Category: Interest Rates

Following the Reserve Bank of Australia’s (RBA) decision to raise the cash rate by 0.25% to 3.35% on February 7th, we have been reviewing the balance between passing on the interest rate rise to our borrowers, term deposit holders, and members with savings accounts.

Home Loans:
Effective 28 February 2023 we have increased the interest rates for new variable home loan borrowers by 0.25%.

Effective March 1, we will be increasing the interest rate for existing home loan borrowers by 0.25%, affecting repayments on or after the 1st April.

Personal Loans
Effective March 1, we will be increasing the interest rate for existing variable personal loan borrowers by 0.25%, affecting repayments on or after the 1st April.

Here are a few reasons our unsecured personal loans stood out this awards season.  

With interest rates climbing across the market, many Australian families are finding it difficult to fund the things they want and need – from cars and boats to solar panels for the home.

Police Bank recognises this puts a lot of strain on households, which is why we’ve designed a range of low-cost loans for a variety of purposes.

In addition to being popular with customers both within and outside the Police Force family, our loans have recently won Mozo’s 2023 Experts Choice Award for Best Unsecured Personal Loan. Here’s a quick recap of why.

 

Pairing affordability and flexibility 

To begin with, cost-savvy borrowers tend to look for loans that have low interest rates and fees compared with their competitors. With an unsecured personal loan, borrowers don’t have to stump up any collateral. Often, this means lenders price that into the interest rate; however, Police Bank’s series of unsecured personal loans start at a variable interest rate of 7.49 %, which is lower than many of our fellow lenders offer.

Beyond the costs, our personal loans have been recognised for how many choices they give borrowers. Our customers can choose to make their repayments weekly, fortnightly or monthly, depending on their pay cycle. They can also choose a fixed or variable rate and have the option to make extra repayments.

When it comes to what the loan is used for, we also give our borrowers a lot of range. In fact, we’re one of the few lenders that encourages borrowers to invest in the planet, with rainwater tanks, bikes, solar panels and a bunch of other green initiatives. Of course, we also make loans available for other things, like cars, travel and household items.

If you’d like to find out more about our unsecured personal loans, give us a call today on 131 728.