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

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

Police Bank home loans rates

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

2.49%

Fixed - 3 years

$545
Police Bank

2.75%

$0
More details

2.49%

Fixed - 3 years

$545
Police Bank

2.79%

$0
More details

2.49%

Fixed - 3 years

$545
Police Bank

2.79%

$0
More details

2.49%

Fixed - 3 years

$0
Police Bank

2.79%

$0
More details

2.59%

Fixed - 5 years

$545
Police Bank

2.79%

$0
More details

2.59%

Fixed - 5 years

$545
Police Bank

2.79%

$0
More details

2.59%

Fixed - 5 years

$0
Police Bank

2.79%

$0
More details

2.69%

Fixed - 2 years

$545
Police Bank

2.82%

$0
More details

2.69%

Fixed - 1 year

$545
Police Bank

2.83%

$0
More details

2.79%

Variable

$545
Police Bank

2.84%

$0
More details

2.69%

Fixed - 1 year

$545
Police Bank

2.85%

$0
More details

2.69%

Fixed - 2 years

$545
Police Bank

2.85%

$0
More details

2.69%

Fixed - 2 years

$545
Police Bank

2.85%

$0
More details

2.69%

Fixed - 2 years

$0
Police Bank

2.85%

$0
More details

2.69%

Fixed - 1 year

$0
Police Bank

2.86%

$0
More details

2.69%

Fixed - 1 year

$545
Police Bank

2.86%

$0
More details

2.79%

Variable

$545
Police Bank

2.87%

$0
More details

2.79%

Variable

$545
Police Bank

2.87%

$0
More details

2.79%

Variable

$0
Police Bank

2.87%

$0
More details

2.69%

Fixed - 3 years

$545
Police Bank

3.08%

$0
More details

2.89%

Fixed - 2 years

$545
Police Bank

3.15%

$0
More details

2.89%

Fixed - 1 year

$545
Police Bank

3.17%

$0
More details

3.09%

Fixed - 5 years

$545
Police Bank

3.18%

$0
More details

3.11%

Variable

$545
Police Bank

3.19%

$0
More details

3.11%

Variable

$545
Police Bank

3.19%

$0
More details

2.99%

Fixed - 3 years

$545
Police Bank

3.33%

$0
More details

2.99%

Fixed - 2 years

$545
Police Bank

3.36%

$0
More details

3.19%

Fixed - 5 years

$545
Police Bank

3.36%

$0
More details

3.34%

Variable

$545
Police Bank

3.42%

$0
More details

3.34%

Variable

$545
Police Bank

3.42%

$0
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.

How do I know if I have to pay LMI?

Each lender has its own policies, but as a general rule you will have to pay lender’s mortgage insurance (LMI) if your loan-to-value ratio (LVR) exceeds 80 per cent. This applies whether you’re taking out a new home loan or you’re refinancing.

If you’re looking to buy a property, you can use this LMI calculator to work out how much you’re likely to be charged in LMI.

What happens to my home loan when interest rates rise?

If you are on a variable rate home loan, every so often your rate will be subject to increases and decreases. Rate changes are determined by your lender, not the Reserve Bank of Australia, however often when the RBA changes the cash rate, a number of banks will follow suit, at least to some extent. You can use RateCity cash rate to check how the latest interest rate change affected your mortgage interest rate.

When your rate rises, you will be required to pay your bank more each month in mortgage repayments. Similarly, if your interest rate is cut, then your monthly repayments will decrease. Your lender will notify you of what your new repayments will be, although you can do the calculations yourself, and compare other home loan rates using our mortgage calculator.

There is no way of conclusively predicting when interest rates will go up or down on home loans so if you prefer a more stable approach consider opting for a fixed rate loan.

What happens when you default on your mortgage?

A mortgage default occurs when you are 90 days or more behind on your mortgage repayments. Late repayments will often incur a late fee on top of the amount owed which will continue to gather interest along with the remaining principal amount.

If you do default on a mortgage repayment you should try and catch up in next month’s payment. If this isn’t possible, and missing payments is going to become a regular issue, you need to contact your lender as soon as possible to organise an alternative payment schedule and discuss further options.

You may also want to talk to a financial counsellor. 

How personalised is my rating?

Real Time Ratings produces instant scores for loan products and updates them based what you tell us about what you’re looking for in a loan. In that sense, we believe the ratings are as close as you get to personalised; the more you tell us, the more we customise to ratings to your needs. Some borrowers value flexibility, while others want the lowest cost loan. Your preferences will be reflected in the rating. 

We also take a shorter term, more realistic view of how long borrowers hold onto their loan, which gives you a better idea about the true borrowing costs. We take your loan details and calculate how much each of the relevent loans would cost you on average each month over the next five years. We assess the overall flexibility of each loan and give you an easy indication of which ones are likely to adjust to your needs over time. 

How often is your data updated?

We work closely with lenders to get updates as quick as possible, with updates made the same day wherever possible.

How can I get a home loan with no deposit?

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.

How much of the RBA rate cut do lenders pass on to borrowers?

When the Reserve Bank of Australia cuts its official cash rate, there is no guarantee lenders will then pass that cut on to lenders by way of lower interest rates. 

Sometimes lenders pass on the cut in full, sometimes they partially pass on the cut, sometimes they don’t at all. When they don’t, they often defend the decision by saying they need to balance the needs of their shareholders with the needs of their borrowers. 

As the attached graph shows, more recent cuts have seen less lenders passing on the full RBA interest rate cut; the average lender was more likely to pass on about two-thirds of the 25 basis points cut to its borrowers.  image002

What is 'principal and interest'?

‘Principal and interest’ loans are the most common type of home loans on the market. The principal part of the loan is the initial sum lent to the customer and the interest is the money paid on top of this, at the agreed interest rate, until the end of the loan.

By reducing the principal amount, the total of interest charged will also become smaller until eventually the debt is paid off in full.

How common are low-deposit home loans?

Low-deposit home loans aren’t as common as they once were, because they’re regarded as relatively risky and the banking regulator (APRA) is trying to reduce risk from the mortgage market.

However, if you do your research, you’ll find there is still a fairly wide selection of banks, credit unions and non-bank lenders that offers low-deposit home loans.

How do I take out a low-deposit home loan?

If you want to take out a low-deposit home loan, it might be a good idea to consult a mortgage broker who can give you professional financial advice and organise the mortgage for you.

Another way to take out a low-deposit home loan is to do your own research with a comparison website like RateCity. Once you’ve identified your preferred mortgage, you can apply through RateCity or go direct to the lender.

What is an ombudsman?

An complaints officer – previously referred to as an ombudsman -looks at formal complaints from customers about their credit providers, and helps to find a fair and independent solution to these problems.

These services are handled by the Australian Financial Complaints Authority, a non-profit government organisation that addresses and resolves financial disputes between customers and financial service providers.