FAQ

Most popular questions...

• If I select to lock in a rate for my new fixed rate loan 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.*

   

  _{*Loan must be a principal and interest loan (as opposed to an interest only loan) to qualify for the family guarantee.}

   

• 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.

• Can I pay extra off my loan?

  If you choose a fixed rate home or investment loan you can make additional repayments, but if you make extra repayments of more than $10,000 in a  year during a fixed rate period then a Break Cost fee will be payable. Redrawing the additional repayments is not permitted.

• Can I redraw excess funds from my loan?

  No, a redraw facility is not a feature of our Fixed Rate Home Loan. If redraw is a feature you would like in your Home Loan please consider either our Basic Variable or Standard Variable Home Loan. Alternatively, a split loan facility can provide you with the best of both loan types.

• Can I link an offset account to my Fixed Rate Home Loan?

  No, an offset account cannot be linked to our Fixed Rate Loan. Please consider either our Standard Variable or Home Loan Package Variable Loan if you would like an offset account feature. Alternatively, a split loan facility can provide you with the best of both loan types.