This was posted 1 year 6 months 3 days ago, and might be an out-dated deal.

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Police Credit Union: 3.64% (CR 3.64%) Variable Home Loan, 3.94% (CR 3.94%) Investment Home Loan, LVR: <80%, Free 100% Offset

1211
Police Credit Union: 3.64% (CR 3.64%) Variable Home Loan, 3.94% (CR 3.94%) Investment Home Loan, LVR: <80%, Free 100% Offset
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paul11 on 25/10/2022 - 18:22 policecu.com.au (3560 clicks)
Last edited 02/11/2022 - 18:37

So CBA keep pissing off existing customers while offering deeply discounted rate for new customers. Can't pay this loyalty tax anymore and have decided to move on.

Recently applied for refinancing my investment property and a new owner occupied mortgages with these guys. Great customer service so far. No cashback, but I don't care if the interest rate is so low. Gonna save ~$15K/year in interest alone after moving to them based upon current rates (i.e. reducing my interest rate from 5.51% to 3.94%). They mostly operate in SA and NT, but you can be anywhere in Australia. I am in VIC. You don't need to be in Police force either.

With the special promotion going on, here’s what you will enjoy by taking out a Home Loan with Police Credit Union:

  • $0 Package Fee
  • $0 Valuation Fee
  • $0 Registration Fee
  • $0 Title Search
  • $0 Document Preparation

Hope this help someone!

EDIT: Seems like PCU has updated the effective date on their website.

Interest rates are effective as at 01/11/2022

Financial Home Loan Investment Loan

Related Stores

Police Credit Union
Police Credit Union

closed Comments

    • mr_asstight on 25/10/2022 - 18:39
      +7

      Yeah they're trying to implement a social credit system for our safety and benefit.

      • freedomofspeech on 25/10/2022 - 18:45
        +3

        Yeah leave them while you can..

        • blackruby on 25/10/2022 - 19:05
          +4

          Be sure to tell them why on your way out.

      • thatguyfromthatplace on 25/10/2022 - 18:56
        -4

        I didn't know Daniel Andrews worked for the CBA.

    • Sunnyyyy on 25/10/2022 - 19:03

      What's so bad about this? Why is it bullshit?

      • Techie4066 on 25/10/2022 - 19:21
        +12

        I disagree that it's woke or turning customers away, but coming from a bank like CBA - one of the worst greenwashing, fossil fuel funding offenders - is incredibly hypocritical.

      • 1st-Amendment on 25/10/2022 - 19:31
        -1

        What's so bad about this?

        This is a social credit system, if you can't work out how that can be bad you are screwed

        • mr_asstight on 25/10/2022 - 19:38
          +5

          The pointlessness of modern lives mean the majority of people want to be told what to do. It's most obvious since 2020.

      • whyisave on 25/10/2022 - 21:26

        Look at the majority shareholder of CBA, and read about ESG scores.

    • smartazz104 on 25/10/2022 - 19:39
      +1

      Luckily those customers will be dead in 5 years.

    • PaddyMelon on 25/10/2022 - 23:50

      Read a book

  • mr_asstight on 25/10/2022 - 18:38
    +1

    Wow! Solid deal.

  • revivor on 25/10/2022 - 18:45
    +4

    Wow.. looks like I know where to refinance after months of watching. Thanks OP! I'll have a look at their website.

  • Willyslicks on 25/10/2022 - 18:48
    -1

    Do you have to be a cop?

    • michael_123 on 25/10/2022 - 18:50
      +3

      You don't need to be in Police force either.

      From the OP…

    • Damannation on 25/10/2022 - 19:08
      +21

      No but reading the post is highly advisable…

      • Bread Pitt on 25/10/2022 - 19:15
        +5

        "reading the post is highly advisable"
        You guys can read?

        • Krankite on 26/10/2022 - 10:02
          +1

          This recipe was horrible, I substituted banana for the eggs sure to an allergy and used grilled zucchini instead of bacon to be culturally sensitive but it was borderline in edible 3 stars.

  • ashftc on 25/10/2022 - 18:58

    Seems like a pretty sweet deal

  • LoserScott on 25/10/2022 - 19:06

    I recall my partner showing this card to a police officer, and they automatically said: "oh your with police bank… How did you join, well don't do the crime again"

    Anyways this banks probably the top 5 banks that value you, plus they give you a key ring after 15 years.

    But the sad reality is, they had 5 branches in Sydney, but closed them all down excluding head- office.

    • Damannation on 25/10/2022 - 19:09
      +13

      Damn, would prefer a badge.

      • LoserScott on 25/10/2022 - 19:11

        I think the academy informs cadets to sign up to the local police bank in the area.

        So that's how I'd assume they know (plus every time you leave your money in that bank you support retired police officers).

      • King Tightarse on 25/10/2022 - 19:14
        +1

        I want one of those magnetic undercover police lights

      • Serapis on 25/10/2022 - 19:38
        +1

        I want a pack of those Cops are tops stickers

        • ajr5k on 26/10/2022 - 09:48
          -1

          I want some of the rubber bullets they shot at people protesting last year…

    • ATrain17 on 25/10/2022 - 19:13

      Police Bank is different, they are a mutual bank operating in Victoria, Police Credit Union are a credit union operating out of SA and NT. They both offer some benefits to emergency services workers, not just serving police, but are completely open to the public.

      • LoserScott on 25/10/2022 - 19:40
        +1

        Quote:"Membership with Police Bank is open to employees and their relatives, as well as friends of the NSW Police Force, Australian Federal Police, Emergency Management Australia, Corrective Services NSW, Australian Courts, or any other area of law enforcement and associated services. Police Bank also offers membership to employees of the Australian Customs and Border Protection Service as well as Australian Quarantine and Inspection Service under their "Customs Bank" subsidiary.

        Police Bank is a member of The Customer Owned Banking Association, the industry body representing the Australian mutual and cooperative banking sector. Police Bank is a member-owned institution and has no shareholders.

        Police Bank is supervised by the Australian Prudential Regulation Authority (APRA), and is among the 21 Australian-owned banks"

        I guess that's the reason my partner was let off with a fine…

    • Inzo on 28/10/2022 - 11:00

      Edit, im thinking of NSW Police Credit Union that is now Police bank… ignore me.

      They still have one at Narellan, One in the CBD, and I think the last is … maybe Goulburn? but yeah, they closed all but 3.

  • Wayne7497 on 25/10/2022 - 19:15

    Yup same in WA used to be Police Credit Union but open to everyone now www.pnbank.com.au

  • MrThing on 25/10/2022 - 19:19
    +17

    3.64% now, probably 4.14% in a few weeks time

    • Wiadro on 25/10/2022 - 19:35
      -1

      yup not much point refinancing atm because there's too many increases

      • MrThing on 25/10/2022 - 19:54
        +2

        well, its just this rate isn't exactly ground breaking.

        plenty of people are offering 3.64% ish atm, but they will all be going up to 4.14% shortly and then 4.39% shortly after that

        • ashftc on 25/10/2022 - 21:31

          Due to interest rates hike or bank drama of getting the customers first and then hit them hard?

    • paul11 on 25/10/2022 - 21:41
      +4

      That is how variable rates work. Its not a fixed rate. At least they are not screwing their customers by quickly passing rates hikes as soon as possible like other big lenders.

      • MrThing on 26/10/2022 - 06:49
        +1

        exactly, my ubank homeloan, the 0.25% increase from last month doesnt come in until end of december

        the one before that of 0.50% doesnt come in until end of november.

        so thats a bonus

    • Bretttick on 27/10/2022 - 10:53

      I think earlier than that, another week or two

  • huntabargain on 25/10/2022 - 19:26

    Better Home Loan - Investment @ 4.4%
    Better Home Loan Special Offer - Investment @ 3.95%
    Wonder what is the difference?

    • khangu on 25/10/2022 - 19:46

      Have no idea, but the Special Offer has "Significant qualifying criteria applies" note on it. Could an absolute unicorn deal that no-one gets.

    • linkii on 25/10/2022 - 20:10

      The special offer will increase back to normal after the first rate rise.

  • Graysimo on 25/10/2022 - 19:33

    Can you link a debit card to the offset account?

  • FSTB on 25/10/2022 - 19:37
    +10

    From the disclaimer at the bottom of the page:

    Interest rates current as at 30/08/2022 and subject to change

    • oblivianz on 25/10/2022 - 21:28

      That's a very good point, thanks for bringing our attention to that.

    • paul11 on 25/10/2022 - 23:23
      +1

      Rates effective as of 01-Oct-22

      • huntabargain on 26/10/2022 - 09:45

        Special Offer Valid to 30/09/2022 !!

        • paul11 on 26/10/2022 - 11:17

          Not sure where you are getting your information from ? Here is what's mentioned in the PDF in footnotes.

          Minimum loan amount $200,000 in new lending to PCU. Valid for applications received between 30/08/2022 to 30/11/2022 which settle by 31/01/2023.

          • huntabargain on 26/10/2022 - 16:19

            @paul11: From the page you shared.
            Page 2 footer. Significant qualifying criteria and lending criteria apply. Special Offer Valid to 30/09/2022

            • paul11 on 26/10/2022 - 16:29

              @huntabargain: Its incorrect then. I have spoken to them 2 days ago. The special offer is still valid.

  • jaimex2 on 25/10/2022 - 19:39
    +5

    I've just been doing the rounds refinancing and collecting cashback. So far done ING, Citibank, Westpac and now looking at who to go to next.

    Banks have basically paid me $12k to have a loan so far. Refinancing just gets faster the more you do it.

    • crackman on 25/10/2022 - 20:01
      +1

      Have you been extending your loan every time ?

      • SoTightEcoLPI on 25/10/2022 - 20:33

        I'm curious to know the same

      • jaimex2 on 25/10/2022 - 22:04
        +1

        Loan amount is the same but redraw funds are increasing as my salary and cashback piles in.

        • crackman on 26/10/2022 - 17:06
          +3

          What I meant was are you resetting your loan period eg If the original loan is 25 years, when you refinance is it back up to 25 years ?

    • BaeSuzy on 25/10/2022 - 20:01
      +2

      yeah, was thinking about this, how long did you wait in between?

      • jaimex2 on 25/10/2022 - 22:06
        +1

        However long the cashback deposit takes and if there's something better to jump across to.

        • marioland on 26/10/2022 - 09:47
          +1

          I thought that often enquiries into your credit score also affect the score. Is that not the case anymore?

    • xdirex on 25/10/2022 - 20:54

      What is your pattern/timeframe? Genuinely interested to know.

      • jaimex2 on 25/10/2022 - 21:59

        Every two months roughly. Basically as soon as the cashback gets deposited.

        • albot on 25/10/2022 - 22:38

          Any drawbacks on switching so often?

          • jaimex2 on 26/10/2022 - 11:24

            @albot: Not that I know of yet. I guess eventually I'll run out of banks that have a cashback offer and offer a better rate.

            Lucky for me banks seem to always be offering better rates for new loans than what they move their existing customers every time they hike.

            I have two mortgages so have been transferring both for double cashback at the same bank. I'm running into clauses now that only let you claim for one so I'm going to have to start having them in different banks.

            • albot on 26/10/2022 - 11:41

              @jaimex2: Does a variable loan usually have you locked in for any amount of time? I assume there are some kind of fees to leave? I'll be finishing up my fixed homeloan in about a year and jumping around to get a cashback sounds great.

              • jaimex2 on 26/10/2022 - 12:12

                @albot: No lock in, usually an exit fee of $0 - $300. Cashback more than covers it.

                Usually each switch ends up eating ~$500 of the cashback as other fees come into it. Like government transfers and maybe an establishment fee, you can usually ask to have that waived though.

        • tobia on 26/10/2022 - 13:13

          do i need my mortgage broker for this?
          can all of this be done on the internet?
          if i, say, apply for the ING mortgage, do i need to notify citibank? or will ING take care of it all?
          thanks, mate

          • jaimex2 on 26/10/2022 - 13:16

            @tobia: You can do it all, I usually call them.

            Banks all have had different processes. Westpac was happy to tell ING to shove it themselves, ING wanted me to tell Citibank to discharge.

    • ashftc on 25/10/2022 - 21:33
      +4

      Yeah I made about $13-$14k too by doing the same. I refinance every 6-9 months. My broker doesn’t like me.

      • mmd on 26/10/2022 - 01:46

        Any issues with switching it too often?

        • spal on 26/10/2022 - 07:14
          +1

          Multiple credit checks on the file. You will need to explain that you are switching for a better rate. Now with the market slowing banks are wanting to writing new loans. But I guess there will be a point when someone will look at the pattern of lenders in the credit file and will go unlikely to stick with us and decline.

          • bio on 26/10/2022 - 17:28
            +1

            @spal:

            But I guess there will be a point when someone will look at the pattern of lenders in the credit file and will go unlikely to stick with us and decline.

            I doubt that will ever happen. The employee who approves your loan has a KPI of approving as many "safe" loans as possible. As long as she thinks that you can make your monthly payments on time she will approve it. It's the retention team who is responsible for keeping you as a customer, which is a different department with different performance metrics.

        • ashftc on 26/10/2022 - 22:28
          +1

          Credit score can hurt. I have been doing almost every 9 odd months and haven’t seen any negative impact. I have seen few people doing 3-4 times a year making it a source of extra income but I don’t want to risk my credit score. It’s because of this I deter to take any other thing on credit. Loan refinance and credit cards (which I always pay within timeframe in full to avoid interest)

          I bought a $50k car which I am planning to keep for 10 years and I want local banks to sponsor it over the next 10 years lol

      • El-Rhi on 26/10/2022 - 07:44

        Not sure why you use a broker…. Way easier to go direct to bank!

        • jaimex2 on 26/10/2022 - 11:26

          Broker has all your documents ready to go. You basically turn them into your PA dealing with all the bank id shenanigans.

          You can also get further cashback with some once you stop jumping around.

          • sigplay on 27/10/2022 - 16:09

            @jaimex2: Do brokers earn more from this than if you just stay with your current lender? I assume it is a bit of work on their end and that they might not be enthused to keep assisting with constant refinancing

    • MurahMeriahOy on 26/10/2022 - 14:54

      Do you mind to share your flow on refinance?
      The steps that usually you took to refinance.

      Did you apply to the new bank first before discharge the current bank? And if yes, did you straight away accept the new bank loans before get the approval for discharge?

      Thanks

      • bio on 26/10/2022 - 17:29

        You apply to the new lender for a refinance and they handle all the paperwork and transfer the monies to the old lender if you are approved. You only have to sign a discharge letter and send it to your existing lender after the approval.

      • ashftc on 26/10/2022 - 22:26

        You have to have a good credit score and sufficient borrowing power. By not doing too often helps your credit score. I stick with a bank for 6-7 months and start the refinance process which takes another 2-3 months. Yes I apply first and then request discharge. Back in 2019 I broke my fixed term and was penalised by about 3k because variable was dropping. But the new bank cash back $4k and interest savings made it financially viable. In last 3 years did almost 4 refinances with cashback $3k-$4k but you have to closely monitor your credit score.

  • khangu on 25/10/2022 - 19:44

    What does "Significant qualifying criteria applies" mean? This is noted on the lowest rate quoted.

    • MrThing on 25/10/2022 - 19:54

      likely a certain minimum LVR and no offset

    • paul11 on 26/10/2022 - 11:14

      "Significant qualifying criteria applies" = <80% LVR

      That's all what they told me.

      • khangu on 26/10/2022 - 11:30

        Not that significant then…

        I would have thought it'll be a higher bar.

  • activ8newbs on 25/10/2022 - 20:02

    Is this cheaper than Athena or TikTok?
    If no, then this would not be a deal, right?

    • buckster on 25/10/2022 - 23:13

      Well, Athena is 4.54% for variable…tic toc 4.28%,

      So it's not bad

      • eddie eagle on 26/10/2022 - 00:35

        Tictoc is 4.39 for their existing customers, bastards have been increasing rates for existing customers and keeping back 0.11% for new customers

  • whoopdeedoo on 25/10/2022 - 20:08
    +1

    have they included up to Octobers rate increase?

    • linkii on 25/10/2022 - 20:13
      +1

      Interest rates current as at 30/08/2022 and subject to change.

      • stingypants on 25/10/2022 - 20:19
        +1

        Hmmmm…if this is the case that means what - another 0.75%?

        • Thebuckstopshere on 25/10/2022 - 20:29
          +2

          So you'd expect it to be 4.39% after pending rate rises are considered. Very competitve with no fees and full offset, but not so much of a deal anymore sadly.

      • mungicide on 25/10/2022 - 22:22
        +1

        I thought it says Effective as at 1 October 2022 as per https://www.policecu.com.au/PCUDocuments/Fixed_and_Variable_…

        • spal on 26/10/2022 - 07:26

          I am wondering that the rates are as at 1 October because that is when they last updated their website. But these don't include multiple rate hikes. Probably it is worth a call and confirm what rate hike these published rates do not include.

        • stingypants on 26/10/2022 - 07:27
          +1

          Right you are. So they still need to tack on the 0.25% October rate increase = 3.89%. Still not a bad rate

        • linkii on 26/10/2022 - 11:43
          +1

          Since the Aug and Oct rates are the same, they haven't included the Sept rate rise.

          Sign up at your own risk, they may increase in the next couple of months after the special offer expires.

          • spal on 27/10/2022 - 13:27

            @linkii: That is exactly what I am worried about. They will write a bunch of new loans and then catch up with the market rates.

  • Ok computer on 25/10/2022 - 20:43
    +1

    Happy to change my vote

    But interest rate is based in 30/08/2022

    And

    Only available for;
    New home owners
    Refinance
    …
    Construction

    ….no new loans weird!

    Shame as I will be signing up with Ubank tomorrow …

    also…Summerland has 3.89 with rates current 13/10/22

  • thekensai on 25/10/2022 - 20:53
    +1

    do they check your rap sheet?

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