Why police pay confuses lenders
A lender wants to know what you'll earn next year, not just last fortnight. Police pay makes that harder to answer.
For most salaried workers, a lender reads the payslip, takes the base salary and moves on. Police pay is built differently. Depending on your force, a large slice of what you earn can come from a roster allowance, per-shift penalties, weekend loadings and overtime. Some of it is paid every fortnight regardless of roster. Some of it disappears the day you move to a day job.
That's the core problem. A credit assessor sees a $78,505 base and a payslip that says much more, and must decide how much of the difference is safe to rely on. Different lenders answer differently, which is why two banks can give the same officer borrowing figures tens of thousands of dollars apart.
QLD first-year base
$78,505
QPS official rate, incl. CPI uplift
Plus the 21% OSA
$94,991
in an operational shift role
Borrowing gap from the OSA
$116,000
none counted vs all counted
The good news: police are seen as stable employees. Sworn officers are rarely made redundant, pay rises are set by enterprise agreements and awards, and several lenders were founded by police for police. You can use that to your advantage if you know which policies to ask about.
How lenders assess each part of police pay
Split your payslip into these buckets before you talk to any lender.
Base salary
- Examples
- Your rank and increment rate in the award or agreement
- How lenders commonly treat it
- Counted in full
Loading paid as salary
- Examples
- NSW 11.5% loading; Victoria's 13% commuted penalty inside the ordinary rate
- How lenders commonly treat it
- Usually treated as base, because it's paid every pay regardless of roster
Roster or composite allowance
- Examples
- QLD Operational Shift Allowance; AFP Core Composite; NT Consolidated Allowance; Tasmania's shift and penalty allowance
- How lenders commonly treat it
- Often counted with payslip evidence; some lenders shade it or want a history
Per-shift penalties
- Examples
- NSW shift allowance by start time; WA flat-dollar shift payments
- How lenders commonly treat it
- Often averaged over recent payslips or the last year
Overtime
- Examples
- Held-over shifts, recalls, extra shifts
- How lenders commonly treat it
- Varies most. Some lenders count 100%; others count a share or need 6 to 24 months of history
Other allowances
- Examples
- Remote or housing allowances, use-of-force allowance
- How lenders commonly treat it
- Case by case; a housing allowance may be treated differently from cash income
| Type of pay | Examples | How lenders commonly treat it |
|---|---|---|
| Base salary | Your rank and increment rate in the award or agreement | Counted in full |
| Loading paid as salary | NSW 11.5% loading; Victoria's 13% commuted penalty inside the ordinary rate | Usually treated as base, because it's paid every pay regardless of roster |
| Roster or composite allowance | QLD Operational Shift Allowance; AFP Core Composite; NT Consolidated Allowance; Tasmania's shift and penalty allowance | Often counted with payslip evidence; some lenders shade it or want a history |
| Per-shift penalties | NSW shift allowance by start time; WA flat-dollar shift payments | Often averaged over recent payslips or the last year |
| Overtime | Held-over shifts, recalls, extra shifts | Varies most. Some lenders count 100%; others count a share or need 6 to 24 months of history |
| Other allowances | Remote or housing allowances, use-of-force allowance | Case by case; a housing allowance may be treated differently from cash income |
General description of common practice, not any lender's policy. Each lender's credit policy differs and changes.
Where a force builds a loading into the salary itself, you're in the strongest position, because nothing about it depends on your roster. Here's how each force's first-year pay is made up, straight from our data files. Use it to explain your payslip to a lender.
- First-year headline
- $92,576
- What it includes
- Probationary Constable (Level 1) from 1 Jul 2026 including the 11.5% loading paid as salary; base $83,028.
- First-year headline
- $84,060
- What it includes
- Constable point 1 (Probationary Constable) from 1 Jun 2026: Schedule A ordinary rate, which already includes the 13% commuted penalty. Excludes the Operational Readiness, General Duties, capability, wellbeing and retention allowances.
- First-year headline
- $78,505
- What it includes
- Constable 1.1 base from 1 Jul 2026 (official QPS CUA schedule). About $94,991 with the 21% OSA. The recruiting site's $92,226 is the pre-uplift 2025 base ($76,220) plus 21% OSA.
- First-year headline
- $94,651
- What it includes
- Constable 1st year of service (Probationary Constable) from 1 Jul 2026: base salary; shift allowances are paid on top as flat dollar amounts per shift.
- First-year headline
- $83,398
- What it includes
- Probationary Constable from 1 Jan 2026: base salary plus super; shift allowances are paid on top.
- First-year headline
- $73,518
- What it includes
- Constable Level 1 base from FFPPOOA 1 Dec 2025. At a 24-hour station with the 28% shift and penalty allowance this is $94,103 a year (our calculation: $73,518 x 1.28). Some secondary sources quote $94,109; do not use that figure.
- First-year headline
- $87,005
- What it includes
- Constable 1 (graduation to end of 12 months) base as published by NTPFES; $111,366 including the 23% Consolidated Allowance and 5% GPA.
- First-year headline
- $72,317
- What it includes
- Band 2.4 base from 9 Dec 2025 for a newly sworn (probationary) constable, national or ACT. Advertised package $91,726.74 = base + 22% Core Composite + $3,500 Use of Force allowance.
| Force | First-year headline | What it includes |
|---|---|---|
| NSW Police | $92,576 | Probationary Constable (Level 1) from 1 Jul 2026 including the 11.5% loading paid as salary; base $83,028. |
| Victoria Police | $84,060 | Constable point 1 (Probationary Constable) from 1 Jun 2026: Schedule A ordinary rate, which already includes the 13% commuted penalty. Excludes the Operational Readiness, General Duties, capability, wellbeing and retention allowances. |
| QPS | $78,505 | Constable 1.1 base from 1 Jul 2026 (official QPS CUA schedule). About $94,991 with the 21% OSA. The recruiting site's $92,226 is the pre-uplift 2025 base ($76,220) plus 21% OSA. |
| WA Police | $94,651 | Constable 1st year of service (Probationary Constable) from 1 Jul 2026: base salary; shift allowances are paid on top as flat dollar amounts per shift. |
| SAPOL | $83,398 | Probationary Constable from 1 Jan 2026: base salary plus super; shift allowances are paid on top. |
| Tasmania Police | $73,518 | Constable Level 1 base from FFPPOOA 1 Dec 2025. At a 24-hour station with the 28% shift and penalty allowance this is $94,103 a year (our calculation: $73,518 x 1.28). Some secondary sources quote $94,109; do not use that figure. |
| NT Police | $87,005 | Constable 1 (graduation to end of 12 months) base as published by NTPFES; $111,366 including the 23% Consolidated Allowance and 5% GPA. |
| AFP | $72,317 | Band 2.4 base from 9 Dec 2025 for a newly sworn (probationary) constable, national or ACT. Advertised package $91,726.74 = base + 22% Core Composite + $3,500 Use of Force allowance. |
calc = calculated by us from the agreement rule. Full scales are on each force's salary page.
Some lenders say publicly how they treat police overtime. BankVic's police loans say "100% overtime considered". P&N Bank says it takes 100% of your overtime into consideration. Westpac lists front-line police officers among the professions that could have 100% of overtime and allowances assessed as income, but police aren't on its LMI waiver list. All were read on the lenders' own pages on 9 October 2026.
For an officer earning a big share of pay on the roster, the lender's income policy can matter as much as the interest rate.
Probation, recruits, part-time and casual work
New officers face two questions: is the job permanent, and how long have you had this income?
You're a sworn, salaried officer from graduation, but your appointment isn't confirmed until probation ends. Several police-specific offers exclude probationers outright, so this matters more than most buyers realise.
- Probation (from the force's rules)
- 12 months as a Probationary Constable, then confirmed as Constable.
- Probation (from the force's rules)
- Through week 116 of training (2 years 13 weeks), ending with the POL50124 Diploma of Policing.
- Probation (from the force's rules)
- Graduates are sworn in as First Year Constables (Constable 1.1). The First Year Constable Program is about 12 months of station-based training under Field Training Officers and an Education and Training Officer; finishing it moves the officer to pay point 1.2. Probation is at least 12 months.
- Probation (from the force's rules)
- 18 months as a Probationary Constable after graduation; transitional (interstate and international) officers serve 6 months.
- Probation (from the force's rules)
- About 2 years in total for domestic recruits: 3 months operational after graduation as part of continuous training, then permanent appointment as Constable after a further 18 months (from a public summaries; not verified). Transition recruits serve 6, 9 or 12 months depending on recognised service.
- Probation (from the force's rules)
- Recruits serve their first year on probation (recruitment site); under the Police Service Act 2003, non-commissioned appointment/promotion probation is up to 12 months as the Commissioner determines (extendable). Graduates are posted to a 24/7 station (Hobart, Glenorchy, Bridgewater, Bellerive, Launceston, Devonport, Burnie) for at least 2 years.
- Probation (from the force's rules)
- Constables: to the second anniversary of commencement (2 years), Police Administration Act s.16A(3)(a). ACPOs: 12 months from commencement. ARP: 12 months including training (CA 2022 cl.70(d)). The Commissioner may shorten or extend probation (by up to 6 months at a time).
- Probation (from the force's rules)
- Police graduates are probationary officers at Band 2.4 and stay there for at least 12 months and until the AFP workbook is signed off (by a supervisor who has supervised them for 3+ months), then move to 3.1. A formal probation period beyond this is not stated. PSO recruits start at 2.1 for at least 12 months, including training.
| Force | Probation (from the force's rules) |
|---|---|
| NSW Police | 12 months as a Probationary Constable, then confirmed as Constable. |
| Victoria Police | Through week 116 of training (2 years 13 weeks), ending with the POL50124 Diploma of Policing. |
| QPS | Graduates are sworn in as First Year Constables (Constable 1.1). The First Year Constable Program is about 12 months of station-based training under Field Training Officers and an Education and Training Officer; finishing it moves the officer to pay point 1.2. Probation is at least 12 months. |
| WA Police | 18 months as a Probationary Constable after graduation; transitional (interstate and international) officers serve 6 months. |
| SAPOL | About 2 years in total for domestic recruits: 3 months operational after graduation as part of continuous training, then permanent appointment as Constable after a further 18 months (from a public summaries; not verified). Transition recruits serve 6, 9 or 12 months depending on recognised service. |
| Tasmania Police | Recruits serve their first year on probation (recruitment site); under the Police Service Act 2003, non-commissioned appointment/promotion probation is up to 12 months as the Commissioner determines (extendable). Graduates are posted to a 24/7 station (Hobart, Glenorchy, Bridgewater, Bellerive, Launceston, Devonport, Burnie) for at least 2 years. |
| NT Police | Constables: to the second anniversary of commencement (2 years), Police Administration Act s.16A(3)(a). ACPOs: 12 months from commencement. ARP: 12 months including training (CA 2022 cl.70(d)). The Commissioner may shorten or extend probation (by up to 6 months at a time). |
| AFP | Police graduates are probationary officers at Band 2.4 and stay there for at least 12 months and until the AFP workbook is signed off (by a supervisor who has supervised them for 3+ months), then move to 3.1. A formal probation period beyond this is not stated. PSO recruits start at 2.1 for at least 12 months, including training. |
What police offers say about probation (checked 9 October 2026)
- ✓ BankVic: home loan eligibility says you must have regular PAYG income and be outside any probationary periods of employment
- ✓ P&N Bank: the LMI waiver is only for applicants who have completed probation in their emergency services job
- ✓ People First Bank: its page doesn't say; a broker reports probation and casual work are excluded
- ✓ Other lenders: many assess a sworn probationary officer like any permanent employee; ask before you apply
Recruits still at the academy are a different case: the job hasn't started and pay is a training rate. Most lenders will want you sworn in with payslips at constable rates first. Our guide to recruit pay while training shows what each academy pays.
Permanent part-time officers are usually assessed on actual part-time earnings. Police staff and civilians may qualify for some offers (P&N Bank includes police staff, Police Bank's Police Value loan includes civilians) but not others (People First Bank's package is for sworn officers).
Worked examples: what four officers could borrow
Same method as our calculator: after-tax income less costs, tested at 9% over 30 years.
These use 2026-27 tax rates, an illustrative 6% loan rate plus APRA's 3 percentage point buffer, $3,200 a month of living expenses for a single applicant, and a $5,000 credit card limit. They're estimates to show how the rules work, not what a lender would offer you.
1. NSW first-year constable
A probationary constable in NSW earns $92,576 including the 11.5% loading. Because the loading is paid as salary, it's base income to a lender. Applying alone, the estimate is about $329,000, with no variable pay at all. If probation is a problem with your chosen lender, waiting until you're confirmed could matter more than the rate.
2. Queensland first-year constable on the OSA
OSA not counted
$230,000
base pay only
80% of OSA counted
$323,000
a common middle case
All of OSA counted
$346,000
with payslip evidence
On $78,505 base plus the 21% Operational Shift Allowance, the answer swings by about $116,000 purely on how one allowance is treated.
3. Victoria senior constable with overtime
A senior constable at the top Victoria step earns $118,945 (the ordinary rate already includes the 13% commuted penalty). Add an illustrative $15,000 of regular overtime. If a lender ignores the overtime, the estimate is about $515,000; if it counts all of it, about $620,000.
4. NSW senior constable buying with a partner
A NSW senior constable at the top step earns $139,688. With a partner on an illustrative $70,000, $4,500 a month of household expenses and one $5,000 card, the joint estimate is about $1,087,000, roughly 5.2 times combined gross income.
Estimates, not credit advice
Lenders use their own expense benchmarks, income rules and buffers, and their figure can be higher or lower. These examples show how the rules move the number; they aren't a loan offer or a recommendation.
Run the numbers on your own pay
Enter your base pay, roster allowance, overtime and costs. The calculator shows three borrowing figures, from none of your variable pay counted to all of it.
The 3% buffer and the debt-to-income limit
Banks regulated by APRA must check that you could keep paying if your rate rose by at least 3 percentage points. APRA reviewed its settings on 28 May 2026 and kept the buffer at 3 percentage points. That one rule does more to cap police borrowing than anything else.
NSW example tested at 6%
$441,000
no buffer
Tested at 9%
$329,000
with the buffer
Real repayment at 6%
$1,973
a month, on the buffered amount
Since 1 February 2026, APRA has also limited high debt-to-income lending: no more than 20% of a bank's new owner-occupier loans (and separately 20% of investor loans) can be at six times income or more. Most police buyers sit well below that, but a single officer stretching near a capital-city price cap can get close.
Police home loan offers, lender by lender
What each lender advertises on its own pages, read on 9 October 2026. Not a ranking or recommendation.
BankVic
- Police features 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.
- 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.
- Conditions to check
- 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.
P&N Bank
- Police features 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.
- LMI for police
- LMI waived for LVRs between 80% and 90%.
- Conditions to check
- 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.
Police Bank
- Police features 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.
- LMI for police
- No police LMI waiver found. Its product document says LMI applies above 80% LVR.
- Conditions to check
- 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.
QBANK
- Police features 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.
- LMI for police
- No LMI waiver found. The first responder offer is "+ LMI", which can be added to the loan.
- Conditions to check
- Interest rate offers need your salary paid into a QBANK account. The first responder rate is for new lending, principal and interest only.
Police Credit Union
- Police features 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.
- LMI for police
- No LMI waiver found on its pages.
- Conditions to check
- Platinum benefits are fee and service benefits, not an LMI waiver. Some benefits don't apply to special offers.
People First Bank
- Police features advertised
- 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.
- Conditions to check
- 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.
| Lender | Police features advertised | LMI for police | Conditions to check |
|---|---|---|---|
| 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. | 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. | 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. |
| 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 waived for LVRs between 80% and 90%. | 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. |
| 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. | No police LMI waiver found. Its product document says LMI applies above 80% LVR. | 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. |
| 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. | No LMI waiver found. The first responder offer is "+ LMI", which can be added to the loan. | Interest rate offers need your salary paid into a QBANK account. The first responder rate is for new lending, principal and interest only. |
| 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. | No LMI waiver found on its pages. | Platinum benefits are fee and service benefits, not an LMI waiver. Some benefits don't apply to special offers. |
| People First Bank | Essential Services Package for home and investment loans. | No LMI up to 90% LVR, for loans up to $1.2 million. The interest rate is its above-80% LVR rate. | 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. |
Lender policies change, and offers can be withdrawn without notice. Confirm current terms with the lender, a licensed broker or your own research before you rely on any of this.
Three things stand out. First, only three lenders advertised a police LMI waiver when we checked: BankVic, P&N Bank and People First Bank, and each attaches conditions. Second, the police-founded mutuals (Police Bank, QBANK, Police Credit Union) mostly offer fee, rate or service benefits rather than LMI waivers. Third, location matters: P&N Bank's waiver is limited to listed WA areas, and BankVic's first home buying page ties its no-LMI note to Metro Melbourne and Geelong.
For each lender's history, membership rules and how to compare them, see our guide to police banks and credit unions.
Lenders mortgage insurance, and what a police waiver is worth
LMI protects the lender, not you. It's usually charged when you borrow more than 80% of the property's value.
If you default and the sale doesn't cover the debt, LMI pays the lender. You pay the premium, usually added to the loan, so you also pay interest on it. The cost rises steeply with the loan-to-value ratio (LVR).
$500,000
- 85% LVR
- $4,713
- 90% LVR
- $8,680
- 95% LVR
- $14,872
$750,000
- 85% LVR
- $8,079
- 90% LVR
- $16,605
- 95% LVR
- $29,943
$1,000,000
- 85% LVR
- $10,772
- 90% LVR
- $22,140
- 95% LVR
- $39,924
| Property value | 85% LVR | 90% LVR | 95% LVR |
|---|---|---|---|
| $500,000 | $4,713 | $8,680 | $14,872 |
| $750,000 | $8,079 | $16,605 | $29,943 |
| $1,000,000 | $10,772 | $22,140 | $39,924 |
Estimates published by Savvy using Helia's LMI fee estimator. Illustration only: your premium depends on the lender, insurer, loan and location.
On those estimates, a $750,000 purchase with a $75,000 deposit (90% LVR) carries LMI of about $16,605. That's the saving a police waiver can deliver, if you meet its conditions and the loan is otherwise competitive.
The P&N Bank waiver is direct only
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. That includes loans introduced through the form on this page: a broker couldn't get you P&N's waiver.
People First Bank's package waives LMI to 90% LVR on loans up to $1.2 million, but charges its above-80% LVR rate. BankVic's product cards advertise waivers to 90% LVR, while footnotes on the same page describe borrowing to 90% "with LMI". Ask in writing which applies to your loan. Our full guide to LMI waivers for police covers each condition.
Government schemes police can use
Police get no special government scheme, but the national schemes work the same for you as for anyone.
Australian Government 5% Deposit Scheme
Formerly the Home Guarantee Scheme. The government guarantees part of the loan, so a participating lender can lend with a 5% deposit (2% for single parents and legal guardians) without LMI. Since 1 October 2025 there are no income caps and no waiting list.
Main eligibility (firsthomebuyers.gov.au, read 9 October 2026)
- ✓ Australian citizen or permanent resident, at least 18
- ✓ First home buyer, or no property or land owned in Australia in the last 10 years
- ✓ Buying a home to live in, at or below the location's price cap
- ✓ Owner-occupier loan with principal and interest repayments, up to 30 years
- ✓ Apply alone or with one other person
- ✓ Meet the participating lender's own credit policy
New South Wales
- Capital city and regional centres
- $1,500,000
- Rest of state
- $800,000
Victoria
- Capital city and regional centres
- $950,000
- Rest of state
- $650,000
Queensland
- Capital city and regional centres
- $1,000,000
- Rest of state
- $700,000
Western Australia
- Capital city and regional centres
- $850,000
- Rest of state
- $600,000
South Australia
- Capital city and regional centres
- $900,000
- Rest of state
- $500,000
Tasmania
- Capital city and regional centres
- $700,000
- Rest of state
- $550,000
Australian Capital Territory
- Capital city and regional centres
- $1,000,000 (all areas)
Northern Territory
- Capital city and regional centres
- $750,000 (Darwin)
- Rest of state
- $600,000
| State or territory | Capital city and regional centres | Rest of state |
|---|---|---|
| New South Wales | $1,500,000 | $800,000 |
| Victoria | $950,000 | $650,000 |
| Queensland | $1,000,000 | $700,000 |
| Western Australia | $850,000 | $600,000 |
| South Australia | $900,000 | $500,000 |
| Tasmania | $700,000 | $550,000 |
| Australian Capital Territory | $1,000,000 (all areas) | – |
| Northern Territory | $750,000 (Darwin) | $600,000 |
From firsthomebuyers.gov.au, read 9 October 2026. Use its postcode search tool and confirm with your lender.
BankVic, P&N Bank, People First Bank, Police Bank, Police Credit Union and QBank all appear on the government's participating lender list. The scheme doesn't change how your shift pay is assessed: the lender's income rules still apply.
Help to Buy (shared equity)
The government contributes up to 30% of the price of an existing home or 40% of a new one, with a deposit from 2%. It has income limits: taxable income of $103,000 or less for a single applicant, or $165,000 for single parents and joint applicants, based on the previous year's notice of assessment. 8 of 8 forces' first-year headline rates sit under the single limit, but overtime and allowances count in taxable income, so check your actual notice of assessment.
Stamp duty concessions and first home owner grants are state matters. Our per-state guides cover them, starting with the first home buyer guide for NSW police and Queensland police.
How to compare police home loan offers
A waiver or cashback is only worth having if the whole loan is competitive.
Police features that can save real money
- ✓An LMI waiver at 85% to 90% LVR, worth thousands on the estimates above
- ✓100% of overtime and allowances counted, lifting borrowing power
- ✓Cashback on settlement (but check it isn't taxable for you and can't be combined)
- ✓Police-only rates or fee discounts at member-owned banks
Ways an offer can cost more than it saves
- ✕A higher rate (People First charges its above-80% LVR rate with the waiver)
- ✕Location limits that exclude regional properties
- ✕Direct-only waivers you lose by going through a broker
- ✕Fees, package costs or no offset account on the special-rate product
Questions to put to any lender in writing
- ✓ Do I qualify for the police offer in my role, force and state, and while on probation?
- ✓ How much of my roster allowance, penalties and overtime will you count, and over what history?
- ✓ Is LMI waived at my LVR, for this product, in this postcode?
- ✓ Can the waiver and cashback be combined, and are they available through brokers?
- ✓ What's the comparison rate, and what fees apply in the first five years?
Using a broker or going direct
Both can work. Which suits you depends on which offers you want to use.
A mortgage broker
- ✓Compares many lenders' income policies for shift and overtime pay
- ✓Can find lenders that accept probationary officers
- ✓Does the paperwork and chases the lender
- ✓Usually paid by the lender, not you
What to watch with a broker
- ✕Can't access direct-only offers such as P&N Bank's LMI waiver
- ✕May not be accredited with every police mutual
- ✕Is paid commission by the lender: ask how much
- ✕Panels differ, so ask which lenders they can use
Going direct to a police mutual gives you every direct-only offer, but you'll compare lenders yourself. Some officers do both: they get a broker's view of their borrowing power, then check the direct-only police offers themselves.
How our form works, and how we're paid
We don't hold an Australian Credit Licence and don't give credit advice or recommend any loan or lender. The form below asks to be put in touch with a licensed mortgage broker. We haven't yet appointed a broker partner: until we do, we'll email you the name of the broker we'd introduce you to, and nothing is shared until you confirm. We may receive a referral fee. Read our referral disclosures.
Buying with police pay, step by step
- 1
Get your income evidence together
Week 1Two recent payslips (more if you rely on overtime), a letter confirming rank, status and salary, and your income statement from myGov.
- 2
Work out your real income
Week 1Use the take-home pay calculator to separate base pay, allowances and overtime.
- 3
Estimate your range
Week 1Run the borrowing power calculator with none, some and all of your variable pay.
- 4
Check scheme eligibility
Week 25% Deposit Scheme, Help to Buy and your state's stamp duty concessions.
- 5
Ask lenders the police questions
Weeks 2–4Use the checklist above with the lenders whose offers fit your force, role and location, or a broker, or both.
- 6
Get pre-approval
Before you bidMost pre-approvals last about 90 days. Don't change roster or role without telling the lender.
Keeping up with lender policy changes
Everything on this page was read on 9 October 2026. Police offers are promotions: P&N Bank says it can withdraw its offer at its discretion, People First Bank says its offer may change or be withdrawn at any time, and BankVic's cashback is a time-limited special. Rate changes after a Reserve Bank decision can also shift which loan is cheapest within days.
How we check
We read each lender's own product pages and terms, and say where we couldn't (Police Bank's website blocked our automated check, so we used its published product document and annual report). If you spot something out of date, tell us through our corrections page.
If you're a serving officer, your pay will change too: check the pay deal tracker before you apply, because a pay rise due in the next few weeks can lift the income a lender will use.
Free email alerts
Get told when a lender changes its police offer
LMI waivers, police rates, cashback and overtime rules change without warning. We re-check the lenders on this page and email you when a police offer starts, ends or changes its fine print, plus first home buyer scheme updates.
- ✓New, changed and withdrawn police LMI waivers
- ✓5% Deposit Scheme and Help to Buy rule changes
Frequently asked questions
Is there a special home loan for police officers in Australia?
Yes, several lenders advertise police-specific features rather than a single 'police loan'. BankVic has a police-only variable rate, P&N Bank and People First Bank advertise LMI waivers to 90% LVR, Police Bank has a Police Value Home Loan, and QBANK has a first responder offer. Each has conditions, and offers change, so check the lender's current terms.
How much can a police officer borrow?
It depends on your income, debts, expenses and how a lender treats your allowances. On our illustrative assumptions (6% rate tested at 9%, $3,200 a month of expenses, a $5,000 card limit), a NSW first-year constable on $92,576 could borrow about $329,000 alone. A Queensland first-year constable could borrow about $230,000 to $346,000, depending on whether the 21% shift allowance counts.
Do lenders count police overtime and shift allowances?
Many do, but rules differ. BankVic and P&N Bank say they consider 100% of overtime, and Westpac lists front-line police for 100% of overtime and allowances. Other lenders shade variable income or want a payslip history first. Loadings paid as salary, like the NSW 11.5% loading, are normally treated as base pay.
Can police avoid paying lenders mortgage insurance?
Sometimes. P&N Bank waives LMI between 80% and 90% LVR for eligible WA police who apply direct, People First Bank waives it to 90% LVR for sworn officers on loans up to $1.2 million, and BankVic advertises waivers to 90% LVR. First home buyers can also avoid LMI through the government's 5% Deposit Scheme.
Can I get a home loan on probation as a police officer?
Some lenders will, but several police offers exclude probation. BankVic's home loan eligibility says you must be outside any probationary period, P&N Bank's LMI waiver needs probation completed, and a broker reports People First's package excludes probationers. Other lenders may accept a sworn officer on probation; a broker can tell you which.
Does P&N Bank's LMI waiver work through a mortgage broker?
No. P&N Bank's terms say the waiver applies only to loans made through its own channels (its website, contact centre, webchat, home lenders or branches) and that broker-referred loans will not qualify. If you want that waiver, you'd need to apply with P&N Bank directly.
Can police use the 5% Deposit Scheme?
Yes, on the same terms as anyone else. You must be an Australian citizen or permanent resident aged 18 or over, a first home buyer (or not have owned property in Australia in the last 10 years), buy a home to live in under the price cap, and meet the participating lender's credit rules. There's no income cap.
Are police home loan rates lower?
Some lenders advertise police-only rates, such as BankVic's police variable rates, and others offer rate discounts for members or recruits. Advertised rates change often and the cheapest headline rate isn't always the cheapest loan once fees, LMI and cashback are counted. Compare comparison rates and total costs directly with each lender.
Does Police Pay Australia recommend a lender?
No. We don't hold an Australian Credit Licence and don't recommend any loan or lender. This page describes publicly advertised features, with dates and sources. If you use our form, we introduce you to a licensed mortgage broker and confirm who that is before sharing your details.
Evidence
Sources and how we checked them
Every figure on this page comes from the sources below, read on 10 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.
- P&N Bank: Essential Services Offer — eligible occupations, 100% overtime, LMI waiver to 90% LVR
- P&N Bank: Essential Services Offer terms and conditions — direct-only waiver, WA locations, probation, P&I owner-occupier, $250,000 minimum
- 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
- 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
- Police Bank: Annual Financial Report 2024 — 1964 founding, mergers, HOPE shared-equity scheme
- QBANK: FHB First Responders Exclusive Offer — QPS and other Queensland first responders, under 95% LVR plus LMI
- QBANK: recruits and trainees — recruit offers
- 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
- 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
- Westpac: healthcare and essential worker home loans — front-line police listed for 100% overtime and allowances; police not on its LMI waiver list
- 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: 5% Deposit Scheme for first home buyers — eligibility, no income caps, no LMI
- firsthomebuyers.gov.au: property price caps — caps by state and region
- firsthomebuyers.gov.au: participating lenders — list includes BankVic, P&N Bank, People First Bank, Police Bank, Police Credit Union, QBank
- firsthomebuyers.gov.au: Help to Buy Scheme — shared equity, 2% deposit, income limits
- APRA: macroprudential settings maintained (28 May 2026) — 3 percentage point serviceability buffer
- APRA: activation of debt-to-income limits — DTI limit from 1 February 2026
- Savvy: lenders mortgage insurance (estimates made with Helia's LMI fee estimator) — illustrative LMI premiums by property value and LVR
- ASIC: does the credit legislation apply? (referrer exemption FAQ) — what an unlicensed referrer may do
- ATO: tax rates for Australian residents — net income in the worked examples
Related guides
Money for police
More in this series
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.