FAQ

Most popular questions...

• Can I switch to a fixed interest rate if I have a variable interest rate loan and I think interest rates are going to rise?

  Yes, if you wish to switch to a fixed interest rate, contact us to discuss your options.

• 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?

  Yes, our Standard Variable Home Loan enables you to make unlimited extra repayments.

• Can I redraw excess funds from my loan?

  Yes, our Standard Variable Home Loan offers you the flexibility to redraw any extra repayments you have made if you need the money back again. Redraw can be accessed online or via one of our branches.

  *Minimum redraw amount is $1,000. Redraws are only available if sufficient extra repayments have been made against the loan account.

• Can I link an offset account to my Standard Variable Home Loan?

  An offset facility is available on our Standard Variable or Home Loan Package Variable Home Loan for an $8 monthly fee. An offset facility may help you reduce the interest payable and time taken to pay off your loan.*

   

  _{*Subject to approval. Interest only repayments can only be made monthly and the period is for a maximum of 10 years with a review after 5 years.}