Rates and fees verified as correct at 21 January, 2021. Other information correct at the time of writing. Advertiser disclosure.
Owner occupiers or investors looking for the security of a set monthly budget will want to compare Police Bank’s range of fixed rate home loan offers. Equipped with competitive rates on terms of 1-5 years, Police Bank’s fixed rate loans also come with handy features such as free extra repayments, redraws and the ability to borrow with deposits as low as 5%. Don’t forget to budget for any application, legal and valuation fees though.
| 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 |
Police Bank also have a number of variable rate home loans available to their members on loan amounts starting from $50,000 up to 95% of the property’s value. Borrowers can access a bunch of great features including 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 may be some upfront fees to consider.
| 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.
The majority of Police Bank home loans allow borrowers to pay off their loans faster for free (and therefore save on interest) with the unlimited extra repayments feature. This feature also generally comes alongside a redraw facility which lets homeowners tap into any of the additional repayments they’ve made for other purposes.
Speaking of reducing the interest you pay, Police Bank’s variable rate First Home Loan, Goldrate Home Loan and Police Value Home Loans all come with an offset account feature attached.
Looking to match up your home loan repayments on a schedule that suits you? With Police Bank, you’ll be able to choose between making your payments on a monthly, fortnightly or weekly schedule.
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.
27 Reviews
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 reviewThe 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.
Great personal customer service
Read full reviewGreat personal customer service
Trustworthy and excellent online banking security
Read full reviewTrustworthy and excellent online banking security
I love this credit union. Rates are fair. Customer service is outstanding.
Read full reviewI love this credit union. Rates are fair. Customer service is outstanding.
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 reviewA 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.
Police Bank are a little different to a standard bank because you'll either need to be a current serving police officer or a retired officer who is "...a member of a union that is associated with the Police Federation of Australia..." in order to apply for a home loan.
In terms of the home loan application process itself, make sure you have the following handy:
