Previously known as Police & Nurses Credit Society, P&N Bank is Western Australia’s largest mutual bank, and has been committed to providing its customers with some of the best financial products around for over 30 years.
Rates and fees verified as correct at 22 July, 2019. 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 ‡ |
|---|---|---|---|---|---|
| 3.43% p.a. | 4.32% p.a. | $8.00 monthly | $395 | ||
| 3.53% p.a. | 4.42% p.a. | $8.00 monthly | $395 | ||
| 3.33% p.a. | 4.28% p.a. | $8.00 monthly | $395 | ||
| 3.43% p.a. | 4.39% p.a. | $8.00 monthly | $395 |
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 ‡ |
|---|---|---|---|---|---|
| 4.21% p.a. | 4.36% p.a. | $10.00 monthly | $395 | ||
| 4.01% p.a. | 4.16% p.a. | $10.00 monthly | $395 | ||
| 3.81% p.a. | 3.82% p.a. | $0.00 | $0 | ||
| 3.30% p.a.variable for 12 months and then 3.81% p.a. | 3.77% p.a. | $0.00 | $0 | ||
| 4.96% p.a. | 5.08% p.a. | $8.00 monthly | $395 | ||
| 4.46% p.a. | 4.49% p.a. | $0.00 | $395 | ||
| 4.56% p.a. | 4.59% p.a. | $0.00 | $395 |
P&N Bank’s variable rate home loan package is available to owner occupiers looking to borrow $10,000-$3,000,000, with an LVR of up to 90% and is a fee free option. It comes packed full of all the best flexible features like a 100% offset account, unlimited fee free extra repayments and free redraws (minimum applies). You can also choose between weekly, fortnightly or monthly repayments, and you have the option to split your loan between fixed and variable rates. The package benefits include no ongoing access account fees, a gift card when you renew or buy insurance cover and P&N Bank will match your credit card interest rate to the rate you pay on your home loan. Now that’s a great deal!
| Product | Rate | Comparison Rate* | Service fee | Upfront fee | Monthly repayments ‡ |
|---|---|---|---|---|---|
| 4.01% p.a. | 4.02% 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 |
|---|---|---|---|---|
| 5.46% p.a. | n/a | $10.00 monthly | $395 |
‡ 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.
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 3 months ago
I can't believe how simple it all was. Nothing was too technical, we understood everything, and the support we got, and are still receiving is phenomenal.
I can't believe how simple it all was. Nothing was too technical, we understood everything, and the support we got, and are still receiving is phenomenal.
Deborah, Western Australia, reviewed over 3 years ago
When you call the customer service line, you actually get to speak to a human being... And one which is both friendly AND helpful. Not something you can expect from most places these days.
When you call the customer service line, you actually get to speak to a human being... And one which is both friendly AND helpful. Not something you can expect from most places these days.
Lachlan, Queensland, reviewed over 3 years ago
Not as easy to set up loan as I thought and didn't explain things in layman's terms. After loan was set up I had to call and find out all about the accounts and they didn't set up my offset account without me calling either.
Not as easy to set up loan as I thought and didn't explain things in layman's terms. After loan was set up I had to call and find out all about the accounts and they didn't set up my offset account without me calling either.
Amy, Western Australia, reviewed over 3 years ago
Very helpful. Never had so much help with any queries I have.
Very helpful. Never had so much help with any queries I have.
Heather, Western Australia, reviewed about 4 years 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:
