Finty
Police Bank

Police Bank Essential Workers Home Loan

Variable or Fixed rateRedraw

We want to help find a solution to housing affordability so we’ve partnered with HOPE Housing to offer a solution. At this time, due to significant interest, our co-investor HOPE Housing has indicated that they are reaching their maximum subscription levels, so for now we are taking expressions of interest only.

Written byDavid Boyd
Interest rate a year, from
6.14%
Comparison rate
6.32%
Upfront fees
$600
Annual fee
Not published
Monthly fee
$7

Monthly repayment

$600,000 over 30 years

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What it would cost

At the lowest rate of 6.14% (3 year fixed, live in, principal and interest), including the monthly fee. The rate you are offered depends on your deposit and the loan you choose, and upfront fees are not included.

Monthly repayment
$3,658
Total repayments
$1,317,055
Interest and monthly fees
$717,055

Rates

Every rate Police Bank publishes for this loan. LVR is the loan as a share of the property's value: 80% for a 20% deposit.

RatePropertyRepaymentsLVRInterest rateComparison rate
VariableLive inPrincipal and interestUp to 60%6.29%6.36%
VariableLive inPrincipal and interest60% to 90%6.34%6.41%
VariableLive inPrincipal and interest90% to 95%6.59%6.66%
1 year fixedLive inPrincipal and interestUp to 60%6.24%6.36%
1 year fixedLive inPrincipal and interest60% to 90%6.24%6.40%
1 year fixedLive inPrincipal and interest90% to 95%6.34%6.64%
2 year fixedLive inPrincipal and interestUp to 60%6.24%6.35%
2 year fixedLive inPrincipal and interest60% to 90%6.24%6.39%
2 year fixedLive inPrincipal and interest90% to 95%6.34%6.61%
3 year fixedLive inPrincipal and interestUp to 60%6.14%6.32%
3 year fixedLive inPrincipal and interest60% to 90%6.14%6.36%
3 year fixedLive inPrincipal and interest90% to 95%6.24%6.56%
5 year fixedLive inPrincipal and interestUp to 60%6.49%6.45%
5 year fixedLive inPrincipal and interest60% to 90%6.54%6.50%
5 year fixedLive inPrincipal and interest90% to 95%6.69%6.71%

Comparison rates are for an example loan of $150,000 over 25 years. WARNING: This comparison rate is true only for the example given and may not include all fees and charges. Different terms, fees or other loan amounts might result in a different comparison rate.

Fees and features

Fees

Upfront fees
$600
Annual fee
Not published
Monthly fee
$7

Features

Offset account
No
Redraw
Yes
Highest LVR
95%
Loan amount
From $50,000

How it compares

Against the other home loans we compare, for a home you live in with a 20% deposit. Typical means the middle half of them.

Variable rate

6.34%

For a home you live in, paying principal and interest. Typical is 6.62%.

Comparison rate

6.41%

For the same rate. Typical is 6.70%.

Upfront fees

$600

Typical upfront fees are $600.

Smallest deposit

5%

Most loans need at least 10% of the price.

Pros and cons

Pros

  • Extra repayments. Paying more than the minimum pays the loan off sooner and cuts the interest you pay.
  • Redraw. You can take back extra repayments later if you need the money.
  • No early repayment fee listed. You can pay the loan off early, or refinance, without a penalty. Check the terms to be sure.
  • Fixed rates on offer. You can fix for 1 to 5 years if you'd like repayments that don't change for a while.

Cons

  • No offset account. Your savings can't reduce the interest unless you pay them into the loan.
  • A $7 late payment fee. Setting up automatic repayments avoids it.

Similar home loans

Home loans from other lenders with a similar starting variable rate, for a home you live in with a 20% deposit.