Police Bank Goldrate Loan


The most attractive feature of the Goldrate Home Loan is the low variable interest rate, which will save you money both in the short and long term.

This package deal has a variety of features, but make sure you meet the strict eligibility criteria before considering this loan – which includes having an approved credit limit on a Police Bank Visa credit card as well as the Police Bank savings account, the Online Supersaver.

Your Goldrate Home Loan must be for an owner-occupied property and can be a new loan or for refinancing or construction purposes. However, you must be borrowing at least $50,000 and be making at least a 20 per cent deposit, since the most you can borrow is 80 per cent of your home’s value.

Additionally, all of your income must be deposited directly into a transaction account held with Police Bank.

Make sure you know all of the terms and conditions as well as the fees associated with each of these financial products, which would be due in addition to your loan repayments. However, if you meet the qualifications for the Police Bank reduced fees program, you can receive discounts and fee waivers on certain transactions.

Unlike most packaged home loans, the Goldrate Home Loan does not charge any monthly or annual fees which could end up saving you a large chunk of cash over the life of your loan should you be interested in a package deal.

You can make additional repayments towards your Goldrate Home Loan without being charged any penalty-fees or if you end up paying off your loan early.

And, if you need to access cash from any early repayments you’ve made, Police Bank will let you redraw these funds for free.

While you can split this loan with a fixed rate option in order to take advantage of a variable and fixed rate, you will be charged a break cost fee if you make early repayments over a maximum amount on your fixed rate portion or if you pay off your loan early during your fixed term.

Principal and interest or interest-only repayments can be made on this loan, however, you will still be responsible for paying off your entire principal amount so your repayments will increase following an interest-only period. 

Who is the Police Bank Gold Rate Home Loan good for?

Because of the specific eligibility criteria, the Police Bank Goldrate Home Loan would best serve borrowers who already own the required accounts and products with Police Bank or who are already wanting or are in the process of doing so.

Review - What RateCity says

The Police Bank Goldrate Home Loan requires a pretty significant commitment to Police Bank since you have to open up or already hold certain savings and transaction accounts as well as a specific credit card in order to qualify. And, your entire pay has to be funnelled into one of these accounts.

Eligibility criteria aside, the Goldrate Home Loan does offer a low variable interest rate and the benefit of making early repayments and redraws without penalty. The loan split option could be handy if you’re looking to split a portion of your loan into a fixed rate and the ability to make interest-only repayments for a period could also be attractive.

Police Bank Goldrate Loan Options

To see if you’re eligible or for more information about the Goldrate Home Loan from Police Bank, follow the below link.

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  • Low variable interest rate.
  • Loan split option.
  • Early repayments and redraws allowed.
  • Must meet 20 per cent minimum deposit.
  • Strict eligibility requirements.
  • No 100 per cent offset account.
Must have a Visa credit card with Police Bank at an approved limit minimum. Must have a Police Bank savings account. Must be an Australian citizen or permanent resident.
Suitable For
  • First Home Buyers
  • Owner-Occupiers
  • Refinancers
  • Investors
  • Estimated upfront fees: $0 - $545.00
  • Discharge fees: $294
  • Ongoing fees: $0

The Police Bank Goldrate Loan includes moderate upfront and discharge fees, however you will not have to pay any ongoing monthly or annual fees on this package. Although, you will be charged a small monthly fee during the entire time your loan is split if you choose this option, and this fee will apply separately to each additional split option.

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

Police Bank is a member-owned financial institution based in New South Wales which was initially started by a group of police officers.

The bank has telephone and internet customer service centres around NSW and access to Customs Bank service centres in Canberra, Melbourne and Mascot.

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