P&N Bank Smooth Loan


The P&N Bank Smooth Loan is a simple home loan which offers a moderate variable interest rate and some features, such as additional repayments to help you pay off your loan faster.

Additionally, the redraw facility gives you the ability to redraw any of these extra repayments you make towards this loan should you decide you need this money back.

However, there is no 100 per cent offset account to help you reduce the interest payable on your loan but this can be expected from a basic home loan option.

Borrowers with more than 20 per cent deposit will have access to a lower rate however the variable rates offered are still on the high side. You can make a smaller deposit, but be sure to keep in mind that borrowing amounts that are greater than 80 per cent of a property’s value come with added lenders mortgage insurance payments and it’s likely you’ll be paying a slightly higher rate.

This loan is not available as an investment loan and keep in mind that you do have to be a member of P&N Bank or become a member in order to take out the Smooth Loan.

Who is the P&N Bank Smooth Loan good for?

This could be a good loan option for first home buyers since it only requires a small deposit.

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If you’re looking for a basic home loan that doesn’t have all the frills offered by fully-feature loans, the Smooth Loan could be an option for you.

Be cautious though of the moderately high variable interest rate and upfront cost as this may end up being more expensive in the end than other more competitively prices loans on the market.

It’s always a good idea to make a checklist of exactly what you need and are looking for in a home loan and to compare your options, or to seek financial advice from a specialist.

P&N Bank Smooth Loan Options

Find out more information about the P&N Bank Smooth Loan options at different borrowing amounts.

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  • Early repayments allowed.
  • Redraw facility.
  • Suitable for small deposits.
  • Moderately high variable interest rate.
  • Moderately high upfront fees.
  • No 100 per cent offset account.

Must be a member of P&N Bank.

Must be able to provide income and employment details.

Must be able to provide proof of identity.

Suitable For
  • First Home Buyers
  • Investors
  • Refinancers
  • Estimated upfront fees: $395.00
  • Discharge fees: $395
  • Ongoing fees: $0

The Smooth Loan has a moderately high upfront cost and you will have to pay an exit fee once you complete all of your payments at the end of your loan term.

You will be charged $0 in ongoing fees for this loan and you won’t have to pay any penalty fees for making early repayments or using the redraw facility.

  • Redraw facility
  • 100% offset account
  • Unlimited extra repayments
  • Weekly repayments
  • Fortnightly repayments
  • Monthly repayments
  • Loan allows split interest rate
About P&N Bank

P&N Bank is a wholly customer-owned bank based in Perth, WA, where customers in the area can bank in-person at a P&N Bank branch. All members of P&N Bank have access to banking over the phone and online, as well as to a network of ATMs throughout the country.

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