People’s Choice Credit Union Fixed Home Loan
Buying a new home is a very exciting time in the lives of most people and something that the vast majority of us want to be able to do at some point in our lives. However, it is also a huge financial commitment and this means that you need to ensure that you find the right home loan for your needs when you are buying a home. Whether you are a first time buyer or whether you are looking to move home, there are certain things that you need to consider when looking for a home loan, such as the rate of interest charges, any special deals available such as fixed rates, the repayment periods and the borrowing levels, amongst other things.
Finding the right home loan when you are buying a property means that you will be able to benefit from affordable repayments to suit your needs and circumstances as well as greater peace of mind. When you consider how long you may be paying off your home loan, which for some people is several decades, it becomes all the more important to ensure that you make the right decision and find a loan that is well suited to your needs. When you take out a People’s Choice Credit Union Fixed Home Loan you can enjoy a variety of benefits and features, which will help to make the loan suitable and affordable for a wide range of people.
Key features of the People’s Choice Credit Union Fixed Home Loan
Taking onto consideration the key features of the People’s Choice Credit Union Fixed Home Loan will enable you to better determine whether this is the right home loan for your needs. Some of the features of these loans include:
- The availability of loan terms of up to thirty years, which means that you can choose a repayment period that suits your needs and your budget. For first time buyers there is also a possibility of repayment terms of up to forty years
- The ability to tailor your repayments so that they are paid in a way that suits your financial circumstances. You can choose to pay weekly, fortnightly or monthly based on what suits you
- Being able to overpay on your home loan by up to $10,000 a year without any penalties to worry about. With many other lenders financial penalties can often apply if borrowers decide to overpay on their loans. However, the ability to pay up to $10,000 extra a year on your home loan without penalty means that you could significantly reduce your loan term and the amount of interest that you pay without any worries about being charged for the privilege
- The benefit of up to ninety days of free pre-settlement insurance cover if you decide to take home and contents insurance cover out alongside your People’s Choice Credit Union Fixed Home Loan
- Fast and efficient approvals, which means that you are not left hanging around to find out about your eligibility for a mortgage and you can therefore get the process moving far more quickly and efficiently
- The ability to make interest only payments, which means that you can reduce your monthly outgoings significantly, making it far more affordable to take out a home loan and buy your own property – an option that is often favoured by first time buyers who tend to be younger and on lower incomes
To fix or not to fix your home loan interest rate
Another benefit that you get when you take out a People’s Choice Credit Union Fixed Home Loan is the ability to lock in your interest rate for a specified period of time. This is something that many people prefer to do because it offers greater peace of mind and security for those who need to stick to a strict budget. When you opt for a fixed rate you know exactly what you will be paying each week, fortnight or month on your mortgage throughout the fixed rate period, which makes for easier budgeting and greater peace of mind.
With the People’s Choice Credit Union Fixed Home Loan, when your fixed period comes to an end you will have a number of options available to you with the ability to choose the ones that best suits your needs and circumstances at that particular point in time. You may choose to further extend the fixed rate feature for another specified period of time so that you can continue to enjoy the benefits of fixed payments and easier budgeting. Alternatively, you may find that you are able to get better value for money if you switch to the standard variable rate, which means that your payments may fluctuate but you get to benefit from lower rates of interest. You can even benefit from the best of both worlds by opting to have part of your home loan on a fixed rate and the remainder on a variable rate.
Related posts:
- People’s Choice Credit Union Variable Home Loan
- People’s Choice Credit Union Home Loan Package
- People’s Choice Credit Union Low Doc Loan
- People’s Choice Credit Union Bridging Loan
- People’s Choice Credit Union Line of Credit
- People’s Choice Credit Union Home Loans
- Teachers Credit Union Fixed Option Home Loan
- Teachers Credit Union My First Home Loan
- Teachers Credit Union Flexi Choice Home Loan
- Australian Credit Union Home Loans
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| Home Loan | Details | Interest Rate (p.a.) | Comp Rate^ (p.a.) | App Fee / Ongoing Fee | Max LVR | Min & Max Borrowing | |
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 Illawarra Home Loans Bank Beater Home Loan | A low variable rate, beaten down even further by 0.05% p.a. after 5 years. | 6.07% | 6.35% | $0 / $345 | 90% | $250,000 / $1,000,000 |
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 State Custodians Mortgage Company Standard Variable Offset Loan | Awarded the 2011 Non bank Lender of the Year this feature-packed loan rewards customers with a bonus rate drop of 0.25% after 5 years. | 6.02% | 6.23% | $0 / $345 | 95% | $150,000 / $1,000,000 |
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