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.
Rates and fees verified as correct at 27 January, 2020. Other information correct at the time of writing.
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.
| Product | Fixed 3 year rate | Comparison Rate* | Service fee | Upfront fee | Monthly repayments ‡ |
|---|---|---|---|---|---|
| 3.19% p.a. | 3.77% p.a. | $0.00 | $545 | ||
| 2.99% p.a. | 3.17% p.a. | $0.00 | $545 | ||
| 3.09% p.a. | 3.43% p.a. | $0.00 | $545 | ||
| 3.19% p.a. | 4.30% p.a. | $0.00 | $545 | ||
| 3.09% p.a. | 3.87% p.a. | $0.00 | $545 |
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.
| Product | Rate | Comparison Rate* | Service fee | Upfront fee | Monthly repayments ‡ |
|---|---|---|---|---|---|
| 3.59% p.a. | 3.67% p.a. | $0.00 | $545 | ||
| 3.49% p.a. | 3.57% p.a. | $0.00 | $545 | ||
| 3.18% p.a. | 3.19% p.a. | $0.00 | $545 | ||
| 3.92% p.a. | 3.96% p.a. | $0.00 | $545 | ||
| 3.49% p.a. | 3.53% p.a. | $0.00 | $545 | ||
| 4.64% p.a. | 4.68% p.a. | $0.00 | $545 | ||
| 4.09% p.a. | 4.13% p.a. | $0.00 | $545 |
‡ 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.
| Unlimited extra repaymentsUnlimited 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 accountOffset account | Pay less interest on your Police Bank home loan by making use of the offset account feature. |
| Flexible repayment scheduleFlexible repayment schedule | Choose to make your repayments either monthly, fortnightly or weekly, to fit with your budgeting schedule. |
Want to hear what Police Bank customers have to say about it? Read their first hand experiences in our customer reviews section.
Great personal customer service
Great personal customer service
Genny, Australian Capital Territory, reviewed about 4 years ago
Trustworthy and excellent online banking security
Trustworthy and excellent online banking security
Matthew, New South Wales, reviewed about 5 years ago
I love this credit union. Rates are fair. Customer service is outstanding.
I love this credit union. Rates are fair. Customer service is outstanding.
Belinda, New South Wales, reviewed about 5 years ago
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.
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.
Jen, New South Wales, reviewed over 5 years ago
Great pricing for all services. Very trustworthy company. Highly recommended.
Great pricing for all services. Very trustworthy company. Highly recommended.
Vanessa, New South Wales, reviewed about 6 years ago
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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:
