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People's Choice Basic Variable Home Loan

The People's Choice Basic Variable Home Loan offers variable rates from 5.39% p.a. (5.40% p.a. comparison rate*). Low deposit home loans.


Updated 18 July 2025


Fact checked and verified. Updated 18 July 2025
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Interest Rates
Enter scenario to see relevant rates
I want to borrow
with a deposit of
for my
Principal & Interest(% p.a.)
Rate
Type
Interest
Rate
Comparison
Rate*

Variable

5.39%

5.40%

Variable Index

7.68%

7.68%

Expert Review

If you're searching for a basic home loan with an offset account, then the People's Choice Basic Variable Home Loan is worth considering. As one of People's Choice's more basic home loan offerings, it features variable interest rates across the Owner Occupier and Investor categories. Further details about the People's Choice Basic Variable Home Loan benefits are outlined below.

Basic non-package loan for owner occupiers:
The key features under this relatively basic offering for owner occupier loans are focused on pricing. Specifically, pricing advertised includes a $0 monthly fee, and a low variable rate starting from 5.39% p.a. (5.40% p.a. comparison rate) on Principal and Interest repayments. Please keep in mind that despite this being a relatively basic no-frills product offering by People's Choice, these rates should be able to be negotiated down, particularly for people borrowing a sizeable amount, or for those who hold a sizeable deposit or equity in a property already. This loan does require a minimum of either 5% deposit or 5% existing equity, and often anything above these amounts will help you negotiate a lower interest rate. Other key features include the ability to use an offset account to minimise interest charged. This can over the life of the loan save borrowers significant money. There is also the option to being able to make extra repayments and in the future, redraw funds if desired. In terms of repayments Principal and Interest repayments are available.
Basic non-package loan for investors:
The key features under this relatively basic investor offering are focused on pricing. Specifically, the pricing advertised includes a $0 monthly fee, and a low variable rate starting from 5.54% p.a. (5.55% p.a. comparison rate) on Principal and Interest repayments. Negotiation of these rates down should be possible, depending on your circumstances. Also, while you should speak with your accountant, many investors opt for an interest only loan, of which the rates are also outlined on this page. While these are relatively lower rates under People's Choice's more basic no-frills offering, these rates may still be able to be further negotiated down, particularly for investors who are borrowing a large amount, or if they who hold a sizeable deposit or equity in the property already. For investors, this loan does usually require a minimum of 5% deposit or 5% existing equity in the property, and often anything above these amounts will help you negotiate a lower interest rate. Other important features of real value provided in the Basic Variable Home Loan include an interest offset account to minimise interest charged. This can over the life of the loan save significant dollars in interest repayments. There is also the option to being able to make extra repayments and in the future, redraw funds if desired. In terms of repayments Interest Only repayments or Principal and Interest repayments are offered.
Summary
Considering the basic features available with this product, this home loan will appeal to a range of people, either as a home owner or as an investor. It will also appeal to someone where the lesser known People's Choice brand and service isn’t a concern, or for those who are happy to bank with a lender that offers features most important to them, over who the lender is.

Product Details
Our Basic Variable Home & Investment Loans offers our lowest rate with no upfront or no ongoing monthly fee which enables you to make unlimited extra repayments to pay off your loan quicker."
- People's Choice
Fees

•

$0 establishment fee

•

$0 annual fee

Other fees may apply.

Loan Amount

•

From $20,000

Feature

•

No ongoing fees

•

Save interest with an offset account

•

Make extra repayments

•

Redraw extra repayments that you have made

TMD

Before applying for this product, you should read the Target Market Determination (TMD) available here on the People's Choice website.

More information
* Comparison rate is based on a secured loan of $150,000 over a 25 year term. WARNING: This comparison rate is true only for the examples given and may not include all fees and charges. Different terms, fees or other loan amounts might result in a different comparison rate.
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