Police Credit Union home loans

Most of the loans offered by Police Credit Union are fully featured with flexible repayments, offset accounts and redraws.

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Police Credit Union

With reasonable fees and first rate customer service, the Police Credit Union offers nine different home loan products that can help members build, buy and invest in property.

What do I need to know about the Police Credit Union (PCU)?

Instead of paying external shareholders company profits, the PCU channels everything it makes back into providing its members with a varied set of financial solutions. The PCU is a customer owned banking institution, which means that the membership fee you pay buys you a share of the company.

Members are exempt from paying fees for a range of transactions, from account deposits to mobile and internet banking. If you have accounts, insurance or home loans with another bank or credit union, they’ll help you move over all your business so that you can start to benefit from waived monthly fees and the convenience of your own financial planner. Along with nine home loan options, members also have access to insurance, personal and car loans, and investment planning.

Compare Police Credit Union Home Loans

Rates last updated September 20th, 2019
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Home loans provided by the PCU

Welcome Home Loan

This home loan is designed to welcome home buyers to property ownership with a discounted introductory for the first year of the loan period. When applying for a minimum of $150,000 over a maximum loan period of 40 years, you can get same-day conditional approval and the added benefit of free property research.

The Better Home Loan

If you’re repaying a home loan at another institution, the PCU offers you an attractive alternative in the form of the Better home loan. The PCU agents will handle all the paperwork involved in paying out your old loan and setting you up with a new repayment schedule. Features you might not have had before include a loan period of up to 40 years, free redraw and the option to set up 100% offset account.

OwnIt! Home Loan

This product is ideal for young couples enlisting help from family or friends with paying the deposit. A feature called Parent Equity allows the buyers’ parents, family members or friends to guarantee part of the loan against the equity in their own homes. This way the deposit is more affordable, and along with lower repayments during the first five years of the loan period, members are also exempt from paying application and monthly ongoing fees.

Fixed Rate Home Loan

Members can fix the interest rate on repayments for up to five years, after which it reverts to the standard variable rate. This is ideal for members looking to invest in property since it’s also available as an interest-only option. While interest-only repayments don’t affect the principal amount to be reimbursed, it does allow for the property value to increase during the loan period.

Discount Variable Home Loan

This home loan comes with competitive, lower-than-variable interest rates and the option to make additional repayments to reduce the loan period. Members can also use a redraw facility to withdraw from these extra repayments if necessary.

Construction Home Loan

If you’d rather build your own home than buy someone else’s, this home loan will finance each phase of construction in short-term borrowings. Available for 12 months with the option to renew, you only pay interest on the phases of construction that’ve been financed.

Bridging Loan

This short-term loan helps members finance the purchase of a home if they haven’t yet sold their current property. Members can apply for this loan as an interest-only option if they’d like to invest in a second or third property. This loan is available for a maximum of 24 months with the option to make additional repayments to shorten the loan period.

Renovation Loan

If you’d like a financial boost to make improvements to your home, this loan can make your renovation aspirations a reality. Borrow from a minimum of $5,000 and benefit from a competitive rate and the option to fix the interest rate for up to five years. This loan is an alternative to withdrawing from the equity accumulated in your home.

Lifetime Loan

With the backing of Australian Seniors Finance, the PCU allows its over-60 members to borrow against the equity built up in their homes. You can use the cash injection for whatever you like: travel, an additional vehicle or - if taken out in regular payments - as a supplement to your income.

Advantages and considerations of a PCU home loan


The PCU offers a wide variety of home loan products to help you finance your house.

  • A wide choice. Members can choose from nine different home loan solutions depending on whether they want to purchase or invest.
  • Waived monthly fees. Members pay no monthly fees on a PCU home loan.
  • Small print. Although members pay no monthly fees, they are still liable several charges like application fees, valuation fees and document handling fees. Be sure to read the fine print carefully so that you know which charges you’ll be paying.

How to apply for a PCU home loan

Along with your application form, you’ll have to provide the following:

Personal information

This includes details and documents that can positively confirm your identity. Everything you submit - a birth or citizenship certificate, passport, a photo ID - must comply with Australia’s 100 point check system.

Financial information

PCU needs to see that you are financially able to make repayments, including interest and all charges associated with the home loan. Include proof of employment, your most recent salary information and information about assets that contribute to your income. Also note all liabilities like credit card balances, other loans you might have and monthly payments like rent of child support for which you are liable.

Property information

Here they’ll need a contract of sale signed by both the buyer and seller, a deposit receipt, confirmed and council-approved plans if you’re building your own home and a building-inspection certificate.

From approving construction loans to allowing seniors access to the equity in their property, the Police Credit Union provides their members with solid, trustworthy backing to reach their financial objectives.

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