Police Value Fixed Rate Home Loan 5 Years (LVR > 90%)
- Last updated on 06 Jul 2020
Discount Variable Home Loan
Make the move to UBank's award winning home loan
2.59%
Variable
2.59%
Owner Occupier Discounted Variable Rate
3.09%
Fixed - 5 years
3.18%
$1,279
based on $300,000 loan amount for 25 years
Pros
- No ongoing fees
- Suitable for low deposits
- Repayments will not change during fixed period
Cons
- Limited extra repayments
- No redraw and no offset
- Discharge fee at end of loan
- Repayments won't decrease if RBA cuts rates
Maximum LVR 95% | Interest rate structure Fixed - 5 years |
Borrowing range $50k - $2m | Total Repayments $460,440 |
Principal & interest | Interest only |
Loan term range 1 - 30 years | Offset account No |
Extra repayments Allowed with restrictions | Redraw facility |
Allows split interest | Suitable For Owner Occupiers |
Applicable States ACT, NSW, NT, QLD, SA, TAS, VIC, WA | |
Total estimated upfront fees $545 | Application fee $545 |
Settlement fee $0 | Valuation fee $0 |
Legal fee $0 | Other upfront fee $0 |
Ongoing fee $0 | Discharge fee $294 |
Property Type | SMSF Trustee |
Minimum SMSF Amount |
Could be eligible for the Police Bank Reduced Fees Program.
Early exit fee may apply.
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Police Bank is an Australian member-owned mutual bank that was formed in 1964 as the Police Credit Union. It was renamed Police Bank Limited in 2012.
The bank is based in Sydney, with service centres throughout NSW and the ACT. It provides financial products and services to those working in the police and enforcement services, as well as their families. These range from home and personal loans, savings account, credit cards, insurance as well as financial planning and investment advice.
Police Bank has won a number of awards, including Money magazine’s Best First Home Saver Account in 2014.
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FAQs
A fixed rate home loan is a loan where the interest rate is set for a certain amount of time, usually between one and 15 years. The advantage of a fixed rate is that you know exactly how much your repayments will be for the duration of the fixed term. There are some disadvantages to fixing that you need to be aware of. Some products won’t let you make extra repayments, or offer tools such as an offset account to help you reduce your interest, while others will charge a significant break fee if you decide to terminate the loan before the fixed period finishes.
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.
Split rates home loans
A split loan lets you fix a portion of your loan, and leave the remainder on a variable rate so you get a bet each way on fixed and variable rates. A split loan is a good option for someone who wants the peace of mind that regular repayments can provide but still wants to retain some of the additional features variable loans typically provide such as an offset account. Of course, with most things in life, split loans are still a trade-off. If the variable rate goes down, for example, the lower interest rates will only apply to the section that you didn’t fix.