POLICE BANK

CUSTOMER-OWNED BANK — HOME LENDER OF THE YEAR CUSTOMER-OWNED BANK — INVESTMENT LENDER OF THE YEAR

Astrong performer in previous years, Police Bank offers competitively priced variable and fixed-rate home loans. For example, its Goldrate home loan currently boasts variable rates from 2.99%pa and three-year fixed rates from 3.99%pa.

Chief executive Greg McKenna says a “customer and member obsession” is a key part of Police Bank’s appeal.

“When we set rates and build products, we are always focused first and foremost on what's best for our members. We've been really clinical about talking to members, finding out what they need and then building a product range and rate structure that serves those needs.”

Police Bank’s focus on members is also behind its move to slash home loan application and approval times. By digitalising and streamlining its processes, McKenna says Police Bank will soon be able to trim the “time to yes” – when approval is granted – down to just 10 minutes for new customers.

With interest rates rising and property markets cooling, it remains to be seen how these factors will impact investor enthusiasm.

But for now, our Customer-owned Investment Lender of the Year, Police

Bank, hasn’t seen much of a drop-off. “We’re still getting reasonable demand from investors,” says CEO Greg McKenna. “Our subset of customers does like to invest in property, so we’re not seeing any slackening off in that sense.

Police Bank knows a thing or two about investment loans – after all, it’s taken out top prize in this category for three years in a row now. It has a range of competitive loans available for investors, but its impressive three- and five-year fixed rate offers helped it stand out from the pack this year. The Value home loan currently features a three-year fixed rate of 5.44%pa and a five-year fixed rate of 5.94%pa, while the Goldrate home loan offers a three-year fixed rate of 5.59%pa and a five-year fixed rate of 6.09%pa.