People’s Choice Credit Union will be reducing standard variable home loan rates for existing members by between 14 and 25 basis points and remain competitively priced below the Big Four banks. A 14 basis point reduction applies to owner-occupied principal and interest loans, owner-occupied interest-only loans and investor principal and interest loans. Variable investor interest only loans will be cut by 25 basis points.
This represents a 54–65 basis point reduction in rates over the past four months, following our 25 basis point reduction on 25 June 2019 and 15 basis point reduction on 23 July 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 18 October 2019.