Category: Latest News

Whether you are buying a car, going on holiday, getting married, or planning a road trip, personal loans can help at important times in your life to get where you want to be sooner.

Throughout a lifetime, we embark on various adventures, from traveling overseas and buying a car to getting married and heading off on a road trip with the family.

While exciting, these events can be costly. One way to achieve your goals sooner is via a personal loan, which can add to your savings and boost your buying power.

Personal loans can allow you to borrow a sum that you can repay over time in regular instalments. They provide certainty with fixed weekly, fortnightly or monthly repayments, which can make it easier to plan your finances around and help you to budget.

Buying a car

At some point in your life, you are probably going to buy a car. Whether you have your eye on your first vehicle or want to upgrade to a larger ride as the family grows, a personal loan can help you drive away sooner. It can be used to buy a new or second-hand car from a private seller or a dealer.

Traveling

You may want to embark on a package holiday around Europe or set off to explore Australia in a caravan. When it comes to financing the trip, consider upfront costs, everyday spending money and cash for emergencies. If you need some extra holiday money, a personal loan can help you make your travel dreams come true.

Tying the knot

If you are planning your dream wedding, then you’ve probably got an idea of how much it’s going to cost. There’s no getting around the fact that most weddings are expensive events.  One way to finance your dream day is through a personal loan. You can use the loan to pay for expenses such as booking catering, hiring a venue, or purchasing a wedding dress.

A helping hand, tailored to your needs

At Police Bank, we believe in supporting people through their whole life cycle and helping our members with the big costs that come up at various times in their lives.

Whatever’s next on your horizon, we will work with you to help make your dream a reality.

Police Bank’s Unsecured Personal Loan is the winner of the Mozo Experts Choice Award seven years running.

We offer competitive variable and fixed rate options, all designed to be tailored to suit your needs and budget. 

You can borrow for any worthwhile purpose from the latest in big ticket electronics, white goods and household items to holidays, cars, boats, and bikes.

Why choose a Police Bank personal loan?

Our loans have no account keeping fees or early payout penalties. So you can be sure every dollar you repay is reducing your home loan.

We have pre-approval and 100% finance options, helping make your personal loans even more flexible.

Refinancing and debt consolidation options are also available, making sure we give you the support you need.

For more information on our personal loans, click here.

A new podcast sponsored by Police Bank brings to life true stories from all aspects of policing in New South Wales, from a day in the life of the force’s top cops to the nitty-gritty of the state’s most notorious cases.

At Police Bank we know our members in the police force all have stories to tell about the important work they do day in and day out.

Now we’re helping some of these stories be brought to life in a new podcast.

Inside the NSW Police Force is the official podcast of the NSW Police Force, covering all facets of policing through storytelling.

Weekly episodes will take listeners on a journey from a day in the life of the force’s top police to the nitty-gritty of the state’s most notorious cases.

The series is inspired by the NSW State Crime Command Podcast, a pilot series which had an average of 30,000 listeners per episode.

The NSW State Crime Command Podcast won awards for the Best Branded Podcast at the Australian Podcast Awards and the Australian Commercial Radio Awards in 2021.

With more than 1.2 million downloads, the series also drew information that led to the solution of an 80-year cold case and created other leads for police.

Inside the NSW Police Force will have an expanded remit and will cover all facets of policing in NSW, including live and cold cases in every command.

The podcast is produced by Adam Shand, an author and journalist who began his career in journalism at The Australian newspaper before joining the Nine Television Network.

A Walkley Award winner for investigative journalism, Adam has been producing and hosting award-winning true crime podcasts and TV programs since 2017.

The first episode of Inside the NSW Police Force will be available on 11 April 2023. You can access the podcast on Apple Podcasts and Spotify.

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%.

On the back of Christmas and school holidays, the back to school season can be tough on the household budget. Here are a few tips for the cost-conscious. 

After a long summer break, it’s time to send the kids back to school. For some parents, the thought may bring relief – until they consider the costs.

Depending on their age and stage, the kids’ new school year can bring a lengthy list of things that need to be bought in a relatively short time. From new shoes to books, it all adds up. Here are a few ways to make it less painful on the hip pocket. 

1. Look into state-based vouchers for activities 

Governments know paying for school activities can be costly and have a series of schemes to help parents pay for the costs associated with things like sport. Often, they’re state-based and vary depending on factors like where you live and how many school-aged kids you have. 

• In NSW, look at Creative Kids and Active Kids, which offer $100 vouchers for activities like music lessons and sport. 
• Victoria has a similar sports-based scheme called Get Active, which gives parents $200 towards registration and membership-type fees.  
• Queensland’s version is called Fair Play and offers vouchers of up to $150. 
• In Western Australia, there’s KidSport, which similarly gives out vouchers up to $150 to eligible families. 
• South Australia has Sports Vouchers of up to $100, which can be used for dance and swim lessons, too
• Tasmania’s Ticket to Play has two $100 vouchers on offer for kids’ membership fees. 
• The Northern Territory also offers two $100 Sport and Swim vouchers, which can be redeemed for sports and cultural activities. 

2. Consider second-hand gear or hand-me-downs

School uniforms and books are expensive, but the costs can be slashed if you’re willing to buy second hand. 

Often, deals can be found on social media community groups, school notice boards and at the school uniform shop. 

If you have friends with older children, asking for their hand-me-down uniforms and shoes could also result in a huge savings. 

3. Look online

While many of us are in the habit of heading to the stationery store at the end of the school holidays, buying supplies online could be cheaper if you shop around. Some online suppliers also offer discounts for buying in bulk, which may suit you if you have a co-op of fellow school parents who need a year’s worth of supplies. 

4. Sell or trade last year’s gear

If you have newish school shoes, but really need shorts and a sport shirt, you could try to swap by asking around or joining a community group. 

Online parents’ groups often also have people selling last year’s uniforms and books, so you could consider putting the stuff you don’t need up for sale. 

5. Set up a fund for future costs 

If finding the extra cash for school supplies is particularly challenging, you could consider setting up a fund and putting a small amount towards next year’s big spend each week, fortnight or month. 

If you can spare an extra $20 a week, that’s more than $1000 over the course of a year, which could help take the pressure off next February. Take a look at our savings accounts to make the most out of your money.

Building a healthy relationship with money from an early age is important for financial empowerment in the future. Parents, no matter their financial situation, have the power to influence how their kids interact with money.

You don’t have to be an expert, and you don’t even need to dole out pocket money. It can be as simple as introducing them to the concepts of earning, spending, saving, and donating. 

You can gently expose them to your financial habits and decisions and make a point of letting them handle some cash to watch it grow or diminish on a trip to the shops – something that is especially important in this age of digital payments like Tap & Go cards or through your phone.

Here are some other top tips to get kids started on their money journeys.

• Introduce them to the nature of your work, how you earn money, and why – to keep the household running, to pay for their school and sport, to save for holidays
• Get them involved in decisions – what do they think are the necessities, what are the needs of the family, and what are the wants
• Choose a charity cause that you donate to or fundraise for together to teach them about the concept of sharing and helping others
• Have a money date night at home where everyone picks something they want to save for
• If you can afford it, offer the chance to earn pocket money for chores, and make sure to withhold it if tasks are not complete – they can choose to spend, save, or donate
• Research an item they want together, and try to find the best price – have conversations with them about putting things off until sale times or a big milestone event like a birthday or Christmas.

Learning to save has never been so easy with Police Bank’s Dynamo children’s saving account, available up to 12 years of age. With no monthly account keeping fees, depositing just $5 a week will receive a bonus rate of interest to accelerate savings (T&Cs apply).

Sometimes checking in on the mortgage – and making adjustments – can be the key to home loan savings. Here are a few ideas.

With interest rates going up, many homeowners are looking for new ways to reduce mortgage stress. Here are some handy tips to tweak your mortgage and adjust to consecutive rate rises. 

1. Make home loan features work for you

If you have a home loan that includes a redraw account, offset account, or line of credit, now could be a good time to investigate how you could use these features more effectively. For example, some customers use several offset accounts to reduce the amount of interest they pay each month, while saving at the same time. Offset accounts – which can be transaction accounts – counterbalance or ‘offset’ the interest you pay. Importantly, it has to work for you and your budgeting.  

2. Look at your repayment frequency 

If you’re making your loan repayments every month, you could consider reducing the frequency to fortnightly. That way, you’re paying off a smaller amount, but chipping away at more of the principal.

3. Consider fixing your rate

If you think interest rates are likely to rise further in the new year, it could also be worth considering a fixed-rate loan. Fixed loans lock in an interest rate for a set period of time. Keep in mind, after the fixed term expires, the rate reverts to whatever the standard variable rate is at the time. 

Some borrowers like the certainty of having a fixed rate because they know what their repayments will be for the fixed term and can budget accordingly. Take a look at our Police Bank rates here.

4. Think about planning the year around windfalls

Another strategy for bringing down the repayments is trying to take a chunk out of the principal you owe. 

It’s not always easy if you’re using a fixed salary to pay off the loan, which is why some customers use windfalls like tax refunds, dividends, or inheritance to pay down the mortgage more quickly.

General advice only.