We’re dropping interest rates on some of our fixed rate home loans, effective Friday May 2, 2025!
All 3-Year Fixed Rate Ower Occupier & Investment, Principal & Interest Home Loans have now been reduced to 4.99% p.a.
All 2-Year Fixed Rate Ower Occupier & Investment, Principal & Interest Home Loans have now been reduced to 5.15% p.a.
For more information on changes to our Home Loan interest rates, and relevant comparison rates, visit our Home Loan and Interest Rate pages.
Terms and conditions, leading and eligibility criteria apply and are available here. Please note, current promotional offers (including cashback on all 2-year and 3-year fixed rate home loans) do not apply.
Police Bank to roll out Confirmation of Payee in 2025. Know who you’re paying – before you pay.
In a world where digital banking is part and parcel of everyday life, making sure your money goes to the right place has never been more important. That’s why Police Bank is introducing Confirmation of Payee (CoP) — a new name-checking feature that adds an extra layer of protection when you’re sending money.
Set to launch in 2025, CoP works by checking the account name you enter when setting up a new payee or updating an existing one. Instead of relying solely on BSB and account numbers, the system verifies that the name you’ve entered matches the one on the account you’re sending money to.
If there’s a mismatch or something looks suspicious, you’ll receive a prompt — giving you the chance to choose whether you want to go ahead and make the payment, pause and double check the details – or terminate the payment altogether.
This extra layer of security helps prevent scams, like invoice fraud or impersonation, where scammers trick people into sending money to the wrong account. It also helps to flag incorrect account details and reduces the chance of mistaken payments.
Once CoP becomes available in your Police Bank Internet Banking and Mobile Banking App, it will be automatically applied when you’re making or updating payments — giving you real time alerts before you send a payment. There’s no need to opt-in or sign-up.
Confirmation of Payee is part of a broader push across the Australian banking system, led by Australian Payments Plus (AP+), to strengthen payment security for all members. Police Bank is proud to be taking part in this important development to help protect our members and make banking safer for everyone. You’ll see more information from us leading up to launch, including how CoP will appear in your Internet Banking and Mobile Banking App. In the meantime, if you’d like to learn more about CoP, visit here.
We’re making some changes to our interest rates, effective April 4, 2025.
We’re decreasing our 2 year Fixed Rate for Owner Occupier and Investment, Principal and Interest Home Loans by 0.50% p.a. For more information visit Home Loan Interest Rates.
Good news for our current Home Loan members and new members.
Following the Reserve Bank of Australia’s (RBA) decision to reduce the official cash rate by 0.25% p.a. we’re reducing our home loan variable rate interest rate by 0.25% p.a. effective 28 February 2025.
For new borrowers: Effective 28 February 2025, we will decrease the interest rates for new variable rate home and investment loan borrowers by 0.25% p.a.
For existing borrowers: Effective 28 February 2025, we will be decreasing the interest rate for existing variable rate home loan borrowers for both Owner Occupied and Investment loans, (Principal and Interest (P& I) and Interest Only (IO)) by 0.25% p.a. affecting repayments from 28 February 2025.
For more info on changes to our Home Loan interest rates, visit our Home Loan and interest rate pages.
*Terms and conditions, lending and eligibility criteria apply and are available here.
Rising prices have put many homeowners under pressure, but thankfully there are several ways you could lower the cost of your loan. Here are five ideas.
If you’ve been feeling stretched by the cost-of-living pressures, the added stress of uncertain home loan repayments may be something you could do without.
While some costs are hard to avoid, there are several tweaks you can make to your home loan, which could reduce how much you pay each month. Consider these five.
Over the course of your home loan, your life circumstances are likely to change, which is why it’s important to check in to see if your home loan is still fit for purpose. For example, you may have started with a no-frills loan but found you may need a few more features. Regularly checking in on the offers and rates available can help to ensure you’re getting the best deal for your needs and situation.
2.Consider a fixed-rate loan
If you’re worried about the prospect of interest rates rising further or just want a bit of added repayment certainty, you may wish to consider a fixed-rate home loan. For the duration of your fixed term, your rate won’t change and neither should your repayment amount. It can make it easier to budget.
3. Look for cashback offers
From time to time, lenders will offer cashback deals, which essentially put money back into the pockets of borrowers when they switch to a new home loan. If the offers suit you, it could be a way to pay for anything from bills and groceries to that next family holiday.
4.Watch for fees
If you’re trying to save money, a high, ongoing home loan fee certainly won’t help. Take a look at how much you’re paying to keep your loan going and see if there’s a better deal available. If you refinance to a new loan, don’t forget to look at the upfront and exit fees.
5.See if you can make extra repayments
If you manage to find a bit extra in the budget from other hacks, making extra repayments could help to bring down your principal more quickly. You may also end up paying less in interest over the life of the loan.
Our cashback offer
Police Bank has come up with a hot new offer for members looking to pair interest rate certainty with extra cash to manage higher living costs.
Eligible members can now refinance a home loan from another bank to a two or three-year fixed rate and receive $2,000 cashback+. The fixed-rate offered is below six per cent on the Police Value and Goldrate home loan products.
As a lender operating for members, rather than shareholders, we’re able to offer this great rate and cashback package to ease the cost of living burden of our members.
Spotlight articles are prepared without taking into account your objectives, financial situation or needs and are published for information purposes only. You should consider the appropriateness of any content for your circumstances.
Visit Important Documents & Information to access Terms and Conditions and the Financial Services Guide, which are currently available electronically for products of Police Bank Limited. Target Market Determinations are available here. Loan applications are subject to lending criteria and credit approval. Interest rates are subject to change. Fees and charges may apply.
+ Cashback Terms & Conditions, two and three year fixed rates
+ To be eligible for the Police Bank cashback offer, applicants must be refinancing an existing Owner Occupied home loan of $300,000 or more from another financial institution (excluding Border Bank and Bank of Heritage Isle) with a salary credited directly to a Police Bank account. Only applicable for 2- or 3-year fixed rate home loans. The offer is only available to applicants who apply and are approved from 18/03/2024- 30/6/2024. Eligible loans must settle within 90 days of application.
The cashback is only available once to each individual or joint applicant(s). The cashback amount will be credited to either the primary transaction account for single borrowers or a joint account with the primary borrower within 60 days of settlement. The salary credit must be set up within 60 days from loan settlement. If multiple loans apply, all loans must be funded before the total cashback is assessed and paid. The total sum of all loans funded must exceed $ 300,000. This offer is not available in conjunction with any other offer, bonus or discount. We reserve the right to withdraw this offer and/or alter the offer period at any time.
This offer is available to all fixed rate OO, P&I loans excluding loans guaranteed through the Housing Australia schemes.
*Terms, conditions, fees, charges, eligibility and lending criteria apply.
There is a Rate Lock in fee of $600
Interest rates are subject to change and we may vary the rate offered at any time without prior notice to you. To find out our home loan rates please click here.
^The comparison rate is based on a loan of $150,000 over a 25-year term. 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.
Lenders Mortgage insurance (LMI) is applicable on all loans with an LVR of above 80%
Early repayment costs may apply if you repay your loan or switch to another one before the end of your fixed term or make early or additional repayments. Once the fixed rate period ends, the loan reverts to a variable rate loan and repayment amounts will change.
Australians have lost millions of dollars to fake investment scams, which sometimes use well-known celebrities to try to hook their next victim. Here’s how to keep yourself and your loved ones safe.
While the idea of Keanu Reeves or Nicole Kidman spruiking a ‘get rich quick’ investment product may seem a bit farfetched, scammers are finding ways to become more convincing with their fake celebrity messaging in an age of artificial intelligence (AI).
In fact, the Australian Consumer and Competition Commission (ACCC) has warned that deepfake scams are capturing victims across the country, with losses totalling more than $8 million last year.
ACCC Deputy Chair Catriona Lowe said there are numerous examples of social media-based scams that have been costly for victims.
“We know of an Australian man who lost $80,000 in cryptocurrency after seeing a deepfake Elon Musk video interview on social media, clicking the link and registering his details through an online form,” Lowe said. “He was provided with an account manager and an online dashboard where he could see his investment supposedly making huge returns. But when he tried to withdraw the money, he was locked out of his account.”
How these scams work
The recently established National Anti-Scam Centre has identified several characteristics common to these fake celebrity scams:
Generally, they try to hook victims on social media with fake celebrity endorsements.
If someone clicks on the link to the scam, they’re enticed into setting up a fake trading account, which enables the scammer to chat to them.
The scammer asks for an access fee – often around $250.
The scammer encourages the victim to download an app with a fake dashboard showing great investment returns.
The victim is encouraged to invest more.
When the victim tries to access the returns, they are locked out of the account or asked to pay additional fees.
How to protect yourself and your loved ones
While many members of the Police Bank family know how to spot a scam, spreading awareness among family and friend networks can help protect others, too.
Here are a few tips from Scamwatch to avoid fake celebrity investment scams:
Be careful about any social media investment opportunity and never give out financial details on social media.
Conduct a Google search if something doesn’t seem right.
Check out the Australian Securities and Investments Commission’s Investor Alert list, which features known scams.
Spotlight articles are prepared without taking into account your objectives, financial situation or needs and are published for information purposes only. You should consider the appropriateness of any content for your circumstances.
Visit Important Documents & Information to access Terms and Conditions and the Financial Services Guide, which are currently available electronically for products of Police Bank Limited. Target Market Determinations are available here. Loan applications are subject to lending criteria and credit approval. Interest rates are subject to change. Fees and charges may apply.
Aspiring NSW Police employees got an inside look at life as a cop at the Sydney Royal Easter Show this year, with popular attractions such as the jump and grip test drawing kids and adults alike.
The NSW Police stand was once again a hit with crowds at the Sydney Royal Easter Show, with people of all ages stopping by to learn more about a career in the Force.
The popular exhibit had several attractions to entice showgoers this year, including a Traffic and Highway motorbike, Marine Area Command jet ski, and the famous jump and grip test.
It also had a range of freebies, such as “You Should be a Cop” wristbands, stress balls, and materials about new recruitment incentives.
The stand has long been a favourite with future NSW Police employees who wish to get a greater insight into what day-to-day life as a cop looks like.
The Police Recruitment Branch also provided information about what’s involved in the recruitment process, NSW Police Academy fitness requirements, salary, life as a junior employee, and benefits of working in a role that protects the community.
Visitors had the chance to meet officers and civilians from around the state, as well as representatives from the Radio Operations Group and Wireless Network Group, Rural Crime and Prevention Team, Public Order and Riot Squad, Aviation Command, Capability Performance and Youth Command – Domestic and Family Violence Registry and Police Link.
As always, prospective NSW Police employees had a bunch of questions for the teams, including what sort of results are needed to pass exams and how long it takes to become a specialist in the Force.
Police Bank was once again a proud sponsor of the stand.
For those who couldn’t make the show this year, there are other opportunities to ask serving NSW Police employees questions at the May and June events. Future events are advertised on the NSW Police Recruitment Branch Facebook page. The next information session will be hosted at Holy Cross College, Ryde, on the 18th of May 2024.
Artificial intelligence (AI) has exploded onto the scene, offering new ways for budget-savvy Aussies to build their bank balance. Here are five ways you can use AI to potentially improve your finances.
A couple of years ago, only a few of us had heard of artificial intelligence (AI), but now, it’s increasingly part of our everyday lives. If you’ve used your phone or computer today, it’s likely AI played a role, even if you weren’t aware of it.
AI models, such as ChatGPT, are designed to listen to prompts and come up with solutions. The more information they receive, the more they refine their answer.
One of the many benefits of AI is it can offer shortcuts to many different tasks, including budgeting. With that in mind, here are a few ways you may be able to use AI to save money.
1. Build a budget
AI can be used to build a budget that considers your income, expenses, and areas to save. There are a couple of ways to do this: Either download a budgeting app or ask ChatGPT to build a budget for you. An example may be: “I earn XX and pay XX on my mortgage and expenses… Create a simple plan for me to save”.
2. Automated tracking
If you’re tired of manually keeping an eye on how much you spend, consider outsourcing the task to AI. Again, either an app or a command can be used to keep an eye on where your money is going and help to make informed decisions about where you may need to cut back.
3.Save money at the checkout
If you feel like you’re overspending at the shops, you can ask AI to produce budget-friendly meal plans. By asking ChatGPT for recipes that use either minimal ingredients or fit within a certain budget, you may be able to rein in food costs, while making healthy choices for you or your family.
4. Find a better price on household items
Instead of shopping around for the best price on things for the home, consider using the app Little Birdie, which uses AI to scan the internet for bargains. Not only will it help to save time, but it will track down the top deals available at the time you’re ready to buy.
5. Negotiate your bills
It’s not always easy to find the right words to ask for a better deal on your energy bills, but this is another area where AI might be able to assist. ChatGPT can customise a script for you to ask for a reduction on a range of regular contracts. Once again, it’s just a matter of asking.
Spotlight articles are prepared without taking into account your objectives, financial situation or needs and are published for information purposes only. You should consider the appropriateness of any content to your circumstances.
Visit Important documents to access Terms and Conditions and the Financial Services Guide which are currently available electronically for products of Police Bank Limited. Target Market Determinations are available here. Loan applications are subject to lending criteria and credit approval. Interest rates are subject to change. Fees and charges may apply.
We’re excited to announce that starting April 5th, 2024, we’re boosting our interest rates for our 4-month Term Deposits* by 0.25 p.a.! This means more returns on your money when you choose to save with us for a little longer.
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