P&N Bank is a customer-owned bank headquartered in Perth, Western Australia. P&N Bank offers a range of personal finance products, including variable and fixed rate home loans which are available for both owner occupiers and investors. P&N Bank customers can manage their home loans through the P&N Bank app, internet banking, or by dropping into a branch or by calling the P&N Bank contact centre based in WA.
Rates and fees verified as correct at 07 July, 2020. Other information correct at the time of writing.
If you’re looking for a straightforward home loan with the certainty of fixed rates, then look no further. P&N Bank’s fixed rate home loan is available for amounts starting from $20,000, up to 90% of the property’s value. It comes with an upfront application fee, plus a monthly service fee. There isn’t so much in terms of features with this home loan - what you see is what you get - but you can choose an interest only or principal and interest loan. You also have the option to split your loan between fixed and variable rates to take advantage of the security of fixed rates, along with the flexible money-saving features of the variable option.
| Product | Fixed 3 year rate | Comparison Rate* | Service fee | Upfront fee | Monthly repayments ‡ |
|---|---|---|---|---|---|
| 2.58% p.a. | 3.55% p.a. | $0.00 | $0 | ||
| 2.69% p.a. | 3.65% p.a. | $0.00 | $0 | ||
| 2.19% p.a. | 3.44% p.a. | $0.00 | $0 | ||
| 2.29% p.a. | 3.55% p.a. | $0.00 | $0 |
For borrowers after a little more flexibility in their mortgage, one of the variable rate home loans on offer from P&N Bank might just be the perfect fit. Variable rate options are available from $10,000, up to 90% of the property’s value, and like the fixed rate alternative, attract an upfront application fee and monthly service fee. The variable rate loan also comes with a range of flexible features to help you save money on your mortgage, including the ability to make free extra repayments, free redraws (minimum applies) and a 100% offset account. You also have the option to choose a monthly, fortnightly or weekly repayment schedule.
| Product | Rate | Comparison Rate* | Service fee | Upfront fee | Monthly repayments ‡ |
|---|---|---|---|---|---|
| 2.74% p.a. | 2.75% p.a. | $0.00 | $0 | ||
| 3.22% p.a. | 3.23% p.a. | $0.00 | $0 | ||
| 2.74% p.a.variable for 12 months and then 3.22% p.a. | 3.19% p.a. | $0.00 | $0 | ||
| 3.53% p.a. | 3.54% p.a. | $0.00 | $0 | ||
| 3.33% p.a. | 3.34% p.a. | $0.00 | $0 | ||
| 4.37% p.a. | 4.47% p.a. | $8.00 monthly | $0 | ||
| 2.92% p.a. | 2.92% p.a. | $0.00 | $0 | ||
| 3.87% p.a. | 3.88% p.a. | $0.00 | $0 | ||
| 3.97% p.a. | 3.98% p.a. | $0.00 | $0 |
Use the equity already built up in your home to fund your next big spending goal, whether that's a kitchen renovation or an exotic getaway. You’ll pay an application and monthly service fee on your P&N Bank line of credit home loan, which is available for up to 90% of your home’s value, starting from $20,000. This mortgage also comes with the option to split between fixed and variable rates.
| Product | Rate | Comparison Rate* | Service fee | Upfront fee |
|---|---|---|---|---|
| 4.87% p.a. | n/a | $0.00 | $0 |
‡ Results from this calculation are estimates only as individual lenders apply different formulas. Actual repayments will depend on your individual circumstances and interest rate changes.
| Offset accountOffset account | Save money on your P&N Bank mortgage with a 100% offset account - just remember, this feature isn’t available on fixed rate options. |
| Free extra repaymentsFree extra repayments | Make fee free extra repayments on variable rate P&N Bank home loans to pay your mortgage off quicker and save on interest. |
| Flexible repayment scheduleFlexible repayment schedule | Set your own schedule, with the option to choose weekly, fortnightly or monthly repayments on all but fixed rate P&N Bank mortgages. |
| Package benefitsPackage benefits | Choose a package home loan from P&N Bank and you can cash in on an access account with no ongoing fees, a gift card when you buy or renew your P&N insurance policy and a credit card interest rate matching your low home loan rate. |
Think a P&N Bank home loan is the one for you? Before you decide, check out some first hand accounts of what it's like to have a mortgage with P&N Bank, so you know what you’re in for in areas like trust, customer service and convenience.
Firstly I prefer a credit society like P&N as I believe they are not totally sold on gaining profit off the mortgagees and I believe their rates are better than the big banks. I like their low rate credit card that comes with the home loans, that...
Firstly I prefer a credit society like P&N as I believe they are not totally sold on gaining profit off the mortgagees and I believe their rates are better than the big banks. I like their low rate credit card that comes with the home loans, that effectively gives us another AUD20000 of lending on top of our loan amount. That helped us to renovate our kitchen for the home we bought. The part I am put off by P&N is their ease of use. I can just walk in to the big banks and there is always someone I can engage personally instead of waiting on the phone hour hours for a simple yes/no question. P&N has very limited outlets. In the past I have made a few phone calls to P&N. Although they solved my queries, the wait time was horrendous, and I feel there is lack of personal touch like seeing a person face to face.
Jayaraj, Western Australia, reviewed 13 days ago
Came to the party when I was in a vulnerable position financially and they supported me!
Came to the party when I was in a vulnerable position financially and they supported me!
Doug, Western Australia, reviewed about 2 months ago
Wait times for processing applications are beyond a joke. We were told applications would be delivered by certain dates. These were delivered weeks later. They completed our first home owners grant application incorrectly, after waiting a week...
Wait times for processing applications are beyond a joke. We were told applications would be delivered by certain dates. These were delivered weeks later. They completed our first home owners grant application incorrectly, after waiting a week longer than they advised us we would wait. They had to resubmit and made us wait even longer! Not a good start to using their services. They forced us to push settlement date twice because they did not deliver to our very reasonable deadlines.
Anonymous, Western Australia, reviewed 4 months ago
As an existing customer of 38 years it is disappointing when new customers are given better home loan rates than ours.
As an existing customer of 38 years it is disappointing when new customers are given better home loan rates than ours.
Trudi, Western Australia, reviewed 7 months ago
I do not have a complaint about P&N. What is the point of complaining when they fail to resolve the issue. I conceded defeat a long time ago. I had two ‘interest only’ home loans with them until May 2017 when they came to the end of the three year...
I do not have a complaint about P&N. What is the point of complaining when they fail to resolve the issue. I conceded defeat a long time ago. I had two ‘interest only’ home loans with them until May 2017 when they came to the end of the three year terms. I went to see them and informed them that I wished to continue with this arrangement. I also explained that my wife was dying and this was causing me a great deal of distress. They seemed very concerned, offered their sympathy and assured me that they would not add to my problems. They did the exact opposite. They turned both loans into principal and interest and increased the rates to about 5.7%. One of the reasons given was that as my wife was dying (she died 8/8/17), I would no longer benefit from her income. My wife’s income had fallen from a very moderate level to nothing over the previous four years. Therefore, due to her failing health, she was not, and had not been making a significant contribution to our joint incomes or some years. Despite my situation P&N increased my payments by $3,000 a month. Very sympathetic. Just when I needed some help, I received in its place, a kick in the guts from the P&N bank. They really did talk nicely, sounded very concerned, but then screwed me when I was at my most vulnerable. I would point out that I have never missed a payment, even those at the current extortionate rate.
Bob, Western Australia, reviewed about 1 year ago
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When you’re ready to take the plunge and apply for a home loan with P&N Bank, here are some of the things you’ll need to have with you: