Variable
Discount Home Loan Variable
- Optional offset
- Free redraw
Current rate: published on People First's own rate card
Customer-owned
People First Bank
Merged entity of Heritage Bank (QLD) and People's Choice (SA), formed in 2023. Largest customer-owned mutual in Australia by member count.
AdelaideFounded 1949Australian Credit Licence 244310
People First at a glance
People First Bank is a customer-owned (mutual) lender. It offers home loans.
On APRA’s August 2026 figures, Heritage and People's Choice Limited held $22.3 billion of home loans on its Australian books: 0.9% of the housing lending by the deposit-taking institutions APRA reports, the 11th largest of the 64 with home loans.
- Lender type
- Customer-owned
- Bank or non-bank
- Authorised deposit-taking institution (Heritage and People's Choice Limited)
- Credit licence
- ACL 244310, Heritage and People's Choice Limited
- Lends
- Home loans
- Headquarters
- Adelaide
Strengths
- Customer-owned mutual scale
- Strong QLD regional and SA presence
- Solid prime variable rates
Watch out for
- Integration ongoing post-merger
- Branch network concentrated in QLD/SA
People First loans and products
What People First offers in each category, with the features, eligibility and trade-offs we note. For the current rate on each product, follow the link to People First’s own rate card.
People First home loans
Compare home loans lendersAlternatives to People First
Other lenders in our directory that offer home loans, starting with other customer-owned lenders.
- Bank AustraliaCustomer-owned. Home loans, Car loans
- Beyond Bank AustraliaCustomer-owned. Home loans
- Defence BankCustomer-owned. Home loans
- Heritage Bank (People First Bank)Customer-owned. Home loans
- IMB BankCustomer-owned. Home loans, Car loans, Personal loans, Business loans
- Newcastle Permanent (Newcastle Greater Mutual Group)Customer-owned. Home loans, Car loans, Personal loans
People First: frequently asked questions
Is People First a bank?
Yes. People First’s loans are provided by Heritage and People's Choice Limited, which is on APRA’s register of authorised deposit-taking institutions (ADIs), the list of banks, building societies and credit unions licensed under the Banking Act 1959.
Who owns People First?
People First Bank is a trading name of Heritage and People's Choice Ltd, which also trades as Heritage Bank.
What is People First’s credit licence number?
Heritage and People's Choice Limited holds Australian Credit Licence 244310, the licence People First operates under. You can check a licence on ASIC’s Professional Registers before you apply.