BCU Bank Home Loans: The 2026 Review

BCU Bank was established in 2019 following the merger of Bananacoast Community Credit Union and Police & Nurses Limited. This strategic merger was designed to strengthen the bank's service offerings and expand its reach within Australia. The bank operates under the legal name Police & Nurses Limited and is headquartered in Coffs Harbour, New South Wales. This merger marked a significant milestone, creating a national multi-brand organisation committed to serving its community.

Today, BCU Bank is a customer-owned institution that stands out in the competitive banking sector by offering personalised service and competitive rates. With a network of branches from Tweed Heads to Port Macquarie, the bank primarily serves New South Wales and South East Queensland. Its business model focuses on delivering value through cost-effective products and flexible banking solutions, distinguishing it from the larger, traditional banks.

BCU Bank targets community members who seek a more personalised banking experience. It offers attractive home loan options with no ongoing monthly maintenance fees and flexible repayment terms. Borrowers can finance up to 90% Loan-to-Value Ratio (LVR), making it a compelling choice for those looking for community-focused and customer-oriented banking solutions.

• Legal Name: Police & Nurses Limited
• ABN: 69087651876
• Established: 2019
• Headquarters: Coffs Harbour, New South Wales
• Type: Community-Owned Bank
• Ownership: Independent

• Website: https://www.bcu.com.au
• Phone: 1300 228 228

BCU Bank offers a range of flexible and cost-effective home loan products, emphasising personalised service and competitive rates to cater to diverse borrower needs.

• Fee-Free Redraw: Borrowers can access additional repayments made on their home loan without incurring extra fees. This feature provides financial flexibility, allowing borrowers to manage unexpected expenses effectively.
• Extra Repayments on Variable Loans: BCU Bank allows extra repayments on variable home loans without additional charges. This enables borrowers to pay off their loans faster and potentially save on interest costs.
• Online Redraw Facility: The online redraw facility allows borrowers to access extra repayments conveniently through internet banking. This feature ensures easy management of funds when needed.
• Guarantor Option: Subject to credit policy, borrowers can nominate a guarantor during the loan origination process. This can help those with limited deposits secure a loan by reducing lender risk.
• Mobile and Internet Banking: BCU Bank provides robust digital banking services, including PayID and Osko for near real-time payments. This ensures convenience and efficiency in managing loan repayments and transfers.
• Offset Account: A Mortgage Offset Savings account is available, allowing borrowers to reduce interest payable on their home loan. This account must be held in the name of one or more borrowers, providing a strategic way to save on interest.
• No Loan Establishment Fees: BCU Bank offers no loan establishment fees and a complimentary first valuation, reducing upfront costs for borrowers and making the loan more accessible.
• Flexible Repayment Options: Borrowers can choose from various repayment frequencies to suit their financial situation. This flexibility helps in managing cash flow effectively.
• 90% Loan-to-Value Ratio: BCU Bank allows borrowing up to 90% LVR, making it easier for borrowers with smaller deposits to access home loans. However, Lenders Mortgage Insurance (LMI) is required for loans with less than 20% deposit.
• No Ongoing Monthly Fees: BCU Bank does not charge ongoing monthly fees, which helps borrowers save on regular costs associated with maintaining a home loan.

BCU Bank offers a transparent fee structure with no loan establishment fees and the first valuation free, though borrowers should be aware of certain other costs.

• Application Fee: $0 - No application fee is charged for BCU Bank home loans.
• Valuation Fee: $0 - The first valuation is free for all home loan products.
• Document Preparation Fee: $300 - Charged for the preparation of loan documents.
• Discharge of Mortgage Fee: $395 - Applies when the mortgage is discharged, covering administrative costs.
• Lenders Mortgage Insurance (LMI): Variable - Required for loans with less than 20% deposit; cost varies based on loan size and LVR.
• Redraw Fee: Varies by product - Applies to redraws on fixed rate loans, with restrictions in place.
• Rate Lock Fee: Variable - Optional fee to lock in a fixed rate before settlement; varies by product.

BCU Bank offers home loans to Australian and New Zealand citizens, as well as Australian permanent residents, with flexible options and competitive rates to suit diverse borrowing needs.

• Applicants must be at least 18 years old.
• At least one applicant must be an Australian or New Zealand citizen or an Australian permanent resident.
• Non-residents are not eligible for investor lending.
• Applicants must meet credit eligibility criteria, terms and conditions, fees, and charges.
• Applicants must become a BCU Bank member.
• At least one applicant must be a natural person, not a legal entity.

• Lenders Mortgage Insurance (LMI) is required for loans with less than a 20% deposit.
• BCU Bank offers up to 90% Loan-to-Value Ratio (LVR) on some products.
• First home buyers may benefit from specific programs and options.