It was a fairly quiet week for home loan rate cuts, as many lenders cut right after the Reserve Bank slashed its cash rate to 0.25% in March.

In previous weeks, fixed home loans saw most attention, with advertised rates now hovering close to the elusive 1% mark.

That trend looks to continue, with People's Choice Credit Union being one of the only significant lenders to cut rates in the past week.

The People's Choice home loans that saw the 45 basis point cut were fixed investment loans for four and five years, paying principal and interest (P&I).

For four years, the advertised interest rate is now 3.44% p.a. (4.71% p.a. comparison rate*)

And for five years, the rate is now also 3.44% (4.59% p.a. comparison rate*)

People's Choice Credit Union chief Steve Laidlaw said the cuts were in response to the 'competitive landscape'.

"Ultimately, we are focused on making sure our members have access to a competitive offering backed by an institution with their interests at heart," he said.

Some of the other rate cuts made by People's Choice were:

  • Residential Fixed P&I 3 Years: 30 basis point cut to 2.44% p.a. (4.11% p.a. comparison rate*)
  • Residential Fixed P&I 2 Years: 20 basis point cut to 2.44% p.a. (4.28% p.a. comparison rate*)
  • Investment Fixed P&I 3 Years: 39 basis point cut to 2.89% p.a. (4.70% p.a. comparison rate*)
  • Investment Fixed P&I 2 Years: 39 basis point cut to 2.79% p.a. (4.86% p.a. comparison rate*)

Fixed rate home loan interest rates are now comparable to variable rate home loans: The table below shows a selection of variable, owner-occupied home loans with some of the lowest interest rates in the market.

Update resultsUpdate
LenderHome LoanInterest Rate Comparison Rate* Monthly Repayment Repayment type Rate Type Offset Redraw Ongoing Fees Upfront Fees LVR Lump Sum Repayment Additional Repayments Split Loan Option TagsFeaturesLinkCompare
6.04% p.a.
6.06% p.a.
Principal & Interest
Online ExclusiveUp To $4K Cashback
5.99% p.a.
5.90% p.a.
Principal & Interest
Featured Apply In Minutes
  • No application or ongoing fees. Annual rate discount
  • Unlimited redraws & additional repayments. LVR <80%
  • A low-rate variable home loan from a 100% online lender. Backed by the Commonwealth Bank.
Important Information and Comparison Rate Warning

Base criteria of: a $400,000 loan amount, variable, fixed, principal and interest (P&I) home loans with an LVR (loan-to-value) ratio of at least 80%. However, the ‘Compare Home Loans’ table allows for calculations to be made on variables as selected and input by the user. Some products will be marked as promoted, featured or sponsored and may appear prominently in the tables regardless of their attributes. All products will list the LVR with the product and rate which are clearly published on the product provider’s website. Monthly repayments, once the base criteria are altered by the user, will be based on the selected products’ advertised rates and determined by the loan amount, repayment type, loan term and LVR as input by the user/you. *The Comparison rate is based on a $150,000 loan over 25 years. Warning: this comparison rate is true only for this example and may not include all fees and charges. Different terms, fees or other loan amounts might result in a different comparison rate. Rates correct as of . View disclaimer.


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