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Debt Consolidation Loan

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Loan Term

years

Repayment Frequency

Debt Consolidation Loan Pros and Cons

Pros:
  • No ongoing fees
  • No early exit penalty
  • Can apply online
Cons:
  • Application fee charged
  • Cannot apply in branch

Police Bank Debt Consolidation Loan Fees and Features

New Car
New Car
Used Car
Used Car
Motorcycle
Motorcycle
Boat
Boat
Student Loan
Student Loan
Debt Consolidation
Debt Consolidation
Renovation
Renovation
Shares
Shares
Holidays
Holidays
Medical Bill
Medical Bill
Wedding
Wedding
Upfront Fee
Upfront Fee
$98
Ongoing Fee
Ongoing Fee
$0
Borrowing range
Borrowing range
$5k - $100m
Total Repayments
Total Repayments
$33,804
Early Exit Penalty Fee
Early Exit Penalty Fee
$0
Missed Payment Penalty
Missed Payment Penalty
$10
Redraw Activation Fee
Redraw Activation Fee
N/A
Repayment Type
Repayment Type
Fixed
Loan Type
Loan Type
Unsecured
Secured by vehicle
Secured by vehicle
Secured by property
Secured by property
Security by bank deposits
Security by bank deposits
Available to 457 Visa Holders
Available to 457 Visa Holders
Redraw Facility
Redraw Facility
Extra Repayments
Extra Repayments
Line of Credit
Line of Credit
New Car
New Car
Used Car
Used Car
Motorcycle
Motorcycle
Boat
Boat
Student Loan
Student Loan
Debt Consolidation
Debt Consolidation
Renovation
Renovation
Shares
Shares
Holidays
Holidays
Medical Bill
Medical Bill
Wedding
Wedding
Upfront Fee
Upfront Fee
$98
Ongoing Fee
Ongoing Fee
$0
Borrowing range
Borrowing range
$5k - $100m
Total Repayments
Total Repayments
$33,804
Early Exit Penalty Fee
Early Exit Penalty Fee
$0
Missed Payment Penalty
Missed Payment Penalty
$10
Redraw Activation Fee
Redraw Activation Fee
N/A
Repayment Type
Repayment Type
Fixed
Loan Type
Loan Type
Unsecured
Secured by vehicle
Secured by vehicle
Secured by property
Secured by property
Security by bank deposits
Security by bank deposits
Available to 457 Visa Holders
Available to 457 Visa Holders
Redraw Facility
Redraw Facility
Extra Repayments
Extra Repayments
Line of Credit
Line of Credit

Police Bank is a member-owned mutual bank offering financial products and services to the NSW Police Force, Australian Federal Police and the wider police community.

Police Bank’s Australian membership has grown to over 75,000 members since its humble beginnings in 1964 when it had only 60 members.

Police Bank has a limited number of branches for its members to visit, all of which are located in the southeast region of Australia.

FAQs

The worse your credit history, the harder you will find it to consolidate your debts, because lenders will be less willing to lend you money and will charge you higher interest rates.

However, people with bad credit histories can make debt consolidation work by following this three-step process. First, find a lender willing to give you a bad credit personal loan – this process will be simplified if you go through a mortgage broker or use a comparison website like RateCity. Second, make sure the interest repayments on your new loan are less than the repayments on the loans being replaced. Third, instead of spending those savings, use them to repay the new loan.

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