People’s Choice Credit Union Standard Variable Loan


The People’s Choice Credit Union Standard Variable Loan has convenient features to help you repay your loan early such as making additional repayments whenever you have the funds, which could take years off your loan saving you loads on interest. And, the redraw facility provides you with the security of being able to redraw these funds.

The 100 per cent offset account can also help you to save on interest by depositing funds into the offset account to directly reduce the interest you must pay, which is calculated only on the difference with the balance of your loan.

You have your choice of weekly, fortnightly or monthly principal and interest repayments, or a long interest-only period where just the interest is due on your loan to be repaid monthly.

 While this loan is at a high variable interest rate, if you’re looking for a little more certainty in your repayment amounts and to alleviate this higher rate, you can split your loan into part fixed and part variable rates.

You only have to make a small deposit for this loan – which is five per cent for owner-occupied properties and 10 per cent for investment properties – but lenders mortgage insurance will be an added cost if your deposit is under 20 per cent.

Though, the family guarantee is a nice touch if you’re a first home buyers since you can use a portion of the equity in a parent’s home to help you bridge the gap between your deposit and your property’s value to avoid this insurance.

The Standard Variable Loan is available to refinancers, for construction, or for the purchase of a new home, investment property or vacant land – with a bridging finance option if your existing property has not sold and you’re looking to purchase before it does.

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

While the deposit requirement is small, the high upfront fee and interest rate could make this loan less appealing to many borrowers. Though there is an availability of options to suit investors such as the long interest-only period, first home buyers with family guarantee and refinancers looking to move with bridging finance.

Review - What RateCity says

The People’s Choice Credit Union Standard Variable Loan has some attractive features, however the high interest rate and upfront fee might rule this loan out if it doesn’t quite stack up to your needs and budget.

Although, there are options to help you repay this loan early which could end up saving you heaps in the long term but it’s worth checking your finances and making a plan to see if this would be a viable option.

People’s Choice Credit Union Standard Variable Loan Options

The People’s Choice Credit Union Standard Variable Loan is available as a home or investment loan option, which can be looked into at the corresponding links.

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  • 100 percent offset account.
  • Early repayments and redraws allowed.
  • Split loan option.
  • High variable interest rate.
  • High upfront cost.
  • Discharge fee and ongoing monthly fee for offset account option.

Must be a member of People’s 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
  • First Home Buyers
  • Owner-Occupiers
  • Refinancers
  • Investors
  • Estimated upfront fees: $750.00
  • Discharge fees: $350
  • Ongoing fees: $0

The Standard Variable Loan has a high upfront cost in application and establishment fees, a monthly fee on the offset account option and a moderate exit fee when you are discharged from your loan.

The redraw facility is free if your redraw is processed online, there is, however, a minimum redraw amount and a fee if the transaction is processed manually. 

  • 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 with branch locations throughout the country and personalised service online and over the phone. This credit union offers products ranging from home loans and personal loans to credit cards and insurance, with financial planners to help you each step of the way.

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