Finty
People First Bank

People First Bank Basic Variable Home Construction

Variable rateOffset

Our Basic Variable Home & Investment Construction 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.

Written byDavid Boyd
Interest rate a year, from
8.43%
Comparison rate
8.43%
Upfront fees
Not published
Annual fee
Not published
Monthly fee
Not published

Monthly repayment

$600,000 over 30 years

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What it would cost

At the lowest rate of 8.43% (variable, live in, principal and interest). The rate you are offered depends on your deposit and the loan you choose, and upfront fees are not included.

Monthly repayment
$4,584
Total repayments
$1,650,149
Interest
$1,050,149

Rates

Every rate People First Bank publishes for this loan. LVR is the loan as a share of the property's value: 80% for a 20% deposit.

RatePropertyRepaymentsLVRInterest rateComparison rate
VariableLive inPrincipal and interestUp to 95%8.43%8.43%

Comparison rates are for an example loan of $150,000 over 25 years. WARNING: This comparison rate is true only for the example given and may not include all fees and charges. Different terms, fees or other loan amounts might result in a different comparison rate.

Fees and features

Fees

Upfront fees
Not published
Annual fee
Not published
Monthly fee
Not published

Features

Offset account
Yes
Redraw
No
Highest LVR
95%
Loan amount
From $20,000

How it compares

Against the other home loans we compare, for a home you live in with a 20% deposit. Typical means the middle half of them.

Variable rate

8.43%

For a home you live in, paying principal and interest. Typical is 6.62%.

Comparison rate

8.43%

For the same rate. Typical is 6.70%.

Smallest deposit

5%

Most loans need at least 10% of the price.

Pros and cons

Pros

  • An offset account. Money in it is taken off your balance when interest is worked out, so your savings and pay cut the interest while staying easy to reach.
  • Extra repayments. Paying more than the minimum pays the loan off sooner and cuts the interest you pay.
  • No early repayment fee listed. You can pay the loan off early, or refinance, without a penalty. Check the terms to be sure.

Cons

  • A higher variable rate. 8.43%, above the typical 6.62%. On a $600,000 loan, every 0.10% more costs about $600 a year.
  • A $25 late payment fee. Setting up automatic repayments avoids it.

Similar home loans

Home loans from other lenders with a similar starting variable rate, for a home you live in with a 20% deposit.