Following the recent RBA decision on interest rates, Police Bank will decrease its variable interest rate mortgages1 as follows:
- Police Value Home Loan will decrease by 0.25% from 5.57% to 5.32%; and
- Premium Variable Home Loan will decrease by 0.20% from 5.84% to 5.64%.
Still Lower than the banks
It is important to note that the Police Value Home Loan interest rate of 5.32% and the Premium Home Loan of 5.64% still positions Police Bank below the Big Banks, even with their most recent rate reductions factored in:
Why our Members Continually Benefit
It is good to keep in mind that some banks do charge a monthly service fee on their home loans in the range of $8 to $10 and savings account offset fees which in effect does raise their interest rates. Police Bank has no account keeping fees on its Premium or Police Value home loan products. Plus both the Police Value and Premium home loan product qualify for our Member Rewards Program to reduce (or even eliminate) fees and charges.