P&N Bank Home Loan Lending Policy 2026

A Police and Nurses home loan is assessed through the current P&N Bank lending route. Start with P&N’s borrower and property rules, then match the income evidence and deposit to the selected product. Police Bank and Police Credit Union Ltd are separate lenders.

Match the Legacy Name to P&N Bank

Police & Nurses became P&N Bank in March 2013, according to its 2013 annual report. As at October 2026, P&N’s privacy collection notice identifies P&N Bank as a division of Police & Nurses Limited, with Australian Credit Licence 240701.

Use that lender identity in your file. An old statement carrying Police & Nurses wording can identify the same organisation, but old product terms don’t establish today’s lending rules.

As at October 2026, Police Bank and Police Credit Union Ltd have their own official websites and lending products. Use the separate Police Bank policy guide or Police Credit Union policy guide when either is the intended lender.

P&N’s joining page says its products are open beyond its original police and nursing communities. You can join through taking out a home loan. Membership doesn’t establish credit eligibility or an occupation-specific concession.

The lender policy guides cover the assessment rules of other lenders.

For the assessment of a client’s occupation and income across lenders, use the police home loan guide or nurse home loan guide.

Check Borrower and Income Evidence

Build the P&N assessment around each applicant’s actual income and commitments, not their occupation’s connection to the bank’s old name. As at October 2026, P&N’s Home Loan Application Form records residency, household details and employment history. It also separates the loan purpose from the property offered as security.

Record who will borrow and who will own the property. Distinguish the client’s current living arrangement from whether they will occupy the new property or rent it out. Record the purchase, refinance or construction purpose before selecting a product.

P&N’s public application guidance asks for income evidence alongside regular expenses, assets and liabilities. It lists payslips for employees, or two years of tax assessments and financial statements for self-employed applicants. Include credit cards and buy-now-pay-later debts even when the client doesn’t think of them as loans.

Use the Broker Checklist for the Submission

P&N’s September 2025 broker checklist remains linked from its resources page as at October 2026. It requires the Excel servicing sheet and each loan party’s transaction history covering 30 days, dated within 45 days.

For pay as you go (PAYG) base salary, one recent payslip with three months of year-to-date income meets the listed evidence route. With less history, the checklist allows two consecutive payslips or one plus last year’s income statement, or tax return and notice of assessment.

The checklist has a one-year tax-document route below 80% loan-to-value ratio (LVR), or without lenders mortgage insurance (LMI), after at least 12 months of self-employment. Above 80% or with LMI, it lists two years of personal and business tax documents. Match the entity and full business schedules to the route.

Serviceability is whether the client can afford the proposed repayments after expenses and other commitments. A document route doesn’t decide how much income P&N counts. Separate base pay from overtime or allowances, and identify rental income separately so the right assessment rule applies.

Confirm Funds and Property

Reconcile funds to complete the transaction, then test the property and product together. P&N’s Basic Variable target market determination, effective 12 March 2026, covers owner-occupied residential borrowing with principal-and-interest repayments. The borrower must be at least 18 and meet the credit assessment requirements.

The product uses predominantly residential property as security, has a five-to-30-year term and permits LVR up to 95%. Its purposes include buying, refinancing or renovating the client’s principal residence. Those product limits don’t establish acceptance of every postcode or property type.

P&N’s Investor Basic determination, effective 13 November 2025, identifies a separate investor principal-and-interest product. Match rental use and the requested repayment structure to the chosen product. If the client needs interest-only repayments, assess that product’s terms rather than applying Basic Variable’s principal-and-interest rules.

Trace Each Contribution

For your funds reconciliation, keep each contribution separate so a transfer between the client’s accounts isn’t counted twice.

Contribution	Evidence to reconcile	Question the file must answer
Savings	Account statements and transaction history	Who owns the money and how did the balance build?
Gift	Transfer evidence and the donor’s written explanation	Is repayment expected, and is the money available for settlement?
Equity	Property value, current secured debt and proposed borrowing	How much equity will actually become available funds?
Sale proceeds or another contribution	Sale or entitlement documents and expected payment date	Will the money arrive before it is needed?

P&N’s September 2025 broker checklist lists three months of bank statements for genuine savings above 90% LVR. It also has evidence routes for shares, property equity and rental history. A gift’s availability and its treatment as genuine savings are separate questions.

As at October 2026, P&N’s home loan support guidance puts settlement costs and LMI alongside the deposit. Include transfer duty and other purchase costs in the funds-to-complete total. Money allocated to those costs can’t also cover the purchase price.

Include Insurance in the LVR Limit

As at October 2026, P&N’s Basic Variable page says borrowing up to 95% includes LMI costs. LMI can apply above 80% LVR. A 5% deposit therefore doesn’t automatically leave room to add the premium to a 95% loan.

In this hypothetical calculation, P&N accepts a security value of $600,000. A 95% total loan limit is $570,000. If an illustrative $10,000 LMI premium is financed within that loan, only $560,000 remains for the purchase price.

The buyer then needs $40,000 towards the price, plus purchase costs. The $10,000 is an example, not an insurer quote. A lower accepted valuation would reduce the loan limit again.

Record the property’s address, postcode and type, including whether it is established, vacant land or under construction. Match the contract to P&N’s accepted valuation and record any property-specific conditions before calculating the final funds position.

Record Sources and Escalation

Keep the current lender name beside the rule and the client facts it applies to. As at October 2026, P&N’s official broker page confirms a channel for accredited brokers, including policy resources in its Broker Hub and NextGen or Simpology application platforms.

Keep a file note with these distinct fields.

Field	What to record
Lender	P&N Bank, a division of Police & Nurses Limited
Source	Document title, version or effective date and date accessed
Borrower facts	Applicants, income components, liabilities and occupancy
Property and funds	Security, accepted value, contribution sources and total LVR
Applied rule	Exact wording and why the scenario meets its conditions
Escalation	The scenario-specific question, lender response and any conditions

For example, ask whether the identified gift and savings history meet the deposit rule for the proposed LVR. State the amount and transfer date in the question. Record P&N’s response separately from the client’s statement that the donor expects no repayment.

P&N’s broker resources page lists Broker Support on 08 9219 7411. Its broker page lists support hours of 8:30 am to 4:30 pm, Monday to Friday, Australian Western Standard Time. Use that route for scenario questions and access arrangements.

Accreditation matters when choosing the submission route. P&N’s Basic Variable determination of 12 March 2026 restricts Australian Government 5% Deposit Scheme originations to approved internal P&N home lenders. P&N’s current online discount terms also exclude broker-originated applications, so don’t promise the direct-online discount on a broker submission.

For a direct home-loan enquiry, P&N lists 13 25 77, branches and its mobile lending team. Resolve the client’s product, scheme eligibility and application channel before giving the client a document list or submission date.