8.7 / 10

based on 308 reviews as rated by Mozo community

Police Bank personal loans

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 25 November, 2020. Other information correct at the time of writing. Advertiser disclosure.

Product Interest rate from Comparison rate from Upfront fee
Debt Consolidation Loan Special (Fixed, Unsecured)

7.90% p.a.

8.04% p.a.based on $30,000
over 5 years

$98

Driveaway Car Loan (Fixed, Secured)

7.19% p.a.

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

$98

Green Loan (Fixed, Secured)

5.79% p.a.

5.93% p.a.based on $30,000
over 5 years

$98

Green Loan (Fixed, Unsecured)

5.79% p.a.

5.93% p.a.based on $30,000
over 5 years

$98

Personal Loan (Fixed, Unsecured)

9.99% p.a.

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

$98

Personal Loan (Variable, Unsecured)

12.76% p.a.

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

$98

Personal Loan Special (Variable, Unsecured)

5.79% p.a.

5.92% p.a.based on $30,000
over 5 years

$98

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.

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.

How are Police Bank personal loans rated?

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.

Icon of personal-loans
Police Bank personal loans
Overall
8.3/10
Price
Features
Customer service
Convenience
Trust

25 Reviews

Recent Police Bank personal loan reviews

Police Bank Personal Loan (Fixed) review
Overall 7/10
Very good

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.

Price
8/10
Features
7/10
Customer service
8/10
Convenience
4/10
Trust
10/10
Less
Keira, New South Wales reviewed 7 months ago
Police Bank Debt Consolidation Loan review
Overall 10/10
Great.

Great company.

Read full review

Great company.

Price
10/10
Features
10/10
Customer service
10/10
Convenience
7/10
Trust
10/10
Less
Sue, Australian Capital Territory reviewed 9 months ago
Police Bank Personal Loan (Fixed) review
Overall 10/10
Very competitive interest rates.

Police Bank offers the most competitive interest rates on personal loans and they have no fees for early pay out.

Read full review

Police Bank offers the most competitive interest rates on personal loans and they have no fees for early pay out.

Price
10/10
Features
10/10
Customer service
10/10
Convenience
10/10
Trust
10/10
Less
Steve, New South Wales reviewed 12 months ago
Police Bank Personal Loan (Fixed) review
Overall 3/10
Competitive interest rates. Bad customer service.

I have been paying off and topping up personal loans for 25+ years, paying them off then re-financing etc. I had a 100% perfect credit history for 25 years and this year I fell on hard times financially due to my daughters medical needs and I requested to reduce my repayments for the short term whilst I got through this time and they declined and made things really difficult for me, forcing me to go to court to get it while my daughter was in the hospital.

Read full review

I have been paying off and topping up personal loans for 25+ years, paying them off then re-financing etc. I had a 100% perfect credit history for 25 years and this year I fell on hard times financially due to my daughters medical needs and I requested to reduce my repayments for the short term whilst I got through this time and they declined and made things really difficult for me, forcing me to go to court to get it while my daughter was in the hospital.

Price
10/10
Features
3/10
Customer service
3/10
Convenience
1/10
Trust
3/10
Less
Kerrie, New South Wales reviewed about 1 year ago

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