8.7 / 10

based on 311 Police Bank banking product reviews as rated by Mozo community

Police Bank home loans

Originally founded as NSW Police Credit Union (PCU) in 1964, Police Bank has been operating under its new name since 2012. Police Bank is a mutual bank owned by its members, and in order to take out a home loan with Police Bank you will need to be a current or retired police officer. 

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

What home loans do Police Bank offer?

Rates and fees verified as correct at 28 July, 2021. Other information correct at the time of writing. Advertiser disclosure.

Fixed Rate Home Loans

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.

Home loan repayments calculator

years

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

2.29% p.a.

2.79% p.a.

$0.00

$995

2.29% p.a.

2.73% p.a.

$0.00

$995

2.39% p.a.

2.84% p.a.

$0.00

$995

2.59% p.a.

3.03% p.a.

$0.00

$995

2.19% p.a.

2.63% p.a.

$0.00

$995

2.29% p.a.

2.74% p.a.

$0.00

$995

2.49% p.a.

2.93% 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

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.

Home loan repayments calculator

years

Product Rate Comparison Rate Service fee Upfront fee Monthly repayments

2.99% p.a.

2.07% p.a.

$0.00

$995

2.79% p.a.

2.87% p.a.

$0.00

$995

2.79% p.a.

2.86% p.a.

$0.00

$995

2.89% p.a.

2.96% p.a.

$0.00

$995

3.09% p.a.

3.17% p.a.

$0.00

$995

2.69% p.a.

2.76% p.a.

$0.00

$995

2.79% p.a.

2.87% p.a.

$0.00

$995

2.99% 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

Police Bank home loan features in a glance

Image of coins

Image of coins

Unlimited extra repayments 

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.

Offset icon

Offset account

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. 

Schedule icon

Flexible repayment schedule

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.

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
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 over 1 year ago
Police Bank Premium Home Loan
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 over 5 years ago
Police Bank Home Loan
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 over 6 years ago
Police Bank Home Loan
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 over 6 years ago
Police Bank Home Loan
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 about 7 years ago

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

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:

  • 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

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