Heritage and People’s Choice Limited, the customer-owned bank formed when Heritage Bank and People’s Choice Credit Union merged in March 2023, offers People First Bank home loans. This page is a factual profile to help borrowers understand who People First Bank is and where its home loans may fit. However, it is not an assessment or a recommendation.
People First Bank at a Glance
| Item | Detail |
|---|---|
| Lender type | Customer-owned bank (authorised deposit-taking institution) |
| Owned by | Its customers (members), not external shareholders |
| Founded or established | Formed 1 March 2023 by the merger of Heritage Bank and People’s Choice; Heritage’s origins date to 1875 in Toowoomba |
| Headquarters | Dual head offices in Toowoomba, Queensland and Adelaide, South Australia |
| Regulated by | APRA as an ADI; ASIC Australian Credit Licence 244310 |
| Listed on the ASX | No, it is a mutual |
| Home loans for | Owner-occupiers, investors, first home buyers, builders and refinancers |
Ownership and History of People First Bank
People First Bank brings together two long-standing mutuals. Heritage Bank began in 1875 as the Toowoomba Permanent Benefit Building and Investment Society in Queensland, while People’s Choice Credit Union operated from Adelaide, South Australia. Customers owned both organisations.
The two organisations then merged on 1 March 2023 to form Heritage and People’s Choice Limited, which trades as People First Bank. The bank announced the People First Bank name in November 2023, as reported by Banking Day, and has been rolling the brand out across its branches and head offices since then. Heritage and People’s Choice Limited also appears on APRA’s register as trading as Heritage Bank, People’s Choice Credit Union and People First Bank.
The merged bank keeps dual head offices in Toowoomba and Adelaide and describes itself as one of Australia’s largest customer-owned banks, with more than 700,000 customers and around 2,000 employees. As a mutual, it reinvests its profits in the bank and its communities rather than paying them to shareholders.
Where People First Bank Home Loans May Suit
- First home buyers. People First Bank is a participating lender in the Australian Government 5% Deposit Scheme. However, eligibility criteria apply to government schemes. See our first home loans page.
- Straightforward owner-occupier and investor borrowers. The bank offers variable, fixed and split loans, as well as offset, redraw and extra repayment features.
- People building a home. People First Bank offers construction loans that release funds progressively, once each building stage is complete. Learn more on our construction loans page.
- Broker clients. The bank has a dedicated broker support team with embedded credit assessment, and says it has expanded its broker channel since the merger.
- People who prefer a customer-owned bank. In fact, members are the owners.
Home Loan Types People First Bank Offers
- Owner-occupied home loans
- Investment property loans
- Construction loans
- First home buyer loans, including the Australian Government 5% Deposit Scheme
- Refinancing, with fixed, variable and split options
Getting a People First Bank Home Loan Through Ingram Financial
Of course, every lender has its own policies, processes and quirks, and they change often. Rather than working through them on your own, let Ingram Financial help you navigate the maze and compare People First Bank with the other lenders on our panel.
Shannon Ingram, our principal broker, compares People First Bank home loans with the rest of the panel based on your goals, income and deposit. We work with clients across the Sutherland Shire, as well as across Australia by phone and video. In the meantime, to see current People First Bank products, use the lender filter in our comparison tool. Then contact us to talk through the options.
People First Bank Home Loan FAQs
Yes. People First Bank is a trading name of Heritage and People’s Choice Limited, an authorised deposit-taking institution regulated by APRA.
People First Bank’s customers own it. It formed in March 2023 through the merger of Heritage Bank and People’s Choice Credit Union, both of which were mutuals, and it also has no external shareholders.
Yes. Heritage Bank and People’s Choice merged on 1 March 2023 and the combined bank now trades as People First Bank. In fact, all three names belong to Heritage and People’s Choice Limited.
Yes. People First Bank appears as a participating lender for the Australian Government 5% Deposit Scheme. However, eligibility criteria apply to government schemes.
Yes. People First Bank works with accredited brokers and is also one of the lenders on the Ingram Financial panel.
Ingram Financial has no ownership ties to People First Bank. People First Bank is simply one of the lenders on our panel. We checked the lender information on this page in September 2026. However, it may change, and the lender sets product availability, policies and eligibility criteria.
The information on this page is general in nature and does not take into account your objectives, financial situation or needs. Lending criteria, fees and charges apply. Consider whether it is appropriate for you and speak to us for advice specific to your situation.