🏠 Own Your Dream Home with Peoples Choice Home Loan
Welcome to our complete guide to Peoples Choice Home Loan! If you’re looking for a reliable and flexible home loan option that suits your financial needs, look no further than Peoples Choice Credit Union.
Peoples Choice Credit Union is a well-established financial institution that provides a range of financial products and services to its members. Peoples Choice Home Loan is one of the most popular products offered by the credit union, providing competitive interest rates, flexible repayment options, and a range of exclusive benefits to help you achieve your dream of homeownership.
In this comprehensive article, we’ll explore the features and benefits of Peoples Choice Home Loan, including the fees and charges, eligibility criteria, and the application process. We’ll also answer some frequently asked questions to help you make an informed decision about whether Peoples Choice Home Loan is right for you.
👀 Key Features of Peoples Choice Home Loan
✅ Competitive Interest Rates
Peoples Choice Home Loan offers competitive interest rates that are tailored to your financial situation. You can choose from variable or fixed interest rates, depending on your preference and financial goals. You can also make extra repayments or pay out your loan early without being charged a penalty fee.
✅ Flexible Repayment Options
Peoples Choice Home Loan offers a range of repayment options that can be customized to suit your budget and lifestyle. You can choose from weekly, fortnightly or monthly repayment options, depending on what works best for you. You can also set up an automatic repayment plan via direct debit, so you never miss a payment.
✅ Exclusive Benefits
Peoples Choice Home Loan comes with a range of exclusive benefits, such as free redraw facilities, mortgage offset accounts and split loan options. You can also receive a discount on your interest rate if you package your home loan with other financial products offered by Peoples Choice Credit Union.
📝 Fees and Charges
Like all home loan products, Peoples Choice Home Loan comes with some fees and charges. Here’s a breakdown of the fees and charges that you should be aware of:
Fees and Charges |
Amount |
|---|---|
Application Fee |
$550 |
Valuation Fee |
$250 |
Annual Package Fee |
$395 |
Settlement Fee |
$250 |
Monthly Service Fee |
$8 |
🤔 Eligibility Criteria
To be eligible for Peoples Choice Home Loan, you must meet the following criteria:
✅ Age
You must be at least 18 years of age to apply for Peoples Choice Home Loan.
✅ Citizenship
You must be an Australian citizen or permanent resident to apply for Peoples Choice Home Loan.
✅ Employment
You must be employed and able to demonstrate a regular income to repay the loan.
✅ Credit Rating
You must have a good credit rating and be able to demonstrate a history of responsible borrowing and repayment.
💻 Application Process
Applying for Peoples Choice Home Loan is a simple and straightforward process that can be done online or in person. Here’s how to apply:
✅ Step 1: Gather Your Documents
You’ll need to provide some documents to support your application, including proof of income, identification, and residency status. Make sure you have these documents ready before you begin the application process.
✅ Step 2: Fill Out the Application
You can apply for Peoples Choice Home Loan online or in person at a Peoples Choice Credit Union branch. The application form will ask you for some basic information about yourself and your financial situation.
✅ Step 3: Submit Your Application
Once you’ve completed the application form, you’ll need to submit it along with your supporting documents. You can do this online or in person at a Peoples Choice Credit Union branch.
✅ Step 4: Wait for Approval
Peoples Choice Credit Union will review your application and let you know if you’ve been approved for a home loan. If you’re approved, you’ll receive a loan contract that outlines the terms and conditions of your loan.
📚 Frequently Asked Questions
❓ What is the minimum amount I can borrow with Peoples Choice Home Loan?
The minimum amount you can borrow with Peoples Choice Home Loan is $50,000.
❓ Can I make extra repayments on my Peoples Choice Home Loan?
Yes, you can make extra repayments on your Peoples Choice Home Loan at any time without being charged a penalty fee.
❓ How do I set up automatic repayments for my Peoples Choice Home Loan?
You can set up automatic repayments for your Peoples Choice Home Loan via direct debit. Simply provide your bank account details and choose a repayment frequency that works for you.
❓ Can I redraw funds from my Peoples Choice Home Loan if I need them?
Yes, you can redraw funds from your Peoples Choice Home Loan if you need them. This is a free service.
❓ What is a mortgage offset account?
A mortgage offset account is a transaction account that is linked to your home loan. Any money you deposit into the account is offset against your home loan, reducing the amount of interest you pay.
❓ What is a split loan?
A split loan is a loan that is divided into two or more parts, each with a different interest rate and repayment frequency. This allows you to take advantage of both fixed and variable interest rates.
❓ Can I bundle my Peoples Choice Home Loan with other financial products for a discount?
Yes, you can receive a discount on your interest rate if you package your Peoples Choice Home Loan with other financial products offered by Peoples Choice Credit Union.
❓ How long does it take to get approved for a Peoples Choice Home Loan?
It typically takes between 1-2 weeks to get approved for a Peoples Choice Home Loan, depending on the complexity of your application.
❓ Can I use my Peoples Choice Home Loan to buy an investment property?
Yes, you can use your Peoples Choice Home Loan to buy an investment property.
❓ What are the fees and charges associated with Peoples Choice Home Loan?
Peoples Choice Home Loan comes with some fees and charges, including an application fee, valuation fee, annual package fee, settlement fee, and monthly service fee. These fees and charges are outlined in the table above.
❓ What happens if I can’t make my repayments on my Peoples Choice Home Loan?
If you’re struggling to make repayments on your Peoples Choice Home Loan, you should contact Peoples Choice Credit Union as soon as possible to discuss your options. They may be able to offer you a repayment plan that suits your financial situation.
❓ What happens if I want to switch my home loan to Peoples Choice Home Loan?
If you want to switch your home loan to Peoples Choice Home Loan, you’ll need to submit an application and go through the approval process. You may also need to pay some fees and charges associated with refinancing your home loan.
❓ Are there any penalties for paying out my Peoples Choice Home Loan early?
No, there are no penalties for paying out your Peoples Choice Home Loan early.
❓ What if I have more questions about Peoples Choice Home Loan?
If you have more questions about Peoples Choice Home Loan, you can contact Peoples Choice Credit Union directly or visit one of their branches.
💡 Conclusion
If you’re looking for a flexible and affordable home loan option, Peoples Choice Home Loan could be the perfect choice for you. With competitive interest rates, flexible repayment options, and a range of exclusive benefits, Peoples Choice Home Loan is designed to help you achieve your dream of homeownership.
So why wait? Apply for Peoples Choice Home Loan today and take the first step towards owning your own home!
📝 Disclaimer
The information provided in this article is for general information purposes only and should not be relied on as financial advice. You should seek independent financial advice to determine whether Peoples Choice Home Loan is right for you.