Police Credit Union Home Loan Lending Policy 2026

A Police Credit Union home loan is available to eligible borrowers beyond the police force, with the deposit limit determined by the selected product. Assess membership separately from credit eligibility, then match the borrower’s income evidence and property to that product’s conditions. Police Credit Union uses a direct lending service, so a scenario enquiry goes to its lending specialists.

Confirm the Institution and Membership

Police Credit Union Ltd is a member-owned lender whose services are available to eligible customers across Australia, as at October 2026. Its official membership information says you don’t need to be a police officer to join. Its Australian credit licence number is 238991.

Membership and home-loan eligibility answer different questions. Police Credit Union’s home-loan page requires borrowers to be Australian permanent residents and over 18, with further lending criteria applying. Being a member or having an eligible occupation doesn’t establish borrowing capacity or approval.

Keep the institution name on each source and file note. Police Bank lending policy and P&N Bank lending policy concern separate institutions.

For profession-wide assessment, use the police home loans guide. Keep other institutions’ rules in their lender policy guides.

Check Borrower and Income Evidence

Start with each applicant’s employment status and income, then record debts, household expenses, intended occupancy and loan purpose. For a police employee, separate base pay from overtime and allowances so the request identifies the income component being assessed. Describe any expected employment change before calculating repayments the borrower can sustain.

Police Credit Union’s Home / Refinance application dated 25 September 2026 sets out the following income evidence:

• Full-time and part-time employees provide their two most recent payslips. Casual employees provide three.
• Income statements cover the current financial year to date and the previous financial year.
• Centrelink statements support benefit income. A rental agreement supports investment-property rental income.

Listing a document doesn’t mean the lender accepts every dollar of that income. For overtime, allowances or a self-employed applicant, state the amount relied on and ask which assessment method applies. Attach records that explain continuity and separate recurring income from one-off receipts.

For external primary accounts, the current application requests three months of transaction history through the application date. It identifies income-and-expense transaction accounts and savings accounts with balances above $1,000. Use readable downloaded, scanned or original documents with account-holder identifiers, instead of screenshots.

Reconcile the income deposited with the amount proposed for assessment. Show existing credit limits as well as balances, and explain which repayments continue after settlement. A repaid debt needs evidence of repayment before it can support an assessment that excludes its ongoing cost.

Assess Deposit and Security

Match the loan amount to the selected Police Credit Union product and the property value used for assessment, as at October 2026. The loan-to-value ratio (LVR) is the loan divided by the assessed property value, multiplied by 100. A product’s maximum LVR remains subject to the borrower’s credit assessment and acceptable security.

These official product terms distinguish several owner-occupied options:

Product	Maximum LVR	Minimum new lending	Purpose condition
Low Rate Home Loan	80%	$200,000	Owner occupied
Better Home Loan with a 10% deposit	90%	$150,000	Owner occupied
First Home Buyer Standard Variable with a 5% deposit	95%	$20,000	Owner occupied

The Better Home Loan page includes buying, construction and refinancing. Its 90% limit doesn’t establish eligibility for every construction project or investment property. Record the address, postcode, property type and intended use, then request acceptance of the particular security and valuation basis.

Calculate funds to complete separately from the deposit percentage. Police Credit Union’s first-home-buyer cost guidance, as at October 2026, identifies government charges, valuation and mortgage preparation fees, conveyancing and other purchase costs. Its Better Home Loan terms also allow for lenders mortgage insurance (LMI), which protects the lender and can add a borrower cost.

For a hypothetical $600,000 purchase valued at $600,000, a $540,000 loan produces a 90% LVR. The price contribution is $60,000. If separately funded purchase costs are assumed to be $18,000, the borrower needs $78,000, before any separately payable LMI premium.

A $570,000 lender valuation changes that same $540,000 loan to about 94.7% LVR. At a 90% ceiling, the maximum loan against that valuation is $513,000. The price contribution rises to $87,000, plus the assumed $18,000 costs and any separately payable LMI.

Trace each contribution to its source and availability date. Identify whether funds come from savings, a gift, an asset sale or borrowing. Ask how the selected product treats that source.

Include any financed fees in the proposed debt when seeking the lender’s LVR assessment.

Set out the proposed term, repayment frequency and fixed or variable structure. Obtain the lender’s assessed repayment and security conditions before treating redraw, offset access or a product limit as evidence of approval. For a refinance, include the payout amount and costs so the requested loan matches the settlement calculation.

Confirm Exceptions With the Lender

Send a specific scenario question to Police Credit Union’s lending specialists through its official contact page or call 1300 131 844. As at October 2026, its direct-lending explanation says it doesn’t work with mortgage brokers or pay broker commission. Use the direct enquiry route when a client needs its decision.

Prepare the enquiry so the lender can answer the disputed point. For variable income, give the employment history and payslip evidence, with the recurring amount you propose to use.

For security, provide the property details and purpose. State the proposed debt against value.

Keep the following record in the broker file:

1. Save the relevant product page and application version with the date accessed.
2. Record the applicant facts, contribution evidence and property details used in the assessment.
3. Identify the applicable rule and the exact question requiring a lender decision.
4. Retain the written response, its conditions and the documents requested through the lender’s nominated channel.

For example, a casual applicant seeking the 90% Better Home Loan needs a question about employment continuity and the income accepted from their payslips. A response about income alone leaves the valuation and funds to complete as separate assessment points. Keep a scenario response distinct from a formal loan offer, and update the file when the applicant’s circumstances or property changes.