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.
Take a look at our updated rates here.
*Terms and conditions apply and are available here.
Most Australians will live at least 25 years in retirement, so it’s important to have a plan to support ourselves financially during that time. Rob Weston, Head of Financial Planning & Advice at Chelsea Wealth, shares some insights that may help you to start planning for life after paid work.
The earlier you start planning for retirement the better.
According to the Australian Bureau of Statistics, the average age that people plan to retire is 65 years. At the same time, the average life expectancy in Australia is among the highest in the world, stretching well into the 80s. That means we need to plan for at least 25 years in retirement. That’s a long time to be relying on your own resources.
According to Rob Weston, Head of Financial Planning & Advice at Chelsea Wealth, it’s never too late to start thinking about your retirement strategy. However, starting early gives you more time to plan.
“Time allows you to put strategies in place to grow your nest egg and improve your situation for retirement. The more time you have, the more options you have,” he said.
We asked Rob to share some insights into planning for retirement. Here are his top tips to get you started:
1. Understand when you would like to retire.
It’s easy to cruise along, thinking you’ll know when the time comes to retire. However, if you think now about when you’d probably like to retire, it puts you in a better position to plan for it and make it happen.
2. Understand what plans and goals you have in retirement.
“We tend to see that people retire and in the first couple of years, they are ticking off those big ticket items – caravanning around Australia or traveling through Europe,” says Rob, noting that this means people spend a lot of money in the first three to five years of retirement, on items such as a new car or caravan, or renovating the house.
“Then things settle into the day-to-day. I encourage people to think about the day-to-day because if you are going from a full-time work week to suddenly being in full-time retirement, instead of having two days a week that you’ve got to entertain yourself, you’ve now got seven. So, what are you going to do? It’s different for everybody. Some people spend a lot of time volunteering, other people have grandkids they want to help with, some continually travel, and others are happy pottering in the garden. You’ve got to think about what you want and plan for it. Remember, you work hard to get to retirement, so you want to enjoy it when you get there.”
3. Do a stock take.
Rob recommends going through all the assets and liabilities you’ve accumulated over the years to understand your current financial position. Have a look on the Australian Tax Office portal and understand where your superannuation is. There is more than $16 billion dollars in lost and unclaimed super in Australia.
“Particularly if have not been a police officer all of your life, and have worked in a few other industries before joining the force, you’re likely to have a few other super funds,” said Rob. “Many people have also accumulated shares over the years, whether they have proactively purchased them or benefited from the Telstra or NRMA share offers. If you are going to be applying for Centrelink or Aged Pension, you need to understand what we’ve got. Also, your assets may help fund a caravanning trip or other big expenditure.”
And if your total assets don’t have you on track for the retirement you want, you can begin to develop strategies to change that.
4. Hold the mirror up to yourself and have an honest assessment of your investment experience over your lifetime.
“Have you invested in shares or property, how did you feel about all of those and how long did you invest for? If you consult a financial adviser about your retirement plan, they will talk to you about investing in the market,” Rob said. “They will want to make sure you are invested in a way that gives you the best returns over a long time. So, it’s good to think about how comfortable you are investing in different types of assets.”
5. Take the time to find a financial planner that you connect with and trust.
A financial adviser can offer expert advice on strategies to grow your wealth for retirement. Rob recommends taking the time to talk to a few different advisers before committing.
“Spend the time getting to know your adviser – understand their experience, their qualifications, if they have specific areas of expertise they gravitate towards and whether that fits with what you are looking for,” Rob said.
“Chelsea Wealth is a great match for people from the police community looking for retirement advice because we have experience providing advice around all aspects of life in the police force. For officers who are eligible for the NSW Police Defined Benefit Scheme or those participating in the Optional disengagement scheme, be sure to seek out an adviser who has experience in this area, which can be quite complex.”
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.
Chelsea Wealth Management Pty Ltd ABN 75 112 845 673 AFS representative number 1286091 (Chelsea Wealth) is a subsidiary of Police Bank. Chelsea Wealth is a Corporate Authorised Representative of Matrix Planning Solutions Limited (Matrix) ABN 45 087 470 200 AFSL No. 238256. Chelsea Wealth is authorised to provide personal financial product advice to retail clients. In referring members to Chelsea Wealth Management, Police Bank does not accept liability or responsibility for any act or omission or advice provided by Matrix or Chelsea (or any of their representatives). The information on this website is general in nature and may not be relevant to your individual circumstances.
Refinancing can help open up a whole range of benefits, especially if you’ve had your home loan for a while. Here are a few things to consider.
If you’ve had your home loan for a few years, you may be able to look for opportunities to save money, pay off the home loan faster, or unlock more flexible features with a new loan. All of these options could be possible through refinancing, depending on your current loan and circumstances.
What is refinancing?
Refinancing means shifting from one loan to another. When you move to a new loan, you take on the terms of your new loan. In other words, certain things may change, such as the length of your loan term and your interest rate.
Benefits of refinancing
At Police Bank, we find our members choose to refinance to us for a number of reasons, including:
What to think about
Before you consider refinancing, it’s important to weigh up your goals and the costs associated with switching from one loan to another. These can vary depending on your current loan and the loan you choose.
At Police Bank, we’re here to help. You can call us on 131 728 or fill in our refinance form to have a member of the team contact you.
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.
As we reflect on International Women’s Day, Police Bank spoke to Chief Information Officer (CIO) Lyndall Bushell about her impressive career, her thoughts on how to empower women in the workforce, and her tips for members who aspire to be leaders.
For technology trailblazer and Police Bank CIO Lyndall Bushell, empowering women at work means supporting women to make the choices they want.
From the ability to work flexibly to ensuring we’re advocating for women and ensuring inclusive processes and opportunities at a senior level, Ms Bushell said she’s seen progress across her career in banking and technology, but much more work is needed.
“We need to put women in positions where they have choices to do what they want to do and what they need to do, without feeling like the cost of that is too high,” she said.
One example Ms. Bushell gave related to childcare, where she feels the conversation must shift away from linking women’s decision to go back to work with the cost of childcare.
“Childcare is invariably angled as a problem associated with women, and we often hear about trying to rationalise the cost of childcare with a woman’s income, rather than contemplating the whole household income or support arrangement. This is an unfair burden society puts on women,” she said.
Ms. Bushell stressed she is in a position of privilege, with earlier access to higher education, support at home, and the ability to access help – which both the Police Bank CIO and this year’s International Women’s Day (IWD) recognise many women don’t have.
This year’s IWD theme is Inspire Inclusion, which captures “the sense of belonging, relevance, and empowerment” that comes with being included. It also calls for more diversity in leadership and decision-making positions.
Reflecting on her leadership, Ms. Bushell said it’s important to recognise the change you can create.
“I can’t change the whole world, but I can change what happens within my own team; today, I can influence what happens in my own team,” she said. “I think as leaders, that’s the most important thing we can do.”
Ms. Bushell began her career at Westpac in 2008 and joined the bank’s graduate program the following year.
For a while, she worked as a bank teller, which she described as a “great experience” to gain insight into the behaviour of customers. In her early career years, Ms. Bushell developed her interest in consumer behaviour.
“I could see there was an unmet need around financial literacy,” she said.
Later, Ms. Bushell became involved in transformations and said she developed more of a curiosity about how people experience change especially as we moved through digital transformation. She has been involved in early mobile banking experiences and working on systems that help customers to enable their self-service needs.
Through her 12 years at Westpac, then later roles at Neobank 86 400 and BNPL provider Humm, she said she was reminded of the importance of putting the customer experience at the centre of the way financial providers operate.
For that reason, the CIO was excited to join Police Bank last year and about what’s next for the customer-owned bank.
“The thing that appealed to me about the transition is the opportunity to continue to be involved in transformation,” she said.
“There is a huge opportunity for mutual banks to challenge the majors, increasingly using technology, coupled with a real purpose-driven focus, to drive better experiences for customers. Police Bank is doing just that.”
Advice for other aspiring leaders
For future female leaders, Ms. Bushell has several pieces of useful advice, particularly around the importance of knowing your worth and finding the right support.
“To people up and coming, I would say ‘feel empowered to advocate for yourself knowing the value that you drive’,” she said. “You have to back yourself.”
Ms. Bushell said it’s also important to align yourself with the right leaders.
“Seek out support, seek out mentors, look for people you can identify with; you will need those,” she said.
“I feel like my career has been supported by great leaders along the way… I think Greg (Police Bank CEO) is a great leader.”
Finally, “If you’re in a position to do so, find work with purpose,” she said.
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.
With fewer people using cheques, Police Bank will join the market in phasing out the payment method in favour of other, more convenient options. If you still use cheques, these changes may affect you, but we’re here to guide you through the process.
A couple of decades ago, it was common for our members to carry their Police Bank chequebook with them to pay for a variety of items and services. Times have changed, however, and in recent years, we’ve seen a rapid decline in the number of customers using chequing services.
It’s a trend throughout the country, as customers move to newer and more convenient ways of paying for things, such as debit cards. Across Australia, there has been an almost 90 per cent drop in cheque use in the last decade, with cheques now making up less than 0.2 per cent of non-cash retail payments, federal government data shows.*
As a result of this shift in customer habits, we’re joining the broader market in phasing out cheques. At Police Bank, we will be ending chequing services on May 8, 2024.
What it means for you
If you previously used cheques, but have switched to other forms of payment, you don’t need to worry. All of our other banking options will remain available, including Direct Debit, BPAY, PayID, internet banking, mobile wallet, Osko, Visa Debit, Bank@Post and telephone banking.
Some of our customers have previously used cheques to pay for big ticket items, such as a new car or accommodation. We want to assure you that we’ll provide other, safe ways for you to pay for these larger purchases.
Remember – we’re here to help you. If you have any questions or concerns, you can find out more by clicking here or calling us on 131 728.
The modernisation of Police Bank
The phasing out of cheques is part of our overall plan to bring Police Bank into the future, for you and the next generation of our members.
As always, we’ll keep you informed of our progress and once we go live with our new core banking system, you’ll find us much easier and more modern to bank with, with the same great service and community focus.
*https://ministers.treasury.gov.au/ministers/jim-chalmers-2022/media-releases/modernising-payments-infrastructure-phasing-out-cheques
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.
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.
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