Police Bank personal loans

Police Bank
Police Bank's overall rating for personal loans

(as rated by the Mozo community)

9.0 / 10

based on 5 reviews

Thinking of getting a new personal loan? Police Bank has a range of loans available for every purpose from travel, cars, boats, big ticket electronic items to ‘green’ initiatives. And despite its name, Police Bank loans are available to anyone, not just people in the police service. You can review a summary of the loan options available here or if you’d like to compare Police Bank with other lenders in our database, head over to our personal loans comparison tool.

Police Bank offers the following personal loans

Rates and fees verified as correct at 10 December, 2016. Other information correct at the time of writing.

Product Interest rate from Comparison rate from* Upfront fee
Car Loan (Fixed)
Police Bank

7.19% p.a.

7.33% p.a.based on $30,000
over 5 years

$98

Car Loan (Variable)
Police Bank

10.49% p.a.

10.63% p.a.based on $30,000
over 5 years

$98

6.49% p.a.

6.63% p.a.based on $30,000
over 5 years

$98

6.49% p.a.

6.63% p.a.based on $30,000
over 5 years

$98

9.99% p.a.

10.13% p.a.based on $30,000
over 5 years

$98

12.76% p.a.

12.91% p.a.based on $30,000
over 5 years

$98

* 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 for the amounts and terms quoted, based on monthly principal and interest repayments, on a secured basis for secured loans and an unsecured basis for unsecured loans, and apply only to these examples. Different amounts and terms will result in different comparison rates. Full comparison rate schedules are available from lenders. Costs such as redraw fees or early repayment fees, and savings such as fee waivers, are not included in the comparison rate but may influence the cost of the loan.

Mozo may receive a payment from financial providers listed on the site. Customer reviews are in no way affected by any commercial relationships Mozo has with providers.

FAQs about Police Bank Personal Loans

What’s the benefit of a fixed interest rate? 

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.

Are there any downsides to a fixed interest rate? 

Yes, if you decide to pay the loan out early, you might have to pay breakcost fees. These can be significant if you’re only part way through the loan term.

Interest rates may also change during your loan term and if you are on a fixed interest rate if the rates go down you will not benefit from this, but on the flip side, if rates go up you will not have to pay extra as your rates are fixed.

Green loan, what can this be used for?  

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 listed which are eligible here, but it includes things like solar roof panels, rainwater tanks, energy / water efficient white goods and home battery systems.

Do Police Bank Loans have ongoing fees?

There is an upfront $98 application fee but there are no ongoing service fees. There is a $10 late payment fee but you can easily avoid this by setting up an automatic repayment.

What’s the maximum I can borrow?

The maximum you will be able to borrow will depend on your personal financial circumstances but the maximum loan amount for the car and personal loan with Police Bank is $50,000. There isn’t a limit on the green loan.

If you’d like to see how much repayments will be on a particular loan amount plug some numbers into our loan repayments calculator.

Is there a recommended loan term?

The recommended loan term again will depend on your personal situation. When choosing a loan term it is best to think about your finances now and into the future so that you don’t put yourself under financial pressure by choosing a loan term which isn’t suitable.

There are many loans that offer flexible features like free extra repayments which can enable you to save on interest, without putting you under extra pressure.

The maximum loan term for Police Bank loans is 7 years.

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