Banking solutions for young adults frequently asked questions

MY FIRST CAR LOAN

Yes. You can make early or additional repayments to your loan without any penalty fees. This means you can pay off your loan sooner.

You can make weekly, fortnightly or monthly repayments – the choice is yours.

View our current (published) rates

The comparison rate includes the interest rate plus most fees and charges.

A safe used car is a car that has been rated 4 or 5 stars for safety by the Victorian Government.

You can borrow a minimum of $3,000.

The actual amount you can borrow depends on our calculation of your ability to make repayments to the loan – as determined by your income and any financial commitments you have i.e phone bills, gym memberships etc.

To help calculate your repayments use our Loan Repayment Calculator.

There are no monthly or application fees.

Interest is calculated daily on the outstanding balance and charged monthly in arrears.

The maximum repayment term is 5 years.

A fixed interest rate means that the interest rate stays the same for a set period of time, sometimes this may be for six or twelve months at the start of your loan or in this case it is for the entire loan term.

APPLICATION PROCESS

• Complete our Personal Loan Application Form
• Call Phone-A-Loan on 13 63 73 & press 4 to discuss your options with a loan consultant
• Visit one of our branch locations

If you provide all the required information and documentation upfront, the loan can be approved on the spot. The approval process generally takes up to 48 hours.

ELIGIBILITY

My First Car Loan is available to members 18 – 25 years who are buying a new or used car.

Yes you may still be eligible.

If you are approved for My First Car Loan and you take out a car insurance policy with PC Insurance through either CGU or Allianz you will receive a:

• $30 Fuel card if you purchase a Third Party Fire and Theft insurance policy; OR
• $50 Fuel card if you purchase a comprehensive insurance policy.

Yes, you are required to have at least a third party fire and theft insurance policy. If you have a car loan of $5,000 and over we require a comprehensive insurance policy.

Third party fire and theft insurance – This covers damage caused by your car to other people’s property and limited cover for loss or damage caused to your car due to theft or fire. It does not cover the cost of repairs to your own car if it was damaged in an accident.

Comprehensive insurance - This gives you the most cover but it is also the most expensive type of car insurance. It covers damage to your own car and damage to other people’s property if your car is in an accident (including fire). It also covers theft. There may also be optional extra covers such as a replacement vehicle while yours is being repaired.

If you would like an obligation free quote, call PC Insurance on 13 63 73 & press 2.

Optional loan protection insurance is available. We will discuss the options available to you as part of the application process.

Loan protection insurance also known as Consumer Credit Insurance (CCI) covers you if you can’t meet the repayments on your credit card or loan because of unexpected circumstances like unemployment, sickness or injury.

PC JOB STARTER LOAN

The PC Job Starter Loan is a general purpose loan that can be used for a variety of reasons including buying furniture, work clothes, appliances and setting up house.

The PC Job Starter Loan is a personal loan designed specifically for members 18 – 25 years who are working part or full time. View our current (published) rates

The comparison rate includes the interest rate plus most fees and charges.

Yes, loan holders are also able to enjoy unlimited withdrawals ($50 minimum).

If you have a redraw facility on a loan it enables you to pay extra money into your loan and have the flexibility to withdraw this extra money at a later date at your convenience. (You can only redraw a sum that is over and above the repayments due and payable as at that date.)

Yes. You can make early or additional repayments to your loan without any penalty fees. This means you can pay off your loan sooner.

You can make weekly, fortnightly or monthly repayments – the choice is yours.

You can borrow up to $10,000.

The actual amount you can borrow depends on your ability to make repayments on the loan – as determined by your income and any financial commitments i.e phone bills, gym memberships etc.

To help calculate your repayments use our Loan Repayment Calculator.

There are no monthly or application fees.

Interest is calculated daily on the current balance and charged monthly in arrears.

The maximum repayment term is 5 years.

APPLICATION PROCESS

• Complete our Personal Loan Application Form
• Call Phone-A-Loan on 13 63 73 & press 4 to discuss your options with a loan consultant
• Visit one of our branch locations

If you provide all the required information and documentation upfront, the loan can be approved on the spot. The approval process generally takes up to 48 hours.

ELIGIBILTY

Yes. This loan is available to members 18 – 25 years who are working part or full time.

Yes apprentices are eligible to apply.

Optional loan protection is available, we will discuss the options available to you as part of the application process.

Loan protection insurance also known Consumer Credit Insurance (CCI) covers you if you can’t meet the repayments on your credit card or loan because of unexpected circumstances like unemployment, sickness or injury.

PC STUDENT LOAN

Yes. However it is only available for loans of $3,000 and more. This option is subject to loan assessment and approval.

With an 'interest-only' loan, you only pay off the interest on the loan (instead of paying off the principal and interest together) for a fixed period of time. You should be mindful that this reduces the amount of your repayments for a set period, but does not reduce the balance of the principal amount you have borrowed.

Be aware that it will take you longer to pay off the loan, because you will still have to pay off the principal after the interest-only stage, and you will pay more interest overall.

Yes. You can make early or additional repayments to your loan without any penalty fees. This means you can pay off your loan sooner.

You can make weekly, fortnightly or monthly repayments – the choice is yours.

This loan product is available for amounts up to $10,000.

The actual amount you can borrow depends on our calculation of your ability to make repayments on the loan – as determined by your income and any financial commitments i.e phone bills, gym memberships etc.

To help calculate your repayments use our Loan Repayment Calculator.

There are no monthly or application fees.

Interest is calculated daily on the current balance and charged monthly in arrears.

The maximum repayment term is 5 years.

APPLICATION PROCESS

• Complete our Personal Loan Application Form
• Call Phone-A-Loan on 13 63 73 & press 4 to discuss your options with a loan consultant
• Visit one of our branch locations

If you provide all the required information and documentation upfront, the loan can be approved on the spot. The application process can take up to 24 – 48 hours.

Yes, you must present your student identification to Police Credit staff in order to be approved for the PC Student Loan.

ELIGIBILITY

Members who meet all the following criteria:

• Members aged 18 – 25 years who are studying full-time at an approved Tertiary Education Institution (as determined by Police Credit) and
• The course must not be less than 12 months in duration and
• Applicants must have an ability to make regular repayments on their loan.

No, the student loan is only available for students who are studying full time. However we do have other loan products that may suit you.

To be eligible, you must be able to make the required repayments to your loan. If you are working casually or part time this loan may be ideal.

An approved Australian Tertiary institution includes universities, TAFEs and private colleges. The decision of which institution meets our requirements rests with Police Credit.

If you are studying full time and your course is not less than 12 months in duration you are eligible to apply.

Optional loan protection is available. We will discuss the options available to you as part of the application process.

Loan protection insurance also known Consumer Credit Insurance (CCI) covers you if you can’t meet the repayments on your credit card or loan because of unexpected circumstances like unemployment, sickness or injury.

Fee-Free Banking

To be eligible for fee free transactions on an EzePac or Multipack account you must be:

• A student (18 – 25) attending a course of full time study at an approved Australian Tertiary Education Institution (as determined by Police Credit). The course must be not less than 12 months in duration and
• Enrolled in a registered ‘Australian Apprenticeship’ or ‘Skills Victoria’ apprenticeship or traineeship course that is not less than 12 months in duration.

Yes as long as the full length of your course is not less than 12 months.

Simply complete our PC Tertiary Student/Apprentice Online Registration Form. Make sure that you attach a copy of your student card (front and back) or apprenticeship registration certificate.

No. The course must be 12 months or longer.

Yes, while the first named account holder may be eligible for fee free banking if you have signatory on your account who is not eligible your account may incur fees.

No, fee exemptions will only apply to current students.

You will be able to continue to enjoy fee free banking until your apprenticeship is completed. However you must let us know that you continue to be eligible to receive fee free banking when you turn 18. Simply complete our PC Student Tertiary Student/Apprentice Online Registration Form and attach a copy of your apprenticeship registration certificate.

The fee free banking period will expire when your course of study or apprenticeship is completed.

Definitions sourced from Australian Secuities and Investments Commission website http://www.fido.gov.au/fido/fido.nsf/byHeadline/About%20financial%20products%20-%20overview 18 February 2011.

Interest rates quoted are current as at date of print and subject to change. WARNING: This comparison rate is true only for the examples given and may not include all fees and charges. Different terms, fees or other loan amounts might result in a different comparison rate. Comparison Rates have been calculated on the following; My First Car Loan: This comparison rate applies to a secured car loan only for an amount of $30,000 over a term of 5 years. PC Job Starter Loan/PC Student Loan: This comparison rate applies to an unsecured loan only and is calculated on a loan amount of $10,000 over a term of 3 years. PC Travel Loan: Comparison rate has been calculated for the travel loan on an unsecured loan amount of $2,500 over a term of 2 years. Any advice is general and has been prepared without taking account of your objectives, financial situation or needs. Before acting on the advice you should consider whether the advice is appropriate for you. Before you make any decision to acquire any general insurance product or service you should obtain and consider the relevant Product Disclosure Statement available from any branch of Police Credit or by calling 13 63 73. Police Credit provides general insurance products as an agent for Allianz Australia Limited ABN 15 000 122 850 AFSL 234708. Police Credit, as an AFSL holder, sells general insurance products under an agreement with the issuer CGU Insurance Limited ABN 27 004 478 971 AFSL 238291. Fees and charges apply. Terms & conditions, interest rates and fees & charges applying to our products and services are available on our website, on application and on request.Police Association Credit Co-operative Limited ABN 33 087 651 661 AFSL/ACL 240293 121 Cardigan Street Carlton Victoria 3053 www.policecredit.com.au.