Good news for borrowers: People First Bank cuts variable home loan rates

21 May 2025

Good news for borrowers: 
People First Bank cuts variable home loan rates

People First Bank is reducing interest rates on all new and existing variable home loans by 0.25% p.a., passing on the full cut announced recently by the Reserve Bank of Australia.

Business Banking loans will also be reduced by 0.25% p.a., with the changes taking effect from Friday 30 May 2025. The reductions apply across both the Heritage and People’s Choice brands.

“We’re very pleased to be passing on the full rate cut to our customers – and doing so quickly,” said Maria-Ann Camilleri, Chief Customer Officer. “With many Australians still feeling the effects of cost-of-living pressures, this reduction will make a difference.”

Some term deposit rates across Heritage and People’s Choice have also been adjusted. These changes apply only to new deposits or those renewing with a maturity date on or after 23 May 2025.

Customers with People’s Choice variable rate home loans can easily adjust their repayments in line with the new rate via Internet Banking or the Mobile App.

Media enquiries

Andrew Fox 
0419 714 204 
fox.a@heritage.com.a

Jonathan Revitt
0412 639 179
jrevitt@peopleschoicecu.com.au