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Owner occupied Police Credit Union home loan rates

TMD

Loan typePrincipal & Interest rateInterest Only
Better Special Variable Loan (Min Deposit 20%)
2.64% p.a.
2.69% p.a. Comparison rate
n/a
Better Home Loan (Min Deposit 20%)
2.94% p.a.
2.99% p.a. Comparison rate
n/a
Better Home Loan (Min Deposit 10%)
2.94% p.a.
2.99% p.a. Comparison rate
n/a
1 Year Fixed Home Loan (Min Deposit 20%)
3.59% p.a.
3.8% p.a. Comparison rate
n/a
Standard Variable Home Loan (Min Deposit 10%)
3.77% p.a.
3.82% p.a. Comparison rate
n/a
1 Year Fixed Home Loan (Min Deposit 10%)
3.89% p.a.
3.83% p.a. Comparison rate
n/a
2 Year Fixed Home Loan (Min Deposit 20%)
4.69% p.a.
3.98% p.a. Comparison rate
n/a
2 Year Fixed Home Loan (Min Deposit 10%)
4.99% p.a.
4.04% p.a. Comparison rate
n/a
3 Year Fixed Home Loan (Min Deposit 20%)
4.99% p.a.
4.14% p.a. Comparison rate
n/a
3 Year Fixed Home Loan (Min Deposit 10%)
5.29% p.a.
4.22% p.a. Comparison rate
n/a
4 Year Fixed Home Loan (Min Deposit 20%)
5.19% p.a.
4.3% p.a. Comparison rate
n/a
5 Year Fixed Home Loan (Min Deposit 20%)
5.29% p.a.
4.45% p.a. Comparison rate
n/a
4 Year Fixed Home Loan (Min Deposit 10%)
5.59% p.a.
4.45% p.a. Comparison rate
n/a
5 Year Fixed Home Loan (Min Deposit 10%)
5.59% p.a.
4.58% p.a. Comparison rate
n/a

Investment purpose Police Credit Union home loan rates

TMD

Loan typePrincipal & Interest rateInterest Only
Better Investment Loan (Min Deposit 20%)
2.69% p.a.
2.74% p.a. Comparison rate
3.24% p.a.
3.27% p.a. Comparison rate
Better Investment Loan (Min Deposit 10%)
3.24% p.a.
3.29% p.a. Comparison rate
3.24% p.a.
3.27% p.a. Comparison rate
1 Year Fixed Investment Loan (Min Deposit 10%)
3.89% p.a.
3.83% p.a. Comparison rate
4.09% p.a.
3.82% p.a. Comparison rate
2 Year Fixed Investment Loan (Min Deposit 10%)
4.99% p.a.
4.04% p.a. Comparison rate
5.19% p.a.
3.97% p.a. Comparison rate
3 Year Fixed Investment Loan (Min Deposit 10%)
5.29% p.a.
4.22% p.a. Comparison rate
5.39% p.a.
4.09% p.a. Comparison rate
4 Year Fixed Investment Loan (Min Deposit 10%)
5.59% p.a.
4.45% p.a. Comparison rate
5.59% p.a.
4.24% p.a. Comparison rate
Standard Variable Investment Loan (Min Deposit 10%)
4.29% p.a.
4.34% p.a. Comparison rate
4.29% p.a.
4.32% p.a. Comparison rate
5 Year Fixed Investment Loan (Min Deposit 10%)
5.59% p.a.
4.58% p.a. Comparison rate
5.59% p.a.
4.34% p.a. Comparison rate
1 Year Fixed Investment Loan (Min Deposit 20%)
3.59% p.a.
3.8% p.a. Comparison rate
n/a
2 Year Fixed Investment Loan (Min Deposit 20%)
4.69% p.a.
3.98% p.a. Comparison rate
n/a
3 Year Fixed Investment Loan (Min Deposit 20%)
4.99% p.a.
4.14% p.a. Comparison rate
n/a
4 Year Fixed Investment Loan (Min Deposit 20%)
5.19% p.a.
4.3% p.a. Comparison rate
n/a
5 Year Fixed Investment Loan (Min Deposit 20%)
5.29% p.a.
4.45% p.a. Comparison rate
n/a

Police Credit Union home loan calculator

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

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With a repayment type

Borrow amount

$

Deposit amount %

Loan term

Your estimated mortgage repayments

at interest rate 2.64%

Total interest payable

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Total loan repayments

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Learn more about home loans

How do you compare home loans?

To compare home loans, you can assess the components of the loan against your own financial situation and other mortgages in the market.

Look at the interest rate, rate type (fixed or variable), loan fees, features, loan term, repayment frequency and more to find a home loan that fits with your budget and property goals.

Then, use comparison tools like comparison tables, calculators, or RateCity's Real Time RatingsTM to create a short list of home loan options, and decide which home loan best suits your needs.

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.

When does Commonwealth Bank charge an early exit fee?

When you take out a fixed interest home loan with the Commonwealth Bank, you’re able to lock the interest for a particular period. If the rates change during this period, your repayments remain unchanged. If you break the loan during the fixed interest period, you’ll have to pay the Commonwealth Bank home loan early exit fee and an administrative fee.

The Early Repayment Adjustment (ERA) and Administrative fees are applicable in the following instances:

  • If you switch your loan from fixed interest to variable rate
  • When you apply for a top-up home loan
  • If you repay over and above the annual threshold limit, which is $10,000 per year during the fixed interest period
  • When you prepay the entire outstanding loan balance before the end of the fixed interest duration.

The fee calculation depends on the interest rates, the amount you’ve repaid and the loan size. You can contact the lender to understand more about what you may have to pay. 

What are the features of home loans for expats from Westpac?

If you’re an Australian citizen living and working abroad, you can borrow to buy a property in Australia. With a Westpac non-resident home loan, you can borrow up to 80 per cent of the property value to purchase a property whilst living overseas. The minimum loan amount for these loans is $25,000, with a maximum loan term of 30 years.

The interest rates and other fees for Westpac non-resident home loans are the same as regular home loans offered to borrowers living in Australia. You’ll have to submit proof of income, six-month bank statements, an employment letter, and your last two payslips. You may also be required to submit a copy of your passport and visa that shows you’re allowed to live and work abroad.

Cash or mortgage – which is more suitable to buy an investment property?

Deciding whether to buy an investment property with cash or a mortgage is a matter or personal choice and will often depend on your financial situation. Using cash may seem logical if you have the money in reserve and it can allow you to later use the equity in your home. However, there may be other factors to think about, such as whether there are other debts to pay down and whether it will tie up all of your spare cash. Again, it’s a personal choice and may be worth seeking personal advice.

A mortgage is a popular option for people who don’t have enough cash in the bank to pay for an investment property. Sometimes when you take out a mortgage you can offset your loan interest against the rental income you may earn. The rental income can also help to pay down the loan.

When do mortgage payments start after settlement?

Generally speaking, your first mortgage payment falls due one month after the settlement date. However, this may vary based on your mortgage terms. You can check the exact date by contacting your lender.

Usually your settlement agent will meet the seller’s representatives to exchange documents at an agreed place and time. The balance purchase price is paid to the seller. The lender will register a mortgage against your title and give you the funds to purchase the new home.

Once the settlement process is complete, the lender allows you to draw down the loan. The loan amount is debited from your loan account. As soon as the settlement paperwork is sorted, you can collect the keys to your new home and work your way through the moving-in checklist.

Why does Westpac charge an early termination fee for home loans?

The Westpac home loan early termination fee or break cost is applicable if you have a fixed rate home loan and repay part of or the whole outstanding amount before the fixed period ends. If you’re switching between products before the fixed period ends, you’ll pay a switching break cost and an administrative fee. 

The Westpac home loan early termination fee may not apply if you repay an amount below the prepayment threshold. The prepayment threshold is the amount Westpac allows you to repay during the fixed period outside your regular repayments.

Westpac charges this fee because when you take out a home loan, the bank borrows the funds with wholesale rates available to banks and lenders. Westpac will then work out your interest rate based on you making regular repayments for a fixed period. If you repay before this period ends, the lender may incur a loss if there is any change in the wholesale rate of interest.

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 bad credit home loan?

A bad credit home loan is a mortgage for people with a low credit score. Lenders regard bad credit borrowers as riskier than ‘vanilla’ borrowers, so they tend to charge higher interest rates for bad credit home loans.

If you want a bad credit home loan, you’re more likely to get approved by a small non-bank lender than by a big four bank or another mainstream lender.

Does Australia have no-deposit home loans?

Australia no longer has no-deposit home loans – or 100 per cent home loans as they’re also known – because they’re regarded as too risky.

However, some lenders allow some borrowers to take out mortgages with a 5 per cent deposit.

Another option is to source a deposit from elsewhere – either by using a parental guarantee or by drawing out equity from another property.

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.

Do the big four banks have guarantor home loans?

Yes, ANZ, Commonwealth Bank, NAB and Westpac all offer guarantor home loans. These mortgages are also offered by many other banks, credit unions and building societies.

How will Real Time Ratings help me find a new home loan?

The home loan market is complex. With almost 4,000 different loans on offer, it’s becoming increasingly difficult to work out which loans work for you.

That’s where Real Time RatingsTM can help. Our system automatically filters out loans that don’t fit your requirements and ranks the remaining loans based on your individual loan requirements and preferences.

Best of all, the ratings are calculated in real time so you know you’re getting the most current information.

Who sets mortgage rates?

Mortgage rates are influenced by the official cash rate, which is determined by the Reserve Bank of Australia (RBA) at its monthly board meeting on the first Tuesday of every month, except for January.

The official cash rate is the interest rate that banks charge other banks to borrow money. If the RBA cuts the cash rate, the interest rate banks are charged when they borrow from other banks is reduced. Likewise, if the cash rate is hiked, the interest rate banks are charged will go up.

If banks can save money from reduced interest rates, they will often pass on some or all of these savings to their variable rate home loan customers – although they are not required to. They can also choose to pass on a cash rate rise by increasing mortgage interest rates.

What is the ANZ home loan settlement process?

Settlement is the procedure for the official transfer of ownership between the seller and buyer. It’s often done without the seller or buyers input but between both parties’ the financial and legal representatives.

Here is how the ANZ home loan settlement process works:

  1. The solicitor or conveyancer prepares the Transfer of Land document at least two weeks before the settlement date.
  2. The signed document is registered at the state or territory land registry office.
  3. Your solicitor or conveyancer will connect with the ANZ home loan settlement contact and the seller’s solicitor or conveyancer to finalise the date, time, and place of settlement.
  4. You must deposit any applicable amount into your ANZ account three days before the settlement date.
  5. After the settlement is completed, your solicitor or conveyancer will send you a Statement of Adjustment confirming the disbursal of funds from your home loan amongst the involved parties.