People’s Choice Credit Union will be reducing standard variable home loan rates for existing members by 15 basis points (0.15%) and we remain competitively priced below the Big Four banks. Variable business loan rates will also be cut by 15 basis points.
This represents a 40 basis point reduction in rates over the past two months, following our 25 basis point reduction on 25 June 2019.
People’s Choice is committed to fair pricing for the benefit of all members to ensure we offer competitive loan rates for both existing and new members that are a genuine alternative to the major banks, while also providing competitive returns for our large number of depositors.
When determining rates, we consider a range of factors including the Reserve Bank of Australia’s cash rate, regulatory requirements, funding costs and market demand.
These changes are effective at 23 July 2019.