Simple Home Loan
- Last updated on 03 Jun 2020
based on $300,000 loan amount for 25 years
- No upfront or ongoing fees
- 100% full offset account
- Suitable for low deposits
- Extra repayments + redraw services
- Discharge fee at end of loan
- Repayments may increase if RBA raises rates
Interest rate structure
$50k - $100m
Principal & interest
Loan term range
5 - 30 years
100% offset account
Unlimited extra repayments
Redraw fee: $0
Allows split interest
ACT, NSW, NT, QLD, SA, TAS, VIC, WA
Estimated upfront fees
Minimum SMSF Amount
Compare and review home loans with similar features
P&N Bank was formed as the Polices and Nurses Credit Society in Western Australia in 1990 and is now the state’s largest bank.
The bank is member-owned and headquartered in Perth, with branches throughout Western Australia. It provides a number of financial products, such as personal and home loans, savings accounts, term deposits, credit cards and insurance. The bank also offers financial planning and international money transfer services.
P&N Bank has won numerous awards, including Bank of the Year in the Roy Morgan Customer Satisfaction Awards in 2014.
P&N Bank Home Loan Calculator
Interested in an P&N Bank home loan? RateCity has a suite of calculators that can show you what your repayments would be and how P&N Bank compares to its competitors. Simply plug in your borrowing amount below.
Following the Global Financial Crisis, no-deposit loans, as they once used to be known, have largely been removed from the market. Now, if you wish to enter the market with no deposit, you will require a property of your own to secure a loan against or the assistance of a guarantor.
A redraw facility attached to your loan allows you to borrow back any additional repayments that you have already paid on your loan. This can be a beneficial feature because, by paying down the principal with additional repayments, you will be charged less interest. However you will still be able to access the extra money when needed.
Your bank statements and/or your internet banking should show these details. If you are not sure, call your bank or estimate.
A variable rate home loan is one where the interest rate can and will change over the course of your loan. The rate is determined by your lender, not the Reserve Bank of Australia, so while the cash rate might go down, your bank may decide not to follow suit, although they do broadly follow market conditions. One of the upsides of variable rates is that they are typically more flexible than their fixed rate counterparts which means that a lot of these products will let you make extra repayments and offer features such as offset accounts.
Also known as a construction home loan, a building in course of erection (BICOE) loan loan allows you to draw down funds as a building project advances in order to pay the builders. This option is available on selected variable rate loans.
Real Time RatingsTM is the only online system that ranks the home loan market based on your personal borrowing preferences. Until now, home loans have been rated based on outdated data. Our system is unique because it reacts to changes as soon as we update our database.
Home loans spanning 40 years are offered by select lenders, though the loan period is much longer than a standard 30-year home loan. You're more likely to find a maximum of 35 years, such as is the case with Teacher’s Mutual Bank.
Even though these lengthier loans 35 to 40 year loans do exist on the market, they are not overwhelmingly popular, as the extra interest you pay compared to a 30-year loan can be over $100,000 or more.
Your repayments should appear on your bank statements or your internet banking. If you make weekly or fortnightly repayments, make sure you convert them to monthly calculations.
The difference between an offset and redraw account is that an offset account is intended to work as a transaction account that can be accessed whenever you need. A redraw facility on the other hand is more like an “emergency fund” of money that you can draw on if needed but isn’t used for everyday expenses.