8.7 / 10

based on 308 reviews as rated by Mozo community

Police Bank home loans

Originally NSW Police Credit Union (PCU), Police Bank began in the 1960s. As a mutual bank, it’s owned by its members, so you know you’ll get good value as a customer. To become a member and take out a home loan with Police Bank, you need to be or once have been part of the police force or be a relative of a member.

And first home buyers in particular may be interested in checking out Police Bank's home loans, because in 2019 the lender took out a Mozo Experts Choice Award for best First Home Buyer Loan. 

What home loans do Police Bank offer?

Rates and fees verified as correct at 30 October, 2020. Other information correct at the time of writing. Advertiser disclosure.

Fixed Rate Home Loans

For the security of a set monthly budget, check out the fixed rate home loan offer from Police Bank. Available for up to 95% of the property’s value, this loan comes with a free redraw facility and the option to split between fixed and variable rates. You also have the option to make extra repayments, but keep in mind this will attract a fee. Don’t forget also to budget for the application, legal and valuation fees.

Home loan repayments calculator

years

Product Fixed 3 year rate Comparison Rate Service fee Upfront fee Monthly repayments ‡

2.49% p.a.

2.79% p.a.

$0.00

$995

2.49% p.a.

2.78% p.a.

$0.00

$995

2.49% p.a.

2.79% p.a.

$0.00

$995

2.69% p.a.

3.07% p.a.

$0.00

$995

2.49% p.a.

2.79% p.a.

$0.00

$995

2.69% p.a.

3.07% p.a.

$0.00

$995

2.99% p.a.

3.32% p.a.

$0.00

$995

2.99% p.a.

3.32% p.a.

$0.00

$995

Variable Rate Home Loans

The Police Bank Premium variable rate home loan is available for amounts starting from $50,000, up to 95% of the property’s value. You’ll have access to a bunch of great features including unlimited free extra repayments, a free redraw facility and the use of an offset account. To tailor your loan, you can choose between weekly, fortnightly or monthly repayments, and choose to split your loan between variable and fixed rates. But remember, there is an application fee to budget for.

Home loan repayments calculator

years

Product Rate Comparison Rate Service fee Upfront fee Monthly repayments ‡

2.79% p.a.

2.87% p.a.

$0.00

$995

3.11% p.a.

3.19% p.a.

$0.00

$995

2.79% p.a.

2.87% p.a.

$0.00

$995

2.79% p.a.

2.84% p.a.

$0.00

$995

2.79% p.a.

2.87% p.a.

$0.00

$995

3.11% p.a.

3.19% p.a.

$0.00

$995

3.34% p.a.

3.42% p.a.

$0.00

$995

3.34% p.a.

3.42% p.a.

$0.00

$995

WARNING: This comparison rate applies only to the example or examples given. Different amounts and terms will result in different comparison rates. Costs such as redraw fees or early repayment fees, and cost savings such as fee waivers, are not included in the comparison rate but may influence the cost of the loan. The comparison rate displayed is for a secured loan with monthly principal and interest repayments for $150,000 over 25 years.

‡ 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.

Police Bank home loan features in a glance

Repayment Icon

Unlimited extra repayments

You’ll pay your home loan off quicker and pay less interest with unlimited additional repayments. Plus, there’s no early break free on the variable rate loan! But keep in mind, if you choose to fix part of your home loan, early break fees may apply to that portion.

Offset icon

Offset account

Pay less interest on your Police Bank home loan by making use of the offset account feature.

Repayment Icon

Flexible repayment schedule

Choose to make your repayments either monthly, fortnightly or weekly, to fit with your budgeting schedule.

How are Police Bank home loans rated?

Mozo users have rated Police Bank home loans on price, features, convenience, trust and customer service so you can see what real Aussies have to say about their experiences.

Icon of home-loans
Police Bank home loans
Overall
8.5/10
Price
Features
Customer service
Convenience
Trust

27 Reviews

Recent Police Bank home loan reviews

Police Bank Goldrate Home Loan review
Overall 8/10
All round products with great customer service.

The variety of products the Police Bank offer covers a very wide range of needs. Their loan process is simple and easily understood, and their customer service is also very good.

Read full review

The variety of products the Police Bank offer covers a very wide range of needs. Their loan process is simple and easily understood, and their customer service is also very good.

Price
8/10
Features
8/10
Customer service
8/10
Convenience
9/10
Trust
9/10
Less
Robert, New South Wales reviewed 9 months ago
Police Bank Premium Home Loan review
Overall 10/10
Great personalised service

Great personal customer service

Read full review

Great personal customer service

Price
9/10
Features
10/10
Customer service
10/10
Convenience
10/10
Trust
10/10
Less
Genny, Australian Capital Territory reviewed almost 5 years ago
Police Bank Home Loan review
Overall 8/10
Trustworthy

Trustworthy and excellent online banking security

Read full review

Trustworthy and excellent online banking security

Price
7/10
Features
7/10
Customer service
9/10
Convenience
10/10
Trust
10/10
Less
Matthew, New South Wales reviewed almost 6 years ago
Police Bank Home Loan review
Overall 10/10
The perfect bank

I love this credit union. Rates are fair. Customer service is outstanding.

Read full review

I love this credit union. Rates are fair. Customer service is outstanding.

Price
10/10
Features
10/10
Customer service
10/10
Convenience
10/10
Trust
10/10
Less
Belinda, New South Wales reviewed almost 6 years ago
Police Bank Home Loan review
Overall 9/10
Best customer service and great range of products

A professional bank that treats you more like a family member. Always great service and friendly smiles. They will always go out of their way to help you. Great products too.

Read full review

A professional bank that treats you more like a family member. Always great service and friendly smiles. They will always go out of their way to help you. Great products too.

Price
8/10
Features
10/10
Customer service
10/10
Convenience
10/10
Trust
10/10
Less
Jen, New South Wales reviewed over 6 years ago

What do you need to apply for a Police Bank home loan?

You’ll have to become a member to take out a home loan with Police Bank - which means you’ll need to be currently or formerly employed by the police force, or be a relative of a member. Membership is free - but it comes with the condition that if Police Bank ever goes bust, you will pay $10 to its closing management.

To apply for a home loan with Police Bank, make sure you have these details handy:

  • Photo I.D.
  • Information on your employment and salary
  • Proof of regular income, like payslips or bank statements
  • Proof of any assets you hold including property, shares or savings
  • Details of your expenses - including debts

Home loan quick links