Interest rate changes for home loans and term investments

17 August 2022

People’s Choice is lowering its interest rate on a key fixed rate home loan, making it a very attractive option for home buyers.

From 16 August 2022, People’s Choice will be offering a four-year fixed rate home loan at just 4.99% p.a. – a reduction of 1.10% p.a.

The Reserve Bank’s latest decision to further increase the cash rate by 0.50% will also see People’s Choice lift interest rates on both term investments and variable rate home loans.

Our standard variable rate for both existing and new residential loans will increase 0.50% p.a. to 6.26% p.a., effective from 16 August 2022.

Depositors will see higher interest paid on term investments, with increases of up to 0.50% p.a., from 12 August 2022.

“We’re increasing the interest we pay on both long-term and short-term investments to provide members with a range of options in a changing market,” said Maria-Ann Camilleri, Chief Member Officer.

The return on a three-month term deposit will increase 0.35% to 1.70% p.a. A six-month term deposit will increase by the full 0.50% to 2.50% p.a., while rates for one-, two-, and three-year terms will all increase to 3.00% p.a.

We have a range of support materials available for members through our financial wellbeing hub, the home loan FAQs page on our website and via our extensive network of lending specialists.