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P&N Bank Secured Personal Loan

Advertiser disclosure
Interest rate from
6.81% p.a.
Comparison rate from
7.80% p.a.based on $30,000
over 5 years
Upfront fee

Mozo editorial review P&N Bank Secured Personal Loan

Last updated: 4 August 2020.

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What's hot
  • 6.81% low variable rate (7.80% comparison rate*)
  • Extra repayments and redraw facility available
  • No exit or early repayment fees
What's not
  • $199 application fee
Mozo snapshot

With a low variable rate of 6.81% (7.80% comparison rate*), flexible features like an extra repayments facility and your choice of repayment consistency either weekly, fortnightly or monthly, the P&N Bank Secured Personal Loan sure does offer the works. 

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Key features

One of the biggest drawcards of the P&N Bank Secured Personal Loan is its super low rate, at just 6.81% (7.80% comparison rate*) when you use your car as security for the loan. 

On top of this low rate offering, you'll also enjoy the flexibility of a fee free extra repayments facility, allowing you to pump additional cash into your loan at any time (e.g when you receive that well deserved work promotion or bumper tax return). 

If at any time you find you need to redraw on those extra repayments you've made, you can do just that thanks to the redraw facility. Add to this the fact that you can set up your repayments to suit your pay cycle either weekly, fortnightly or monthly and the P&N Secured Personal Loan truly is great value. Plus, if you pay your entire loan off early, there's no penalty for doing so! 

Loans are available for amounts over $5,000 and you can choose a term between 2 and 5 years. When you take out the loan, there's a pretty standard $199 upfront fee and you'll also be charged a $10 fee on a monthly basis.

Who is it good for

If you are simply after a low rate loan with the features to help you pay it off sooner, then the P&N Secured Personal Loan could just be your borrowing match. 

Keep in mind the loan is secured, which means you'll need to put up your motor vehicle as collateral. If you are not after a secured loan, then check out the Unsecured Personal Loan from P&N Bank. 

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Any catches

As the P&N Secured Personal Loan is variable, your rate could change at any time during the term of the loan.


Rates and fees information correct as at 22 June 2021. Mozo has robust processes to ensure our site is updated to reflect the latest information from providers. There may be the odd occasion where updates are delayed, so please confirm information before purchasing.
  • Variable

  • 6.81% p.a.variable

  • 7.80% p.a.based on $30,000
    over 5 years

  • $199.00

  • $10.00

  • n/a

  • $0.00

  • $0

Other financial bits
  • $5,000.00

  • none

  • 2 Years

  • 5 Years

  • Vehicle

  • Weekly, Fortnightly, Monthly

  • yes

  • yes

  • none

  • none

WARNING: The Comparison Rate combines the lender's interest rate, fees and charges into a single rate to show the true cost of a personal loan. The comparison rates displayed are calculated based on a loan of $30,000 for a term of 5 years or a loan of $10,000 for a term of 3 years as indicated, based on monthly principal and interest repayments, on a secured basis for secured loans and an unsecured basis for unsecured loans. 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.

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About P&N Bank

P&N Bank is Western Australia's largest mutual bank, and offers competitive rates and fees that are personalised to its members. Formerly Police & Nurses Credit Society, P&N has served the local Western Australian community for over 30 years, and provides a range of quality banking and financial services including credit cards, bank and savings accounts, term deposits, home and personals loans, and insurance products. As a mutual bank, every member has a say, and profits go directly back into benefiting its members.

See P&N Bank personal loans