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YOUR Annual Report: Updating you on our transformation

Police Bank exists to serve its members. Our Police Bank Annual Report is an important way we update you each year on the work we are doing to bring you a better banking experience and continue to support our members and communities. This year’s report includes an update on our technological transformation, which will deliver a new and better way of banking with us.

For the past few years, Chief Executive Officer Greg McKenna has been working with his team behind the scenes to modernise Police Bank’s technology and build a digital banking experience for members that is easy and intuitive to use.

In our 2023 Annual Report, he explains why the decision was taken to modernise the bank by updating our IT infrastructure, while maintaining a strong service culture:

“When we first decided it was time to modernise Police Bank, it was clear things weren’t working as well as they could. Our members told us it was becoming increasingly difficult to transact with us: We were using paper-based forms and clunkier processes that were designed for a different era.

“At the same time though, they said they wanted us to maintain our service standards, continue to operate branches, and have human touchpoints available to support their borrowing and deposit journeys.”

Becoming a bank of the future

The response was to come up with a hybrid model.

“We envisioned a customer-centric bank that merges technology with customer service to deliver on our members’ needs, both today and in several years’ time,” McKenna says.  

“Our transformation is now almost complete, and we will soon unveil a new technology-based way of banking with us.”

Looking forward to the next 60 years

As Police Bank approaches the celebration of its 60th anniversary next year, Chairman Peter Remfrey shares that our transformation journey will underpin the bank’s sustainability in the decades to come:

“We began this journey to set up the bank for the next 60 years, so that members’ children and grandchildren can experience our commitment to service – and community, too.

“While our work is not yet complete, the past financial year and its outstanding results have brought us closer to being able to showcase the changes we’ve made to shore up our future.”

A new core banking system, for more seamless banking

A key part of ensuring our sustainability is a new core banking system, which will offer members a more seamless way of banking with us.

To ensure we get the process right, we’ve engaged expert board advisor Glenn Stafford, who has consulted on core banking systems across Australia and the Asia-Pacific region.

“With Glenn’s oversight, we’ve undergone a process of continual review to ensure the new system is fit-for-purpose and future-proof,” says Remfrey.

Staff to be freed up for more purposeful matters – like conversations with you

He stresses that our digital transformation will not reduce face-to-face interaction between members and our staff:

“We know that’s one of the reasons our members value Police Bank and show loyalty to us. In fact, the technology is designed to free up staff from clunky systems to focus on more purposeful matters. We envision staff having more conversations with members about their banking journeys and goals – something that sets Police Bank apart from our competitors, especially in an age of cost-cutting and consolidation.”

We’re being guided by you

Through surveys and informal feedback, our members have told us what we should improve and what we should retain. It’s helped guide us towards a new model of technology-driven service. Similarly, our staff have been bold in telling us where we can deliver a market-leading offering to best serve our customers.

“Police Bank is unashamedly here for its members and its community. We are investing in the infrastructure to make it easier for you to bank with us, now and in the future,” says McKenna.

In this article, we’ve focused on our IT transformation, but there is so much more in our Annual Report, on equally important matters, including our support for members through difficult times as interest rates have risen and put pressure on household budgets, and our

ongoing commitment to giving back to the community via contributions to charities, community events, and sporting organisations.

We urge you to take a look at the full report here.

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Community round-up: throwing our support behind important causes

Police Bank has been out in the community supporting causes that are close to our heart. Here’s a recap for September and October.

It’s been a busy few months for Police Bank, with the team spending a lot of time doing what we do best: showing support and giving back to the police community.  

Between July and the end of September, we were a platinum sponsor for the 3000km Heart 2 Heart Walk – an important event to raise awareness for first responder mental health and wellbeing.

As some of our members know, a 2019 Senate Inquiry made 14 recommendations to help reduce the risk of first responder post-traumatic stress disorder (PTSD) and suicide.

The long walk draws attention to dangers first responders face and calls on the Federal Government to commit to the recommendations of the inquiry. It also raises money to support further research and a purpose-built commission for first responder mental health.

The Heart 2 Heart Walk is organised by a small group of first responders who have served across Australia and overseas.

It got its name because it begins in the Heart of Country – Lambert Centre of Australia on the Northern Territory/South Australia border – and finishes in the Heart of Nation, at Parliament House in Canberra.

As a platinum sponsor, we’re proud to be able to shine a light on this important issue, which, sadly plagues many first responders. We hope our support can help to achieve the Heart 2 Heart aims.

Last month, we also supported the annual Police Legacy Remembrance Bike Ride, a solemn, important event that raises money for the families that have lost loved ones in the line of duty.

The three-day event was an enormous success, despite difficult weather conditions at the start. As a major sponsor, Police Bank was there to cheer on the riders.

Police Legacy has now achieved an amazing milestones for the families of fallen officers. Here’s how you can watch the full video.

We’re always humbled to be a part of such an incredible event and look forward to the next ride in 2024.

You can phone Lifeline to speak to a Crisis Supporter on 13 11 14 (24 hours/7 days), text 0477 131 114 (24 hours a day, 7 days a week) or chat to Lifeline online at www.lifeline.org.au (24/7).

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How to enjoy the holidays on a budget

If you’re looking to have a relaxing festive season, while avoiding a financial hangover, now is a top time to prepare. We’ve compiled a few tips. 

If you can believe it, the countdown to the festive season is already on, with less than two months until Christmas Day.

For some of us, that means upcoming celebrations, time off, holidays and a bit more spending than is typical in other months. But the additional cash-splash can also equate to extra household stress, particularly during an already expensive year. Here are a few ideas to offset that and enjoy a budget-friendly holiday season.

1) Pre-book, pre-pay and pre-buy where possible.

Consider identifying everything you’re likely to pay for over the season and get ahead of as much as you can. For example, getting to the shops early or buying online is often the key to saving more than when purchasing gifts last minute. Similarly, you may be able to get a better deal on flights and accommodation if you book early and are flexible with when you can travel.

2) Supercharge your savings now.

With higher interest rates, now is a great time to put money aside for a January or February holiday, or even Christmas. By making regular contributions to a Police Bank Bonus Saver* or U30 Super Charge*, you’ll be rewarded for how much you stash away with higher rates.

3) Plan a budget-friendly Christmas.

There are many little ways to reduce the costs of celebrations with friends and family. Ideas include:

  • Asking guests to BYO drinks and food to share
  • Choosing less expensive food options, such as chicken, instead of turkey or ham
  • Arranging a Kris Kringle/Secret Santa with gifts – so everyone has to buy only one present
  • Setting a strict spending limit for all gifts
  • Suggesting pre-loved gifts, homemade or free experiences, instead of traditional presents.

4) Have a holiday at home.

If the cost of living has made the idea of a new year holiday stressful, consider having a staycation or banking the leave for another time of year. Cities are often quieter with many people away, which means it can be easier to get to the beach or park for a picnic. Meanwhile, other times of year won’t have the Christmas premium attached, which means travel costs may be lower.

5) Live frugally in the lead-up to the holidays.

There’s still plenty of time left in the year to make some meaningful lifestyle changes that could add extra dollars to your bank accounts. If you enjoy a weekly meal out, you could consider ditching that until the new year. Or, if you’re partial to a wine or beer, you could have an alcohol-free November and December to save some extra cash. There’s also the option of cutting back on subscriptions, then binge-watching shows during time off, and replacing a gym membership with a jog, walk or park bodyweight session.

In other words, there are lots of small swaps that could put hundreds into the holiday budget.

Police Bank Ltd ABN  95 087 650 799 ACL and AFSL 240018.

This article is general advice only and does not take into account your objectives, financial situation and needs. Before acting on the information, you should consider whether it is right for you. Before making any decision to acquire any product or service you should obtain and consider the relevant Terms & Conditions.

*Terms, conditions, and eligibility criteria apply and are available at policebank.com.au or by calling 131 728. Interest Rates may vary and are subject to change.

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How to practice financial self-care

As the month of October shone a light on mental health, Police Bank looked at the relationship between money habits and wellbeing – and some tips to improve both.   

Through policing work, many in our network have seen how a person’s money situation and their mental health can go hand in hand.

There’s a growing body of research that confirms the relationship between money and wellbeing. Recently, a study by Beyond Blue and the Australian Securities and Investments Commission showed those experiencing challenging financial times were twice as likely to suffer from mental health problems – and vice versa.[1]

Sadly, many different people experience financial challenges, which can filter through to relationships, healthcare, sleep and mood. In some cases, they can affect mental health to a great degree. (Help is always available – see numbers at the bottom of this article).

Given October brought World Mental Health Day, we thought it would be worth looking at some of the rituals that have been linked to improved financial wellbeing. Here are a few ideas.  

Practicing financial self-care

1) Do a goal check

Setting goals and making progress towards them is one way to feel empowered. If you haven’t looked at any financial goals, now could be the time to start thinking about what you want in the future, including how you want to retire.

If you already have goals in place, checking in periodically to see how they’re tracking, then tweaking the budget to get closer to your aspirations, is another way to practice self-care.  

2) Get organised

When things feel a bit out of control, making organisational improvements can go a long way. Examples include setting up a spending plan on a whiteboard or spreadsheet, arranging bank accounts for different purposes, including saving, and ensuring your retirement and insurance are set up as they should be.

3) Have a debt plan

Many of us accrue debt throughout our lives, whether it be through mortgages, car loans, student loans, personal loans or credit cards. For some, compounding debt can create a lot of stress.

There are various strategies that can help tackle debt-linked anxiety, including speaking to a financial professional – such as a financial planner – coming up with a new budget and payment plan, and talking to us, at Police Bank, if you’re having trouble repaying your loan.

4) Talk to loved ones

With the current cost-of-living situation, lots of people are feeling the pinch. Chances are, that includes at least some within your close network of friends, family and colleagues. They may be able to listen and help you come up with some strategies to ease your worries.

If you don’t feel comfortable speaking to someone you know, you can also call a financial counsellor (see National Debt Helpline number below) or a general counsellor or psychologist.

Where to find help if you need it

  • Lifeline: Speak to a Crisis Supporter on 13 11 14 (24 hours/7 days), text 0477 131 114 (24 hours a day, 7 days a week) or chat to Lifeline online at www.lifeline.org.au (24/7)
  • National Debt Helpline: 1800 007 007
  • Beyond Blue – Speak to a counsellor online at BeyondBlue.org.au or on the phone by calling 1300 22 4636

This article is general advice only and does not take into account your objectives, financial situation and needs. Before acting on the information, you should consider whether it is right for you. Before making any decision to acquire any product or service you should obtain and consider the relevant TMDs and Terms & Conditions available on our website or by calling 13 17 28


[1] https://www.beyondblue.org.au/docs/default-source/about-beyond-blue/20061-money-and-mental-health-research-final-report-220804.pdf?sfvrsn=fd5d30e5_2

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Wall to Wall Ride for Remembrance: Paying tribute to our brave fallen officers

The annual Wall to Wall Ride brought together almost 2000 members of the police community to honour officers we’ve lost in the past year and raise funds for Legacy.  

Three brave constables who died in the line of duty were commemorated by hundreds of police officers at the annual Wall to Wall Ride for Remembrance last month.

The annual motorcycle ride pays tribute to members of the police community who have passed away during the last 12 months while working to protect the regions they serve.

Constables Rachel McCrow and Matthew Arnold died in the Queensland siege in December last year, and Constable Anthony Woods was killed while trying to intercept a car in Western Australia. He died in June.

The three constables’ names were inscribed on batons being carried to the National Police Memorial Wall, where they will be added to the Wall as a permanent tribute.

The event brings together colleagues, ex-colleagues and families to honour the brave work of police officers. Wall to Wall organiser Geoff Garland said it’s always difficult to add another name to the wall.

“Each year we do this, we pray that there aren’t going to be any more names added to the wall,” he said.

‘We’re all riding as one’

Mr Garland said the event attracted serving members of the police force, retired police officers and friends and families from across Australia. Police Commissioners, politicians and sponsors also joined the motorcycle ride.

“Many joined this year for the first time and many vowed to return,” he said.

There were 1858 registrations in 2023, with the vast majority riding on the day. For those who couldn’t make the motorcycle ride, the event was livestreamed on Facebook.

The ride also raises important funds for Legacy. While the totals are still being tallied, Mr Garland said it’s estimated that the event raised more than $110,000. Across 10 years, it has raised close to $1.6 million.

Mr Garland said the Wall to Wall Ride gives anyone within the police community the opportunity to celebrate the bravery of police officers.  

“We’re all riding as one, in solidarity,” he said.

Since the inaugural event in 2010, Police Bank has been a key supporter, providing financial sponsorship and representation on the day.

Mr Garland said Police Bank is a “highly valued sponsor”, with its support allowing organisers to offer merchandise and memorabilia to participants, which helps spread the word about the event.

The annual event takes much planning and co-ordination – a process that has already begun for next year, Mr Garland said. The 2024 event will be held on September 14.

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An emotional Remembrance Bicycle Ride

The three-day Remembrance Bicycle Ride broke new ground this year, despite difficult conditions. Here’s how it played out.

The annual Remembrance Bicycle Ride was once again a resounding success this year, with a record $1 million raised to support police families who have lost a loved one.

This year’s ride had a particularly emotional finish, as young legatee Patrick, 15, crossed the line to the roar of his supporters.

Patrick had been interested in the ride after a friend he’d met at a Legacy camp took part last year. The young rider then trained for months for the event on a bike purchased by Police Bank. Throughout his training journey, and the ride itself, Patrick won the hearts of many of the participants and supporters.

The big event

Now celebrating a successful 10th event, the ride includes four pelotons of cyclists making their way from Sydney to Canberra across three days. The 2023 aim was to raise more than $130,000 – a target that was quickly exceeded. In fact, almost a million dollars was raised in total. That’s in addition to the million that was already raised across 10 years of Remembrance bike rides for Legacy.

This year’s event had a grueling start, with wild winds and rain in Sydney making the conditions very challenging for riders on day one. The cyclists began just after dawn at the Remembrance Wall in the Sydney CBD. They then traversed Campbelltown Road and made their way down the Hume Highway to Mittagong.

The second day, thankfully, brought a major improvement in the weather, which lifted the mood for the four pelotons. The riders made their way to Goulburn – the home of the NSW Police Academy. They spent the second evening holding a Kangaroo Court and enjoying some fun and games.

On the final day, riders had another early start, to make their way to Canberra around mid-morning.

Police Bank has been a longtime supporter of the Remembrance Bicycle Ride, which brings together the police community while raising funds for Legacy. The organisation then uses the money to support families who have lost a partner or parent in the line of duty.

For more information about Patrick’s story and to see the full video of the day please visit our Instagram, Facebook and Linkedin.

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Three ways to prepare to buy your own home

Purchasing a home involves many steps, but with the right tools at your disposal, you can increase your likelihood of finding a property you love, within your budget.

If you’re in the market to buy a new home, there are a number of things you can do to streamline the process and get you closer to your goal.

It often starts with collecting the right information and having a good support network around you.

The following three steps may bring you closer to knowing what you can afford, where you may find it, and who can help you along the way.

1. Speak with lenders to determine your buying power.

Before you get a home loan, it’s important to work out how much you can afford to borrow. For most people, this depends on how much you (and your partner) earn, how much of a deposit you’ve saved and what other assets and liabilities you have.

To get a rough idea, you can use a home loan calculator and look at the loans on offer for your circumstances; for example, if you’re a current or retired member of the Police Force or a first-home buyer, you may be eligible for a lower rate.

For a more precise estimate, you can speak to a member of the Police Bank team on 131 728 or email loans@policebank.com.au..

2. Line up your support team.

Through the buying process, you’ll need to engage a number of people to help. Here are a few to consider finding and contacting when you need them:

  • Your lender – Before you make an offer on a home, you need to ensure you have finance pre-approved.
  • A real-estate agent – The agent will manage conversations between you and the vendor if you have chosen a property and wish to make an offer.
  • A building inspector – To check for structural damage or pests and recommend any repairs before you purchase the property.
  • A solicitor/conveyancer – To check the initial contract and prepare and lodge everything you need to settle the property.

3. Research the properties and suburbs in which you’re interested.

To narrow down where you’d like to buy, it’s critical to have the right tools and insights in your arsenal.

The Police Bank CoreLogic tool allows you to do granular research of suburbs and individual properties, with detailed reports on sales history, comparable sales and estimated value.

It may just help you locate the property you’ve been looking for, while giving you an indication of what it may be worth.

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Sorting out your finances after a relationship separation

In the days after a break-up, there are a few money matters to think about. We’ve made a list.

If you’ve recently been through a relationship break-up, money may be one of the last things on your mind. In the weeks after the separation, however, it’s important to work out how to untangle your finances from your ex-partner’s, so you can each have a fresh start.

We’ve put together a list of a few key matters to think about.

1. Closing joint accounts and opening individual accounts.

If you have a joint account through Police Bank, get in touch with us, as we can talk you through the process of closing it. Both parties need to sign off on the closure and the balance must sum to zero, which means credit-card debt needs to be paid off first.

It’s also important to make sure there’s a plan in place for direct debits, to ensure they’re not dishonored.

After you’ve closed your account, you can open an individual transaction account if you don’t already have one with us.

2. Coming up with a plan for the mortgage, rent and bills.

Whether you’re in a couple or living solo, housing payments are likely to be among the largest to come out of your bank account each month.

If you’ve been sharing the payments, it’s important to have a plan about what to do going forward. In some cases, one partner will stay in the same residence and take on the mortgage or rent, while the other moves out. In other cases, a property may be sold or vacated. These circumstances will determine how you proceed.

3. Getting expert advice.

Romantic separations can be complicated, particularly if your financial lives are heavily interwoven. Sometimes, you need help from a third party, such as:

  • Legal advice – to work through the division of assets, updating your will and Power of Attorney and, in some cases, child-custody arrangements.
  • Financial advice – to update your super and insurance and work out a new budget and overall strategy. The team at our partners Chelsea Wealth may be able to help.

This article is general advice only and does not take into account your objectives, financial situation and needs. Before acting on the information, you should consider whether it is right for you. Before making any decision to acquire any product or service you should obtain and consider the relevant TMDs and Terms & Conditions available on our website or by calling 13 17 28