P&N Bank Secured Personal Loan

6.99% p.a.

7.97% p.a.based on $30,000
over 5 years


P&N Bank Secured Personal Loan Review

Rates and fees information correct as at 21 September 2018.

Review published: 14 June 2016

What's hot:

  • 6.99% low variable rate

  • Extra repayments and redraw facility available

  • P&N Bank awarded Overall Value in the Experts Choice Australia’s Best awards.

What's not:

  • $105 early repayment fee

Mozo snapshot:

With a low variable rate of 6.99% (7.97% 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. 

And if you're looking for a provider that also has great value across its range of banking products, you may be happy to hear that P&N Bank won an Overall Value award in the Experts Choice Australia’s Best awards.

Key features:

One of the biggest drawcards of the P&N Bank Secured Personal Loan is its super low rate, at just 6.99% (7.97% 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). Just be mindful that paying off your loan early will result in a $105 early repayment fee. But the good news is no exit fee applies.  

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.

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 it's 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. 

Any catches?

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

The Mozo community has not yet rated P&N Bank for this personal loan.


  • Variable

  • 6.99% p.a.variable

  • 7.97% p.a.based on $30,000
    over 5 years


  • $199.00

  • $10.00

  • none

  • $0.00

  • $105

Other financial bits

  • $5,000.00

  • none

  • 2 Years

  • 5 Years

  • Vehicle


  • Weekly, Fortnightly, Monthly

  • yes

  • yes

  • none

  • none

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.

*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. 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.

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