Police Credit Union offers the one fixed rate home loan product (which you can read more about in the links below) for both owner occupiers and investors, though an interest-only option is only available to investors. The loan allows borrowers to lock in competitive rates for 1-5 year terms with a minimum loan amount of $20,000 and maximum loan-to-value ratios (LVRs) between 80%-90%. Like most fixed loans features are on the light side, but you will have the option of making fee-free extra repayments of up to $20,000 per year. But keep in mind, this mortgage comes with a number of upfront fees.
| Product | Fixed 3 year rate | Comparison Rate | Service fee | Upfront fee | Monthly repayments |
|---|---|---|---|---|---|
|
5.49% p.a. |
6.62% p.a. |
$0.00 |
$562 |
||
|
5.69% p.a. |
6.67% p.a. |
$0.00 |
$782 |
||
|
6.09% p.a. |
6.79% p.a. |
$0.00 |
$782 |
||
|
5.79% p.a. |
6.70% p.a. |
$0.00 |
$782 |
||
|
5.59% p.a. |
6.64% p.a. |
$0.00 |
$562 |
||
|
6.39% p.a. |
6.90% p.a. |
$0.00 |
$782 |
||
|
6.19% p.a. |
6.82% p.a. |
$0.00 |
$782 |
||
|
5.89% p.a. |
6.73% p.a. |
$0.00 |
$782 |
Borrowers looking for a variable rate home loan option will have two choices with Police Credit Union: the Standard Variable Home Loan and The Better Home Loan. The Standard Variable Home Loan gives borrowers the chance to take out a loan with a lower deposit (as little as 5%) while The Better Home Loan has a higher deposit requirement of at least 20% but a lower variable rate. Both have flexible features on offer including unlimited extra repayments, a redraw facility (fees apply) and the use of an offset account. There are application, legal and valuation fees to consider with both variable loans though. For greater details, check out the linked reviews below.
| Product | Rate | Comparison Rate | Service fee | Upfront fee | Monthly repayments |
|---|---|---|---|---|---|
|
6.14% p.a. |
6.20% p.a. |
$0.00 |
$420 |
||
|
5.89% p.a. |
5.95% p.a. |
$0.00 |
$420 |
||
|
7.49% p.a. |
7.55% p.a. |
$0.00 |
$782 |
||
|
6.59% p.a. |
6.65% p.a. |
$0.00 |
$782 |
||
|
6.69% p.a. |
6.75% p.a. |
$0.00 |
$782 |
||
|
6.69% p.a. |
6.75% p.a. |
$0.00 |
$782 |
||
|
6.19% p.a. |
6.25% p.a. |
$0.00 |
$420 |
||
|
5.94% p.a. |
6.00% p.a. |
$0.00 |
$420 |
||
|
7.99% p.a. |
8.05% p.a. |
$0.00 |
$782 |
||
|
7.24% p.a. |
7.30% p.a. |
$0.00 |
$782 |
||
|
7.24% p.a. |
7.30% p.a. |
$0.00 |
$782 |
||
|
7.24% p.a. |
7.30% p.a. |
$0.00 |
$782 |
||
|
6.69% p.a. |
6.75% p.a. |
$0.00 |
$782 |
Make extra contributions towards your home loan for free in order to pay it offer faster and save on interest over the long run. Just remember that while the ability to make unlimited extra repayments is a feature available on both Police Credit Union variable rate offers, if you opt for a fixed rate loan your extra contributions will be capped at $20,000 per year.
Both Police Credit Union variable home loans come with the option for borrowers to stash their funds in an offset account to help cut down on interest. This feature isn't available with fixed rate loans though.
Police Credit Union home loan customers will be able to match their repayments to their budget or pay cycle by choosing either monthly, fortnightly or weekly repayments.
Mozo users have rated Police Credit Union home loans on price, features, convenience, trust and customer service so you can see what real Aussies have to say about their experiences.
I believe that the Police Credit Union offers more friendly service and the employees will ring you back when they say they will. When I have asked for a better deal they have provided be a better home loan interest rate.
Read full reviewI believe that the Police Credit Union offers more friendly service and the employees will ring you back when they say they will. When I have asked for a better deal they have provided be a better home loan interest rate.
A bank / credit union that gives chances to people other banks won’t. People who work hard but the upfront costs other banks want they include in the loan so makes it easier for people to get into their own home sooner.
Read full reviewA bank / credit union that gives chances to people other banks won’t. People who work hard but the upfront costs other banks want they include in the loan so makes it easier for people to get into their own home sooner.
I like the Police Credit Union because they are to deal with and have top customer service. While there is not a lot of branches, it is easy to catch up with someone. When phoning with a question you can phone your branch directly and you get to speak to a person dealing with your loan.
Read full reviewI like the Police Credit Union because they are to deal with and have top customer service. While there is not a lot of branches, it is easy to catch up with someone. When phoning with a question you can phone your branch directly and you get to speak to a person dealing with your loan.
I have been banking with them for over 30 years. Have always been happy dealing with them.
Read full reviewI have been banking with them for over 30 years. Have always been happy dealing with them.
Most accommodating and friendly staff. Always willing to give a competitive quote on any product that one may wish to purchase.
Read full reviewMost accommodating and friendly staff. Always willing to give a competitive quote on any product that one may wish to purchase.
Membership with Police Credit Union is open to everyone - not just law enforcement. But you will have to become a member before getting your hands on a home loan which you can do by going into a branch, or calling Police Credit Union’s customer service team.
When you apply for your home loan (which you can start online, over the phone or in a branch), make sure you’ve got the following details prepared: