People’s Choice Credit Union Home Loans
People’s Choice Credit Union, one of Australia’s largest member owned financial organisations, strongly believe that home buyers must get the right home loan that best suits their plans for the future, their needs of the present and be as affordable as it can possibly be. In order to ensure you get the most appropriate home loan that’s available, they have a comprehensive range of mortgages for you to consider. People’s Choice have a wide range of mortgage providers who have many years of experience to get you the best possible home loan possible.
It is acknowledged by People’s Choice that buying a home is an exciting time of your life. It is a big investment, probably the biggest you will ever make in your entire lifetime, and it deserves to be treated as such. One of the first things you should do when considering buying your own home is to find out how much you can afford in repayments. We all want the biggest McMansion in town but when you think about it, do you really need something that grand and even if you could convince People’s Choice that you are worthy of that sized loan, what effect would it have on your lifestyle. Would you have to feed your family baked beans for the next 20 years and would this mean the end of any future holidays you might have had planned?
Most home loans are derived from basic mortgages which have stood the test of time but have been adjusted to suit the demands of today’s borrower; they are made up from the following:
- Fixed Home Loan.
- Variable Home Loan.
- Low Doc Loan.
- Line of Credit.
- Home Loan Package.
The People’s Choice Fixed Home Loan
This is a mortgage in which you are able to fix the interest rate for a stated period of time. By doing this you are able to prevent the interest rate rising in reaction to any decisions made by the Reserve Bank of Australia (RBA) during inflationary times when it tries to put a brake on monetary growth. On the other hand the rate you fix in will also remain so if interest rates in the community were to fall because of any economic reasons. When the fixed period ends you are able to reassess your situation and decide whether to fix the rate again for a further period, or have the loan changed to one of variable interest.
People’s Choice Fixed Home Loan Benefits:
- Fast approvals. This saves a lot of nervous waiting and could mean the winning or losing of an opportunity.
- Loan terms of up to 30 years. You are also able to make additional payments off the loan of up to $10,000 a year without cost. This could lower the original term by many years saving many thousands of dollars over the life of the loan.
- Flexibility in repayment terms. You will be able to arrange repayments to be made weekly, fortnightly or monthly, whichever best suits your own lifestyle.
- If buying a new home you will be entitled to free pre-settlement insurance. For up to 90 days if you purchase your insurance through People’s Choice.
Other benefits include; your ability to make interest payments only if you need to do so; the ability to combine it with a variable interest home loan; first home buyers can set up a family guarantee which could get you a 40 year term if needed; the ability to lock in your quoted fixed interest rate between when you made application and when settlement occurs.
People’s Choice Variable Home Loan
If its flexibility you are looking for in a home loan then you should be looking at a People’s Choice Variable home Loan. This particular home loan means you have to live with ups and downs of interest rate movements but if you haven’t borrowed more than you can afford you should be able to withstand such temporary hardships, or in some cases if rates were to drop, windfalls. A benefit of this particular home loan is that you can make any amount of additional repayment without suffering any penalty for doing so. If you find the need to redeem some of these extra repayments at a later date you can take it out again, without cost.
Features of a People’s Choice Variable Home Loan:
- An offset savings account can be linked that can save you many thousands of dollars if you can keep a reasonable amount of savings in your account.
- Loan terms of up to 30 years.
- Discounts of up to 0.70 percent lower than the standard rate for the life of the loan if your home has a high energy rating or other environmental energy saving features.
- Repayments can be made on a weekly, fortnightly or monthly basis.
- Ninety days pre-settlement insurance is free if you take out People’s Choice home and content insurance.
Other options you can use if you wish include: make interest only payments if you wish; combine this home loan with a fixed home loan to protect yourself against interest rate movements; first home buyers family guarantee applies that could get you a 40 year term; and no monthly bookkeeping or annual fees on the standard variable loan if set up properly.
The other major home loans on offer by People’s Choice credit union include:
- Low Doc Loan that is best suited to the self employed. This loan requires less paperwork than the more conventional home loans and can be taken out with either a fixed, variable or mixed structure. You will also enjoy the same benefits as the basic fixed or variable home loans offer.
- Line of Credit making banking easy. With a Line of Credit home loan you will be able to put all your money into the one account and live from your mortgage. Any purchases you make can be by a People’s Choice Visa credit card that gives you up to 62 days interest free. This will allow you to leave as much money in your account for as long as possible thereby reducing your interest repayments.
- Home Loan Package that covers the lot. With the People’s Choice Home Loan Package you won’t have to pay any upfront fees. No application or settlement fees. No ongoing top up fees. No annual fees on your credit cards either. No loan or overdraft fees. No fees on your everyday account. Rate discounts under certain circumstances. Unlimited free redraws on the variable interest rate package. Bonus interest paid on some term deposits with balances above $5,000 and less than $499,999.
This package also delivers the same benefits applicable to the type of home loan being used be it of fixed interest rate or variable.
Related posts:
- People’s Choice Credit Union Variable Home Loan
- People’s Choice Credit Union Home Loan Package
- People’s Choice Credit Union Fixed Home Loan
- People’s Choice Credit Union Low Doc Loan
- People’s Choice Credit Union Line of Credit
- Australian Credit Union Home Loans
- Teachers Credit Union Fixed Option Home Loan
- Teachers Credit Union Flexi Choice Home Loan
- People’s Choice Credit Union Bridging Loan
- Teachers Credit Union My First Home Loan
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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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