People’s Choice Credit Union Basic Variable Loan


The People's Choice Credit Union Basic Variable Loan offers a number of features designed to provide flexibility in terms of repayments with the option of paying weekly, fortnightly or monthly to accommodate your income cycle as well as through additional repayments that can be made at any time

These extra repayments can help to shorten the term of your loan by paying of your loan quicker. And, the redraw facility will allow any funds put towards additional repayments to be withdrawn for use elsewhere.

You will also be able to choose to pay only the interest on your loan for a period of time, significantly reducing the amount you must repay during this time, although your full loan amount will still be due within your loan term.

A big downfall of the Basic Variable Loan is that there is no 100 per cent offset account offered to help reduce the interest you must pay, especially since the variable rates are moderate to moderately high for larger to smaller deposit sizes for owner-occupied properties and up to high for investment properties.

Though, the split rate option allows you to split a portion of your loan with a fixed rate so you can benefit from the advantages of both a variable and fixed rate.

The Basic Variable Loan has a minimum and maximum borrowing amount with a small deposit requirement, and you can avoid paying lenders mortgage insurance with the family guarantee option if your deposit is less than 20 per cent which secures a portion of a family members property against your loan.

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

The Basic Variable Loan could suit borrowers who are looking for a simple loan at a variable rate of interest with a decent amount of flexibility and freedom. Unlimited additional repayments and redraws might suit owner-occupiers looking to repay early, and the interest-only option might most suit investors, while family guarantee and the small deposit requirement might suit first time home buyers. Though, the high amount of upfront fees and higher interest rates might especially deter refinancers.

Review - What RateCity says

The People’s Choice Credit Union Basic Variable Loan has higher variable rates than other basic options available on the market, although the available features might make this loan worth the higher rate should it fit exactly what you’re looking for.

Doing your research and even speaking to a professional to weigh up your options could mean a huge pay off in the long run through choosing the most cost-effective option available to you which would make the effort worth it.

People’s Choice Credit Union Basic Variable Loan Options

The Peoples Choice Basic Variable Loan offers borrowers a range of options to suit a diverse range of needs.

Advertised rate
Comparison rate*
Monthly repayment
Go To Site

Variable Rates from


Advertised rate


Comparison rate
  • Interest-only option.
  • Split rate option.
  • Unlimited early repayments and redraws allowed.
  • No 100 per cent offset account.
  • High upfront cost.
  • Discharge fee.

Must be a member of Peoples Choice Credit Union.

Must be a citizen or permanent resident of Australia.

Must be able to provide proof of income.

Must be over 18 years of age.

Must meet serviceability criteria.

Suitable For
  • Owner-Occupiers
  • First Home Buyers
  • Refinancers
  • Investors
  • Estimated upfront fees: $950
  • Discharge fees: $200 - $350
  • Ongoing fees: $0

The Basic Variable Loan has a high upfront cost when setting up this loan, which includes application and third party fees, as well as a moderate discharge fee at the end of the loan.

  • 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 one of Australia’s largest credit unions providing financial services at branch locations around the country and through sponsorship activities to help to support a number of exciting initiatives.

Compare your product with the big 4 banks, or add more products to compare