Refinancing led the way as Police Credit Union wrote a record $272 million in home loans in the year to 30 June 2026. The customer-owned lender helped 353 members refinance their home loans and 144 buy a home, according to its 2025–26 annual report.
The lender said competitive rates resonated with borrowers. It also posted record personal lending of $72 million and profit after tax of $8.47 million. Total assets rose 14.66% to $1.67 billion, member deposits grew 15.49% to $1.52 billion, and its capital adequacy ratio stood at 16.11%.
The residential loan book reached $1.03 billion, up from $912.9 million a year earlier. Its business banking team settled $126 million in commercial loans across South Australia, and the lender provided vehicle finance for almost 1,500 members.
The result came as national lending cooled late in the financial year, with ABS data showing new housing loans fell 5% to $97.6 billion in the June quarter, although lending remained higher than a year earlier.
Police Credit Union also joined the panel for the Australian Government’s 5% Deposit Scheme, giving eligible buyers and single parents another lender option. The scheme has become a major entry point for the market since the government opened it to all first-home buyers in October 2025, with Housing Australia figures showing more than 100,000 used it in its first year.
Police Credit Union chief executive Nick May (pictured), who succeeded long-serving chief executive Costa Anastasiou during the year, said the lender would keep encouraging members to review their banking, explore refinancing options, and make informed borrowing and saving decisions.
“A good banking relationship should keep working for you as your life changes, whether you prefer to bank in person or online,” May said.
Funding grew alongside lending. Members put a record $155 million in new money into term deposits, and total member equity increased 8.66% to $137.2 million. Costs stayed contained, with the ratio of operating expenses to operating income finishing at 71.79%, beating its budget target.
On the credit side, the credit management team worked with 50 members in financial hardship while keeping credit losses well below budget.
May said the customer-owned structure gives the lender room to reinvest.
“As a customer-owned organisation, we retain our profit within Police Credit Union,” he said. He added that retained profit funds better services, staff, and technology, as well as community support.
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