The Police Bank Premium Loan offers a bridging loan option for customers who want a new loan while they await the sale of their property.
A split loan facility is also available for customers who want to fix their rate for a period at the beginning of their loan term and then revert to a variable rate for the life of the loan.
Owner-occupiers are offered a moderately-high variable rate and moderately-low to moderately-high fixed interest rates depending on the length of the term you fix your rate for. Investors, meanwhile, are offered a very-high variable rate and moderately-high to very-high fixed rates, which also depend on the length of the term you fix your rate for.
While the rates for this loan range from moderately low to high, customers are not charged ongoing fees. However, there are entry and exit fees associated with this loan.
Owner-occupier customers can also use a 100 per cent offset account to help pay the loan off earlier by offsetting interest with a transaction account.
Customers are permitted to make early repayments to pay of their loan quicker and can redraw these payments via the redraw facility.
Customers are allowed to borrow a maximum of 80 per cent of the property’s value. A minimum borrowing amount also applies.
This home loan could be good for people who already own a home which they haven’t yet sold, but want to snap up a new property.
This could also a good option for owner-occupiers as they have a chance fix their rate at one of the moderately-low rates during the beginning of the loan term.
The interest rates offered on this loan for investors are moderately-high to very-high, and even if investors can fix their rate at the moderately-high rate, there’s no 100 per cent offset account availability for investment loans. As such, if you’re an investor it might not be the right option for you.
This loan may be better suited for owner-occupiers as there is a 100 per cent offset account option and moderately-low fixed rates if you choose to split your loan, though the variable rates offered are moderately-high.
Since customers can finance a new home purchase while they’re still waiting to sell their current home, this could be a good option for refinancers and next-home buyers.
The Police Bank Premium Loan offers variable and introductory fixed rate options. To find out more information about each option, follow the links provided below.