Following the recent RBA decision on interest rates, Police Bank will decrease its variable interest rate mortgages1 by the full 0.25% as follows:
- Police Value Home Loan will decrease from 5.32% to 5.07%; and
- Premium Variable Home Loan will decrease from 5.64% to 5.39%.
Still Lower than the banks
It is important to note that the Police Value Home Loan interest rate of 5.07% and the Premium Home Loan of 5.39% still positions Police Bank below the Big Banks:
Why our Members Continually Benefit
It is good to keep in mind that some banks do charge a monthly service fee on their home loans in the range of $8 to $10 and savings account offset fees which in effect does raise their interest rates. Police Bank has no account keeping fees on its Premium or Police Value home loan products. Plus both the Police Value and Premium home loan product qualify for our Reduced Fees Program to reduce (or even eliminate) fees and charges.
1. Effective for new business 10.02.15 and for existing loans 25.02.15.
This information was correct as at 09 February 2015 and was obtained from publicly available information located on the website of each financial institution. Please note that Interest Rates and Comparison Rates are subject to change. To the extent permitted by law, we accept no responsibility for the accuracy of information, or any loss you or any person suffers due to relying on information provided.
Police Value Home Loan only available to current serving Police Officers or a Retired Police Officer(s) who are a member of a Union that is associated with the Police Federation of Australia. This includes NSW Police Association (including Associate members), and the Australian Federal Police Association. Rate discounted against Premium Home Loan. Terms and conditions apply and are available on request. Fees and charges and lending criteria apply.