Police Bank home loan repayment calculator

Thinking about taking out a home loan with Police Bank? Use our home loan calculator to see how much you’d have to repay under different borrowing scenarios. You can also see how Police Bank home loans compare with other options.

I'd like to borrow

$

I am an

Loan term

With a repayment type

Your estimated repayments

at interest rate 2.49 %

Total interest payable

$0

Total amount payable

$0

Pros and cons

  • Package and specialised loans available.
  • Flexible repayment features.
  • Discounted rates offered.
  • Higher rates for investors.

Police Bank home loans rates

Product
Advertised Rate
Total estimated upfront fees
Comparison Rate*
Ongoing fee
Go to site
Company

2.49%

Fixed - 3 years

$545

2.75%

$0
Police Bank
More details

2.49%

Fixed - 3 years

$545

2.79%

$0
Police Bank
More details

2.49%

Fixed - 3 years

$0

2.79%

$0
Police Bank
More details

2.49%

Fixed - 3 years

$545

2.79%

$0
Police Bank
More details

2.59%

Fixed - 5 years

$545

2.79%

$0
Police Bank
More details

2.59%

Fixed - 5 years

$0

2.79%

$0
Police Bank
More details

2.59%

Fixed - 5 years

$545

2.79%

$0
Police Bank
More details

2.69%

Fixed - 2 years

$545

2.82%

$0
Police Bank
More details

2.69%

Fixed - 1 year

$545

2.83%

$0
Police Bank
More details

2.79%

Variable

$545

2.84%

$0
Police Bank
More details

2.69%

Fixed - 2 years

$545

2.85%

$0
Police Bank
More details

2.69%

Fixed - 1 year

$545

2.85%

$0
Police Bank
More details

2.69%

Fixed - 2 years

$0

2.85%

$0
Police Bank
More details

2.69%

Fixed - 2 years

$545

2.85%

$0
Police Bank
More details

2.69%

Fixed - 1 year

$545

2.86%

$0
Police Bank
More details

2.69%

Fixed - 1 year

$0

2.86%

$0
Police Bank
More details

2.79%

Variable

$0

2.87%

$0
Police Bank
More details

2.79%

Variable

$545

2.87%

$0
Police Bank
More details

2.79%

Variable

$545

2.87%

$0
Police Bank
More details

2.69%

Fixed - 3 years

$545

3.08%

$0
Police Bank
More details

2.89%

Fixed - 2 years

$545

3.15%

$0
Police Bank
More details

2.89%

Fixed - 1 year

$545

3.17%

$0
Police Bank
More details

3.09%

Fixed - 5 years

$545

3.18%

$0
Police Bank
More details

3.11%

Variable

$545

3.19%

$0
Police Bank
More details

3.11%

Variable

$545

3.19%

$0
Police Bank
More details

2.99%

Fixed - 3 years

$545

3.33%

$0
Police Bank
More details

2.99%

Fixed - 2 years

$545

3.36%

$0
Police Bank
More details

3.19%

Fixed - 5 years

$545

3.36%

$0
Police Bank
More details

3.34%

Variable

$545

3.42%

$0
Police Bank
More details

3.34%

Variable

$545

3.42%

$0
Police Bank
More details

Police Bank customer service

Customers can contact Police Bank in a variety of ways, including by email, online or in person at one of their local service centres. Customers can also contact the bank via a general customer phone line or via a direct line for loans and insurance.

  • Customer service centre (phone)
  • Mobile app
  • Online banking
  • Email
  • Branch
  • Live chat
  • Mobile banking staff

How to Apply

Potential customers at Police Bank can apply for a home loan in a number of ways. These include an online application or enquiry form, or speak to a home loan specialist via a dedicated phone line. Customers also have the option of applying in person at a Police Bank branch. Before applying for a home loan it is advisable to think about how much money you could conceivably borrow given your financial situation and income. You will also need to provide documentation when applying for a home loan. This will include:

  • Personal identification documents.
  • Proof of employment.
  • Information of income, assets and savings.
  • Details of liabilities, loans and debts.
  • Personal insurance documents.

Refinancers will also have to provide home loan statements for the past six months and a current payout quote for the loan they wish to refinance. 

Learn more about Police Bank

Who offers 40 year mortgages?

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

Currently, 40 year home loan lenders in Australia include AlphaBeta Money, BCU, G&C Mutual Bank, Pepper, and Sydney 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.

How can I get a home loan with bad credit?

If you want to get a home loan with bad credit, you need to convince a lender that your problems are behind you and that you will, indeed, be able to repay a mortgage.

One step you might want to take is to visit a mortgage broker who specialises in bad credit home loans (also known as ‘non-conforming home loans’ or ‘sub-prime home loans’). An experienced broker will know which lenders to approach, and how to plead your case with each of them.

Two points to bear in mind are:

  • Many home loan lenders don’t provide bad credit mortgages
  • Each lender has its own policies, and therefore favours different things

If you’d prefer to directly approach the lender yourself, you’re more likely to find success with smaller non-bank lenders that specialise in bad credit home loans (as opposed to bigger banks that prefer ‘vanilla’ mortgages). That’s because these smaller lenders are more likely to treat you as a unique individual rather than judge you according to a one-size-fits-all policy.

Lenders try to minimise their risk, so if you want to get a home loan with bad credit, you need to do everything you can to convince lenders that you’re safer than your credit history might suggest. If possible, provide paperwork that shows:

  • You have a secure job
  • You have a steady income
  • You’ve been reducing your debts
  • You’ve been increasing your savings

What is a variable home loan?

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.

Are bad credit home loans dangerous?

Bad credit home loans can be dangerous if the borrower signs up for a loan they’ll struggle to repay. This might occur if the borrower takes out a mortgage at the limit of their financial capacity, especially if they have some combination of a low income, an insecure job and poor savings habits.

Bad credit home loans can also be dangerous if the borrower buys a home in a stagnant or falling market – because if the home has to be sold, they might be left with ‘negative equity’ (where the home is worth less than the mortgage).

That said, bad credit home loans can work out well if the borrower is able to repay the mortgage – for example, if they borrow conservatively, have a decent income, a secure job and good savings habits. Another good sign is if the borrower buys a property in a market that is likely to rise over the long term.

Does Australia have no cost refinancing?

No Cost Refinancing is an option available in the US where the lender or broker covers your switching costs, such as appraisal fees and settlement costs. Unfortunately, no cost refinancing isn’t available in Australia.

Can I change jobs while I am applying for a home loan?

Whether you’re a new borrower or you’re refinancing your home loan, many lenders require you to be in a permanent job with the same employer for at least 6 months before applying for a home loan. Different lenders have different requirements. 

If your work situation changes for any reason while you’re applying for a mortgage, this could reduce your chances of successfully completing the process. Contacting the lender as soon as you know your employment situation is changing may allow you to work something out. 

Can I get a home loan if I am on an employment contract?

Some lenders will allow you to apply for a mortgage if you are a contractor or freelancer. However, many lenders prefer you to be in a permanent, ongoing role, because a more stable income means you’re more likely to keep up with your repayments.

If you’re a contractor, freelancer, or are otherwise self-employed, it may still be possible to apply for a low-doc home loan, as these mortgages require less specific proof of income.

Will I have to pay lenders' mortgage insurance twice if I refinance?

If your deposit was less than 20 per cent of your property’s value when you took out your original loan, you may have paid lenders’ mortgage insurance (LMI) to cover the lender against the risk that you may default on your repayments. 

If you refinance to a new home loan, but still don’t have enough deposit and/or equity to provide 20 per cent security, you’ll need to pay for the lender’s LMI a second time. This could potentially add thousands or tens of thousands of dollars in upfront costs to your mortgage, so it’s important to consider whether the financial benefits of refinancing may be worth these costs.

Is there a limit to how many times I can refinance?

There is no set limit to how many times you are allowed to refinance. Some surveyed RateCity users have refinanced up to three times.

However, if you refinance several times in short succession, it could affect your credit score. Lenders assess your credit score when you apply for new loans, so if you end up with bad credit, you may not be able to refinance if and when you really need to.

Before refinancing multiple times, consider getting a copy of your credit report and ensure your credit history is in good shape for future refinances.

I have a poor credit rating. Am I still able to get a mortgage?

Some lenders still allow you to apply for a home loan if you have impaired credit. However, you may pay a slightly higher interest rate and/or higher fees. This is to help offset the higher risk that you may default on your repayments.

I can't pick a loan. Should I apply to multiple lenders?

Applying for home loans with multiple lenders at once can affect your credit history, as multiple loan applications in short succession can make you look like a risky borrower. Comparing home loans from different lenders, assessing their features and benefits, and making one application to a preferred lender may help to improve your chances of success

Will I be paying two mortgages at once when I refinance?

No, given the way the loan and title transfer works, you will not have to pay two mortgages at the one time. You will make your last monthly repayment on loan number one and then the following month you will start paying off loan number two.

If I don't like my new lender after I refinance, can I go back to my previous lender?

If you wish to return to your previous lender after refinancing, you will have to go through the refinancing process again and pay a second set of discharge and upfront fees. 

Therefore, before you refinance, it’s important to weigh up the new prospective lender against your current lender in a number of areas, including fees, flexibility, customer service and interest rate.

Can I refinance if I have other products bundled with my home loan?

If your home loan was part of a package deal that included access to credit cards, transaction accounts or term deposits from the same lender, switching all of these over to a new lender can seem daunting. However, some lenders offer to manage part of this process for you as an incentive to refinance with them – contact your lender to learn more about what they offer.

What are the responsibilities of a mortgage broker?

Mortgage brokers act as the go-between for borrowers looking for a home loan and the lenders offering the loan. They offer personalised advice to help borrowers choose the right home loan for their needs.

In Australia, mortgage brokers are required by law to carry an Australian Credit License (ACL) if they offer credit assistance services. Which is the legal term for guidance regarding the different kinds of credit offered by lenders, including home loan mortgages. They may not need this license if they are working for an aggregator, for instance, as a franchisee. In both these situations, they need to comply with the regulations laid down by the Australian Securities and Investments Commission (ASIC).

These regulations, which are stipulated by Australian legislation, require mortgage brokers to comply with what are called “responsible lending” and “best interest” obligations. Responsible lending obligations mean brokers have to suggest “suitable” home loans. This means loans that you can easily qualify for,  actually meet your needs, and don’t prove unnecessarily challenging for you.

Starting 1 January 2021, mortgage brokers must comply with best interest obligations in addition to responsible lending obligations. These require mortgage brokers to act in the best interest of their customers and also requires them to prioritise their customers’ interests over their own. For instance, a mortgage broker may not recommend a lender who gives them a commission if that lender’s home loan offer does not benefit that particular customer.