, and the option for a 20 per cent deposit along with the interest only repayment option makes it good for investors. The flexible repayment options are what refinancers and owner-occupiers are after.

The real disadvantage with this loan is the annual fees. They are quite high, and may offset the benefits of the low fee. However, they are only one payment once a year, so it would be best to use our calculator to see if these fees are going to be detrimental or an after thought.

People’s Choice Credit Union Package Loan Options

The People’s Choice Credit Union Package Loan allows you to fix your loan for up to five years.

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Advertised rate
Comparison rate*
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Fixed Rates from

3.84%

Advertised rate

4.65%

Comparison rate

Variable Rates from

3.83%

Advertised rate

4.23%

Comparison rate
Pros
  • Redraw facility available.
  • 100 per cent offset account available.
  • Split loan option available.
Cons
  • Upfront fees payable at commencement of loan.
  • Ongoing annual fee.
  • Branch access in some states and territories only.
Eligibility

Minimum 20 per cent deposit. Must meet serviceability criteria. Must be a member of the credit union.

Suitable For
  • First Home Buyers
  • Owner-Occupiers
  • Refinancers
  • Investors
  • Line of Credit Loans
Fees
  • Estimated upfront fees: $200
  • Discharge fees: $350
  • Ongoing fees: $395 annually

The People’s Choice Credit Union Package Loan charges upfront, discharge and annual fees. The upfront and discharge fees are moderate, however the ongoing annual fee is moderately high, and this amount may offset the benefits of the low rate over time. These fees occur every year, so ensure that this can be comfortably budgeted for when deciding if this is the loan for you.

Features
  • Redraw facility
  • 100% offset account
  • Unlimited extra repayments
  • Weekly repayments
  • Fortnightly repayments
  • Monthly repayments
  • Loan allows split interest rate
About People's Choice Credit Union

People’s Choice Credit Union is bonded – available to members only – however this comes with perks such as voting at changes within the union, and receiving customer focused products.

People’s Choice Credit Union has branches in some states and territories around Australia. Alternatively, they also have a call centre that is open for six days a week at varying times. They also have an online enquiry form, are available on social media and have internet banking facilities.

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