Compare the latest P&N Bank Home Loans
P&N Bank is a member-owned bank that has been providing financial services since 1990. Originally known as Police & Nurses Credit Society, the bank offers a full range of banking services, insurance, loans and financial planning.
Interested in a home loan from P&N Bank?
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Home loans offered by P&N Bank
Fixed Rate Home Loan
P&N’s Fixed Rate Home Loan is available to owner-occupiers and residential property investors. Repayment options include a monthly payroll deduction, auto transfer or direct debit or Bank@Post, and the loan can be split into fixed and variable rate portions. A monthly fee applies to this loan.
Smooth Home Loan
The Smooth Home Loan is a variable rate loan which offers increased flexibility. It features a competitive rate and the option of an interest-only repayments for a set period, as well as the ability to make additional repayments. This no-frills home loan does not attract a monthly maintenance fee.
Simple Home Loan
The Simple Home Loan is an owner-occupier home loan with an optional offset account and credit card. It offers a loan-to-value ratio up to 90%.
Home Loan & Bag
This is a discounted variable rate home loan packaged together with a credit card account and a transaction account, as well as insurance products. The available products can be packaged in any combination. The package doesn't carry an annual fee, but does include an establishment fee.
Easy Living Home Loan
An Easy Living Home Loan is a reverse mortgage designed for those who have retired or are over 60 and want to access some of the equity in their home to augment their income. A reverse mortgage is suitable for those who have carefully considered why they want extra income and have already paid off their original mortgage.
Equity Access Home Loan
An Equity Access Home Loan lets you tap into the equity in your home. It has all the features of a home loan, and is available to owner occupiers and investors. Most of the features of this loan are similar to those of the Smooth Home Loan. Interest-only repayments for a set period are available and deposits can be made at any time.
& Investor loan
This variable rate loan is available to members who hold either the & Home Loan or the Simple Home Loan. It offers a 90% loan-to-value ratio, flexible repayment options and a redraw facility.
How to apply for a P&N Bank home loan
If you’d like to apply for a home from P&N Bank, please consult a mortgage broker.
Documents needed to apply for a P&N Bank home loan
P&N Bank will require you to provide some personal information that can help to prove your identity. This documentation is required by law and must be provided to the bank before your home loan can be finalised.
- Tax File Number. P&N Bank will need to have your Tax File Number (TFN) on hand to include on the loan paperwork.
- Proof of Identification. You will be required to give provide 100 points of identification.
You will also need to provide several pieces of documentation pertaining to the purchase of your home. Each home loan may require different documentation, so be sure to talk with your agent to see what your specific requirements are. However, here is a list of the most common property documentation required:
- Property valuation. When you obtain a loan from the bank, a proper assessment will need to be done on the property to determine its true value. This will ensure that the loan you are obtaining is equal to the value of the home being purchased.
- Proof of title for property. P&N Bank will need to obtain a copy of the title for the property being purchased. This will guarantee that the party selling you the property is the actual owner of the property and has the rights to sell it.
- Property sales contract. Before closing on your loan, the bank will need to have a copy of the sales contract for the property. This will provide all the details about the sale of the property.
Although you will provide P&N Bank with your financial information at the initial stages of the application, you will also need to provide proof of that information. The bank will ask for detailed information about your earnings, assets and expenses. You’ll need to provide:
- Proof of earnings. You must provide documentation that can prove your annual earnings. If you earn a wage, copies of your payslips should be adequate. If you are self-employed, however, you may need to submit copies of your tax returns.
- Documentation for outstanding debt. If you have any outstanding debt that you listed on your home loan application, you will need to provide P&N Bank with a copy of the latest statement for those accounts.
- Proof of assets. P&N Bank will need documents that can prove the value of any additional assets or income that you disclosed on your initial home loan application.
P&N Bank offers a number of viable home loan options, but make sure to seek expert advice and compare your options so you find the best loan available for your needs.