Why Australian police have their own banks
Because, sixty years ago, banks wouldn't lend to them.
Police Bank's 2024 annual report describes the problem its founders faced in 1964: police wages were low and it was unusual for anyone in the force to get a loan, because they weren't considered a good risk. So officers lent to each other. Police Bank began in a cleaner's cupboard at Clarence Street Police Station in Sydney.
The same story played out in every state. QBANK's predecessor started in the Queensland Police Union building in 1964. P&N Bank began as a credit union for WA police officers in 1969. Police Credit Union says South Australian officers literally turned their caps upside down on pay day in 1970 to pool funds and lend to colleagues. BankVic began in 1974 in a storeroom in the Victorian Police Association building.
Police Bank members
75,000+
2024 annual report
BankVic members
120,000+
its history page
Police Credit Union members
40,000+
its about page
Today, most of these banks also serve nurses, firefighters, paramedics, government workers and their families, and one is open to everyone. But they still market police-specific offers, and some still have staff who are former officers or have police families.
The police banks at a glance
Police Bank
- Home base
- NSW (also Tasmania Police and AFP members)
- Founded
- 1964
- Police origin
- Police Credit Union No.1, Clarence Street Police Station, Sydney
QBANK
- Home base
- Queensland
- Founded
- 1964
- Police origin
- QPCU, Queensland Police Union building, Kangaroo Point
P&N Bank
- Home base
- Western Australia
- Founded
- 1969
- Police origin
- Credit union for WA police officers; nurses joined next
Police Credit Union
- Home base
- South Australia and NT
- Founded
- 1970
- Police origin
- Credit union for South Australian police
BankVic
- Home base
- Victoria
- Founded
- 1974
- Police origin
- Set up to serve Victoria Police; the Police Credit Co-operative until 2013
People First Bank
- Home base
- National
- Founded
- Not police-founded
- Police origin
- Trading name of Heritage and People's Choice Ltd; has a package for sworn police
| Bank | Home base | Founded | Police origin |
|---|---|---|---|
| Police Bank | NSW (also Tasmania Police and AFP members) | 1964 | Police Credit Union No.1, Clarence Street Police Station, Sydney |
| QBANK | Queensland | 1964 | QPCU, Queensland Police Union building, Kangaroo Point |
| P&N Bank | Western Australia | 1969 | Credit union for WA police officers; nurses joined next |
| Police Credit Union | South Australia and NT | 1970 | Credit union for South Australian police |
| BankVic | Victoria | 1974 | Set up to serve Victoria Police; the Police Credit Co-operative until 2013 |
| People First Bank | National | Not police-founded | Trading name of Heritage and People's Choice Ltd; has a package for sworn police |
From each bank's own history page or annual report, read 9 October 2026.
All six are on the government's participating lender list for the 5% Deposit Scheme, so a first home buyer can use the scheme with any of them. Police offers differ widely, and the table below is a summary, not a ranking.
BankVic
- LMI for police
- Product cards say "LMI waivers available for up to 90% LVR". Its first home buying page says Victoria Police, health and emergency services employees can borrow to 90% with no LMI for new purchases within Metro Melbourne including Geelong.
- Main police feature advertised
- A police-only special variable rate and offset variable rate (owner-occupier), "100% overtime considered", and a $4,000 cashback offer for police buying or refinancing.
P&N Bank
- LMI for police
- LMI waived for LVRs between 80% and 90%.
- Main police feature advertised
- Says it takes 100% of your overtime into consideration. $1,500 cashback on eligible loans (minimum $250,000, LVR 80% or less), not available with the LMI waiver.
Police Bank
- LMI for police
- No police LMI waiver found. Its product document says LMI applies above 80% LVR.
- Main police feature advertised
- Police Value Home Loan: minimum 5% deposit, LVR up to 95%, offset and redraw. Its 2024 annual report describes a shared-equity Essential Worker Home Loan Scheme with HOPE Housing.
QBANK
- LMI for police
- No LMI waiver found. The first responder offer is "+ LMI", which can be added to the loan.
- Main police feature advertised
- An FHB First Responders Exclusive Offer for QPS and other Queensland first-responder employees, under 95% LVR with LMI, minimum 5% deposit, salary credit of $1,500 a month. Recruits and trainees get 0.05% off its Special Offer Classic or Classic Plus Package home loans.
Police Credit Union
- LMI for police
- No LMI waiver found on its pages.
- Main police feature advertised
- Platinum package: no package fees on home, investment or car loans, no annual or monthly loan fees, a Police Relationship Manager, and discounts. First home buyer loans to 95% LVR.
People First Bank
- LMI for police
- No LMI up to 90% LVR, for loans up to $1.2 million. The interest rate is its above-80% LVR rate.
- Main police feature advertised
- Essential Services Package for home and investment loans.
| Bank | LMI for police | Main police feature advertised |
|---|---|---|
| BankVic | Product cards say "LMI waivers available for up to 90% LVR". Its first home buying page says Victoria Police, health and emergency services employees can borrow to 90% with no LMI for new purchases within Metro Melbourne including Geelong. | A police-only special variable rate and offset variable rate (owner-occupier), "100% overtime considered", and a $4,000 cashback offer for police buying or refinancing. |
| P&N Bank | LMI waived for LVRs between 80% and 90%. | Says it takes 100% of your overtime into consideration. $1,500 cashback on eligible loans (minimum $250,000, LVR 80% or less), not available with the LMI waiver. |
| Police Bank | No police LMI waiver found. Its product document says LMI applies above 80% LVR. | Police Value Home Loan: minimum 5% deposit, LVR up to 95%, offset and redraw. Its 2024 annual report describes a shared-equity Essential Worker Home Loan Scheme with HOPE Housing. |
| QBANK | No LMI waiver found. The first responder offer is "+ LMI", which can be added to the loan. | An FHB First Responders Exclusive Offer for QPS and other Queensland first-responder employees, under 95% LVR with LMI, minimum 5% deposit, salary credit of $1,500 a month. Recruits and trainees get 0.05% off its Special Offer Classic or Classic Plus Package home loans. |
| Police Credit Union | No LMI waiver found on its pages. | Platinum package: no package fees on home, investment or car loans, no annual or monthly loan fees, a Police Relationship Manager, and discounts. First home buyer loans to 95% LVR. |
| People First Bank | No LMI up to 90% LVR, for loans up to $1.2 million. The interest rate is its above-80% LVR rate. | Essential Services Package for home and investment loans. |
Lender policies change and offers can be withdrawn. Confirm with the bank before relying on any of this.
Police Bank (NSW, Tasmania and the AFP)
The oldest police bank, and the one that grew furthest beyond its home state.
Police Bank was founded in October 1964 as Police Credit Union No.1 Limited. Its first loan was 100 pounds for a member's home renovations. Over time it merged with the Customs staff credit union (the origin of its Border Bank brand) and welcomed Tasmania Police and Australian Federal Police members. Members voted to become a bank, now trading as Police Bank and still owned by its members.
Heritage
- Police Bank
- NSW. Founded in October 1964 as Police Credit Union No.1 by officers at Clarence Street Police Station, Sydney; later welcomed AFP and Tasmania Police members and runs Border Bank.
Who can join or get the police offer
- Police Bank
- The Police Value Home Loan is for current or retired employees of an Australian police force or police organisation, uniformed or civilian.
Police home loan features
- Police Bank
- Police Value Home Loan: minimum 5% deposit, LVR up to 95%, offset and redraw. Its 2024 annual report describes a shared-equity Essential Worker Home Loan Scheme with HOPE Housing.
LMI for police
- Police Bank
- No police LMI waiver found. Its product document says LMI applies above 80% LVR.
Check before you apply
- Police Bank
- Its website blocked our automated check, so we read its published product document (dated 2021) and 2024 annual report. Confirm current terms with the bank.
Our source
- Police Bank
- Product document and annual report; website not readable by us on 9 October 2026
| Police Bank | |
|---|---|
| Heritage | NSW. Founded in October 1964 as Police Credit Union No.1 by officers at Clarence Street Police Station, Sydney; later welcomed AFP and Tasmania Police members and runs Border Bank. |
| Who can join or get the police offer | The Police Value Home Loan is for current or retired employees of an Australian police force or police organisation, uniformed or civilian. |
| Police home loan features | Police Value Home Loan: minimum 5% deposit, LVR up to 95%, offset and redraw. Its 2024 annual report describes a shared-equity Essential Worker Home Loan Scheme with HOPE Housing. |
| LMI for police | No police LMI waiver found. Its product document says LMI applies above 80% LVR. |
| Check before you apply | Its website blocked our automated check, so we read its published product document (dated 2021) and 2024 annual report. Confirm current terms with the bank. |
| Our source | Product document and annual report; website not readable by us on 9 October 2026 |
Its annual report also describes a partnership with HOPE Housing on an Essential Worker Home Loan Scheme, where the buyer shares the capital cost of the home with HOPE under a shared-equity agreement and can buy back the share later. The report says 17 loans had been made under it by 30 June 2024. Ask Police Bank whether it's open and who qualifies.
How we checked Police Bank
Police Bank's website blocked our automated check on 9 October 2026, so this profile relies on its published product document (effective 5 October 2021) and its 2024 annual report. Check current terms with the bank directly.
QBANK (Queensland)
QPCU started business in 1964 from the Queensland Police Union building at Kangaroo Point; its first annual report recorded 274 members. It opened membership to fire, emergency services and justice workers in 1979, opened a branch at the Oxley police academy in 1980, and converted to a member-owned bank trading as QBANK in 2016.
Heritage
- QBANK
- Queensland. QPCU began business in 1964 from the Queensland Police Union building at Kangaroo Point; it became a member-owned bank trading as QBANK in 2016.
Who can join or get the police offer
- QBANK
- Queensland Police Service employees, AFP employees, other Queensland emergency, health and government workers, relatives of members, and others in its bond.
Police home loan features
- QBANK
- An FHB First Responders Exclusive Offer for QPS and other Queensland first-responder employees, under 95% LVR with LMI, minimum 5% deposit, salary credit of $1,500 a month. Recruits and trainees get 0.05% off its Special Offer Classic or Classic Plus Package home loans.
LMI for police
- QBANK
- No LMI waiver found. The first responder offer is "+ LMI", which can be added to the loan.
Check before you apply
- QBANK
- Interest rate offers need your salary paid into a QBANK account. The first responder rate is for new lending, principal and interest only.
Our source
- QBANK
- Read on QBANK's own pages, 9 October 2026
| QBANK | |
|---|---|
| Heritage | Queensland. QPCU began business in 1964 from the Queensland Police Union building at Kangaroo Point; it became a member-owned bank trading as QBANK in 2016. |
| Who can join or get the police offer | Queensland Police Service employees, AFP employees, other Queensland emergency, health and government workers, relatives of members, and others in its bond. |
| Police home loan features | An FHB First Responders Exclusive Offer for QPS and other Queensland first-responder employees, under 95% LVR with LMI, minimum 5% deposit, salary credit of $1,500 a month. Recruits and trainees get 0.05% off its Special Offer Classic or Classic Plus Package home loans. |
| LMI for police | No LMI waiver found. The first responder offer is "+ LMI", which can be added to the loan. |
| Check before you apply | Interest rate offers need your salary paid into a QBANK account. The first responder rate is for new lending, principal and interest only. |
| Our source | Read on QBANK's own pages, 9 October 2026 |
For recruits and trainees at QPS and other Queensland services (or who were within the past year), QBANK advertises an interest-free period on a credit card, a personal loan discount and 0.05% off its Special Offer Classic or Classic Plus Package home loans. These need a salary credit of at least $1,500 a month into a QBANK account. If you're joining QPS, see our guide to becoming a police officer in Queensland.
P&N Bank (Western Australia)
P&N Bank began in 1969 as a credit union for WA police officers, and nurses joined next. Through mergers it became Police & Nurses Credit Society in 1990, and today trades as P&N Bank, a WA-based customer-owned bank.
Heritage
- P&N Bank
- Western Australia. Began in 1969 as a credit union for WA police officers; nurses joined next. Became Police & Nurses Credit Society in 1990.
Who can join or get the police offer
- P&N Bank
- The Essential Services Offer is for people employed in WA in listed roles, including state or federal police and police staff (auxiliary officers and any WA Police employee).
Police home loan features
- P&N Bank
- Says it takes 100% of your overtime into consideration. $1,500 cashback on eligible loans (minimum $250,000, LVR 80% or less), not available with the LMI waiver.
LMI for police
- P&N Bank
- LMI waived for LVRs between 80% and 90%.
Check before you apply
- P&N Bank
- Waiver is direct only: loans must come through P&N's own channels and "broker referred loans will not qualify". Owner-occupied, principal and interest, minimum $250,000, property in Perth metro, Bunbury, Busselton, Albany or Geraldton, probation completed.
Our source
- P&N Bank
- Read in P&N Bank's offer terms, 9 October 2026
| P&N Bank | |
|---|---|
| Heritage | Western Australia. Began in 1969 as a credit union for WA police officers; nurses joined next. Became Police & Nurses Credit Society in 1990. |
| Who can join or get the police offer | The Essential Services Offer is for people employed in WA in listed roles, including state or federal police and police staff (auxiliary officers and any WA Police employee). |
| Police home loan features | Says it takes 100% of your overtime into consideration. $1,500 cashback on eligible loans (minimum $250,000, LVR 80% or less), not available with the LMI waiver. |
| LMI for police | LMI waived for LVRs between 80% and 90%. |
| Check before you apply | Waiver is direct only: loans must come through P&N's own channels and "broker referred loans will not qualify". Owner-occupied, principal and interest, minimum $250,000, property in Perth metro, Bunbury, Busselton, Albany or Geraldton, probation completed. |
| Our source | Read in P&N Bank's offer terms, 9 October 2026 |
The waiver is lost through a broker
P&N Bank's terms say its LMI waiver applies only to loans made through its own website, contact centre, webchat, home lenders or branches, and "broker referred loans will not qualify". Its $1,500 cashback, by contrast, can come through either channel.
P&N's mobile lenders say they'll meet you at home, on a break or by video. For WA officers on the roster, that may matter as much as any rate. See the WA police salary guide for the pay a lender will see.
Police Credit Union (South Australia and the NT)
Police Credit Union opened in 1970 to serve South Australian police and now has seven branches across SA and the NT. It says anyone can bank with it today, while honouring its police heritage through a Platinum package for police and some other workers.
Heritage
- Police Credit Union
- South Australia and the NT. Opened in 1970 to serve SA police; officers pooled funds on pay day to lend to colleagues. Now open to everyone.
Who can join or get the police offer
- Police Credit Union
- Anyone can bank with it. The Platinum package is for police officers from any Australian force, SAPOL and NT Police ancillary staff, cadets, PSSOs and others.
Police home loan features
- Police Credit Union
- Platinum package: no package fees on home, investment or car loans, no annual or monthly loan fees, a Police Relationship Manager, and discounts. First home buyer loans to 95% LVR.
LMI for police
- Police Credit Union
- No LMI waiver found on its pages.
Check before you apply
- Police Credit Union
- Platinum benefits are fee and service benefits, not an LMI waiver. Some benefits don't apply to special offers.
Our source
- Police Credit Union
- Read on Police Credit Union's own pages, 9 October 2026
| Police Credit Union | |
|---|---|
| Heritage | South Australia and the NT. Opened in 1970 to serve SA police; officers pooled funds on pay day to lend to colleagues. Now open to everyone. |
| Who can join or get the police offer | Anyone can bank with it. The Platinum package is for police officers from any Australian force, SAPOL and NT Police ancillary staff, cadets, PSSOs and others. |
| Police home loan features | Platinum package: no package fees on home, investment or car loans, no annual or monthly loan fees, a Police Relationship Manager, and discounts. First home buyer loans to 95% LVR. |
| LMI for police | No LMI waiver found on its pages. |
| Check before you apply | Platinum benefits are fee and service benefits, not an LMI waiver. Some benefits don't apply to special offers. |
| Our source | Read on Police Credit Union's own pages, 9 October 2026 |
Its Platinum page lists a dedicated Police Relationship Manager who visits stations, and benefits such as no package fees on home, investment or car loans, priority approval for car and personal loans, and a term deposit bonus. Its first home buyer loans go to 95% LVR, and it is a participating lender in the 5% Deposit Scheme.
BankVic (Victoria)
BankVic was established in 1974 to serve Victoria Police. It opened membership to firefighters in 1979 and to the wider emergency services, health and public sectors in 1992. On 1 June 2013 the Police Credit Co-operative renamed itself BankVic. It says it has over 120,000 members and is a certified B Corp.
Heritage
- BankVic
- Victoria. Established in 1974 to serve Victoria Police, working from a storeroom in the Police Association building; the Police Credit Co-operative renamed itself BankVic on 1 June 2013.
Who can join or get the police offer
- BankVic
- Any employee of an Australian state, territory or federal police force, members of TPAV, NTPA or AFPA, plus emergency services, health and government workers and their families.
Police home loan features
- BankVic
- A police-only special variable rate and offset variable rate (owner-occupier), "100% overtime considered", and a $4,000 cashback offer for police buying or refinancing.
LMI for police
- BankVic
- Product cards say "LMI waivers available for up to 90% LVR". Its first home buying page says Victoria Police, health and emergency services employees can borrow to 90% with no LMI for new purchases within Metro Melbourne including Geelong.
Check before you apply
- BankVic
- Rate footnotes on the same page describe "up to 80% with no LMI or up to 90% with LMI", so ask which applies to you. Home loan eligibility says you must be outside any probationary period of employment. It has a broker channel; ask whether the waiver and cashback are available through it.
Our source
- BankVic
- Read on BankVic's own pages, 9 October 2026
| BankVic | |
|---|---|
| Heritage | Victoria. Established in 1974 to serve Victoria Police, working from a storeroom in the Police Association building; the Police Credit Co-operative renamed itself BankVic on 1 June 2013. |
| Who can join or get the police offer | Any employee of an Australian state, territory or federal police force, members of TPAV, NTPA or AFPA, plus emergency services, health and government workers and their families. |
| Police home loan features | A police-only special variable rate and offset variable rate (owner-occupier), "100% overtime considered", and a $4,000 cashback offer for police buying or refinancing. |
| LMI for police | Product cards say "LMI waivers available for up to 90% LVR". Its first home buying page says Victoria Police, health and emergency services employees can borrow to 90% with no LMI for new purchases within Metro Melbourne including Geelong. |
| Check before you apply | Rate footnotes on the same page describe "up to 80% with no LMI or up to 90% with LMI", so ask which applies to you. Home loan eligibility says you must be outside any probationary period of employment. It has a broker channel; ask whether the waiver and cashback are available through it. |
| Our source | Read on BankVic's own pages, 9 October 2026 |
BankVic also runs police recruit offers and a dedicated page for NTPA members, and it now accepts loans through accredited brokers. If a broker channel matters to you, ask whether the police rate, cashback and LMI waiver are all available that way. For Victorian pay rates, see the Victoria Police salary guide.
People First Bank (not police-founded, but has a police package)
People First Bank is a trading name of Heritage and People's Choice Ltd. It has no police origin, but it appears in almost every search for police LMI waivers because of its Essential Services Package, open nationwide to sworn police, registered nurses and fully qualified paramedics.
Heritage
- People First Bank
- Not police-founded. A trading name of Heritage and People's Choice Ltd; its Essential Services Package covers nurses, paramedics and sworn police.
Who can join or get the police offer
- People First Bank
- Sworn state or federal police officers (also registered nurses and fully qualified paramedics). For joint applications only one applicant needs to qualify.
Police home loan features
- People First Bank
- Essential Services Package for home and investment loans.
LMI for police
- People First Bank
- No LMI up to 90% LVR, for loans up to $1.2 million. The interest rate is its above-80% LVR rate.
Check before you apply
- People First Bank
- Income requirements apply but aren't published on its page. A broker reports $80,000 single or $150,000 joint (with $75,000 from the officer), and that probation and casual work are excluded: confirm with the bank.
Our source
- People First Bank
- Read on People First Bank's own pages, 9 October 2026; income floors from a broker only
| People First Bank | |
|---|---|
| Heritage | Not police-founded. A trading name of Heritage and People's Choice Ltd; its Essential Services Package covers nurses, paramedics and sworn police. |
| Who can join or get the police offer | Sworn state or federal police officers (also registered nurses and fully qualified paramedics). For joint applications only one applicant needs to qualify. |
| Police home loan features | Essential Services Package for home and investment loans. |
| LMI for police | No LMI up to 90% LVR, for loans up to $1.2 million. The interest rate is its above-80% LVR rate. |
| Check before you apply | Income requirements apply but aren't published on its page. A broker reports $80,000 single or $150,000 joint (with $75,000 from the officer), and that probation and casual work are excluded: confirm with the bank. |
| Our source | Read on People First Bank's own pages, 9 October 2026; income floors from a broker only |
For the conditions in detail, including the reported income floors, see our guide to LMI waivers for police.
What 'member-owned' means for you
Customer-owned banks are regulated like any other bank. The difference is who they answer to.
What member ownership can mean
- ✓Profits go back to members through rates, fees and services rather than shareholder dividends
- ✓Members can vote at the annual general meeting
- ✓Products designed around the occupations they serve, such as counting overtime
- ✓Staff who often know police rosters and pay
What it doesn't guarantee
- ✕The lowest rate for your situation
- ✕A bigger branch or ATM network than a major bank
- ✕That every police offer applies in every state
- ✕That offers will still be there next year
Each of these banks is an authorised deposit-taking institution regulated by APRA. Deposits are protected by the government's Financial Claims Scheme up to $250,000 per account holder per institution, the same as at a major bank. Where one institution trades under more than one brand, ask whether the limit is shared.
A police bank is a good place to start comparing, not a reason to stop.
Which bank is linked to your force
- Police-founded bank linked to it
- Police Bank (home base)
- Notes
- Police Bank's Police Value loan is open to employees of any Australian force; BankVic, QBANK and Police Credit Union also accept police from other forces in their offers
- Police-founded bank linked to it
- BankVic (home base)
- Notes
- BankVic's first home buying page ties its no-LMI note to Metro Melbourne and Geelong
- Police-founded bank linked to it
- QBANK (home base)
- Notes
- QBANK's first responder home loan offer is for QPS and other Queensland first responders
- Police-founded bank linked to it
- P&N Bank (home base)
- Notes
- P&N's Essential Services Offer is only for people employed in WA, with property in listed WA areas
- Police-founded bank linked to it
- Police Credit Union (home base)
- Notes
- Platinum package covers police from any Australian force and SAPOL ancillary staff
- Police-founded bank linked to it
- Police Credit Union (branches in SA and NT)
- Notes
- BankVic membership includes NTPA members; Platinum covers NT Police ancillary staff
- Police-founded bank linked to it
- Police Bank (Tasmania Police members joined)
- Notes
- No Tasmania-based police mutual found
- Police-founded bank linked to it
- Police Bank (AFP members joined)
- Notes
- BankVic membership includes AFPA members; QBANK membership includes AFP employees
| Force | Police-founded bank linked to it | Notes |
|---|---|---|
| NSW Police | Police Bank (home base) | Police Bank's Police Value loan is open to employees of any Australian force; BankVic, QBANK and Police Credit Union also accept police from other forces in their offers |
| Victoria Police | BankVic (home base) | BankVic's first home buying page ties its no-LMI note to Metro Melbourne and Geelong |
| QPS | QBANK (home base) | QBANK's first responder home loan offer is for QPS and other Queensland first responders |
| WA Police | P&N Bank (home base) | P&N's Essential Services Offer is only for people employed in WA, with property in listed WA areas |
| SAPOL | Police Credit Union (home base) | Platinum package covers police from any Australian force and SAPOL ancillary staff |
| NT Police | Police Credit Union (branches in SA and NT) | BankVic membership includes NTPA members; Platinum covers NT Police ancillary staff |
| Tasmania Police | Police Bank (Tasmania Police members joined) | No Tasmania-based police mutual found |
| AFP and ACT Policing | Police Bank (AFP members joined) | BankVic membership includes AFPA members; QBANK membership includes AFP employees |
Based on each bank's history and eligibility pages, read 9 October 2026. Membership rules and offers change.
Moving interstate? Your membership usually travels with you, but location-limited offers may not. Our guide to transferring to another police force covers what else changes.
Know your number before you visit a bank
Estimate what you could borrow with and without your shift and overtime pay, then ask each bank how much of your pay it counts.
How to compare police banks fairly
Use the same questions with every bank, police-founded or not.
- 1
Check you're eligible
EligibilityFor membership and for the police offer specifically. Note role, location and probation rules.
- 2
Compare the comparison rate
CostThen the fees: establishment, package, ongoing, offset and discharge.
- 3
Ask how they assess your pay
IncomeHow much of your roster allowance and overtime they'll count, and over what history.
- 4
Price the extras
OffersLMI waiver, cashback, rate discounts. Check whether they can be combined.
- 5
Check the channel
RouteDirect, mobile lender or broker. Some offers are direct only.
- 6
Get it in writing
ProofAny police-specific term should appear in your loan approval.
Bring to the first conversation
- ✓ Two recent payslips and your income statement from myGov
- ✓ Your rank, increment and roster pattern, and any planned change
- ✓ Confirmation of appointment if you've finished probation
- ✓ Your deposit and savings history
- ✓ A note of any HELP debt, cards and buy now pay later accounts
Then read our full guide to police home loans for worked borrowing examples, and the money hub for tax, insurance and budgeting on shift work.
Free email alerts
Know when a police bank changes its offer
Police banks change their member offers, cashback and LMI rules through the year. We re-check all six banks on this page and email you when a police offer starts, ends or changes, plus first home buyer scheme updates.
- ✓Police bank offer and policy changes
- ✓First home buyer scheme updates
Frequently asked questions
What banks are for police in Australia?
The member-owned banks founded by police are Police Bank (NSW, also serving Tasmania Police and AFP members), QBANK (Queensland), P&N Bank (WA), Police Credit Union (SA and NT) and BankVic (Victoria). People First Bank isn't police-founded but has an Essential Services Package for sworn officers. Most of these banks now also serve other occupations.
Can I join a police bank if I'm not a police officer?
Often, yes. Police Credit Union says anyone can bank with it. BankVic accepts police, emergency services, health and government workers and their families. QBANK accepts several Queensland occupations and relatives of members. Police-specific offers, though, are usually limited to police employees.
Can I join a police bank from another state?
Usually. BankVic accepts employees of any Australian police force, Police Bank's Police Value loan is open to employees of any Australian force, and Police Credit Union's Platinum package covers officers from any Australian force. Some offers are tied to a location, such as P&N Bank's Essential Services Offer, which is for people employed in WA.
Are police banks safe?
They're authorised deposit-taking institutions regulated by APRA, like the big banks. Deposits are covered by the government's Financial Claims Scheme up to $250,000 per account holder per institution. Being member-owned doesn't change that protection.
Do police banks give better home loans?
Not automatically. Some advertise police rates, LMI waivers, cashback or fee discounts, and some say they count 100% of overtime. But rates and fees vary, and a big bank or another lender may be cheaper for your situation. Compare the comparison rate and total costs, and check each offer's conditions.
What is Police Bank's Police Value Home Loan?
It's a Police Bank home loan for current or retired employees of an Australian police force or police organisation, uniformed or civilian. Its product document describes a minimum 5% deposit, LVR up to 95% with LMI above 80%, and offset and redraw. That document is dated 2021, so confirm current terms with Police Bank.
Does BankVic only lend to Victoria Police?
No. BankVic's membership covers any employee of an Australian state, territory or federal police force, members of the Victorian, NT and AFP police associations, and emergency services, health and government workers. Some offers, such as its no-LMI note on the first home buying page, are tied to Victoria Police and Metro Melbourne.
Does Police Pay Australia recommend one of these banks?
No. We don't hold an Australian Credit Licence and don't recommend any bank or loan. This page describes each bank's history and advertised offers, with sources and dates. Policies change, so check with the bank, a licensed broker or your own research.
Evidence
Sources and how we checked them
Every figure on this page comes from the sources below, read on 9 October 2026. Pay rates and rules change when new agreements are made, so check the source for the date you're reading this. Where we couldn't confirm something from an official source, the page says so instead of guessing. Spotted an error? Read our corrections policy.
- Police Bank: Annual Financial Report 2024 — 1964 founding, mergers, HOPE shared-equity scheme
- Police Bank: Police Value Home Loan target market determination (owner occupied P&I) — eligibility and LVR up to 95% with LMI; TMD effective 5 October 2021
- QBANK: history of QBANK — QPCU began in 1964; became QBANK in 2016
- QBANK: membership eligibility — who can join
- QBANK: FHB First Responders Exclusive Offer — QPS and other Queensland first responders, under 95% LVR plus LMI
- QBANK: recruits and trainees — recruit offers
- P&N Bank: about us — began in 1969 as a credit union for WA police
- P&N Bank: Essential Services Offer terms and conditions — direct-only waiver, WA locations, probation, P&I owner-occupier, $250,000 minimum
- P&N Bank: Essential Services Offer — eligible occupations, 100% overtime, LMI waiver to 90% LVR
- Police Credit Union: about us — opened 1970 for SA police; open to everyone
- Police Credit Union: Platinum package — police eligibility and fee benefits
- Police Credit Union: first home buyer loans — up to 95% LVR; 5% Deposit Scheme participating lender
- BankVic: our history — established 1974; Police Credit Co-operative renamed BankVic 2013
- BankVic: home loans — LMI waivers up to 90% LVR, eligibility incl. probation rule, $3,000 cashback
- BankVic: home loan offers for police — police-only rate, 100% overtime considered, $4,000 police cashback
- BankVic: first home buying — no-LMI note for Metro Melbourne including Geelong
- BankVic: broker page — accredited broker channel
- People First Bank: Essential Services Package — sworn police, no LMI to 90% LVR, up to $1.2 million
- People First Bank: what you need to know about the Essential Services Package (5 May 2026) — >80% LVR rate applies; income requirements
- Hunter Galloway: police LMI waivers (broker article) — reported People First income floors and probation exclusion; not on the lender's own page
- firsthomebuyers.gov.au: participating lenders — list includes BankVic, P&N Bank, People First Bank, Police Bank, Police Credit Union, QBank
- APRA: Financial Claims Scheme for banks, building societies and credit unions — $250,000 per account holder per ADI
Related guides
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General information, not advice. This guide explains published rules and rates. It doesn't consider your personal circumstances and isn't financial, legal, tax or credit advice. Confirm anything you rely on with your force, your police association, the ATO or a licensed professional.