Police and Nurses Bank Home Loans Review for Australian Expats
Police and Nurses Bank Australia (P&N Bank) is a customer-owned bank based in Western Australia. It was formed in 1990 through the merger of the Police Credit Society of Western Australia Ltd and the Western Australia Nurses Credit Society Ltd. In 2001, the organisation merged with Energy Credit Union Ltd, which was the amalgamation of a number of smaller WA credit unions, the oldest of which was established in 1949. Around 15 credit unions make up P&N Bank’s history.
Is this the right lender for your overseas mortgage to buy property in Australia?
- Borrow up to 90% of the property purchase price
- Competitive interest rates and fees
- Expat home loan specialists
Police and Nurses Bank Home Loan Options
Police and Nurses Bank offers the following home loan products. Please note that these may not be available for borrowers from overseas. Speak with us to discuss your best options.
Variable Rate Loan
Fixed Rate Loan
Investment Loan
Variable rate loans are home loans where the interest rate can change over time. The interest rate is typically tied to the RBA's cash rate adjustments and will fluctuate accordingly. Variable rate home loans can be a good option if you want to have the flexibility to make extra repayments or redraw funds.
Fixed rate loans are home loans where the interest rate is set for a fixed period of time, typically 1 to 5 years. This means that the borrower's monthly repayments will remain the same for the duration of the fixed rate period. Fixed rate home loans can be a good option if you want certainty about your monthly repayments.
This loan is designed for Australian expats who are buying an investment property in Australia. It offers a competitive interest rate and flexible repayment options.
Police and Nurses Bank Home Loans Review
Here are the pros and cons of choosing Police and Nurses Bank to buy property in Australia.
| Pros | Cons |
|---|---|
Competitive interest rates and fees | Can only apply online or by phone, no branches |
High loan-to-value ratio (LVR) of up to 90% | Stricter lending criteria for expats compared to residents |
Ability to use foreign income for home loan qualification | Added fees for international transfers and currency exchanges |
Repayment flexibility with offset accounts |
Allow us to find you the perfect home loan.
Apply online to get expert recommendations with real interest rates and repayments.
Features of Police and Nurses Bank Home Loans
Police and Nurses Bank can help you get the following home loan features.
| Feature | Details |
|---|---|
Redraw Facilities | Allows you to access the money you already paid off in your home loan. This can be used for any purpose, such as renovations, home improvements, or to invest. |
Extra Repayment Options | Allows you to make extra repayments on your home loan without penalty. This can help you pay off your loan sooner and save money on interest. |
Offset Accounts | A savings account that is linked to a home loan. The money in the offset account is offset against the home loan balance, which reduces the amount of interest you pay. |
Facts About Police and Nurses Bank Australia
In 2019, Police and Nurses Bank acquired BCU, a customer-owned bank based in NSW and southeastern Queensland. This acquisition established P&N Bank as a national multi-brand organisation with P&N Bank operating in Western Australia and BCU Bank operating in NSW and southeastern Queensland.
P&N Bank has a network of over 100 branches and ATMs across Western Australia and Queensland.
P&N Bank is one of the largest customer-owned banks in Australia, with over 600,000 members and customers.
How Do I Apply for an Expat Mortgage with Police and Nurses Bank?
Australian expats, permanent residents, and foreign investors living overseas can apply for an Australian expat home loan with Police and Nurses Bank in Australia in the following ways.
- Online: Police and Nurses Bank offers a fully online application process for expat home loans. You can start the application process on their website.
- Phone: You can also apply for an expat home loan with Police and Nurses Bank by calling the bank’s customer service team on 13 25 77.
- Mortgage Broker: You can also work with a specialist mortgage broker to apply for an expat home loan with P&N Bank. We can help you find the right loan product for your needs and can also help you gather the required documentation.
The processing time for expat home loans can vary depending on the complexity of the application. However, P&N Bank aims to process home loan applications within 10 business days.
Once the application has been approved, they will release the funds to your solicitor. The solicitor will then handle the settlement process and transfer you the ownership of the property.
Who is Eligible?
To be eligible for a home loan with Police and Nurses Bank Australia, you must meet the following criteria:
- Be at least 18 years of age
- Be an Australian citizen or permanent resident
- Have a stable income
- Have a good credit history
- Be able to afford the monthly repayments
Australian expats and Aussies permanent residents living overseas can get a home loan from P&N Bank. The bank offers a wide range of home loan products for expats, including loans with high LVRs and the ability to use foreign income for qualification.
Foreign investors living overseas can also get a home loan. The bank has a dedicated team of experts who can help foreign investors with the home loan process.
What Documents Do I Require?
Police and Nurses Bank in Australia requires the following documents for a home loan from overseas.
Proof of Identity
This document must show your full name, date of birth, and current address. Examples of acceptable proof of identity include a passport, driver's license, or birth certificate.
Proof of Income
This document must show your income for the past two financial years. Examples of acceptable proof of income include tax returns, employment contracts, and payslips.
Proof of Assets
This document must show your assets, such as savings accounts, investment accounts, and property. Examples of acceptable proof of assets include bank statements, investment statements, and property titles.
Proof of Residency Overseas
This document must show that you live overseas. Examples of acceptable proof of residency overseas include utility bills, lease agreements, and bank statements.
A Copy of the Proposed Purchase Contract
This document shows the property that you are planning to buy and the purchase price.
Additional Documentation Specific to Expats and Foreign Investors
Expats and foreign investors may also need to provide additional documentation, such as a tax return from their home country, a letter from their employer verifying their employment and income (if applicable), and a copy of their visa (if applicable).
Please note that these are just the general requirements. For more specific information on the required documents, please contact our specialist mortgage brokers.
Other Related Products from Police and Nurses Bank
Construction Loan
Construction loans are designed for Australian expats who are building a new home in Australia. They offer a competitive interest rate and flexible repayment options.
Low Doc Loan
The low doc loan is designed for Australian expats who have limited documentation to support their income. It offers a competitive interest rate and a high LVR of up to 90%.
No Doc Loan
No doc loans are designed for Australian expats who have no documentation to support their income. It offers a competitive interest rate and a high LVR of up to 80%.
Need a Mortgage With Police and Nurses Bank?
Police and Nurses Bank Australia offers a variety of home loans to suit the needs of Australian expats, permanent residents and foreign investors living and working overseas. With competitive interest rates and flexible repayment options, P&N Bank is a good option to consider if you want to buy property in Australia.
We can help you secure your overseas home loan with P&N Bank or any other lender which could be more suitable for your specific circumstances. Please speak with us today to discuss your situation and requirements!
Other Australian Lender Reviews
Allow us to find you the perfect home loan.
Apply online to get expert recommendations with real interest rates and repayments.
FAQs About Police and Nurses Bank
How does Police and Nurses Bank support expats during the loan process?
P&N Bank provides dedicated support through every stage of the home loan process, offering assistance with documentation, legal requirements, and any challenges that may arise.
What are the common challenges expats face when buying property in Australia?
Common challenges include managing currency exchange rates, navigating legal and regulatory hurdles, and staying informed about the dynamic Australian property market from overseas.
Can expats apply for home loans before relocating to Australia?
Yes, expats can initiate the home loan application process before relocating, streamlining the process and ensuring a smoother transition upon arrival.
Are there specific interest rate structures for expat home loans?
P&N Bank offers competitive interest rates for expat home loans, providing flexibility and affordability tailored to the unique circumstances of expatriate borrowers.
How can expats stay updated on changes in the Australian property market?
Expats can stay informed through PN Bank’s regular updates, educational materials, and by leveraging online resources, ensuring they make well-informed investment decisions.
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