Compare home loan offers from QBANK.
QBANK, formerly Queensland Police Credit Union, was founded in 1964 with the aim of assisting police officers, Queensland fire and rescue service personnel, ambulance officers, SES personnel, public sector employees and their families to manage their everyday banking.
QBANK offers a full range of financial services including home loans, investment and savings accounts, and a range of insurance products. Its interest rates are flexible and there are no penalties for additional payments on loans.
Eligibility criteriaPlease note that QBANK's loans are only available to eligible Queensland residents who are employees of government (federal, state and local), police, fire, corrective services, ambulance, health and other public service organisations.
Compare QBANK home loans
Home loans offered by QBANK
Fixed rate home loan
QBANK Fixed Rate Home Loans provide members with the same type of flexibility as a variable loan but with more predictability. Benefits include set repayments, a free online redraw facility and no penalty for extra payments. No monthly fees are attached to this loan and there’s also an interest-only option.
Classic home loan
This loan offers a competitive discounted variable rate and flexible payment options. Additional payments can be made without incurring any penalties, and there is no monthly fee.
Classic plus package home loan
This discounted loan package carries no establishment fee. To be eligible for this package you need to satisfy the minimum loan amount and you will need to be in receipt of a QBANK credit card, have your salary paid into a QBANK account and also have a QBANK transaction account. A credit card is available with this package with no yearly fee attached, while there are bonus rates available on term deposits and interest rate discounts on personal loans. An offset account is also available.
Standard variable rate home loan
This loan boasts a low variable interest rate along with no monthly fees and the ability to make additional payments without attracting a penalty. The redraw facility does not incur, a cost and there is no early repayment fee.
Mortgage secured overdraft
A secured overdraft provides a line of credit so you can access funds whenever you need to and for any purpose, such as to fund renovations, a holiday or an investment purchase. Features include a competitive interest rate and no monthly account fees.
How to apply for a QBANK home loan
You must be a member of QBANK before you can make a loan application. Once you have become a QBANK member you must register for QBANK Internet Banking so that you can apply for a loan via Web Loans. If it is a joint loan application both members need to have their own QBANK Internet Banking password. If you are not registered for QBANK Internet Banking you can download a QBANK Internet and Phone Banking application form from the forms download page.
Upon receiving your QBANK Internet Banking password, click on the Web Loans icon to get started. At this point you can start your application, with drop-down options that will take you through the necessary steps. There is an online calculator option available where you can input certain details and you will be told the amount of loan you can afford. It will also tell you the loan option best suited to you and how much your repayments will be.
Once you have completed your application you will get a response by email. Before final approval can be made you will have to provide certain information to QBANK.
Documents needed to apply for a QBANK home loan
QBANK 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 before your home loan can be finalised.
- Tax File Number. QBANK 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 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’s a list of the most common property documentation required:
- Property valuation. When you obtain a loan from QBANK, 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. QBANK will need 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 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 QBANK with your financial information at the initial stages of the application, you will also need to provide proof of that information. QBANK 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 QBANK with a copy of the latest statement for those accounts.
- Proof of assets.QBANK will need documents that can prove the value of any additional assets or income that you disclosed on your initial home loan application.
QBANK 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.