Category: Latest News

In a world where community matters more than ever, Police Bank remains deeply committed to actively participating and fostering the wellbeing of our police force and their families. As we embark on the second half of the year, let’s take a moment to reflect on our recent initiatives and contributions!

NSW vs QLD Police Rugby League

It was great to see the NSW Police Rugby girls and boys back on the field last month in a nail-biting game of footy against their Queensland equivalents! The match was packed with solid tackles and incredible tries.

Heart2Heart

What an incredible opportunity it was to witness the historic moment when the first group of Heart 2 Heart walkers embarked on their momentous journey from Lambert’s Geographical Centre of Australia in the Northern Territory, setting out towards Government House in Canberra.

Before their departure, Boyd Stewart, our Head of Partnerships and Engagement, participated in a solemn smoking ceremony. This ritual also included a symbolic baton handover, containing the 14 vital recommendations from the 2019 Senate Inquiry Report addressing first responder suicide, PTSD, and premature mortality. Throughout their expedition, this baton will accompany the walkers, and upon reaching their destination on 28 September 2023, it will be presented to the Prime Minister at Parliament House.

Thank A First Responder Day

Our first responders bravely serve on the frontline, working tirelessly to ensure our community’s safety day in and day out. That’s why Thank A First Responder Day holds immense significance, as it allows us to express heartfelt appreciation for their unwavering dedication.

Our Newcastle branch, represented by Wendy and Tamika, proudly joined in on the activities alongside more than 100 first responders, including police officers, firefighters, and paramedics. We’re committed to showing up for our community and fostering meaningful connections with those who serve and protect us every day.

 

With travel back on the agenda this year, it’s important to ensure you’re financially secure when away. There tips will help you stay money safe.

Do you have plans to get away over the coming months? If you’re heading off on an overseas adventure, make sure to use our travel money tips so you’ve got everything covered before you leave, and while you’re away.

1) Set a savings goal and budget

Set a travel savings goal with plenty of time to get yourself ready for the perfect holiday. Consider upfront costs, everyday spending money and cash for emergencies. You can open a dedicated savings account with us to help you reach your goal. Need some extra holiday money? Explore our range of personal loans.

2) Access your money with a debit card

Debit cards are one of the easiest and most convenient ways to get local cash when overseas. Our Easy Access Account is great for all you day-to-day banking needs. Remember to check your card’s expiry date and know what your daily withdrawal limit is before you leave, along with any fees and charges associated for using your card internationally.

3) How will you communicate?

Using your mobile phone when you’re overseas can be pricey. You can purchase a prepaid SIM card before you leave to avoid the hefty international roaming costs.

4) Consider paying bills automatically

Missing a bill or credit card payment when you’re on holiday could lead to a late fee. If you’re away for a long time, consider automating your payments to help plan for periodic bills.

5) Emergency details

Keep a copy of any important contact details somewhere safe in case of an emergency. If you’re overseas and run into trouble, you can call us on +61 2 9287 0888 to report a lost or stolen card.

6) Let us know where you’re going!

Be sure to let our contact centre know prior to your trip where you’ll be heading and the dates, so we can help keep your account secure by flagging any transactions that originate outside of these and facilitate access to your account while you’re overseas.

The last thing you want to worry about when you’re on holiday is money. Run through the steps on this list before a trip, and you can have the confidence that you have taken care of business before leaving home.

You can reach out anytime for assistance or advice. To get in touch, click here.

Happy travelling!

 

When you’re choosing your first mortgage, there are a number of decisions to make. We’ve broken them down in this quick explainer.

For many first-time homeowners, the period from applying for a mortgage to collecting the keys is both exciting and nerve-wracking. After all, there are lots of different moving parts to get your head around, from applying for finance to managing contracts.

With that in mind, we’ve tried to make the loan aspect as simple as possible and have put together this little explainer of how things work.

Finding the right loan for you

There are a few things to consider when selecting a loan, including whether you want the flexibility of a variable loan or the certainty of a fixed-rate loan – or a bit of both. Similarly, are you looking for some additional features – such as an offset account or redraw facility – or would you prefer more of a no-frills loan? It all comes down to personal preference.

Here are a few flexible features in a bit more detail:

• Split your loan – You can choose to have a loan that is partly fixed (interest rate doesn’t change) and partly variable (interest rate changes).
• Choose your repayment frequency – Depending on the loan you choose, you can pay weekly, fortnightly or monthly to align with when you and your family get paid.
• Have an offset option – If you choose a variable-rate loan, you can select an offset account. When you put savings into the account, the balance is then ‘offset’ against what’s owed on the loan. This reduces what you pay in interest.

Applying for the loan

Once you’ve selected the loan you want, it’s time to apply. We find the online application process takes between 10 and 15 minutes, as long as you have the right documents handy. We’ll need your driver’s licence (or other identification), employment documents and either your bank statements or access to your online banking.

After you have filed the application, we’ll go over it to make sure it’s in line with your budget. We may ask you for additional information or organise a call with you. If you’re approved, we’ll send you the contract to sign, either online or through the mail.

Remember, you can always speak to one of our lending specialists to get more information about picking the right loan for you.

The Police Bank team is here to support members through the entire home buying process. You can reach out anytime for assistance or advice. To get in touch, click here.

As we say goodbye to 2022-23, now’s the time to do stock take of the past financial year and check in on things like tax, super and insurance.

While the end of financial year can often feel frenzied, a few simple tasks can help close off the past 12 months and prepare for a productive new year.

There are several things you can do yourself, such as sorting out tax and super, but you can also choose to engage an accountant or a financial planner if you’d like a bit of extra help.

We’ve put together a checklist as a starting point.

1. Start preparing your tax return- and don’t forget deductions

If you’re an employee, you’ll likely receive an income statement. These days, they’re often sent straight to MyGov. Your statement lists how much you’ve earnt over the past financial year.

However, it won’t account for the work-related deductions you may be eligible to claim. These are expenses linked to your job. For example, if you’re a police officer, you may be able to claim the cost of cleaning clothes you use for work, tools you need for your job (that work doesn’t supply) and car expenses, if you have to use your own car during a shift.

While you can’t lodge your return until the new financial year, getting a head start on deductions and expenses may expedite the process when the calendar ticks over.

2. Make sure your super is in shape

Employee super payments are usually made automatically, and the end of financial year is a good time to check whether the money that’s gone into your retirement account is correct. If not, you can follow up with your employer.

Similarly, you may choose to make additional contributions. Sometimes, these can reduce the amount of tax you have to pay. Examples include:

• Personal super contributions – You can sometimes claim a deduction if you make contributions up to the concessional cap, which is $27,500 (inclusive of payments your employer has made).
• Spouse contributions – If you put money into a lower-earning spouse’s super account, you may be able to claim a rebate of up to $540.

The end of financial year can also be a good time to think about setting up a salary-sacrifice arrangement. It involves putting some of your salary into super instead of in your bank account, which reduces your taxable income.

3. Create a new year budget

The new financial year is a great time to plan for the next 12 months. For some people, that may involve a bit of a stock take of expenses and a plan for what to invest in and what to avoid in 2023-24.

Simple budgets can be created using Excel spreadsheets, but if you’d like something more comprehensive, you can also consider financial advice.

4. Keep on top of insurance

Is your insurance still fit-for-purpose? It’s not uncommon to end up with a policy that no longer fits your needs.

The new year can be a good checkpoint for looking at your health, life, car, home and general insurance to make sure they still tick the right boxes. When it comes to general insurance, we’ve partnered with Allianz Australia to offer insurance with features and policy options that you can choose to suit your lifestyle and budget.

If you’re looking for a bit of extra help, you can speak to a Chelsea Wealth financial planner to help you set up a plan for the new year and beyond.

Many of our members can spot crimes quickly, but sometimes it helps to get an update on the types of scams doing the rounds. Here are a few things to keep on the radar at tax time.

Tax season is here, which means it’s time to tally up those receipts and start preparing your return.

Millions of Australians are expected to get a refund this year, something that will no doubt be welcome news amid rising living costs and interest rates.

Unfortunately, tax scammers know people are in a rush to get that cash injection and are continuing to prey on busy people. While many Police Bank members are likely to be quicker than most at spotting a crime, we know you’re time poor. With that in mind, here are a few recent scams to keep an eye out for.

Impersonation scams

Have you recently had a call, voicemail, email or text message from someone claiming to be from the Australian Taxation Office (ATO)? Many of us have and they’re usually not legitimate.

In some cases, you may be promised a tax refund; in other cases, you’re told you have a large tax debt and need to take immediate action.

While some of these scams are easy to spot, fraudsters are increasingly using new methods that make their communications look real. For example, there have been recent reports of scammers sending out emails on what looks like official letterhead. They also use return addresses that closely resemble MyGov or the ATO.

The Tax Office is aware of these scams and said there are several signs you’re dealing with a scammer versus a true government tax agent. The Tax Office said it would not:

1. Leave a pre-recorded message on your phone.
2. Send a link to log in to your account via email or text message.
3. Ask for personal information, including credit card details, via email or SMS.
4. Make threats, such as immediate arrest.

What to do if you suspect a scam

If you suspect money has been taken out of your bank account illegitimately, let us know. 

You can also report scam activity to the ATO via ReportScams@ato.gov.au to help protect others.

Both the ATO and Scamwatch advise people not to engage – that means hanging up, deleting messages, blocking the sender and never clicking a suspicious link. If in doubt, you can call the Tax Office and ask on 1800 008 540.

Finally, it’s worth looking at the Scamwatch web page to see the latest scams doing the rounds and subscribing to the ATO’s scam alerts. While scammers are becoming more sophisticated, staying on top of their latest methods can help you and your family avoid falling victim.

From special interest rates to an early pay-day, members can expect more from Police Bank than the average lender or financial institution.

With interest rates and living costs on the rise, many Australians are looking for a better deal from their bank. At Police Bank, we can offer that to members of the police community, with special products and rates designed to suit those who are keeping Australians safe.

As a member of Police Bank, here are just a few of the benefits on offer.

1. Profits go back to members and the community

Police Bank is member-owned, which means we don’t have to distribute our profits to shareholders. In other words, the money we make can go back to the police community and to improving our products and offers for members. Last year, we reinvested more than 10 per cent of our profits into the police community.

2. Our competitive rates are award-winning

We’ve consistently been recognised for our low rates and great value, with several of our products winning awards. Our personal loans, and home loans have received accolades from comparison site Mozo and Money Magazine.  

We’re particularly proud of our credit card, which has a low ongoing rate of just 10.76% and up to 55 days interest free on purchases, and no annual fee in the first year.

3. An early pay-day for NSW Police employees

If you’re a member of the NSW Police Force, you can expect your pay to hit your bank account a day early with Police Bank. All you have to do is switch over your payroll account to us and wait for the money to come in.

4. Special home loan rates for Police Force members and their families

As a serving member of the Force, you’re eligible to apply for our super competitive Police Value three-year Fixed Rate home loan. Family members and friends looking to fix their rate can also apply for a great deal with our Goldrate Fixed Rate home loan. (Terms & Conditions, Fees & Charges and Lending Criteria apply.)

5. Deals for Police Academy graduates

We recognise it can be difficult for police graduates to get set up after their training, which is why we have a range of offers for our newest members. We have low personal loan rates available for graduates and also reward savers with higher deposit rates than many other banks offer. 

6. Making sure your assets are protected

Insurance can give you the assurance that your most valuable assets are protected even if disaster strikes.  We offer our members a 10% discount on general insurance and motor insurance in the first year if you pay online.

Again, these are just some of the benefits you can expect as a member of Police Bank. To find out more, speak to us today.

Budgeting has become very popular lately, as people grapple with inflation and try to make their dollars stretch further. If you’re setting up a spending and saving plan, it may help to work out what sort of budgeter you are first.

Are you the sort of person who has an Excel spreadsheet to track every purchase? Or does the idea of formalising a budget give you a headache? Either way, there are things you can do that may help to rein in spending, improve saving habits, and get you to your next big goal.

The first step is working out what type of budgeter you are. We’ve come up with a list of profiles, based on the behaviors we see from our members. What type are you?

Are you an active budgeter?

As the name suggests, an active budgeter likes to take control of their finances. They may:

• Have more than one bank account;
• Use the ‘bucket’ method of saving and spending, where money is allocated to different accounts for different purposes;
• Use apps or spreadsheets to track incoming and outgoing money;
• Choose to spread their accounts across banks or financial institutions mainly to avoid fees;
• Decide to come up with a formal plan before attacking discretionary spending.

Are you a half-hearted budgeter?

Half-hearted budgeters like the idea of a saving and spending plan, but don’t have as much time to commit to the process. They may:

• Loosely commit to the idea of a budget;
• Track bigger items – like a weekly grocery spend – but not worry about individual items;
• Have a rough idea of where money is going;

Do you like to live within your means?

People who like to live within their means tend to have a fairly good overview of where money is going. While they may have some forms of debt, they often try to avoid things like credit cards. They may:

• Know precisely what they earn, including overtime, shift loadings and bonuses;
• Be good at balancing their spending and saving;
• Put leftover money each pay cycle (if there is any) into a savings account;
• Be extra disciplined when it comes to cutting down on discretionary items, like unnecessary groceries, luxuries and other spending leaks.

Are you a budget rejector?

Formal budgets aren’t for everyone. In fact, some people outright dismiss them. However, that doesn’t mean people in this category can’t control their spending. Budget rejectors may:

• Think ‘bigger picture’ on long-term goals, rather than short-term spending;
• Feel like a budget is too much work;
• Not wish to compromise their lifestyle;
• Feel like they have nothing leftover to budget, because they spend all of their money on food and bills;
• Monitor spending, but not restrict it;

The bottom line

Regardless of the type of budgeter you are, there are apps available to help you on your money journey. If you want a bit of extra help, our wealth management arm Chelsea Wealth can point you in the right direction.

Get in touch today www.chelseawealth.com.au.

Inflation hasn’t made it easy for students, but there are still ways to get ahead if you’re studying. These ideas may help.

As costs spiral across the country, students are feeling the pinch. Thankfully, there are several different ways to cut down on spending and save money while studying.

Here are a few starting points.

1. Supercharge your savings in an under-30s account

If you’ve managed to build a regular savings habit in your early years, you should be rewarded. Police Bank has a special account for people under the age of 30 to incentivise saving. The U30 SUPER CHARGE account pays 5 per cent interest on balances up to $10,000, but allows you to have three accounts. In other words, you can save up to $30,000 spread across three accounts in total, while still receiving the maximum monthly interest. You won’t be charged any fees, either. (General Terms & Conditions. Terms, conditions, fees and charges apply).

2. Think about paying down study debt

If you’ve got a HECS or HELP loan from the Government to fund your study, the amount you’ll have to repay is about to rise. An indexation rate of 7.1 per cent will be applied from June 1 this year. If possible, paying down debt now could help to avoid the maximum sting.

3. Buy secondhand

Instead of dishing out for brand new books, furniture or appliances, consider what you can find in the pre-loved market. You may be able to score some barely-used products at a fraction of the price.

4. Use student discounts

As a student, you’re likely to be eligible for discounts on everything from computers and software to transport and food. Apps like UNiDAYS and Student Beans list discounts on offer. Don’t forget to make sure you have a valid student ID ready.   

5. Pool resources, where possible

If you can’t afford to buy, think about swapping or sharing (within the rules!) Things like sharing a car with housemates, rotating books between a group, and chipping in to bulk buy food may go a long way towards lowering costs.

6. Explore student facilities and services

Most universities, TAFEs and private institutions have various facilities available for student use for free or at a discounted cost. These include study rooms, gyms, healthcare facilities, counsellors and childcare. Speak to your study institution to find out more.

7. Pre-plan your meals

If you want to stay within a strict budget, planning ahead is a top strategy. Not only do you avoid overspending on cafes and delivery services, but you can work out exactly how much you’ll need to put away on a regular basis for your planned meals.

8. Cut subscriptions

In a digital age, it’s easy to rack up numerous subscriptions to TV, music and audiobook streaming platforms. If you have several though, they can quickly add up. Consider cutting down to one or two or switching to the more basic offering for each platform. 

9. Eat homecooked with family or friends

If you want to maintain an active student social life, but can’t afford the big nights at pubs, think about planning homecooked meals and drinks with your friends and family. It could mean a weekly meal with your parents, a weeknight meal at a friend’s place and another with a sibling. Even if you’re catering, you’re likely to come out ahead, when compared to a night on the town.

10. Investigate ways to earn money on the side

If your study schedule allows you to work part-time, think about getting a job that fits around your student life. The flexibility of the gig economy means there are also more on-demand roles for quieter parts of the semester, such as study breaks. Ideas include driving or delivering or selling homemade products at a market.

Adam Shand, the host of Inside the NSW Police Force, shares how the podcast series is harnessing the popular true crime genre to help the state’s police achieve breakthroughs in cold cases and correct community misconceptions about policing.

After 40 years in journalism, Adam Shand says, he wanted to do something with a strong social purpose.

“I was running out of enthusiasm for entertaining people solely. There’s got to be a point to this, particularly where you are dealing with sensitive topics like murder and missing persons. I am very critical of media who throw out sensational stories that get people’s hopes up then dash them because they don’t follow the story and they don’t investigate it,” Shand told us in an interview.

These are some of the themes that came together when Shand was invited to start making the NSW Crime Command podcast in 2020, a pilot for what later became Inside the NSW Police Force. The official podcast of the NSW Police, uses in-depth storytelling to take listeners through real investigations and provide insights into the lives of police officers. Shand and his production partners Piccolo Podcast and Media Productions funded the pilot until sponsorship from Police Bank helped to ensure a sustainable future for the series.

Helping to solve cases

Shand says it’s the first time in the world that the techniques of the true crime genre have been harnessed by police themselves in order to inform the public of the work they are doing and to appeal to the community for further information on complex cases. “This is not about entertainment. This is about solving real crime and bringing things to a resolution,” Shand said.

As we reported in a  previous Spotlight article[RT1] , the podcast was recently instrumental in helping police achieve a breakthrough in the mystery of a blackened jawbone of a 15-year-old boy found washed up on a Central Coast beach in 2020.

“True crime has been a hugely successful genre around the world, which I think has solved no more than a handful of crimes. Whereas here the professionals are now using the same medium. And the black bone story really typifies what’s possible. Because we access information and expertise that we wouldn’t otherwise.”

Shand says Inside the NSW Police Force is like no other true crime podcast because of its access: “There’s no wasting time going down rabbit holes. If we go in the wrong direction, the police will soon cut us off.”

He says the podcast is certain to feature more breakthroughs as a wave of new technology, including new types of DNA testing, sweeps NSW policing. In Australia, more than 38,000 missing persons reports are received by police each year.

Dispelling misconceptions and tackling tough issues

The podcast also aims to dispel some of the misconceptions about policing and provide an insight into what working in the force is really like.

“I’m really enjoying portraying our detectives and men and women in uniform in a different light because they are the same us as, yet I continually hear people talking about ‘us and them’,” says Shand. “I always like to say that the difference between us and them is they put themselves in harm’s way for us, and I think that’s pretty admirable.”

Shand says the podcast plans to tackle some of the tough issues that don’t get talked about much outside the force, like stress and PTSD, and how to keep people in work or bring them back in and help them with recovery so that they can have financial security.

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

New podcast tells true stories of all aspects of policing

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Extraordinary stories have been revealed in the first few episodes of the Inside the NSW Police Force podcast – including new information leading to a breakthrough for police investigating the discovery of a blackened jawbone washed up on the NSW Central Coast a few years ago. It turns out the mandible is much older than first thought, recalling a tragic day in 1940, forgotten by all but the young victim’s family. Here we provide you a taste of what this unique program has to offer. Make sure to listen in!

A strike force targeting underworld loot, a high stakes rescue of two sailors, and a breakthrough in the mystery of a black jawbone washed up on Umina Beach.

These are just a few of the unique stories covered in the first episodes of the NSW Police podcast Inside, which launched in April.

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

Here we share some details of the episodes so far.

Lost at Sea – The Black Bone

The episode “Lost at Sea – The Black Bone” is the latest in a series of police podcasts reporting on the investigation into the mystery of a blackened jawbone of a 15-year-old boy, which was washed up on a beach on the New South Wales Central Coast in 2020.

A major breakthrough in the case came when an archaeologist offered to help after hearing about the podcast via a Daily Mail article. Archaeologist Richard Wright recognised the jaw’s distinctive discolouration as being similar to old bones he’d seen before, and he contacted police and Shand with his theories about the find.

He told police the colour of the mandible suggested it might have been encased and preserved in peat. He believed the jaw could have been preserved in an underwater seam of peat that had been disturbed by dredging.  The significance of that observation was that the jaw could have come from a person who died decades earlier than originally thought. 

It appears the gruesome find may be linked to an 80-year-old tragedy. In 1940, 15-year-old Donald Maxwell was on a fishing boat with his father Samuel when they tried to moor the vessel at Ettalong, near Umina, on Brisbane Water.  Donald’s leg had become caught in an anchor line and he went overboard. Samuel then dived in to save him but father and son both drowned.  While the body of Samuel was quickly recovered, Donald’s remains were never found. 

A DNA sample from another female relative has been sent to the U.S. with the mandible for testing and results are expected soon.      

Police Academy

This episode features a look at the progress of a class of recruits at the Goulburn Academy through the eyes of their instructing sergeants. It examines how the Academy prepares recruits for a police career and helps them to find the vocation that will keep them in the job. The podcast plans to return to this story in coming series.

Also in the episode, we hear about a veteran transport command officer keeping the peace on the trains and collaborating with the Police Transport Command on gang-related and drug supply operations.

Next we hear about Strike Force Erebus, a multi-agency investigation with the Australian Federal Police, Australian Criminal Intelligence Commission, and NSW Crime Commission into the Sydney gangland war.

The Beast of Bondi

This episode tells how the identity of a prolific serial rapist was finally revealed after his death. But the case is not over. Dozens of previously unknown victims are coming forward, and police are recording their stories.

Cut to Strike Force Raptor, once known as the bikie squad, which is now targeting organised crime. Working with other police and agencies, Raptor is targeting underworld loot.

Finally, we hear how geotargeting is bringing missing people home safe. The Missing Persons Registry is leading Australia in the application of this technology. The latest case is a race against time to find an elderly dementia patient.

We urge you to take the time to listen to this extraordinary podcast which will cover all facets of policing in NSW, including live and cold cases in every command.

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

New podcast tells true stories of all aspects of policing