Author: Joel Maloney

Sydney, 12 July 2024: HOPE Housing Fund Management Ltd (HOPE), a shared-equity solution supporting essential workers to buy their own homes, and home loan partner Police Bank welcome the Premier’s recent initiative but are calling on government and institutional investors to look beyond Build to Rent as a housing solution for police, nurses, teachers, and other frontline workers.

The urgent message follows recent research published in The Sydney Morning Herald that found “dozens of inner-Sydney suburbs are entirely devoid of emergency workers as soaring housing costs push a growing number of those employed in frontline jobs to outer metropolitan areas and beyond”. 

HOPE’s shared-equity model launched with Police Bank’s support in October 2022, responding to already mounting evidence that workers providing critical essential services in Sydney were struggling to afford to buy a home near to where they work. Reported outcomes included long commutes, workers living in housing stress and unsuitable housing, and experienced workers looking to relocate to more affordable areas. 

Together, HOPE and Police Bank have successfully acquired homes across Greater Sydney in partnership with 26 essential workers, with positive social impact findings* from the program: 

• 77% of essential worker homeowners are reporting they can deliver a higher level of service in their profession.
• 69% are now more likely to stay in their chosen profession.
• 86% report feeling mentally healthier after achieving home ownership. 

Yielding an impressive 12.2%^ asset growth in properties within the HOPE portfolio for the 12 months to June 2024, the HOPE Fund is outperforming CoreLogic’s Index for All Dwellings Sydney, which recorded 6.3% growth for the same period. 

HOPE chief executive officer, Tim Buskens, said investment in shared-equity solutions should be top of mind for government and institutional investors wanting to address the housing crisis for essential workers. 

“It’s only going to get tougher for our frontline workers – police, firefighters, nurses – to own a home close to where they work if the only housing solutions that get attention and investment are those like Build to Rent schemes,” Buskens said. 

“By investing alongside owner-occupiers, shared equity models like HOPE provide long-term financial stability that benefits homeowners well into retirement. The model not only addresses immediate housing needs but also enhances the retirement outcomes for all superfund members. Given these significant advantages, HOPE’s approach aligns perfectly with the goals of government and Australia’s super funds. 

“HOPE has a proven track record of delivering strong financial results for investors and outperforming market returns. We are proving that shared equity is a rewarding and profitable investment that has a real impact on the lives of essential workers who are telling us they now have peace of mind about their futures and can invest in their frontline work without needing to move out of the area.” 

Police Bank Chair, Peter Remfrey, said this is just the latest in evidence showing home ownership is slipping further out of reach for frontline workers serving inner-city Sydney suburbs, and that intervention from government and investors can help turn the tide. 

“HOPE’s shared equity model is a proven solution to fix the crisis in housing for essential workers. Government can invest and use the returns to fund further housing initiatives that provide more financial stability than subsidised rental schemes,” Remfrey said. 

“It’s the ultimate win-win outcome, these dedicated workers don’t need a handout – it is shared equity with the structure built in so they can buy out HOPE’s investment over time. The time to act is now, with more than 3,000 police, nurses, teachers, and other frontline workers on the HOPE Housing waitlist who are desperate to live closer to where they work.” 

HOPE is commencing to deploy its next round of funding. For more information on investment opportunities, please visit: https://investors.hopehousing.com.au

^Portfolio growth is determined by estimating market value of the properties within the Fund’s portfolio monthly, using CoreLogic IntelliVal (Automated Valuation Estimate) and PropTrack AVM. The change in total portfolio value is indexed from a base value of 100, established at the inception of the Fund’s portfolio, to account for the addition of new properties during the same period. The 12-month growth represents the cumulative growth over the prior four quarters. The portfolio growth information does not take into account liabilities or expenses of the Fund and therefore may not reflect overall Fund performance.  

*HOPE Housing has relied on verbal and written information provided by its stakeholders, contracted data suppliers and other information available in the public domain. Stakeholder engagement captured the views of only a percentage of stakeholders and therefore does not necessarily reflect the views of all beneficiaries or other stakeholders. Survey results provide a subjective, self-reported assessment. Although every effort was made to accurately capture, record and appropriately analyse information contained in this document, the conclusions are subject to the limitations of the data and methodologies used and described.

Notes to editors

The Home Owners’ Partnering Equity “HOPE” is a for purpose fund manager founded with the support of Tim Sims AM (Managing Director and Co-Founder at Pacific Equity Partners). HOPE Housing’s shared equity model makes equity contributions of up to 50 per cent in homes for eligible frontline workers, with funding provided by investors looking to access the stable and solid returns of residential property. The 10-year closed fund pays distributions to investors when a property is sold, or the homeowner buys out HOPE’s share. 

HOPE Housing partners with member-owned Police Bank to provide the essential worker homeowner with home loan finance on their 50 per cent share. Police Bank is a member of The RegTech Association, committed to the growth and development of ethical and compliant business practice, and is supervised by the Australian Prudential Regulation Authority (APRA).

For interview requests, images or further media enquiries please contact:

Jasmine Turvey Head of PR, Reverb Media

E: jasmine@reverb-media.com.au

M: +61 437 762 320 

Do you have plans to get away over the upcoming Easter holidays? 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 goals 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 up 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.

3) Consider taking some foreign currency in cash

Having a mix of cards and cash allows you to have some flexibility when it comes to paying for goods and ensures you have a backup if anything gets stolen. It’s also convenient when you arrive at your destination and for smaller purchases. You can compare rates and order foreign currency online and look into our currency services here.

4) 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.

5) 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.

6) 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.

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.

Happy travelling!

At Police Bank, we’re always working hard to support the wellbeing of our police and their families – it’s at the heart of what we do. This month we’ve been on the road meeting members of the police community and supporting amazing initiatives. Here’s some of what our Head of Partnerships and Engagement, Boyd Stewart, has been up to so far in 2023.

Police Bank was proud to support the amazing Ride 4 Justice in Sydney.

Founded by acclaimed crime reporter Simon Bouda, the annual event raises funds for the Homicide Victims’ Support Group who offer counselling, support, and information to families and friends of homicide victims throughout NSW.

Over 200 riders took part – one of the biggest turn outs to date! As the main sponsor of the event, we look forward to being a part of the inspiring event for many years to come.

Next up was the launch of the Heart 2 Heart Walk at Parliament House in Canberra, hosted by Senator David Pocock.

First responders are twice as likely to report suicidal thoughts, three times more likely to have a plan for completion, and six times more likely to experience symptoms PTSD (for those who had worked more than 10 years in the role).

To raise awareness for first responder mental health research and initiatives, the Heart 2 Heart Foundation has organised a 3,000km charity walk. The walk will depart from the Northern Territory in July and finish back in Canberra, raising awareness and funds for this very important cause. As the first platinum sponsor, Police Bank is proud to support the fight for better mental health services for all Australian first responders and their families.

Two weeks ago, members of the Police Bank team including CEO, Greg McKenna, travelled to Hobart to celebrate the centenary of the Police Association of Tasmania (PAT).

It was great to visit Tasmania and work closely with the Presidents of Police Associations from across Australia and PAT to support its members and initiatives. We hope to visit again soon!

This time of year always brings an increase in dating scams as fraudsters seek to catch romantics unawares – it’s worth refreshing your knowledge of romance scams to protect yourself or your friends and family.

In this age of digital dating, there is a rise in people discovering the person they’re falling for isn’t who they say they are. In some cases, they’re not even the same gender or age they claim to be, or they may not even be in the same country. In fact, they may bear little resemblance at all to the person they say they are. In other words, they’re scammers.

Dating and romance scams are actually one of the most common forms of scams and cost Australians more than $35 million last year, according to the Australian Competition and Consumer Commission’s Scamwatch. Sadly, the money is rarely recovered.

While dating and romance fraudsters are becoming more sophisticated in the methods they use, Scamwatch reports suggest they have some common tactics and generally play on emotional triggers to get you to provide money, gifts or personal details. Here’s a quick guide to avoid getting caught out.

What we know about these scams

 Dating and romance scams are frequently designed to convince the victim to hand over money. Often, the scammer will use a persuasive story to get their victim to send card details or a cash transfer.

Scamwatch data shows there were slightly more reports of men being scammed (53 per cent) last year, with mobile apps and social networking sites the meeting place of choice for fraudsters. While people of all age groups have been targeted, the 35-44 cohort made the highest number of reports in 2022.  

Spotting the signs

 Again, scammers use different tactics, but here are some of the ways to identify whether the person you’re speaking to or dating could be suspicious:

• Scammers have been known to show a lot of affection early – they may use loving language when they haven’t known you very long, tell you they have strong feelings, or send you gifts.
• They may try to take the relationship off the platform where you met early on. For example, they may move from a dating app to private text or web messaging.
• Scammers may offer to meet, but then come up with an excuse at the last minute, like an accident.
• After a while, they may tell an elaborate story to try to get money – such as a tale about a family emergency or a legal issue.
• Once they have the money, they may disappear abruptly.

How to stay safe

To protect yourself, it’s important never to send money to someone you haven’t met in person, Scamwatch said.

Other tips include:

• Be wary of what you share online.
• Conduct a reverse image search via Google to check the legitimacy of pictures.
• Watch out for changes to their stories or inconsistencies.
• Be aware of the possibility that anyone you haven’t met could, unfortunately, be a scammer.

If you do think you’ve been scammed, you can report it to Scamwatch here.

Following the Reserve Bank of Australia’s (RBA) decision to raise the cash rate by 0.25% to 3.35% in February, we have been reviewing the balance between passing on the interest rate rise to our borrowers, term deposit holders, and members with savings accounts.

For Savers

Term Deposit

We have increased our 3-month Term Deposit rates by 0.25%, effective 17 February 2023, click here to find out the new rates.

Savings Accounts

We will be increasing the rate for our U30 SUPER CHARGE account by 0.25%, bringing our new rate to 4.50%, from March 1, 2023.

We will be increasing the Bonus Rate for our Bonus Saver account by 0.25% on March 1 2023. Our new bonus rate becomes 3.25% on March 1, 2023. With this increase, the total available rate for Bonus Saver holders will be 3.30%.

For Borrowers

Personal Loans

Effective 17 February, we will be decreasing the interest rate for our Fixed Driveaway Car Loan by 0.20% to a new rate of 6.99%.