|Interest rate from
|Comparison rate from
|Driveaway Car Loan (Fixed, Secured)
7.13% p.a.based on $30,000
|Personal Loan (Fixed, Unsecured)
13.14% p.a.based on $30,000
|Personal Loan (Variable, Unsecured)
10.13% p.a.based on $30,000
Unsecured Personal Loan
Police Bank’s unsecured personal loan comes with the option of either a fixed or variable rate. Borrowing amounts go up to $50,000 and loan terms range from 1 to 7 years.
With a fixed interest rate loan, your repayments will be fixed for the duration of the loan so every month you’ll know exactly how much your repayment will be. Police Bank cannot change the rate on you. Knowing how much you have to pay back each month, makes it easier to manage your expenses and household budget.
If you opt for the variable rate option, interest rates are lower but may also change during your loan term. So if rates go up you will have to pay extra.
The good news is that borrowers can make extra repayments on top of their regular weekly, fortnightly or monthly regular payments. Plus there is no early repayment fee if you pay down your entire debt ahead of time. Just remember, there is an application cost straight off the bat.
This loan won a 2023 Mozo Experts Choice Award for best Unsecured Personal Loan.
There is also a secured car loan option that comes with a fixed interest rate. Customers can borrow up to $120,000 on this loan and pay it back between 1 and 7 years.
Like the personal loan mentioned above, there is the choice for borrowers to make weekly, fortnightly or monthly repayments as well as the option to make extra repayments too. There are also no break costs or monthly service fees to worry about either. You will have to budget for an upfront application cost though when you first sign up for the loan.
Police Bank is encouraging its members to be more environmentally conscious by rewarding customers who make green purchases with lower interest rates than their standard loans.
Police Bank have a range of items, including things like solar roof panels, rainwater tanks, energy / water efficient white goods and home battery systems.
Repayment schedule options: With Police Bank personal loans there is the choice of making regular repayments on a weekly, fortnightly or monthly basis.
Extra repayments: On top of your regular repayments, you can also make additional contributions towards your Police Bank personal loan at no extra cost. Just remember, there are no redraws allowed on these loans.
No early repayment penalty: If you make use of the extra repayment feature and end up paying down your entire loan ahead of time, unlike some lenders, Police Bank will not charge you an early repayment penalty or “break cost.”
You can apply online for a personal loan with Police Bank, and the lender says that it should only take 10 to 15 minutes to do so.
To be eligible for a Police Bank personal loan you need to satisfy the following criteria:
Be over 18 years old
Be an Australian citizen or permanent resident
Have access to an email account or mobile phone
You’ll also need these document handy:
Driver’s licence or other ID documents
Online banking accounts access or bank statements
Mozo users have rated Police Bank personal loans on price, features, convenience, trust and customer service so you can see what real Aussies have to say about their experiences.
The rate was good when I joined, I don’t know now, it could be. The app can be problematic but the customer service reps are helpfulRead full review
The rate was good when I joined, I don’t know now, it could be. The app can be problematic but the customer service reps are helpful
Used to be great when they were a Credit Union in the 1980s..but are now hopeless...numerous branches closed...no face to face service...overly bureaucratic procedures.Read full review
Used to be great when they were a Credit Union in the 1980s..but are now hopeless...numerous branches closed...no face to face service...overly bureaucratic procedures.
Very low interset rate, very easy to apply and people very friendly and helpful. Bank opening hours and phone help hours are not very convenient but I'm willing to sacrifice in order for cheaper interest.Read full review
Very low interset rate, very easy to apply and people very friendly and helpful. Bank opening hours and phone help hours are not very convenient but I'm willing to sacrifice in order for cheaper interest.