Cannex awards PC 5 star rating for new car loans_

Great car loan rates march 2008 9.24 starting from % pa 107 * Cannex awards PC 5 star rating for new car loans! Police Credit’s new car loan products have been awarded the maximum five star rating by leading Australian financial services researcher Cannex. “Winning these awards gives us national recognition that our products are up there with the very best.” Peter Kempster, CEO of Police Credit. Turn to page 3 to read more. Home loan rates you can rely on % % from 8.09pa (comparison rate 8.13pa ) Talk with one of our Home Loan consultants about our range of competitive loan products to suit your needs – call today on 13 63 73. pcnews 2 MARCH 2008 Financial Planning Review your investment strategy Based on history and knowledge of market cycles, many commentators predicted that the unprecedented boom recently experienced in the Australian share market could not have continued indefinitely. Historically, the market has experienced similar situations before and rallied. > > > > 1980–1982, the market fell 37% 1987–1988, the market fell 45% 1994–1995, the market fell 17% 2002–2003, the market fell 22%. Recent months have seen the Australian and International share markets display a volatility that has caused concern among shareholders everywhere. As shares make up a significant proportion of managed investments and superannuation accounts, the situation impacts (to varying degrees) on most of us. At the end of January, the Australian market was down 20% on the highs that were experienced as recently as December, with the most prolonged run of daily losses since 1982. Yet some stocks have rallied and bargains became available to the canny investor as other shareholders lost their confidence. The current situation was triggered by fears of a looming recession in the United States, brought on by concern about losses relating to sub-prime borrowings. Panic selling led to a dramatic drop in the market and fears that we could be entering a bear market. (A bear market occurs when stock prices fall for a prolonged period, usually by 20% or more.) What to do? When the market experiences a sudden drop, and you own shares directly, you have choices – you can sit tight, sell and realise your losses, or take the opportunity to buy more shares while they are cheaper. If your shares are part of your superannuation or managed fund, then your fund managers will be working hard to recoup losses and set your investments into a new growth path. In any case, this would be a good time to reassess your investment strategy and your tolerance for risk. Generally, low risk means safer but lower returns, while high risk is associated with higher potential returns. Diversification across asset classes will give you maximum spread while reducing your exposure to volatility. The best way to review your attitude to risk and your investment strategy is to discuss your individual needs with a professional financial planner. Make an appointment today to discuss your financial future with Police Credit’s financial planners. All sessions with Police Credit financial planners are confidential and obligation free. Call Financial Planning on 13 63 73 Police Credit and our financial planners are members of the Financial Planning Association of Australia. Our financial planners are representatives of Police Association Credit Co-operative Limited. This advice has been prepared without taking account of your objectives, financial situation or needs. Because of this, before acting on the advice you should consider whether the advice is appropriate for you. MARCH 2008 pcnews Car Loans 3 pa Great rates from 9.24% * With our PC car loans winning national awards for their superior value, there’s never been a better time to think about buying your dream car. Police Credit’s new car loan products were awarded five stars in the latest Cannex ratings, which are awarded to financial products that offer superior value to customers. These ratings are based on a comprehensive review of over 500 personal loans offered by more than 90 providers across Australia. > Protect your loan Don’t take unnecessary risks – unforeseen events such as illness, injury or unexpected unemployment can happen to anyone. That’s why it’s important to be prepared. Loan protection insurance covers you for the unexpected, so that you can relax knowing that your financial commitments will be met. You are covered 24 hours a day, worldwide, and your loan repayment will be made for you, irrespective of whether you are receiving sick pay, WorkCover or unemployment benefits. Any PC member in permanent and gainful employment, and not over 60 years of age and in good health at the time of taking the loan, is eligible – and no medical is required. Your premium is a single payment, which may be added to your loan for affordability. > > > Great rates − free of account keeping fees − free of management fees − free of annual fees − free of penalty, early or additional loan repayment fees Flexible repayment options – weekly, fortnightly or monthly Fixed or variable interest rate options Competitive no-obligation insurance quotes *See page 8 for details Call Phone-A-Loan today on 13 63 73 Alison “When it came time to get a car loan, I chose Police Credit because they’ve always been great to deal with. I checked out the PC car loan interest rate and knew it was competitive, plus fees were less too. The process was simple. I filled in some forms and someone phoned me that day to let me know how much I could borrow. Staff were really friendly and helpful — they even called at one stage to see how my car hunting was going! Two weeks later I had my car with my CGU insurance all organised. Loan protection is important because I’m a nurse and in my line of work there’s a risk of physical injury. This time I really shopped around but the Allianz policy through Police Credit was the best I found. And doing everything over the phone was so easy.” pcnews 4 MARCH 2008 Access Changes to fee free banking PC case study: Annie Annie is a busy young woman who often needs cash on hand. Her salary is paid directly into her PC account. She wants to avoid transaction fees and manage her account in a way that benefits Police Credit. Before: Before fees were introduced, she was using ATMs and EFTPOS daily. She paid most of her bills at the post office with cash from the ATM. When she used her PC Visa Debit card, she always pressed ‘Savings’. And without thinking, she would often try to get her account balance at an ATM. After: Annie has made a few simple adjustments to her banking and does not incur any transaction fees. She takes out cash once or twice a week, generally when she buys her groceries. She pays all her bills through pc.easynet via BPAY®. When BPAY is not available, she pays over the phone with her PC Visa Debit card by quoting her card number. She presses ‘Credit’ for all purchases when using her PC Visa Debit card. And when she wants an account balance, she uses pc.easynet or Rapid Response. It’s that easy! Ways that you can adjust your day-to-day banking to avoid fees DO Use your PC Visa Debit card and press ‘Credit’ for all purchases (petrol, shopping, restaurants etc). Use EFTPOS to withdraw cash. Combine transactions where possible – press ‘Savings’ when purchasing goods and withdrawing cash at the same time. Pay bills via BPAY through pc.easynet or Rapid Response. When BPAY is not available, use your PC Visa Debit card and press ‘Credit’. Set up regular payments or fund transfers for bills via pc.easynet. DON’T Don’t press the ATM balance button. Call Rapid Response or log on to pc.easynet to access your account balances. Avoid withdrawing small sums frequently via EFTPOS and ATMs. WHY? Unlimited free transactions apply when you press ‘Credit’ using your PC Visa Debit card. Combining transactions by pressing ‘Savings’ helps reduce the number of ATM cash withdrawals you make. Unlimited free transactions apply to BPAY payments. Unlimited free transactions apply to internal/ external transfers via Rapid Response and pc.easynet. WHY? ATMs don’t give PC account balances. Unlimited free transactions apply to Rapid Response and pc.easynet. This will reduce the number of ATM/EFTPOS cash withdrawals you make. MARCH 2008 pcnews Access 5 Changes to fee free banking To ensure a fairer distribution of benefits to all our members, limited fees apply as of 1 March to S1 Multipack type accounts, (as advised in the December 2007 PC News). Most members will be unaffected and all members will have the opportunity to adjust their banking habits to avoid paying fees. The introduction of limited fees is not intended as a profit generating activity. It simply allows us to recoup a small portion of the costs we incur each year and to become more competitive across all our products and services. FREE transactions (Unlimited) > pc.easynet (online banking) Limited FREE transactions per month FREE withdrawals per month 10 ATM (within Australia) 15 EFTPOS cash or purchases by pressing ‘Savings’ 4 Visa over the counter cash advance (includes overseas ATMs) 10 cheque withdrawals Fee for each additional transaction $1.80 > Rapid Response (telephone banking) > Withdrawals at a PC branch > BPAY and BPAY View® > Purchases on PC Visa Debit card when you press ‘Credit’ and sign, or buy over the phone or online $0.40 > Direct debits and credits > Deposits at a PC branch > External transfers via Important note to overseas travellers As outlined in our January statement to active members, all overseas transactions where cash is received (either over the counter or via ATM withdrawal) are classified by Visa as a Visa cash advance transactions. $4.00 $1.00 pc.easynet and Rapid Response You will notice some changes to your PC statements from April (March statement). What’s new? Transaction Fees Summary This table provides a breakdown of your transactions over the month. It comprises six columns. Transaction Type – this describes the types of transaction made. > Transactions – this is the total number of each type of transaction you have made over the month. > Free Transactions – this is the number of free transactions available each month on your account. > Excess Transactions – this is the number of excess transactions you have conducted over the month. > Fee per excess transactions – this is the fee chargeable for each transaction exceeding the number of free transactions. > Fee – this is the amount of fees payable accumulated over the month and debited to your account as per the total fee amount. > Monthly Transaction Summary Account S585011S1 Transaction Type ATM EFTPOS Visa Cash Advance Member Cheque Account S585011S1.1 Transaction Type ATM EFTPOS Visa Cash Advance Member Cheque Transactions 1 18 0 11 Free Transactions 10 15 4 10 Excess Transactions 0 3 0 1 Fee Per Excess Transaction ($) 1.80 0.40 4.00 1.00 Fee ($) 0.00 1.20 0.00 1.00 2.20 Fee for additional transactions $1.80 Transactions 1 0 12 0 Free Transactions 10 15 4 10 Excess Transactions 0 0 8 0 Fee Per Excess Transaction ($) 1.80 0.40 4.00 1.00 Fee ($) 0.00 0.00 32.00 0.00 32.00 Total fee Total fee Transaction schedule from 1 March 2008 Unlimited free transactions (S1 Mulitpack type accounts) pc.easynet (online banking) Rapid Response (telephone banking) Withdrawals at a PC branch BPAY® and BPAY View® (bill payment facility) Purchase on your PC Visa Debit card when you sign or purchase via the phone or Internet Direct debits / credits Deposits at a PC branch External transfers via pc.easynet and Rapid Response Free Free Free Free Free Limited free transactions Free withdrawals per month ATM withdrawal – 10 free per month (ATMs within Australia) EFTPOS (Cash withdrawals or purchases press ‘Savings’) – 15 free per month Visa cash advance cash withdrawal – 4 free per month (includes overseas ATM transactions) Cheque withdrawals – 10 free per month $0.40 $4.00 $1.00 Free Free Free We suggest that you check all entries on your statement and telephone Police Credit on 13 63 73 to report any apparent errors or possible unauthorised transactions, with any enquiries concerning your accounts for your products termination value, for further product information, available on request and to access our dispute resolution procedure. Please retain this statement for taxation purposes. For more information on changes to fee free banking visit www.policecredit.com.au pcnews 6 MARCH 2008 Insurance Avoid underinsurance Industry studies have repeatedly shown that Australians are very likely to be underinsured, with potentially devastating results. The responsibility for assessing the value of your home and possessions lies with you. That’s where things can get time consuming and tricky, but it’s worth putting in the effort to get it right. Increasing your cover might not cost much, but it can make all the difference if an incident occurs. Don’t let a tight budget put you off. Shop around for the best deal available and remember that increasing your excess could be a viable option. New purchases Think about all the new purchases you’ve made since you last valued your home contents. The cost of things like clothing, cutlery, bed linen, paintings, televisions and home sound systems can really add up when you start thinking about it. Take an inventory and make sure you note everything down. Keep receipts to remind you of the value of each item. Collections Do you have a beloved collection of vinyl, CDs or DVDs? Or are you a devoted stamp collector? If you have a collection of any kind, most policies will ask you to declare and value it separately. Building replacement Even if you accurately assess the value of your house and add a percentage each year, you might still not be correctly valuing the cost of rebuilding. Tools like online calculators can help. But be aware that they vary greatly in what they offer and do not take into account high quality finishings or unusual features such as sloping land or period detail. Refurbishing If you’ve reupholstered your lounge suite, laid new carpet, installed insulation or built that back deck, then you’ve added value to your home. Make sure you include all your renovations and refurbishments in your valuations. Why choose PC Insurance Agency? PC Insurance Agency has developed long-standing relationships with reputable companies such as Allianz, AHM, CGU, Club Marine, St Andrew’s and Swann† > Police Credit can help you find policy options to suit your needs – home, contents, landlords, car, motorcycle, caravan, boat, travel, life or health insurance > With most policies you can pay by the month for no additional policy feeˆ > You avoid paperwork; all policies can be issued over the phone > ˆThe total premium may vary due to rounding † Please refer to product issuers details and information on page 8 Call PC Insurance Agency today on 13 63 73 for a competitive quote. PC winners on the right track Congratulations to our latest PC winners, who won great prizes provided by Allianz and CGU just by obtaining a new policy quote through PC Insurance Agency. In our latest ‘On the Right Track’ competition, F. Ellesley, D. Glen, P. Tedde, M. Bagon and S. Dunne each won a TomTom ONE XL GPS valued at $499, and J. Cartagena, P. Penna, A. Hillen, K. Bartos and B. Holt each won a Nintendo Wii console valued at $400. MARCH 2008 pcnews From the Board 7 Director’s message Merv Pickering We are very proud to announce that Police Credit’s car loans recently won a five-star rating from leading financial services researcher Cannex. PC products also won gold in Money magazine’s Best of the Best 2008 Awards, which acknowledge and reward Australia’s best financial products. These recent wins are very pleasing, and are being deservedly celebrated by PC management and staff. They are a strong endorsement of our key products and their competitiveness in the national marketplace. Feedback from members has generally been supportive of our reasons for introducing limited transaction fees. However, a few members have asked for further clarification on specific issues. We have included some of their questions on page 8, and additional explanations of the new system on pages 4 and 5, which we hope will assist. Please do not hesitate to contact Member Response if you are unclear about anything. Also in this edition of PC News is a timely reminder of the need to review your insurance coverage (see page 6). It’s all too easy to simply renew a policy and not check the value for accuracy. So please take the time to look at your next policy – at some time in the future, you might be very glad that you did. Director 1983 - 1998, 2000 - Present Draw your favourite car Draw your favourite real or imaginary car and send in your entry for your chance to win one of four $50 prizes. Remember that you must be a member of the Little Copper Club to enter one of two categories – under 9 years of age, and 9 years and over. Send your entry post-free with the coupon to: Reply Paid 669, Police Credit, Carlton South, Victoria 3053. Entries close 5pm Friday 2 May 2008. Name Address Telephone Age Little Copper Club Member No. Little Copper Club Congratulations to Chris, Dylan, Maddison and Naomi, who each won $50 in our Draw Your Dream Holiday competition. Apply now visit www.policecredit.com.au or call Member Response on 13 63 73 pcnews 8 MARCH 2008 FAQs Your questions answered Can I contact Police Credit via email to update my personal details? For security reasons we will only accept an advice through email where the email address clearly identifies you eg johncitizen@workplace.com.au or we may seek further verification of your identity. Alternatively you will need to call Member Response on 13 63 73, so Police Credit can verify your identity over the telephone using your telebanking password to update your personal details. track of your transactions. Your cheque book stubs/receipts will assist you to keep records too. You can also check your last transactions through Rapid Response or pc.easynet. If you are not registered for these services, call Member Response on 13 63 73. Contact us 13 63 73 Rapid Response & BPAY® Member Response (General Enquiries) F (03) 9349 3113 E pceasyhelp@policecredit.com.au Phone-A-Loan F (03) 9268 9294 E pcloans@policecredit.com.au Financial Planning F (03) 9268 9353 E financialplanning@policecredit.com.au PC Insurance Agency F (03) 9268 9257 E pcinsurance@policecredit.com.au Administration F (03) 9268 9204 E carlton@policecredit.com.au If I don’t use all my limited free transactions, can I transfer them to the next month? Transaction fees are charged on a monthly basis only. You cannot carry unused limited free transactions over to the following month. How are overseas ATM withdrawals and overseas cash advances charged? Each account receives four free Visa cash advance withdrawals per month. Overseas ATMs are considered to be Visa cash advances. What details will I need to deposit or transfer money into my PC account from overseas? To deposit or transfer money into your PC account, you must provide the following details: International BSB: 034 829 Account Number: Member number (do not add S type, as monies will be deposited to your S1) Lodgement Reference: Member name & 034 829 Bank Name: Westpac Beneficiary Name: Police Credit Swift Code: WPACAU2S (if required) Bank Address: 260 Queens Street, Brisbane, QLD 4000 For more information on changes to fee free banking visit www.policecredit.com.au www.policecredit.com.au My partner and I have a joint account. How many transactions are we allowed before we incur fees? Transactions are calculated on a per account basis, not per person, so joint account holders will share the limited free transactions allocated to their account. How can I tell how many chargeable transactions I’ve made so far this month? Police Credit provides a handy transaction record booklet – Your Visa User Guide & Transaction Record – so that you can keep 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. Fees and charges are payable. Information on Terms &Conditions/Fees & Charges applying to our products and services is available upon application or request. *Comparison rate for new car loan. Comparison rate has been calculated for a secured new or used car loan amount of $10,000 to $20,000 over a term of 5 years. Home loan comparison rates are based on a new loan for a property purchase secured by a freehold property located within the metropolitan area and associated costs, on a loan amount of $150,000 over a term of 25 years. Comparison rate schedules are available at our branches and on our website www.policecredit.com.au Any advice has been prepared without taking account of your objectives, financial situation or needs. Before acting on the advice you should consider whether the advice is appropriate for you. Before you make any decision to acquire any non-basic deposit and non-cash payment, general insurance or financial planning product or service you should obtain and consider the relevant Product Disclosure Statement (PDS) available from any branch of Police Credit (financial planning product or service PDS is only available from 121 Cardigan Street Carlton) or by calling 13 63 73. †Police Credit provides general insurance products as an agent for Allianz Australia Limited ABN 15 000 122 850 AFSL 234708, CGU Insurance Limited ABN 27 004 478 971 AFSL 238291 and Swann Insurance (Aust) Pty Ltd ABN 80 000 886 680 AFSL 238292. Conditions Of Entry Little Copper Club “Draw your favourite car”. Information on how to enter and prizes form part of these conditions of entry. Entry is only open to residents of Victoria who are members of the Police Credit Little Copper Club. Immediate family of employees and directors of Police Credit are not eligible for entry. This competition commences 01/03/2008 and will close 2/05/2008 5pm. All entries must be at the Carlton office of Police Credit by 5pm on 2 May 2008 and remain the property of Police Credit. Judges’ decision is final and will be made at 11.00DEST at the Carlton office and no correspondence will be entered into. Winners will be notified by telephone or mail and their names published in a generally approved newspaper or in June 2008 edition of PC News. Prizes comprise of four $50.00 deposits to Police Credit accounts, are not transferable or exchangeable and cannot be taken as cash. ® Registered to BPAY Pty Ltd ABN 69 079 137 518. Police Association Credit Co-operative Limited ABN 33 087 651 661 AFSL 240293 121 Cardigan Street Carlton 3053 www.policecredit.com.au 03.08 4614 Please send me more information If you require more information about Police Credit services, tick the square next to the services of your choice and return this coupon Post Free to us by addressing your envelope Reply Paid 669, Police Credit, Carlton South, Vic 3053. Loans c Housing loans c Car loans c Investment loans c Personal loans c Overdraft c c c c c c PC Access Visa Card Rapid Response service Christmas Club Financial planning Cheque book Online banking Insurance c Car c House c Contents c Caravan c Landlord Complete this form for information/to change your address c c c c c Travel Boat Health Life Motorcycle Name: Member no: Address: Postcode: Tel: (home) Authorised signature: Personal information supplied will not be used by Police Credit for any purpose other than to amend your member/account records or to provide you with the product/service information requested. c Fees & Charges/ Terms & Conditions c Savings & investments c Little Copper Club c Regular payments c Annual report (bus)