Find answers to some of the most common questions from our members
A home loan, or mortgage, is a loan you borrow from a financial institution to buy a home. Home loans usually require repayments weekly, fortnightly or monthly and will generally run for a term of up to 30 years. The lender secures the mortgage against your property, so in case you are unable to repay the loan you might be required to sell your home to settle any outstanding debt.
A Home Loan Package from People’s Choice Credit Union offers interest rate and fee discounts for an annual fee for our members, not only on their home loan but on a wide range of our products and services.
Lender’s Mortgage Insurance (known as LMI) is an insurance that protects the lender in the event of default by the borrower. LMI is a one-off payment that usually occurs when more than 80% of the property value is borrowed by a home buyer. You can pay the cost for LMI upfront at settlement of your loan or it can be capitalised into your home loan.
Investment loans are funds borrowed with the intended use of creating wealth or an income source. An investment loan is mostly used for the purpose of a purchase, construction or refinance of a home that will not be owner-occupied.
When you don’t have enough money saved up for a deposit, your family can act as a guarantor if they hold equity in their own property. The family guarantee can only cover the deposit and related fees and charges involved in the purchase of your home.
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