FAQ

Fixed Home Loan Package

Most popular questions...

• At the end of my fixed rate term, what product and rate will my fixed package loan revert to?

  At the end of the fixed period, the loan will revert to the variable rate package unless we agree otherwise, but you can talk to us if you’d like to re-fix your rate or review our other home loan options. If your loan reverts to the variable rate page, the interest rate applicable will be determined by your total loan balance at that time.

• Can I pay extra off my loan?

  You can make additional repayments up to $10,000 per anniversary year. Break Costs may apply for repayments above the $10,000 limit. Redrawing the additional repayments is not permitted. Splitting your loan with a variable rate product can allow you to make unlimited extra repayments on the variable portion without incurring any Break Costs whilst still having the security of having a fixed interest rate on a portion of your loan.

• What is Responsible Lending?

  At People's Choice Credit Union we understand that credit is a very important facility which allows you to achieve your personal, financial or lifestyle goals faster than you could if you had to rely on your savings alone.

  As a mutually owned financial institution we embrace our responsibility to understand your personal situation when we make recommendations regarding providing, extending or arranging credit for you. This is to ensure you are reasonably likely to meet the obligations you have in respect of repaying the debt and avoid experiencing financial stress.

  But we recognise that situations may change from time to time which may inhibit your ability to meet your credit repayment obligations. We understand the pressures that you and your family may experience during these difficult times and we work with you to find a mutually acceptable solution to aid in your overall debt management strategies and to continue to work with you to achieve your financial goals.

• How many loans can be incorporated under one annual package fee?

  There are no restrictions to the number of loans that can be incorporated under one $395 annual fee.

  Our Home Loan Package offers variable, line of credit and fixed rate products. 

• Can I take advantage of the free valuation when entering into the Home Loan package?

  Yes, you can take advantage of this immediately. You will be entitled to one free valuation each year when you increase your borrowings within your home loan package.*

   

  _{*You will receive one valuation each year (based on anniversary date) when you take out the Home Loan Package, Investment Loan Package or Line of Credit Package or top-up a loan that forms part of your existing package.}

More questions...

• If I select to lock in a rate for my new fixed rate package application, how long is the rate guaranteed for?

  This rate will be held for the 90 day ‘Approved Period’ from the date that the completed rate lock form is received by People’s Choice Credit Union. This 90 day rate guarantee does not extend beyond the expiration date of the conditional loan approval.*

   

   

  _{*Rate Lock fee is 0.15% of the total loan amount and is valid for 90 days from the date of application.}