Competitive rate
Low variable interest rate.
No ongoing fees
No ongoing monthly loan maintenance fees.
Borrow up to 95%
Buy your home with as little as a 5% deposit.
Flexible options
Redraw your repayments if you’re ahead.
The home loan making your life easier
In a world of complicated home loans, the Basic Variable Home Loan is a breath of fresh air. You can secure a competitive home loan, even with a low deposit, and pay your loan off sooner by making extra repayments and minimising the interest you pay.
There are no frills, no hidden fees and nothing keeping you from redrawing those extra payments if you need them. How's that for simple?
Take it back to basics
- Competitive variable interest rate.
- No ongoing monthly or annual fees.
- Borrow up to 95% of the property value.
- Choose to repay weekly, fortnightly, or monthly.
- Make extra payments without penalty, to pay off your home loan even faster.
- Redraw online if you’re ahead on your repayments.
Our home loans are award-winning
We’re proud to announce that P&N Bank won the RateCity Gold Award 2024 for the Best Small Deposit Home Loan.
Check out our trophy case
Rates & fees
Competitive interest rates and low fees are just the beginning with our Basic Variable Home Loan.
The basics
| Loan purpose | Owner occupier |
| Minimum loan amount | $20,000 |
| Maximum loan term | 30 years |
Interest rates
| Loan to Value Ratio (LVR) | Variable rate |
Comparison rate*
|
|---|---|---|
| Less than 60% | 6.13% p.a. | 6.16% p.a. |
| Less than 70% | 6.17% p.a. | 6.20% p.a. |
| Less than 80% | 6.19% p.a. | 6.22% p.a. |
| Less than 90% | 6.89% p.a. | 6.92% p.a. |
| Less than 95% | 6.89% p.a. | 6.92% p.a. |
| Fee type | |
|---|---|
| Monthly maintenance fee | $0 |
| Document preparation fee | $300.00 |
| Switch fee (from other P&N Bank loan) | $300.00 |
Other fees & charges that apply to all of our accounts can be found on our fees and charges page.
What will your repayments be?
Use our handy calculator to work out what your repayments might be. Or see the difference it makes to your loan term if you make payments weekly, fortnightly, or monthly.
Repayment calculator
More calculators
Ready to apply for your home loan?
Saving money and paying off your home loan sooner is easy with P&N. And we’ve made applying for your loan just as easy. You can apply:
- In your nearest branch – remember to bring all your ID and supporting documentation.
- Over the phone – call us on 13 25 77 and one of our friendly loan consultants will help you with your home loan application.
- At home or at work – our mobile lending team can come to you, or we can set up a video call.
Applying for your home loan is easier and quicker when you've got what you need, so be prepared with your:
- Identity documents
- primary photo ID (e.g. passport or driver's licence), or
- primary ID without a photo (e.g. birth certificate or citizenship certificate) and a secondary ID (e.g. a utility bill with your name and address on it).
- Employment details – contact details of your current and previous employer if less than 2 years.
- Income details – payslips or, if you're self-employed, tax assessments for the last two years, and financial statements.
- Regular expenses – such as food, rent, electricity, telcos, insurance & medical costs.
- Assets – a rundown of any assets that you own (any cars, deposit accounts, home contents, properties, investments).
- Liabilities – the details of any loans, credit cards, pay later or other debts you have.
Got everything? Book an appointment with a home loan specialist today.
Book an appointmentSaving money and paying off your home loan sooner is easy with P&N. And we’ve made applying for your loan just as easy. You can apply:
- In your nearest branch – remember to bring all your ID and supporting documentation.
- Over the phone – call us on 13 25 77 and one of our friendly loan consultants will help you with your home loan application.
- At home or at work – our mobile lending team can come to you, or we can set up a video call.
Applying for your home loan is easier and quicker when you've got what you need, so be prepared with your:
- Identity documents
- primary photo ID (e.g. passport or driver's licence), or
- primary ID without a photo (e.g. birth certificate or citizenship certificate) and a secondary ID (e.g. a utility bill with your name and address on it).
- Employment details – contact details of your current and previous employer if less than 2 years.
- Income details – payslips or, if you're self-employed, tax assessments for the last two years, and financial statements.
- Regular expenses – such as food, rent, electricity, telcos, insurance & medical costs.
- Assets – a rundown of any assets that you own (any cars, deposit accounts, home contents, properties, investments).
- Liabilities – the details of any loans, credit cards, pay later or other debts you have.
Got everything? Book an appointment with a home loan specialist today.
Book an appointment
We’re here to help
Drop us your details and a home loan specialist will get back to you.
Ready to apply?
Set up a phone, video or in-person appointment with one of our home loan specialists.
Talk to our friendly team
Got a question? Call us on 13 25 77 or pop into your nearest branch.
Your home loan questions answered
If you’re looking to buy your very first home, with P&N Bank you can borrow up to a loan to value ratio (LVR) of 95%.
As a general guide you'll need a minimum 5% deposit plus your settlement fees and Lenders Mortgage Insurance (LMI) fees. LMI fees will apply if you don’t have a 20% deposit plus settlement fees.
You may qualify to take out (LMI) for deposits less than 20% of the property value.
LVR stands for Loan to Value Ratio. This is calculated as the amount you want to borrow as a percentage of the value of the property you buy, or that will be used as security.
For example, if you borrow $540,000 to buy a property valued at $600,000, your LVR would be 90%.
Depending on your application, we can provide loan approval in as little as 24-48 hours, and are doing so for many of our customers. For more complex applications, unconditional finance approval or where a valuation of your property is required, it can take between five and seven days to process all the documentation.
Important information
Banking and Credit products issued by Police & Nurses Limited (P&N Bank).
Any information on this website is general in nature and does not consider your personal needs, objectives or financial situation. Our rates are current as of today and can change at any time. Credit eligibility criteria, terms & conditions, fees & charges apply.
Please consider the terms and conditions and whether a product is right for you.
- View terms & conditions
- View fees and charges
- View credit guide
- Create a Home Loan Key Fact Sheet
- View LMI Information Fact Sheet
- View Target Market Determinations (TMDs)
*Comparison rate calculated on a loan amount of $150,000 over a term of 25 years based on monthly repayments. For variable Interest Only loans, comparison rates are based on an initial 3 year Interest Only period. For fixed Interest Only loans, comparison rates are based on an initial Interest Only period equal in length to the fixed period. During an Interest Only period, your Interest Only payments will not reduce your loan balance. This may mean you pay more interest over the life of the loan.
WARNING: This comparison rate applies only to the example or examples given. Different amounts and terms will result in different comparison rates. Costs such as redraw fees or early repayment fees, and cost savings such as fee waivers, are not included in the comparison rate but may influence the cost of the loan.