Finty
People First Bank

People First Bank Staff Home Loan

Variable rateOffsetRedraw

A home loan from People First Bank with variable rates from 8.18% a year.

Written byDavid Boyd
Interest rate a year, from
8.18%
Comparison rate
Not published
Upfront fees
$750
Annual fee
Not published
Monthly fee
$8

Monthly repayment

$600,000 over 30 years

Apply now

What it would cost

At the lowest rate of 8.18% (variable, live in, principal and interest), including the monthly fee. The rate you are offered depends on your deposit and the loan you choose, and upfront fees are not included.

Monthly repayment
$4,486
Total repayments
$1,614,999
Interest and monthly fees
$1,014,999

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%8.18%–

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
$750
Annual fee
Not published
Monthly fee
$8

Features

Offset account
Yes
Redraw
Yes
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

8.18%

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

Upfront fees

$750

Typical upfront fees are $600.

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.
  • Redraw. You can take back extra repayments later if you need the money.
  • 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. 8.18%, above the typical 6.62%. On a $600,000 loan, every 0.10% more costs about $600 a year.

Similar home loans

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