Relief for customers with variable home loans cut by 0.25%

21 February 2025

People First Bank is reducing interest rates on all new and existing variable home loans by 0.25%p.a., in-line with the recent cut by the Reserve Bank.

All Business Banking loans will also be reduced by 0.25%p.a.

Similarly, 2-year fixed rate home loans will be lowered by 0.20%p.a., with 3-year loans cut by 0.10%p.a.

These reductions will be across both the Heritage and People’s Choice brands, and will come into effect on 4 March, 2025.

“It’s very pleasing that we can lower these rates and provide some relief to those customers who have been feeling the effects of rising prices,” said Maria-Ann Camilleri, Chief Customer Officer.

“It’s great that customers now have the choice of reducing their repayments or leaving them as they are and paying off their loan that little bit quicker.”

People’s Choice customers wanting to reduce their repayments in-line with their lower interest rate, can easily make the adjustment through Internet Banking or via the Mobile App.