Category: Latest News

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 

Rising prices have put many homeowners under pressure, but thankfully there are several ways you could lower the cost of your loan. Here are five ideas.

If you’ve been feeling stretched by the cost-of-living pressures, the added stress of uncertain home loan repayments may be something you could do without.  

While some costs are hard to avoid, there are several tweaks you can make to your home loan, which could reduce how much you pay each month. Consider these five.  

1. Regularly review your home loan and interest rate

Over the course of your home loan, your life circumstances are likely to change, which is why it’s important to check in to see if your home loan is still fit for purpose. For example, you may have started with a no-frills loan but found you may need a few more features. Regularly checking in on the offers and rates available can help to ensure you’re getting the best deal for your needs and situation.

2. Consider a fixed-rate loan

If you’re worried about the prospect of interest rates rising further or just want a bit of added repayment certainty, you may wish to consider a fixed-rate home loan. For the duration of your fixed term, your rate won’t change and neither should your repayment amount. It can make it easier to budget.

3. Look for cashback offers

From time to time, lenders will offer cashback deals, which essentially put money back into the pockets of borrowers when they switch to a new home loan. If the offers suit you, it could be a way to pay for anything from bills and groceries to that next family holiday.

4. Watch for fees

If you’re trying to save money, a high, ongoing home loan fee certainly won’t help. Take a look at how much you’re paying to keep your loan going and see if there’s a better deal available. If you refinance to a new loan, don’t forget to look at the upfront and exit fees.

5. See if you can make extra repayments

If you manage to find a bit extra in the budget from other hacks, making extra repayments could help to bring down your principal more quickly. You may also end up paying less in interest over the life of the loan.

Our cashback offer

Police Bank has come up with a hot new offer for members looking to pair interest rate certainty with extra cash to manage higher living costs.

Eligible members can now refinance a home loan from another bank to a two or three-year fixed rate and receive $2,000 cashback+. The fixed-rate offered is below six per cent on the Police Value and Goldrate home loan products.

As a lender operating for members, rather than shareholders, we’re able to offer this great rate and cashback package to ease the cost of living burden of our members.

2 Year Fixed Rate 5.99% p.a.	Comparison Rate* 6.91% p.a.
3 Year Fixed Rate 5.79% p.a.	Comparison Rate* 6.76% p.a.

To find out more and apply, click here.

Spotlight articles are prepared without taking into account your objectives, financial situation or needs and are published for information purposes only. You should consider the appropriateness of any content for your circumstances.

Visit Important Documents & Information to access Terms and Conditions and the Financial Services Guide, which are currently available electronically for products of Police Bank Limited. Target Market Determinations are available here. Loan applications are subject to lending criteria and credit approval. Interest rates are subject to change. Fees and charges may apply.

+ Cashback Terms & Conditions, two and three year fixed rates

+ To be eligible for the Police Bank cashback offer, applicants must be refinancing an existing Owner Occupied home loan of $300,000 or more from another financial institution (excluding Border Bank and Bank of Heritage Isle) with a salary credited directly to a Police Bank account.  Only applicable for 2- or 3-year fixed rate home loans. The offer is only available to applicants who apply and are approved from 18/03/2024- 30/6/2024. Eligible loans must settle within 90 days of application.

The cashback is only available once to each individual or joint applicant(s). The cashback amount will be credited to either the primary transaction account for single borrowers or a joint account with the primary borrower within 60 days of settlement. The salary credit must be set up within 60 days from loan settlement. If multiple loans apply, all loans must be funded before the total cashback is assessed and paid. The total sum of all loans funded must exceed $ 300,000. This offer is not available in conjunction with any other offer, bonus or discount. We reserve the right to withdraw this offer and/or alter the offer period at any time.

This offer is available to all fixed rate OO, P&I loans excluding loans guaranteed through the Housing Australia schemes.

*Terms, conditions, fees, charges, eligibility and lending criteria apply.

• There is a Rate Lock in fee of $600
• Interest rates are subject to change and we may vary the rate offered at any time without prior notice to you. To find out our home loan rates please click here.
• ^The comparison rate is based on a loan of $150,000 over a 25-year term. WARNING: This comparison rate is true only for the examples given and may not include all fees and charges. Different terms, fees or other loan amounts might result in a different comparison rate.
• Lenders Mortgage insurance (LMI) is applicable on all loans with an LVR of above 80%
• Early repayment costs may apply if you repay your loan or switch to another one before the end of your fixed term or make early or additional repayments. Once the fixed rate period ends, the loan reverts to a variable rate loan and repayment amounts will change.

Australians have lost millions of dollars to fake investment scams, which sometimes use well-known celebrities to try to hook their next victim. Here’s how to keep yourself and your loved ones safe.

While the idea of Keanu Reeves or Nicole Kidman spruiking a ‘get rich quick’ investment product may seem a bit farfetched, scammers are finding ways to become more convincing with their fake celebrity messaging in an age of artificial intelligence (AI).

In fact, the Australian Consumer and Competition Commission (ACCC) has warned that deepfake scams are capturing victims across the country, with losses totalling more than $8 million last year.

ACCC Deputy Chair Catriona Lowe said there are numerous examples of social media-based scams that have been costly for victims.

“We know of an Australian man who lost $80,000 in cryptocurrency after seeing a deepfake Elon Musk video interview on social media, clicking the link and registering his details through an online form,” Lowe said. “He was provided with an account manager and an online dashboard where he could see his investment supposedly making huge returns. But when he tried to withdraw the money, he was locked out of his account.”

How these scams work

The recently established National Anti-Scam Centre has identified several characteristics common to these fake celebrity scams:

• Generally, they try to hook victims on social media with fake celebrity endorsements.
• If someone clicks on the link to the scam, they’re enticed into setting up a fake trading account, which enables the scammer to chat to them.
• The scammer asks for an access fee – often around $250.
• The scammer encourages the victim to download an app with a fake dashboard showing great investment returns.
• The victim is encouraged to invest more.
• When the victim tries to access the returns, they are locked out of the account or asked to pay additional fees.

How to protect yourself and your loved ones

While many members of the Police Bank family know how to spot a scam, spreading awareness among family and friend networks can help protect others, too.

Here are a few tips from Scamwatch to avoid fake celebrity investment scams:

• Be careful about any social media investment opportunity and never give out financial details on social media.
• Conduct a Google search if something doesn’t seem right.
• Check out the Australian Securities and Investments Commission’s Investor Alert list, which features known scams.

Spotlight articles are prepared without taking into account your objectives, financial situation or needs and are published for information purposes only. You should consider the appropriateness of any content for your circumstances.

Visit Important Documents & Information to access Terms and Conditions and the Financial Services Guide, which are currently available electronically for products of Police Bank Limited. Target Market Determinations are available here. Loan applications are subject to lending criteria and credit approval. Interest rates are subject to change. Fees and charges may apply.

Aspiring NSW Police employees got an inside look at life as a cop at the Sydney Royal Easter Show this year, with popular attractions such as the jump and grip test drawing kids and adults alike. 

The NSW Police stand was once again a hit with crowds at the Sydney Royal Easter Show, with people of all ages stopping by to learn more about a career in the Force. 

The popular exhibit had several attractions to entice showgoers this year, including a Traffic and Highway motorbike, Marine Area Command jet ski, and the famous jump and grip test. 

It also had a range of freebies, such as “You Should be a Cop” wristbands, stress balls, and materials about new recruitment incentives. 

The stand has long been a favourite with future NSW Police employees who wish to get a greater insight into what day-to-day life as a cop looks like.

The Police Recruitment Branch also provided information about what’s involved in the recruitment process, NSW Police Academy fitness requirements, salary, life as a junior employee, and benefits of working in a role that protects the community.

Visitors had the chance to meet officers and civilians from around the state, as well as representatives from the Radio Operations Group and Wireless Network Group, Rural Crime and Prevention Team, Public Order and Riot Squad, Aviation Command, Capability Performance and Youth Command – Domestic and Family Violence Registry and Police Link.

As always, prospective NSW Police employees had a bunch of questions for the teams, including what sort of results are needed to pass exams and how long it takes to become a specialist in the Force.

Police Bank was once again a proud sponsor of the stand.

For those who couldn’t make the show this year, there are other opportunities to ask serving NSW Police employees questions at the May and June events. Future events are advertised on the NSW Police Recruitment Branch Facebook page. The next information session will be hosted at Holy Cross College, Ryde, on the 18th of May 2024.

More information about the NSW Police recruitment process can also be found here and further questions can be directed to recruiting@police.nsw.gov.au.

 Artificial intelligence (AI) has exploded onto the scene, offering new ways for budget-savvy Aussies to build their bank balance. Here are five ways you can use AI to potentially improve your finances.

A couple of years ago, only a few of us had heard of artificial intelligence (AI), but now, it’s increasingly part of our everyday lives. If you’ve used your phone or computer today, it’s likely AI played a role, even if you weren’t aware of it.

AI models, such as ChatGPT, are designed to listen to prompts and come up with solutions. The more information they receive, the more they refine their answer.

One of the many benefits of AI is it can offer shortcuts to many different tasks, including budgeting. With that in mind, here are a few ways you may be able to use AI to save money.

1. Build a budget

AI can be used to build a budget that considers your income, expenses, and areas to save. There are a couple of ways to do this: Either download a budgeting app or ask ChatGPT to build a budget for you. An example may be: “I earn XX and pay XX on my mortgage and expenses… Create a simple plan for me to save”.  

2. Automated tracking

If you’re tired of manually keeping an eye on how much you spend, consider outsourcing the task to AI. Again, either an app or a command can be used to keep an eye on where your money is going and help to make informed decisions about where you may need to cut back.

3. Save money at the checkout

If you feel like you’re overspending at the shops, you can ask AI to produce budget-friendly meal plans. By asking ChatGPT for recipes that use either minimal ingredients or fit within a certain budget, you may be able to rein in food costs, while making healthy choices for you or your family.

4. Find a better price on household items

Instead of shopping around for the best price on things for the home, consider using the app Little Birdie, which uses AI to scan the internet for bargains. Not only will it help to save time, but it will track down the top deals available at the time you’re ready to buy.

5. Negotiate your bills

It’s not always easy to find the right words to ask for a better deal on your energy bills, but this is another area where AI might be able to assist. ChatGPT can customise a script for you to ask for a reduction on a range of regular contracts. Once again, it’s just a matter of asking.

Spotlight articles are prepared without taking into account your objectives, financial situation or needs and are published for information purposes only. You should consider the appropriateness of any content to your circumstances.

Visit Important documents to access Terms and Conditions and the Financial Services Guide which are currently available electronically for products of Police Bank Limited. Target Market Determinations are available here. Loan applications are subject to lending criteria and credit approval. Interest rates are subject to change. Fees and charges may apply.

We’re excited to announce that starting April 5th, 2024, we’re boosting our interest rates for our 4-month Term Deposits* by 0.25 p.a.! This means more returns on your money when you choose to save with us for a little longer.

Take a look at our updated rates here.

*Terms and conditions apply and are available here.

Most Australians will live at least 25 years in retirement, so it’s important to have a plan to support ourselves financially during that time. Rob Weston, Head of Financial Planning & Advice at Chelsea Wealth, shares some insights that may help you to start planning for life after paid work.

The earlier you start planning for retirement the better.

According to the Australian Bureau of Statistics, the average age that people plan to retire is 65 years. At the same time, the average life expectancy in Australia is among the highest in the world, stretching well into the 80s. That means we need to plan for at least 25 years in retirement. That’s a long time to be relying on your own resources.

According to Rob Weston, Head of Financial Planning & Advice at Chelsea Wealth, it’s never too late to start thinking about your retirement strategy. However, starting early gives you more time to plan.

“Time allows you to put strategies in place to grow your nest egg and improve your situation for retirement. The more time you have, the more options you have,” he said.

We asked Rob to share some insights into planning for retirement. Here are his top tips to get you started:

1. Understand when you would like to retire.

It’s easy to cruise along, thinking you’ll know when the time comes to retire. However, if you think now about when you’d probably like to retire, it puts you in a better position to plan for it and make it happen.

2. Understand what plans and goals you have in retirement.

“We tend to see that people retire and in the first couple of years, they are ticking off those big ticket items – caravanning around Australia or traveling through Europe,” says Rob, noting that this means people spend a lot of money in the first three to five years of retirement, on items such as a new car or caravan, or renovating the house.

“Then things settle into the day-to-day. I encourage people to think about the day-to-day because if you are going from a full-time work week to suddenly being in full-time retirement, instead of having two days a week that you’ve got to entertain yourself, you’ve now got seven. So, what are you going to do? It’s different for everybody. Some people spend a lot of time volunteering, other people have grandkids they want to help with, some continually travel, and others are happy pottering in the garden. You’ve got to think about what you want and plan for it. Remember, you work hard to get to retirement, so you want to enjoy it when you get there.”

3. Do a stock take.

Rob recommends going through all the assets and liabilities you’ve accumulated over the years to understand your current financial position. Have a look on the Australian Tax Office portal and understand where your superannuation is. There is more than $16 billion dollars in lost and unclaimed super in Australia.

“Particularly if have not been a police officer all of your life, and have worked in a few other industries before joining the force, you’re likely to have a few other super funds,” said Rob. “Many people have also accumulated shares over the years, whether they have proactively purchased them or benefited from the Telstra or NRMA share offers. If you are going to be applying for Centrelink or Aged Pension, you need to understand what we’ve got. Also, your assets may help fund a caravanning trip or other big expenditure.”

And if your total assets don’t have you on track for the retirement you want, you can begin to develop strategies to change that.

4. Hold the mirror up to yourself and have an honest assessment of your investment experience over your lifetime.

“Have you invested in shares or property, how did you feel about all of those and how long did you invest for? If you consult a financial adviser about your retirement plan, they will talk to you about investing in the market,” Rob said. “They will want to make sure you are invested in a way that gives you the best returns over a long time. So, it’s good to think about how comfortable you are investing in different types of assets.”

5. Take the time to find a financial planner that you connect with and trust.

A financial adviser can offer expert advice on strategies to grow your wealth for retirement. Rob recommends taking the time to talk to a few different advisers before committing.

“Spend the time getting to know your adviser – understand their experience, their qualifications, if they have specific areas of expertise they gravitate towards and whether that fits with what you are looking for,” Rob said.

“Chelsea Wealth is a great match for people from the police community looking for retirement advice because we have experience providing advice around all aspects of life in the police force. For officers who are eligible for the NSW Police Defined Benefit Scheme or those participating in the Optional disengagement scheme, be sure to seek out an adviser who has experience in this area, which can be quite complex.”

Spotlight articles are prepared without taking into account your objectives, financial situation or needs and are published for information purposes only. You should consider the appropriateness of any content for your circumstances.

Visit Important Documents & Information to access Terms and Conditions and the Financial Services Guide, which are currently available electronically for products of Police Bank Limited. Target Market Determinations are available here. Loan applications are subject to lending criteria and credit approval. Interest rates are subject to change. Fees and charges may apply.

Chelsea Wealth Management Pty Ltd ABN 75 112 845 673 AFS representative number 1286091 (Chelsea Wealth) is a subsidiary of Police Bank. Chelsea Wealth is a Corporate Authorised Representative of Matrix Planning Solutions Limited (Matrix) ABN 45 087 470 200 AFSL No. 238256. Chelsea Wealth is authorised to provide personal financial product advice to retail clients. In referring members to Chelsea Wealth Management, Police Bank does not accept liability or responsibility for any act or omission or advice provided by Matrix or Chelsea (or any of their representatives). The information on this website is general in nature and may not be relevant to your individual circumstances.

Refinancing can help open up a whole range of benefits, especially if you’ve had your home loan for a while. Here are a few things to consider.

If you’ve had your home loan for a few years, you may be able to look for opportunities to save money, pay off the home loan faster, or unlock more flexible features with a new loan. All of these options could be possible through refinancing, depending on your current loan and circumstances.

What is refinancing?

Refinancing means shifting from one loan to another. When you move to a new loan, you take on the terms of your new loan. In other words, certain things may change, such as the length of your loan term and your interest rate.

Benefits of refinancing

At Police Bank, we find our members choose to refinance to us for a number of reasons, including:

• To secure a more certain repayment amount with a fixed-rate loan– Our current two-year fixed rate home loan is a popular choice for owner-occupiers looking to lock in rate certainty after recent Reserve Bank rate rises, especially because it has no annual fee. Additionally, for a short period, if your refinance your home loan to us, on an eligible fixed rate home loan* then $2,000 cashback+ is also available.
• To save money with a cheaper loan – If the new loan has a lower interest rate or lower fees, the borrower may pay less.
• To pay off the loan more quickly – Some borrowers switch to a shorter loan term, which may allow them to be debt-free sooner.
• To consolidate debt – Some members with multiple loans choose to bring them all under one loan to simplify their finances.
• To unlock equity – Refinancing can allow borrowers to access equity for other investment purchases, renovations or lifestyle goals.
• To access more flexible features – Sometimes, borrowers choose a no-frills loan to begin with, and then wish to take advantage of more flexible features, such as offset accounts and redraw facilities.

What to think about

Before you consider refinancing, it’s important to weigh up your goals and the costs associated with switching from one loan to another. These can vary depending on your current loan and the loan you choose.

At Police Bank, we’re here to help. You can call us on 131 728 or fill in our refinance form to have a member of the team contact you.

Spotlight articles are prepared without taking into account your objectives, financial situation or needs and are published for information purposes only. You should consider the appropriateness of any content for your circumstances.

Visit Important Documents & Information to access Terms and Conditions and the Financial Services Guide, which are currently available electronically for products of Police Bank Limited. Target Market Determinations are available here. Loan applications are subject to lending criteria and credit approval. Interest rates are subject to change. Fees and charges may apply.

+ Cashback Terms & Conditions, two and three year fixed rates

+ To be eligible for the Police Bank cashback offer, applicants must be refinancing an existing Owner Occupied home loan of $300,000 or more from another financial institution (excluding Border Bank and Bank of Heritage Isle) with a salary credited directly to a Police Bank account.  Only applicable for 2- or 3-year fixed rate home loans. The offer is only available to applicants who apply and are approved from 18/03/2024 – 30/6/2024. Eligible loans must settle within 90 days of application.

The cashback is only available once to each individual or joint applicant(s). The cashback amount will be credited to either the primary transaction account for single borrowers or a joint account with the primary borrower within 60 days of settlement. The salary credit must be set up within 60 days from loan settlement. If multiple loans apply, all loans must be funded before the total cashback is assessed and paid. The total sum of all loans funded must exceed $ 300,000. This offer is not available in conjunction with any other offer, bonus or discount. We reserve the right to withdraw this offer and/or alter the offer period at any time.

This offer is available to all fixed rate OO, P&I loans excluding loans guaranteed through the Housing Australia schemes.

*Terms, conditions, fees, charges, eligibility and lending criteria apply.

• There is a Rate Lock in fee of $600
• Lenders Mortgage insurance (LMI) is applicable on all loans with an LVR of above 80%
• Early repayment costs may apply if you repay your loan or switch to another one before the end of your fixed term or make early or additional repayments. Once the fixed rate period ends, the loan reverts to a variable rate loan and repayment amounts will change.

As we reflect on International Women’s Day, Police Bank spoke to Chief Information Officer (CIO) Lyndall Bushell about her impressive career, her thoughts on how to empower women in the workforce, and her tips for members who aspire to be leaders. 

For technology trailblazer and Police Bank CIO Lyndall Bushell, empowering women at work means supporting women to make the choices they want.

From the ability to work flexibly to ensuring we’re advocating for women and ensuring inclusive processes and opportunities at a senior level, Ms Bushell said she’s seen progress across her career in banking and technology, but much more work is needed. 

“We need to put women in positions where they have choices to do what they want to do and what they need to do, without feeling like the cost of that is too high,” she said.

One example Ms. Bushell gave related to childcare, where she feels the conversation must shift away from linking women’s decision to go back to work with the cost of childcare.  

“Childcare is invariably angled as a problem associated with women, and we often hear about trying to rationalise the cost of childcare with a woman’s income, rather than contemplating the whole household income or support arrangement. This is an unfair burden society puts on women,” she said.

Ms. Bushell stressed she is in a position of privilege, with earlier access to higher education, support at home, and the ability to access help – which both the Police Bank CIO and this year’s International Women’s Day (IWD) recognise many women don’t have.

This year’s IWD theme is Inspire Inclusion, which captures “the sense of belonging, relevance, and empowerment” that comes with being included. It also calls for more diversity in leadership and decision-making positions. 

Reflecting on her leadership, Ms. Bushell said it’s important to recognise the change you can create. 

“I can’t change the whole world, but I can change what happens within my own team; today, I can influence what happens in my own team,” she said. “I think as leaders, that’s the most important thing we can do.”

Ms. Bushell began her career at Westpac in 2008 and joined the bank’s graduate program the following year. 

For a while, she worked as a bank teller, which she described as a “great experience” to gain insight into the behaviour of customers. In her early career years, Ms. Bushell developed her interest in consumer behaviour. 

“I could see there was an unmet need around financial literacy,” she said. 

Later, Ms. Bushell became involved in transformations and said she developed more of a curiosity about how people experience change especially as we moved through digital transformation. She has been involved in early mobile banking experiences and working on systems that help customers to enable their self-service needs. 

Through her 12 years at Westpac, then later roles at Neobank 86 400 and BNPL provider Humm, she said she was reminded of the importance of putting the customer experience at the centre of the way financial providers operate. 

For that reason, the CIO was excited to join Police Bank last year and about what’s next for the customer-owned bank. 

“The thing that appealed to me about the transition is the opportunity to continue to be involved in transformation,” she said.  

“There is a huge opportunity for mutual banks to challenge the majors, increasingly using technology, coupled with a real purpose-driven focus, to drive better experiences for customers. Police Bank is doing just that.”

Advice for other aspiring leaders

For future female leaders, Ms. Bushell has several pieces of useful advice, particularly around the importance of knowing your worth and finding the right support.

“To people up and coming, I would say ‘feel empowered to advocate for yourself knowing the value that you drive’,” she said. “You have to back yourself.”

Ms. Bushell said it’s also important to align yourself with the right leaders.

“Seek out support, seek out mentors, look for people you can identify with; you will need those,” she said.

“I feel like my career has been supported by great leaders along the way… I think Greg (Police Bank CEO) is a great leader.”

Finally, “If you’re in a position to do so, find work with purpose,” she said.

Spotlight articles are prepared without taking into account your objectives, financial situation or needs and are published for information purposes only. You should consider the appropriateness of any content for your circumstances.

With fewer people using cheques, Police Bank will join the market in phasing out the payment method in favour of other, more convenient options. If you still use cheques, these changes may affect you, but we’re here to guide you through the process.

A couple of decades ago, it was common for our members to carry their Police Bank chequebook with them to pay for a variety of items and services. Times have changed, however, and in recent years, we’ve seen a rapid decline in the number of customers using chequing services.

It’s a trend throughout the country, as customers move to newer and more convenient ways of paying for things, such as debit cards. Across Australia, there has been an almost 90 per cent drop in cheque use in the last decade, with cheques now making up less than 0.2 per cent of non-cash retail payments, federal government data shows.*

As a result of this shift in customer habits, we’re joining the broader market in phasing out cheques. At Police Bank, we will be ending chequing services on May 8, 2024. 

What it means for you

If you previously used cheques, but have switched to other forms of payment, you don’t need to worry. All of our other banking options will remain available, including Direct Debit, BPAY, PayID, internet banking, mobile wallet, Osko, Visa Debit, Bank@Post and telephone banking.

Some of our customers have previously used cheques to pay for big ticket items, such as a new car or accommodation. We want to assure you that we’ll provide other, safe ways for you to pay for these larger purchases.

Remember – we’re here to help you. If you have any questions or concerns, you can find out more by clicking here or calling us on 131 728.

The modernisation of Police Bank

The phasing out of cheques is part of our overall plan to bring Police Bank into the future, for you and the next generation of our members.

As always, we’ll keep you informed of our progress and once we go live with our new core banking system, you’ll find us much easier and more modern to bank with, with the same great service and community focus.

*https://ministers.treasury.gov.au/ministers/jim-chalmers-2022/media-releases/modernising-payments-infrastructure-phasing-out-cheques

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