People's Choice Basic Variable Home Loan Review (2026)
People's Choice Basic Variable Home Loan Review (2026)Rates and details verified 21 June 2026
Rates can change without notice. Last verified: 21 June 2026 (AEST). Please confirm details on the bank’s official page.
Interest rate
5.99%
p.a. variable
Comparison rate
6.00%
p.a.
LVR tiers
3
rate bands (OO P&I)
About People's Choice
People's Choice (officially trading as People First Bank) is an Australian customer-owned credit union with a strong presence in South Australia, the Northern Territory, and Victoria. Unlike a shareholder-owned bank, profits are returned to members rather than external investors.
Their Basic Variable home loan charges 5.99% p.a. on owner-occupied principal and interest loans at under 70% LVR — a competitive rate in this comparison. The 30% deposit requirement is stricter than most lenders, but the rate reflects it.
Key Rates and Features
| Feature | Detail |
|---|---|
| OO P&I (<70% LVR) | 5.99% p.a. (comp. 6.00%) |
| OO P&I (70–80% LVR) | 6.09% p.a. (comp. 6.10%) |
| OO P&I (>80% LVR) | 6.49% p.a. (comp. 6.49%) |
| Investment P&I | Not published — contact lender |
| Interest-only (IO) | Not published — contact lender |
| Lender type | Customer-owned credit union |
| Branches | SA, NT, VIC |
Rates as at 21 June 2026. Check People's Choice rates page for the latest.
Pros and Cons
Pros
- ✓ 5.99% p.a. — a competitive variable rate
- ✓ Customer-owned — profits returned to members
- ✓ Branch access in SA, NT, and VIC
Cons
- ✗ 70% LVR cap — 30% deposit or equity required
- ✗ Stricter LVR than most competitors at this rate tier
- ✗ Branch network limited to SA/NT/VIC
How It Compares
People's Choice offers a competitive rate in this group, but requires a 30% deposit. For those with a 20% deposit who prefer a non-bank lender, PMG is available at 80% LVR.
- Pacific Mortgage Group Owner Occupied Variable5.59% p.a. — 80% LVR
- Unloan (CBA) Refinance Variable5.89% p.a. — refinance only
- Up Home Variable Rate Loan5.95% p.a. — 100% offset
- People's Choice Basic VariableReviewed here5.99% p.a. — under 70% LVR
- loans.com.au Variable Home Loan (Bare)6.04% p.a. — up to 90% LVR
Related guides
FAQs
What is the interest rate?
5.99% p.a. variable (comparison rate 6.00% p.a.). Applies to owner-occupied P&I at under 70% LVR.
Who is People's Choice?
People's Choice (People First Bank) is a customer-owned credit union with branches in South Australia, Northern Territory, and Victoria.
Do I need a 30% deposit?
Yes — the Basic Variable rate applies at up to 70% LVR, which means a 30% deposit or 30% equity is required for refinancers.
Comparison rate based on a $150,000 loan over 25 years. Warning: this comparison rate is true only for the example given and may not include all fees and charges. Different terms, fees or other loan amounts may result in a different comparison rate. Information verified 21 June 2026. Confirm rates, fees, and eligibility on People's Choice's website before applying. This is not financial advice.