Police Bank

First Home Loan (Principal and Interest)

Advertised Rate

2.79%

Variable

Comparison Rate*

2.87%

Maximum LVR
Less than 95%
Real Time Rating™

3.05

/ 5
Monthly Repayment

$1,231

based on $300,000 loan amount for 25 years

Advertised Rate

2.79%

Variable

Comparison Rate*

2.87%

Maximum LVR
Less than 95%
Real Time Rating™

3.05

/ 5
Monthly Repayment

$1,231

based on $300,000 loan amount for 25 years

Calculate repayment for Police Bank product

I'd like to borrow

$

Loan term

years

Your estimated repayment

$1,231

based on $300,000 loan amount for 25 years

MICHAEL KIANG

5.0
7 Reviews

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Pros and Cons

Pros and Cons

  • Lower than average interest rate
  • No ongoing fees
  • Suitable for low deposits
  • Extra repayments and redraw facility
  • Discharge fee at end of loan
  • No repayment holidays

Police Bank Features and Fees

Police Bank Features and Fees

Details

Maximum LVR

Less than 95%

Total Repayments

Next LVR

Interest rate type

Variable

Borrowing range

Suitable for

Owner Occupiers

Loan term range

1 - 30 years

Principal & interest

Interest only

Applicable states

ACT, NSW, NT, QLD, SA, TAS, VIC, WA

Make repayments

Fortnightly, Monthly, Weekly

Features

Extra repayments

Unlimited extra repayments

Redraw facility

Redraw fee: $0

Split interest facility

Loan portable

Repayment holiday available

Allow guarantors

Available for first home buyers

Fees

Total estimated upfront fees

$545

Application fee

$545

Valuation fee

$0

Settlement fee

$0

Other upfront fee

$0

Ongoing fee

$0

Discharge fee

$294

Application method

Online

Phone

Broker

In branch

Specials
  • Cashback Enjoy up to $2k Cashback on new home loans and refinances.
    $150k min loan per property or additional $150k top up for existing Police Bank Home Loans. Offer available for loan applied for and approved from 10/8/20 - 31/12/20 and funded by 25/02/21. $1,500 cashback is available for eligible home loans, an additional $500 (total $2000) cashback for current serving Police, Department of Home Affairs and ABF Officers.

Other Benefits

Could be eligible for the Police Bank Reduced Fees Program.

Other Restrictions

Early exit fee may apply.

Pros and Cons

  • Lower than average interest rate
  • No ongoing fees
  • Suitable for low deposits
  • Extra repayments and redraw facility
  • Discharge fee at end of loan
  • No repayment holidays

Police Bank Features and Fees

Details

Maximum LVR

Less than 95%

Total Repayments

Next LVR

Interest rate type

Variable

Borrowing range

Suitable for

Owner Occupiers

Loan term range

1 - 30 years

Principal & interest

Interest only

Applicable states

ACT, NSW, NT, QLD, SA, TAS, VIC, WA

Make repayments

Fortnightly, Monthly, Weekly

Features

Extra repayments

Unlimited extra repayments

Redraw facility

Redraw fee: $0

Split interest facility

Loan portable

Repayment holiday available

Allow guarantors

Available for first home buyers

Fees

Total estimated upfront fees

$545

Application fee

$545

Valuation fee

$0

Settlement fee

$0

Other upfront fee

$0

Ongoing fee

$0

Discharge fee

$294

Application method

Online

Phone

Broker

In branch

Specials
  • Cashback Enjoy up to $2k Cashback on new home loans and refinances.
    $150k min loan per property or additional $150k top up for existing Police Bank Home Loans. Offer available for loan applied for and approved from 10/8/20 - 31/12/20 and funded by 25/02/21. $1,500 cashback is available for eligible home loans, an additional $500 (total $2000) cashback for current serving Police, Department of Home Affairs and ABF Officers.

Other Benefits

Could be eligible for the Police Bank Reduced Fees Program.

Other Restrictions

Early exit fee may apply.

FAQs

What is bridging finance?

A loan of shorter duration taken to buy a new property before a borrower sells an existing property, usually taken to cover the financial gap that occurs while buying a new property without first selling an older one.

Usually, these loans have higher interest rates and a shorter repayment duration.

What is a construction loan?

A construction loan is loan taken out for the purpose of building or substantially renovating a residential property. Under this type of loan, the funds are released in stages when certain milestones in the construction process are reached. Once the building is complete, the loan will revert to a standard principal and interest mortgage.

How much information is required to get a rating?

You don’t need to input any information to see the default ratings. But the more you tell us, the more relevant the ratings will become to you. We take your personal privacy seriously. If you are concerned about inputting your information, please read our privacy policy.

Mortgage Calculator, Repayment Frequency

How often you wish to pay back your lender. 

Why should you trust Real Time Ratings?

Real Time Ratings™ was conceived by a team of data experts who have been analysing trends and behaviour in the home loan market for more than a decade. It was designed purely to meet the evolving needs of home loan customers who wish to merge low cost with flexible features quickly. We believe it fills a glaring gap in the market by frequently re-rating loan products based on the changes lenders make daily.

Real Time Ratings™ is a new idea and will change over time to match the frequently-evolving demands of the market. Some things won’t change though – it will always rate all relevent products in our database and will not be influenced by advertising.

If you have any feedback about Real Time Ratings™, please get in touch.

What is a specialist lender?

Specialist lenders, also known as non-conforming lenders, are lenders that offer mortgages to ‘non-vanilla’ borrowers who struggle to get finance at mainstream banks.

That includes people with bad credit, as well as borrowers who are self-employed, in casual employment or are new to Australia.

Specialist lenders take a much more flexible approach to assessing mortgage applications than mainstream banks.

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. 

What is appreciation or depreciation of property?

The increase or decrease in the value of a property due to factors including inflation, demand and political stability.

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.

Does Real Time Ratings' work for people who already have a home loan?

Yes. If you already have a mortgage you can use Real Time RatingsTM to compare your loan against the rest of the market. And if your rate changes, you can come back and check whether your loan is still competitive. If it isn’t, you’ll get the ammunition you need to negotiate a rate cut with your lender, or the resources to help you switch to a better lender.

Mortgage Balance

The amount you currently owe your mortgage lender. If you are not sure, enter your best estimate.

What does going guarantor' mean?

Going guarantor means a person offers up the equity in their home as security for your loan. This is a serious commitment which can have major repercussions if the person is not able to make their repayments and defaults on their loan. In this scenario, the bank will legally be able to the guarantor until the debt is settled.

Not everyone can be a guarantor. Lenders will generally only allow immediate family members to act as a guarantor but this can sometimes be stretched to include extended family depending on the circumstances.

Mortgage Calculator, Deposit

The proportion you have already saved to go towards your home. 

Mortgage Calculator, Loan Purpose

This is what you will use the loan for – i.e. investment. 

How does a redraw facility work?

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.

Does each product always have the same rating?

No, the rating you see depends on a number of factors and can change as you tell us more about your loan profile and preferences. The reasons you may see a different rating:

  • Lenders have made changes. Our ratings show the relative competitiveness of all the products listed at a given time. As the listing change, so do the ratings.
  • You have updated you profile. If you increase your loan amount, the impact of different rates and fees will change which loans are the lowest cost for you.
  • You adjust your preferences. The more you search for flexible loan features, the more importance we assign to the Flexibility Score. You can also adjust your Flexibility Weighting yourself, which will recalculate the ratings with preference given to more flexible loans.

Savings over

Select a number of years to see how much money you can save with different home loans over time.

e.g. To see how much you could save in two years by switching mortgages,  set the slider to 2.

Do other comparison sites offer the same service?

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.

What is appraised value?

An estimation of a property’s value before beginning the mortgage approval process. An appraiser (or valuer) is an expert who estimates the value of a property. The lender generally selects the appraiser or valuer before sanctioning the loan.

Mortgage Calculator, Interest Rate

The percentage of the loan amount you will be charged by your lender to borrow.