Category: Latest News

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 10^th 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.

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.

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

All good things must come to an end, and that includes ultra-low fixed rates. Here are a few ways that may help you manage the jump to higher repayments.  

If you’ve been enjoying the benefits of a lower-than-average fixed-term interest rate, you’re probably not looking forward to the day it expires.

Given the Reserve Bank of Australia (RBA) has lifted its cash rate several times in the past 12 months, most homeowners who locked in a fixed rate either earlier this year or last year will find themselves paying much more when their term ends.

While higher repayments are never good news, the right preparation can prevent a budget blowout. Here are a few tips.

1. Know when it’s happening and how much more you’ll pay

Make sure you know what your new rate and repayments are likely to be if you do nothing and your loan rolls into a variable rate loan. Then consider setting calendar reminders in the weeks before your rate is set to change, to give yourself an opportunity to think about your next move. Not only will you be able to revisit your budget, but also it will give you the chance to have a chat to your family and to us about how things have been going and any changes that need to be made.

2. Start looking for savings now

In the lead up to your fixed term’s expiry, think about whether there are any opportunities to put extra cash aside in a high-interest savings account. It’s a tough ask at the moment, given the cost of living has increased and many of us have found ourselves with little extra to spare.

One strategy involves calculating the difference between your current fixed rate and a variable rate loan, then testing how it would challenge the budget by trying to find that extra cash over a period of a few weeks.

Popular ways of trimming costs include cutting down on subscriptions and memberships, shopping around for grocery deals, switching to public transport or car-pooling for a period, and selling unwanted items online.

3. Consider another fixed term or a split

While you probably won’t be able to get the same low rate you locked in earlier, you may want to consider another fixed-term home loan. If you’ve enjoyed the certainty of regular repayments and not having to worry about the RBA’s next meeting, it could be worth considering. Police Bank still has some of the lowest rates on the market.

You also have the option to split your loan between a fixed and variable rate, which can give you the security of a fixed-term loan, along with the flexibility and features of a variable loan.

4. Speak to one of our lending specialists

At Police Bank, we don’t like the idea of our members being surprised by a rate change, which is why we make ourselves available to chat to you before your fixed term ends. Our lending specialists can run you through our catalogue of loans and talk to you about whether you’re eligible for any of our special police rates.

Every borrower’s situation is different, which is why it’s often worth talking to us about your circumstances over the phone or face-to-face. We can’t provide personal advice, but we can run you through your options and the features of our various types of loans.

Police Bank Ltd ABN  95 087 650 799 Australian credit license 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 TMDs and Terms & Conditions available on our website at: https://www.policebank.com.au/target-market-determinations or by calling 13 17 28

Believe it or not, the silly season is almost upon us. Here are a few ways to prepare to minimise costs as we approach the end of the year.

With just over three months left until Christmas, it’s time to get planning for what’s often the most expensive time of year.

In 2023, many Australian families have been crunched by higher costs, which means finding ways to reduce Christmas expenses may be even more important this year. As always, planning ahead can help minimise Christmas stress, too. Here are a few ideas.

1. Write a list and stick to it

There are often many components that come together to make a great Christmas, including gifts, food and sometimes travel. Think about what your Christmas looks like and start planning for the costs.

If you tend to have a Christmas routine, consider looking at what you spent last year and adding a margin for inflation. Once you’ve come up with your budget, write a meticulous list of everything you need. You can then work through the list and spread the costs over three months.

2. Start saving now

If you tend to set aside money for Christmas, you could consider a three-month Police Bank term deposit. Rates are higher than they have been in years, which means you’ll be rewarded with a bit of extra interest.

It’s also worth looking at our other high-interest savings accounts, including our Savings Plus, which allows you to put cash into nine different buckets (without monthly fees).

Consider starting with a budget and working out how much you can afford to put aside each week, then let your bank account do the extra work for you.

3. Buy early

Between now and Christmas, there are likely to be opportunities to bag a bargain. For example, Black Friday is coming up in November. If you’ve prepared a list of what you want and need for the big day, you can be extra vigilant when discounts come up.

4. Re-think your gifts and dinner spread

There are lots of ways to show your loved ones you care about them without spending big on presents. Consider homemade gifts, such as candles, soaps or baked goods. You could also arrange a Secret Santa or Kris Kringle, where each person in the group buys a gift for one pre-assigned group member. Increasingly, families are also adopting no-gift Christmases, especially for adults.

If you’re hosting a Christmas lunch or dinner, plan a menu well ahead of time and, again, buy early where you can; shops often hike up costs in the days before Christmas. You can also ask your guests to bring a plate of food and/or their own drinks. It often adds to the variety, while reducing your costs as the host.

 New scams are emerging daily; staying aware of the trends can help avoid them. Keep an eye out for these tricks.

Scams have unfortunately become a part of everyday life, with thousands of banking customers targeted each day.

Some of these scams are pretty easy to spot, due to an unlikely backstory, spelling errors or unreasonably demanding language. Others are a little trickier.

In fact, fraudsters are now becoming more aware of the moves that work and changing their strategies and targets to increase their likelihood of success.

We’ve taken a look at some of the more recent scams to add to your radar.

1. Loyalty points scams

Some scammers have now moved beyond cash and are trying to collect people’s loyalty points.

This scam involves a text or email to a customer advising points about to expire and a link to a fake website, Scamwatch explained. Once you log in, the fraudster can collect your hard-earned points and identity information to commit fraud.

It’s catching people out because some loyalty schemes do, in fact, advise customers when points are due to expire.

A quick way to avoid this scam is to go directly to the loyalty program’s website, instead of accessing the program through a link.

2. Artificial intelligence (AI) scams

In the past few months, we’ve begun to see the power and potential of AI to help with various aspects of life. We’re also starting to see the potential for harm, through digitally altered images known as ‘deep fakes’.

Deep fakes digitally manipulate a person’s image into a new setting to make it look real and have been used to create several types of illegal content, including revenge pornography and child sex abuse material. However, they’re also being used for illegitimate investment schemes.

At the moment, deep fakes are often spotted by identifying small details you wouldn’t see in a true image, such as unusual shadows, robotic movements and changes in skin or hair tone.

3. Live chat scams

Various websites use chatbots to help visitors answer simple questions or navigate the site.

We’ve been informed scammers have recently been duplicating legitimate websites and getting people to interact with the live chat function. The pretend chatbot then tries to gain remote access to the customer’s computer for a phishing scam.

To avoid this, be extra careful about the URL of websites you frequent, especially if accessing them from an email link.  

If you’ve seen a new scam, you can report it to Scamwatch.

An international fraudster who impersonates children, a year in the life of NSW Police Commissioner Karen Webb, and innovative geo-targeting technology that’s helping to find missing loved ones – these are just a few of the true stories featured on the Inside the NSW Police Force podcast in recent weeks. Don’t forget to tune in!

Extraordinary stories continue to be revealed in the official Inside the NSW Police Force podcast, which takes listeners through real investigations and provides insights into the lives of police officers.

Sponsored by Police Bank, the official weekly podcast of NSW Police is produced by author and journalist Adam Shand and brings to life true stories from all aspects of policing in the state.

Here, we share details of some of the episodes that have been published since our last update.

The Changeling: Samantha Azzopardi

International fraudster Samantha Azzopardi has racked up 100 charges for impersonating children and teenagers, yet her motive for these elaborate hoaxes is still unclear. In this episode, Detective Sergeant Aaron Power tells of his investigation into “The Changeling”.

The Missing Persons Registry

The Missing Persons Registry is bringing the public into the search for missing loved ones through innovative geo-targeting technology. Detective Inspector Ritchie Sim says he wants more people to get involved.

Resilience: In Memory of Constable Peter Forsyth

Two long-term frontline officers discuss dealing with trauma in their lives and policing careers. Senior Constable Brian Neville was with Constable Peter Forsyth when Forsyth was murdered by a suspect in 1998. For Detective Sergeant Kylie Whiting, it was the death of a stranger that led her to a life of public service.

One Year with Commissioner Karen Webb

NSW Police Commissioner Karen Webb discusses her first year in the top job and the principles that have guided her through a long career. The commissioner sets out her agenda in tackling domestic violence and organised crime.

Operation Trawler: Protecting Our Kids

Operation Trawler is one of NSW Police’s most successful pro-active squads, targeting online paedophiles by posing as potential victims. In this episode, Detective Chief Inspector Chris Goddard and Detective Sergeant Natalie Stojceski take listeners behind the scenes of this high-stakes work.

We urge you to take the time to listen to this extraordinary podcast, which will cover all facets of policing in NSW.

You can access the podcast on Apple Podcasts and Spotify. Go here for more information.

If you’ve spent a bit more than you planned in the first half of the year, now could be the right time to make a debt plan. These tips may help.

Many of us are feeling the pinch at the moment, thanks to high inflation and interest rates. Some have turned to credit cards or other loans to get through the first half of the year.

While taking on extra debt can be a short-term fix, it can also create household stress. If you’re hoping to squash some of your recent debt, here are a few strategies that may be worth thinking about.

1. Work out the full picture and a plan

If you’ve got different types of debt, it can be useful to document the amount, the interest rate, minimum payment, and type (holiday, car, etc.) in a spreadsheet or on a piece of paper. Once you have the full picture, it may be easier to work out an approach for chipping away at the money you owe.

Popular strategies include: the debt snowball, where you pay off small debts first; the debt avalanche, where you target larger or higher-interest forms of debt first; and debt consolidation, where you merge forms of debt into a single account.

No debt strategy works for everyone, so it’s about seeing what may work best for you and your circumstances. If you’re not sure or feel overwhelmed, you can speak to a professional, like a financial planner or a financial counsellor (see details at the end of this article).

2. See if making cutbacks can help

To pay off debt, we generally either need to find savings in the budget or earn more. The latter isn’t always easy, but sometimes things can be cut out of weekly or monthly spending lists to help pay down money owed.

Examples of potential things to save on include meals out, brand-name groceries, monthly entertainment subscriptions and things like phone or energy plans. 

Once you’ve found a bit extra in the budget, the idea is to channel that extra money towards debt.

3. Know when to get extra help

Some people find their debt has got away from them and they may need a bit of extra assistance to get it back under control. If you’re in this position, there are several things you can do, such as:

• Speak to us, at Police Bank – If there are special circumstances that have stopped you from making repayments, we may be able to work out a strategy to help.
• Contact a financial counsellor – You can speak to someone for free via the National Debt Helpline on 1800 007 007.

If you’re not in immediate trouble, but do want some debt planning, you can also speak to a financial planner for personalised advice – but this comes with a fee.

Ultimately, everyone tackles debt in a slightly different way, so it’s worth spending a bit of time to figure out what works for you.

General advice warning:

The information provided on this webpage is intended to provide general information only and the information has been prepared without taking into account any particular person’s objectives, financial situation or needs. Before acting on such information, you should consider the appropriateness of the information having regard to your personal objectives, financial situation or needs.

With costs rising and financial markets looking uncertain, many Australians are turning to advisers for help. Here’s are three ways our trusted financial advice partner may be able to assist you.

When it comes to money challenges, the past year may have felt like a perfect storm. We’ve seen interest rates rise, the cost of living has climbed steeply, and the share market has been bouncing around.

It has left many people, both within and outside the police force, wondering how to navigate these challenging economic times.

Given the unpredictability, some are turning to financial advisers – like Police Bank’s Chelsea Wealth – to help create a budget, managing repayments, invest for the future, and make the most of superannuation.

While there are thousands of qualified advisers in Australia (you can do a search here to check an adviser’s credentials), Chelsea Wealth has specific experience looking after police.

Three ways Chelsea Wealth can help

1. Navigating benefits for experienced officers

If you were employed by the NSW Police Service prior to 1988, some of your super savings may have gone to the Police Superannuation Scheme (PSS).

Chelsea Wealth has plenty of experience helping members of this scheme work out their entitlements, along with decisions around whether to take a lump sum or pension.

2. Making the most of other super entitlements

Chelsea Wealth has also helped members maximise their retirement savings by taking advantage of the State Authorities Superannuation Scheme (SASS) contribution matching.

Under the scheme, members who make additional personal contributions to their super (up to a limit of 9 per cent of their annual salary) can have some of those contributions ‘matched’ by their employer. Essentially, by adding extra money to super, members can accrue benefit points, which equate to extra entitlements at retirement.

Chelsea Wealth can also help pre-retirees with Aware Super and other funds work out how to add to their nest egg in a tax-effective way and how much they need for a comfortable retirement.

3. Managing cost-of-living changes

Rising costs have left many homeowners and renters with less cash to spend each week or month.

Chelsea Wealth can help find ways to offset the pain of these economic changes; that could mean finding a more suitable mortgage package, tax-effective investing, minimising discretionary expenses or accessing all the benefits for which you are eligible.

Whether you’re struggling with the current financial climate or would like help setting yourself up for the future, Chelsea Wealth advisers are here to help – today or down the track.

Click here to learn more.

General advice warning:

The information provided on this webpage is intended to provide general information only and the information has been prepared without taking into account any particular person’s objectives, financial situation or needs. Before acting on such information, you should consider the appropriateness of the information having regard to your personal objectives, financial situation or needs.

Digital wallets are a convenient and secure way to store your payment information. Here’s why you may wish to add one to your phone or watch.

If your bank and credit cards have lived safely in your back pocket for decades, making the switch to a digital wallet may not sound so appealing; however, there are many advantages to the newer way to pay, including enhanced security, convenience, and payment tracking.  

A digital wallet stores payment information securely on a connected device, such as your phone or watch. When you go to a shop or use an app to pay for something, the digital wallet brings up your card information for the transaction.  

Here are five reasons you may wish to consider moving to the newer technology.

1. Its secure

In an age of heightened financial fraud, it’s natural to be worried newer forms of payment technology could make you more vulnerable. However, that’s usually not the case with digital wallets.

The technology uses tokenisation to keep your information safe. In other words, your data is encoded in a way that makes it difficult for hackers to access.

Having said that, no payment technology is completely foolproof, so it’s still important to use strong passwords, keep an eye on your transactions, and try not to lose your phone.

2. It’s easier to track payments

With a digital wallet, you don’t have to log onto your home computer or wait for a bank statement to see what you (or someone else) have spent. A record is kept on your device that’s easily accessible at any time.

It means if you’re worried about a suspicious transaction, you can catch it quickly. The same goes if you think you’ve been overcharged.

3. It’s a one-stop shop

A digital wallet can hold many forms of currency, including credit cards, bank cards, gift cards and loyalty cards. It can also store travel and event tickets, which means you don’t have to worry about leaving anything behind – except for your phone or watch.

4. It’s lighter than a physical wallet

With a digital wallet, the days of heavy pockets are behind you. The wallet can store dozens of different passes and cards without any additional physical weight.

5. It simplifies travel

Many of us have travel horror stories, where a card has been stolen or snapped up by an ATM, a pin code hasn’t worked, or a payment method has been blocked. It can turn an otherwise relaxing holiday into an administrative nightmare.

A digital wallet protects against the above scenarios. The wallet recognises you overseas via a passcode or face/touch ID, which means you don’t have to worry about theft or being locked out of your account. As mentioned, there’s also an extra layer of protection to stop your accounts from being compromised.

While it may feel strange at first to let go of a physical wallet you’ve become accustomed to over decades, moving to a digital wallet may just simplify your financial life.