Category: Latest News

We’ve got some exciting news to share! Starting March 28th 2024, we’re lowering the interest rates on our two and three-year fixed rates for our First Home Loan product*.

New members may be eligible for our two-year fixed rate of 5.79% p.a. with a comparison rate of 5.91% p.a. or our three-year fixed rate of 5.59% p.a. with a comparison rate of 5.85% p.a.*

Take a look at our updated rates here. Don’t miss out on these incredible rates—seize your dream home opportunity with us today! Be sure to review our First Home Loan eligibility criteria here.*

*Fees and charges and lending  criteria apply. Rates are subject to change at any time.

*The First Home Loan is only available for applicants that qualify for the Housing Australia. Interest Only is only applicable for construction purposes.

*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.

Harmony Week is the celebration that recognises our diversity and brings together people from all different backgrounds. It’s something we deeply value at Police Bank, but we still have more to do.

Harmony Week celebrates our diversity and encourages people from all different backgrounds to come together. It’s about inclusiveness, respect, and a sense of belonging for everyone.​

The culture of the bank has been a big focus for the past three years and I was tasked with transforming our work environment into one where people are welcomed and empowered to contribute.

This extends to building in measures that ensure staff from any and every background feel supported in observing their own culture while an employee at Police Bank and beyond.

It is about more than just an increasingly large variety of accents and dialects across the office. It is about being a place of work where people can be their authentic selves, and are encouraged to share their culture, experiences and more with their teams and leaders.

We’re proud to have such diversity in the team bringing their rich experience, expertise, and perspective to the bank with staff from Nepal, China, Sri Lanka, Ireland, New Zealand, USA, Greece, Italy, Lebanon, Pakistan, India, South Africa, Serbia, Bangladesh, Macedonia, Fiji, Dubai, Sri Lanka, Britain, of course our First Nations and more.

We are nothing without our people, and we can only hope to grow in the direction we want as Australia’s most recommended community bank if we have diversity built into the core of our operations.

As part of this mission, Police Bank offers additional Cultural Observance Leave to all staff to support them in their cultural and religious practices.

All Police Bank employees are entitled to apply for five days’ non-cumulative leave each year that can be utilised for following and observing cultural, spiritual, or religious beliefs, customs, practices, and ceremonies.

Changing culture takes time, and we are committed to doing so. Part of what we know needs to happen next is ensuring this diversity is represented in our leadership and governance positions, including on our board.

The road to the Police Bank future is long, and we will remain committed to ensuring our culture, teams, individuals, and members are considered at every step of the way.

Buying your first home?

We’ve got some exciting news to share! Starting March 21st, 2024, we’re making it even easier for you to achieve homeownership by lowering the interest rates on our First Home Loan.*

For new eligible customers, we’re rolling out a fantastic low variable rate of 5.84% p.a. and a comparison rate of 5.92% p.a.!* And if you prefer the certainty of a fixed rate, no worries—we’ve also dropped our rates for the First Home Loan 2 YR and 3YR fixed rate options!

Take a look at our updated rates here. Don’t miss out on these incredible rates—seize your dream home opportunity with us today! Be sure to review our First Home Loan eligibility criteria here.

 

*Fees and charges and lending  criteria apply. Rates are subject to change at any time.

*The First Home Loan is only available for applicants that qualify for the Housing Australia. Interest Only is only applicable for construction purposes.

*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.

Buying an investment property can be an effective way to build wealth and secure a steady income stream in retirement.

The latest available data from the Australian Tax Office (ATO) shows 2.2 million Australians, or more than 20% of taxpayers, own at least one investment property.

Here are some key steps to take if you are looking at becoming a property investor.

Get a deposit together.

The first step is to gather enough money for your deposit. The bigger your home loan deposit, the less you’ll have to borrow, and therefore the less interest you’ll have to pay.

Usually, banks require at least 20% of the property value as a deposit unless you have Lenders Mortgage Insurance (LMI). You may be able to borrow money with a lower deposit, but you are likely to need to pay for LMI, which adds additional cost to your loan.

Other upfront costs to be prepared for include stamp duty, legal costs, and mortgage establishment fees.

Think about whether you want a fixed or variable-rate loan. Fixed-rate loans offer the security that your repayments won’t change for a set number of years.

You can find out about the range of competitive home loans offered by Police Bank, including special rates for members of the police force here: https://www.policebank.com.au/loans/home-loans.

Work out how much you can borrow.

Before you start bidding on a property, you’ll need to work out how much you can borrow and obtain pre-approval for a loan.

An online mortgage calculator can give you a rough idea of how much you may be able to borrow. MoneySmart has a mortgage calculator on their website that can help you work out how much you can borrow, how much your mortgage repayments will be, and how you can repay your loan sooner.

When you’re ready, the friendly lending team at Police Bank can confirm exactly how much you can borrow and provide pre-approval.

Once you have pre-approval, you can go looking for properties with the certainty of knowing how much you can spend.

Decide on your investment strategy.

Depending on what stage of your life you are at, your investment strategy might be different. 

If you are many years from retirement, you may want to focus on capital growth, whereas if you are nearing retirement or already retired, you may decide to look for a property that can earn you an income through a strong rental return.

Consider where to buy.

Start researching the property market to determine where you are interested in buying. Police Bank’s CoreLogic tool can generate a property report with information on particular properties and comparisons in a suburb or area.  

Generally, it is a good idea to look for areas with high capital growth, higher rental yield, and low vacancy rates.

Buildings near infrastructure such as train stations and shopping centres tend to have higher rental yields.

It’s also a good idea to find out about proposed planning changes in the suburbs that may affect future property prices.

Determine the type of dwelling you’d like to invest in.

Next, think about whether you will look to buy a unit or a house. Units are typically less expensive than houses in the same neighborhood, whereas houses have historically tended to have more opportunity for capital growth when compared to apartments. That’s because the price of a house is a combination of the land and building value, whereas the value of units is based only on the building value.

Find a conveyancer or solicitor.

Once you’ve found a property to buy, a conveyancer can help check the property for any issues that might infringe on regulations or affect a future buyer, such as unapproved structures or easements. They will also prepare and examine the contract of sale and manage the deposit payment and property ownership transfer costs such as stamp duty.

Engage a property manager.

Once you’ve purchased your investment property, you’ll need to decide whether to engage a property manager to look after your property for a fee, or whether you’ll manage it yourself. 

The property manager will be responsible for matters such as finding tenants and dealing with day-to-day property issues, saving you time and hassle. They have a good understanding of tenancy law and can sort out any potential legal issues as they arise, such as tenancy disputes. 

We’re here to help

We’re here to help you along your investment journey. You can contact the friendly Police Bank team on 131 728 with any questions.

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.

  [1] ATO, Taxation Statistics 2021-22

---

When you find yourself in need of some extra funds for an upcoming expense, we’re here to guide you through the borrowing options available. Our goal is to help you make a choice that suits your unique situation.

We understand that there are plenty of good reasons to consider borrowing money, whether it’s for a big purchase like a car or home renovations or simply to manage your day-to-day expenses more efficiently.

When it comes to choosing the right option for you, you’ve got a few great choices, like personal loans, overdrafts, and credit cards. Here we explore the options to help you make the right choice for your circumstances. Additionally, you can get in touch with us if you would like to discuss your options.

How these options work

A personal loan provides a lump sum of money, which needs to be repaid regularly over a set period. Interest is charged on the entire amount of the loan.

An overdraft is attached to an everyday transaction account and lets you access additional funds when your account balance reaches zero. You can draw as much as you need up to a pre-approved limit. You are only charged interest if you use funds from your overdraft and only the amount that is overdrawn.

With a credit card, you are approved for a certain limit and can spend up to that limit. You are required to make a minimum repayment every month. If you don’t pay the full outstanding balance each month, you accrue interest on the outstanding balance.

To determine which product best suits your borrowing needs, think about the following factors:

How will you be spending?

Secured personal loans, backed by collateral, make them ideal for substantial purchases like a car or debt consolidation. 

Credit cards, on the other hand, are popular for building credit, and accessing additional perks. 

Convenience

Credit cards provide a convenient and widely accepted method of payment, allowing users to make purchases online, in-store, or over the phone. They eliminate the need to carry large amounts of cash and offer a quick and efficient way to complete transactions.

Building a Credit History

Both Personal Loans and Credit Cards can help individuals build and establish their credit history. Making timely payments contributes positively to a person’s credit score, which is crucial for future borrowing, such as obtaining a mortgage.

Access to Emergency Funds 

Credit cards can serve as a financial safety net in emergencies or unexpected situations where immediate funds are needed. They provide a readily available source of credit that can be used to cover urgent expenses.

Overdrafts can also provide emergency funds to help you maintain financial stability, as well as save overdrawn fees and embarrassment due to there not being enough cash in your account when you are paying at the counter.

Interest rates

Fixed-rate loans provide stability and protection against interest rate increases, while variable-rate loans offer the potential for lower initial rates and flexibility in a changing interest rate environment.

The fixed rate available on personal loans offers stability, ensuring that customers can plan their budgets effectively. This predictability enables borrowers to manage their repayments with confidence, fostering financial discipline and responsibility.

How quickly do you need the money?

Unsecured personal loans provide quick access to funds without requiring collateral for a variety of loan purposes.

Unsecured loans often use the strength of your cash flow as security, instead of physical assets, and are generally for smaller amounts, so they may be approved quickly, as less upfront information is required.

Parts of a tool kit

All of these options may have a role to play in empowering you to achieve your financial goals and improve your overall quality of life. 

The real strength of these credit tools lies in their ability to complement each other, creating a holistic financial strategy. For instance, you might use a credit card for everyday expenses, an overdraft as a short-term buffer, and a personal loan for significant life events or investments.

By strategically combining these financial tools, you can navigate various financial scenarios with confidence and flexibility.

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.

Ticket fraud is back in the headlines after scammers targeted Taylor Swift fans through social media ahead of her Eras Tour. We have some tips to help you avoid gig and festival ticket scams and ensure any tickets you buy are the real deal.

Ticket scams are on the rise with Taylor Swift fans losing thousands to fake resellers posing as friends on social media ahead of the superstar’s sold-out Eras Tour concerts.

More than 270 people have reported being victims of the Taylor Swift scam alone, according to the Australian Competition and Consumer Commission (ACCC).

While Taylor Swift is dominating the headlines, scammers are selling a plethora of fraudulent tickets for various artists across a range of social media platforms. They are also creating fake websites that look authentic and trick victims into providing personal details and money. Others are targeting the Ticketek accounts of ticketholders to steal and resell legitimate tickets. Here’s what to look out for.

How social media ticket scams work

Scammers have been hacking into social media accounts to appear legitimate. Victims receive a social media message or post offering tickets to an event from someone they believe is a friend or acquaintance.

The scammer may include a short story about why they can’t attend the concert and are selling the tickets. They may send what they claim is a screenshot of an email confirmation of having bought the tickets.

They often try to rush the buyer to transfer the money, referring to the high demand for tickets. They may ask for an additional fee related to changing the ticket to the buyer’s name. 

After the buyer makes the payment, they’re left without the ticket and no further contact, only to discover that their friend’s social media profile has been hacked.

How to protect yourself from ticket scams

Here are some tips on how to stay safe when buying tickets for concerts or other events:

– The safest way to buy tickets is from an authorised ticket seller. There is usually information about where to buy official tickets on the website of the promoter or venue, or the website of the artist appearing at the event. Don’t presume that the ticket seller that comes up first on search engine results is the official seller.

– If you are considering taking up an offer on social media (which is not recommended), independently contact your friend through a different channel to check if it’s real.

– Consider when the tickets go on sale. If tickets are on sale before the official date, they might be fake.

– Check that you are purchasing from a secure website. Ensure the web address starts with https: instead of http: and has a padlock symbol.

– Look for secure payment options such as PayPal, Apple Pay, or Google Pay instead of providing your credit card details to the seller. Never transfer cash into a ticket seller’s bank account. 

– Ensure you have strong passwords on all your accounts. Don’t use the same passwords on several accounts. Enable two-factor authentication to provide an additional layer of protection.

If you’ve been affected

– If you think you have been a victim of fraud, contact us immediately.

– Contact the platform on which the scam occurred and let them know what happened.

– Help others avoid the same experience by reporting the scam to Scamwatch.

– Tell your friends and family. They can support you and it may help protect them from scams by making them more aware.

For more information, visit scamwatch.gov.au.

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.

Safer Internet Day is a global celebration which took place in February. Each year it aims to raise awareness of a safer and better internet for all, especially for children and young people. Here we share some simple steps for keeping yourself and your loved ones safe online.

We use the internet in almost every part of our lives, so it’s important for everyone to know how to stay safe online.

For Safer Internet Day on Feb 6th, Australia’s eSafety Commission showed almost half of children aged 8-17 were treated in a hurtful or nasty way online over 12 months, and 62% of children were exposed to potentially harmful online content, such as graphic violence, hate messages, and ways to self-harm. 

Among adults, 75% had at least one negative experience online, and only 1 in 3 adults knew what to do when personal information or images were shared without consent. The research also showed 1 in 6 adults had done something negative online to others. 

Here are three simple steps that you can take to help stay safe online: 

1. Connect safely by keeping apps and devices secure and reviewing your privacy settings regularly. Create strong passwords and don’t reuse the same password on multiple apps and devices. Use a strong password to lock your screen. Set up automatic updates for apps and operating systems so that your device is always updated with the latest security features and install virus protection software.
2. Reflect on how your actions online may affect others or your safety. Respect for others is important in all relationships, and it’s no different when we are online. You can also encourage your children to treat online friends with as much respect as face-to-face friends and to tell you or another trusted adult if they see someone being bullied online.
3. Protect yourself and others by visiting eSafety.gov.au to find out how to stay safe online and report online abuse. The eSafety website has a range of resources for parents, kids, and young people on topics such as cyberbullying, limiting screen time, and safe gaming.

If you or someone you know is experiencing serious online abuse, you can report what is happening to the eSafety Commissioner here.

By staying aware online and following the simple steps above, we can all help to keep ourselves and our loved ones protected and make every day a safer internet day.

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.

At Police Bank, we are heading into our 60^th year of operation. As we celebrate this milestone anniversary in 2024, we will also be preparing for the next 60 years by modernising our bank, so we can offer you a better digital banking experience and serve the financial needs of our community for generations to come.

This year marks 60 years since Police Bank was started by a smart group of police officers with the idea of forming a mutual organisation for the benefit of all police.

As we celebrate our milestone anniversary, we’re also preparing for the next 60 years so that members’ children and grandchildren can experience our commitment to service and community too.

The way we all bank and pay for goods and services is changing rapidly and the banking industry must adapt and change to best serve the needs of its customers.

Building a bank of the future

For the past few years, we have been working behind the scenes to transform our bank into a member-focused institution of the future. You, our members, have told us that compared to other banks, we provide a much more personalised service, and that you value our friendly and helpful staff. Our member research shows you also see room for improvement and expect a better digital banking experience. We are responding.

We have envisioned a customer-centric bank that merges technology with customer service to deliver on our members’ needs, today and for years to come.  Our modernisation is now almost complete, and we will soon unveil a new way of banking with us.

Going live with a new core banking system

A key part of ensuring our sustainability is upgrading our IT systems so we can offer members a more seamless way of banking with us.

This project will allow us to deliver a better, safer banking experience for you today and into the future, while maintaining our focus on our members and giving back to our community.

We will keep you updated on each phase, so please keep an eye out for communications from us.

Most of the work will be behind the scenes and will have no impact on members, but there will be some small changes and actions you’ll need to take.

Once we go live, you’ll find us much easier and more modern to bank with, with the same great service and community focus.

Changes to chequing services

The first change you should be aware of this year is to our chequing services.

As our banking habits evolve, so too must the services offered by banks, including the introduction of new services and the removal of services in decline.

There has been an almost 90 percent decline in the use of cheques in the last 10 years, with cheques now comprising only 0.2 percent of non-cash retail payments as Australians embrace the convenience and security of online banking*. The Australian Government plans to phase out cheques no later than 2030.

Our chequing services will cease on May 8, 2024 and this means we will commence phasing out these services. We will be in contact with all impacted members, to explain the many other payment options available and with a more detailed timeline.

We’re here to help

As we enter the most important transformation in the history of our organisation, we are here to support you through the entire modernisation process.

We’ll keep you posted over the coming months with regular updates from our CEO and the bank.  To learn more, visit our modernisation landing page where you can find key information and updates. You can also reach out anytime for assistance or advice. To get in touch, click here or call 131 728.

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.

*https://ministers.treasury.gov.au/ministers/jim-chalmers-2022/media-releases/modernising-payments-infrastructure-phasing-out-cheques

Scammers go after all sorts of Australians, including children and teenagers. Here are some of the scams targeting young people – and what you can do to shield them from danger as they go back to school.

For anyone with a phone or email address, scam attempts have become a part of everyday life. And as members of the Police Bank community know, cyber-criminals are becoming increasingly sophisticated in the way they operate and manipulate their victims.

Unfortunately, children and teenagers aren’t outside the scope of these fraudsters.

Data from the Australian Competition and Consumer Commission’s Scamwatch shows children and teenagers lost more than $360,000 to scams last year, with more than 1500 reports to the watchdog. The true number is likely to be higher, given not all scams are reported.

With those startling statistics in mind, we’ve taken a look at three of the scams targeting younger Australians and what you and your kids can do to evade them.

1. Social media scams

Social media scams involve fraudsters setting up fake accounts on popular platforms, including Facebook, Instagram and TikTok, to try to gain information, trust and eventually money.

By befriending or following young people, the scammers can learn a lot about their chosen victims, including what they look like, who their friends are, what their interests are and where they live or hang out. These details can be used either to gain the trust of the young person or, in some cases, to blackmail them.

Ways of protecting your kids include reminding them to keep a private or locked social media profile, never to befriend strangers online, and never to send pictures or money to someone they’ve met online.

2.Retail or shopping scams

Retail scams may involve someone impersonating real companies or brands to convince people to part with their banking or credit card information. For example, someone may claim to be offering designer goods at a heavily discounted price but have no legitimate items for sale at all.

To protect your kids, consider warning them to be skeptical of low or heavily discounted offers, to check online vendors are registered by looking up their ABN, and to be wary of sites that have been set up recently. You can check when a website was established at ICANN.

3. Dating and romance scams

Dating and romance scams involve fraudsters pretending to have romantic feelings for their victim – again, to gain their trust and access to their money. These scams tend to start on social media sites, too and often involve a scammer pretending to be someone young and attractive. After a while, they may ask for money to address an urgent situation.

To help avoid these scams, think about talking to teenagers about their approach to dating and romance in a world where people are increasingly meeting online. You can encourage them to be extra wary of requests from strangers, especially if they show a lot of interest and affection early, after speaking only online or on an app or messaging service. Finally, it’s important to tell them never to send money to someone they don’t know.

In an age of online dating – even among teenagers on social sites – fake profiles are becoming harder to spot; however, professional-looking photos, limited comments or friends, and newly set up profiles are red flags.

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.

If you’ve come out of the spending season with a soaring credit card bill, there are several strategies you can use to get back in the black. Here are eight to consider.

Many Australians will find themselves entering the new year carrying a bit more credit-card debt than they’d like. After all, we’ve just celebrated Christmas in a year that was already putting pressure on household budgets.

If you find yourself in this situation, there are many things you can do to reduce or extinguish credit card debt in the new year. Here are a few strategies to consider.

1. Come up with a plan

Before you start tackling your debt, it can be handy to map out the situation. You may wish to add up how much you owe in total, to whom you owe money, and when the payments are due. From there, you can move to strategies to bring down the balance.

2. Curb discretionary spending

Now that we’re through the Christmas and New Year period, it could be time to put the brakes on non-essential spending. You could consider eating only homemade food in January, cutting out alcohol and coffee, and pausing subscriptions or memberships for the month.  

3. Earn additional cash

The other way to add to the budget is by earning additional income. Is there a promotion you could apply for at work? A side hustle you’ve always wanted to try? Perhaps you could have a summer cleanout and sell items online or at a garage sale, or rent out a room in your home.

4. Don’t add to the debt

If it’s avoidable, try to pause any additional spending on the credit card. If you add more to your debt, it’s likely to slow down your repayment plan. You could also consider lowering your credit limit to reduce the temptation.

5. Make higher repayments if you can

If you do find extra income or savings, consider making higher repayments. It may lead to you paying off your credit card sooner by avoiding additional interest.

6. Target certain debt first

If you have multiple credit cards or forms of debt to clear, consider creating a hierarchy of what to target first. There are two popular strategies you may wish to adopt here:

• The debt avalanche: This involves making the minimum payments on all cards, then using any additional money to pay extra on the debt with the highest interest rate.
• The debt snowball: Instead of targeting higher-interest debt, the debt snowball method involves tackling smaller debts first and paying them off completely, then moving to bigger sources of debt.

7. Reduce the number of cards

If you have multiple credit cards accruing interest, it can be hard to put a dent in your debt. Consider tackling one credit card at a time and canceling the card once it’s paid off.

8. Seek help if you need it

Sometimes, debt becomes a bit too hard to manage alone. If this happens, it’s important to remember help is always available.

• If you’re experiencing financial stress that is affecting your ability to pay off your credit card or home loan, you can speak to our friendly team or please visit external resources listed on our website here.

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.