People’s Choice Credit Union Variable Home Loan
When it comes to taking out a home loan there are a number of very important decisions that you need to make in order to ensure that you get the right home loan for your needs and one that will suit your circumstances and financial situation. Taking out a home loan is a very big and often daunting commitment, which is why it is important to put some thought into the home loan that you choose.
Fixed or Variable Interest Rate
There are many different things that you need to consider when you are choosing a home loan, as you could be paying this loan off for many years to come and therefore you will want to ensure that you have a loan that fits in with your requirements. Some of the things you will need to consider include the repayment term that you choose, how much you need to borrow, the rate of interest that you will pay and whether you want to fix your mortgage or stick to the standard variable rate.
There are many people who decide to opt for a fixed rate when they take out a home loan, often because this makes it easier to budget because you know exactly what your repayments will be for the fixed period. However, there is also a downside to fixed rate mortgages in that if interest rates go down fixed rate still remain the same, which means that those on a fixed rate could end up paying significantly more than those with the same amount of home loan debt who are on a variable rate.
For some people, the flexibility and manoeuvrability of a variable home loan makes it a more viable option than a fixed rate, which is why many people decide to choose variable rate mortgages. Of course, the downside is that if interest rates increase your mortgage repayments will also increase but this is a gamble that many borrowers are willing to take. People’s Choice Credit Union Variable Home Loans are one of a number of financial products available through this provider, with these loans coming with a variety of key benefits and features.
The benefits and features of the People’s Choice Credit Union Variable Home Loan
You can enjoy a number of key features and benefits when you decide to opt for a People’s Choice Credit Union Variable Home Loan in order to purchase your home. As with the fixed loans, these loans are ideal for first time buyers as well as those who are moving. Checking the various features and options that come with the People’s Choice Credit Union Variable Home Loan will make it easier and quicker to make an informed decision with regards to whether this is the right home loan option for you. Some of the features with the People’s Choice Credit Union Variable Home Loan include:
- You can choose repayment periods of up to thirty years and in some cases, for first time buyers, there are even loans terms of up to forty years available. This makes it easier to keep monthly repayments down as you can spread the amount that you borrow over a longer period of time to suit your needs and financial circumstances
- An offset feature that could help you to reduce the amount of interest that you have to pay on your home loan as well as reduce the term of your loan
- Green benefits, which could enable you to enjoy a discount on the standard variable rate of interest that you pay if the home that you are buying has green credentials, such as energy saving features
- You can make additional repayments on your mortgage loan without being hit with penalties and fees, which can help to slash the amount of interest that you pay and help to reduce the term of the loan significantly
- You will have the flexibility to redraw against any additional payments that you make on your home loan should the need arise, which means increased financial peace of mind
- You can make your repayments to at time that suit you and your financial situation, such as making weekly, fortnightly or monthly repayments
- If you decide to take out home and contents insurance cover with your People’s Choice Credit Union Variable Home Loan you can also get free pre-settlement insurance for up to ninety days
- You have the option to pay on an interest only basis, which means that you can keep your monthly payments and outgoings down to ease the financial strain – something that often appeals to younger first time buyers on lower incomes
- If you wish, you can split your home loan so that part of it is taken on a variable rate basis and the remainder is taken on a fixed rate, which gives you the best of both worlds
Related posts:
- People’s Choice Credit Union Fixed Home Loan
- People’s Choice Credit Union Low Doc Loan
- People’s Choice Credit Union Home Loan Package
- People’s Choice Credit Union Home Loans
- People’s Choice Credit Union Bridging Loan
- People’s Choice Credit Union Line of Credit
- Teachers Credit Union Interest Only Home Loan
- Teachers Credit Union Fixed Option Home Loan
- Teachers Credit Union My First Home Loan
- Teachers Credit Union Flexi Choice Home Loan
Top Home Loans
| Home Loan | Details | Interest Rate (p.a.) | Comp Rate^ (p.a.) | App Fee / Ongoing Fee | Max LVR | Min & Max Borrowing | |
|---|---|---|---|---|---|---|---|
 Loans.com.au - Dream Catcher | A home loan offer with a $0 application fee and one of the lowest available home loan interest rates. | 5.85% | 6.21% | $0 / $375 | 80% | $50,000 / $750,000 |
 
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 Bankwest Online Home Loan | A low interest rate home loan with a $0 application fee and ongoing maintenance fees. This offer is exclusively available by applying online. | 5.97% | 5.97% | $0 / $0 | 80% | $100,000 / $1,000,000 |
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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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