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

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

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

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

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

2) Supercharge your savings now.

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

3) Plan a budget-friendly Christmas.

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

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

4) Have a holiday at home.

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

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

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

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

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

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

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

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

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

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

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

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

Practicing financial self-care

1) Do a goal check

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

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

2) Get organised

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

3) Have a debt plan

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

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

4) Talk to loved ones

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

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

Where to find help if you need it

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

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

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

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

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

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

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

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

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

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

‘We’re all riding as one’

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

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

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

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

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

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

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

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

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

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.