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Monday, 24 November 2008 4:56 PM
Identity Theft
It is bad enough when you loose your keys or glasses. What about when you loose your identity.
Modern thieves are not happy with break and enter into just
our homes but now have the ability to break into our lives. With the help of modern technology our modern
day criminal can take on another person's identity, spend on their credit card,
withdraw funds from their bank, and even subject lonely people to think they
are a certain person when they are not that person at all.
Read more and discover how this new wave of crime is now possible
and How You Can Better Protect the identity of you and your family.
Sophisticated IT
The new age of sophicated IT technology has made snooping
easier. Small businesses and individual
people are at risk and should start to take a proactive approach to IT security
both in the office and in the home.
Faced with constant warnings about the security risks of
spam, viruses, spyware and worms, many people prefer to take the attitude the
"It will never happen to me". However,
the main problem with technology snooping is that it can happen anywhere and
anytime.
What is in your Wallet
Criminals are increasingly looking for specific personal
information like credit card number,
financial information and passwords, and they are often prepared to go
to any lengths to obtain them.
Snooping on keyboards is on the rise as a means to an end
for thieves trying to access sensitive data.
The problem with keyboard snooping it that there are a number of
snooping gadgets on the market these days that you may have thought only
existed in movies like "James Bond"
One example involves a small and innocuous device that plugs
in between a computer and a keyboard connector and acts as a storage unit that
can capture and save everything that is typed.
Once the device is retrieved, a copy of everything, even text that's
been deleted, can be accessed. The scary
thing is that there is currently no easy way to prevent key logging of this
kind.
Who is Watching You While You Work??
It's not just the hi-tech code-cracker working through the
night to crack the code and obtain confidential data. Non-technical approaches, such as laptop
'shoulder surfing' often reap better quality results for thieves.
The person doing the shoulder snooping is usually looking
over the shoulder of the person they are trying to obtain data from. Shoulder surfing and various other snooping
techniques have been known to occur in office environments, on public
transport, and there is now a belief that mobile workers are being specifically
targeted.
Many senior executive now rely heavily on laptop PCs to work
on business information while they are out on the job. But the laptop brings a number of risks that
are in danger of being overlooked.
The best way to handle a suspected case of shoulder snooping
is to move the screen away from view or even turn your laptop off.
Who is Watching You While You Are At Home??
How many of us freely provide our credit card details for
purchases either by phone or over the internet.
Most of us also use the internet to access their financial
details and pay accounts.
The criminals who search the internet waves for secure
personal information are the same criminals who are actively snooping or
seeking ways to invade business and professional data.
We are all at just as much risk, especially with many people
switching to wireless access for the computers and laptops.
In an attempt to prevent Identity Theft, some Banks will be
introducing more secure credit cards which contain a key pad. This will enable the user to change pin nos.
when required, or after each use.
Toowoomba Home Loans will be holding a special Information
Night in March or April 2009 (The date is yet to be finalised)
With Guest speakers talking on the subject of Identity Theft
and How Best Prevent this type of theft happening to you.
Watch our website or check your emails as invitations will
be sent both electronically or through Australia Post.
In the meantime be aware of how you use your sensitive
information and what sources you are exposing this information to.
Remember the old saying
"If In Doubt Don't" post a cheque instead.
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Thursday, 17 July 2008 11:44 AM
Don't compare against the so-called 'standard variable rate' InfoChoice Don't
allow any lender, bank or non-bank, to tell you you're getting a good
interest rate because it's lower than the banks' standard variable rate
(SVR). The SVR of the major banks has ceased to become a meaningful
yardstick. Its not the typical rate paid by Australian borrowers, far
from it. We estimate that at any one time less than 10 per cent of
borrowers are paying the prevailing bank standard variable rate.
Infochoice
analysis shows the true benchmark variable rate is 0.5 per cent lower
than the bank SVR. It's not just that the plethora of non-bank lenders
undercut the banks. Even the banks themselves hardly ever lend at that
rate. Anyone borrowing more than $250,000 will be offered a
professional package of discounts which cuts the SVR by 0.5 to 0.7 per
cent for the life of the loan. The SVR minus 0.5 per cent, that's your
market average for comparing loans when shopping around.This is where
the expertise of the consultants at Toowoomba Home Loans can help their
clients achieve the results they want. They understand the differences
between variable rates and lenders and can pass this assistance on to
you.
Filed Under: Home Loans | 0 Comments
Thursday, 17 July 2008 11:43 AM
Can't get a standard loan? There are alternatives InfoChoice If
the banks, building societies and credit unions won't lend to you
because you're self employed, newly arrived in the country or have a
poor credit history, consider the booming non-conforming and "low doc"
loan market. A number of non-bank lenders offer loans which especially
cater for this type of borrower. The interest rates on non-conforming
loans are generally higher but come down after a few years of on-time
repaymentsWe have access to several lenders who specialise in these
type of loans. Now because of competition between these lenders
interest rates, in most cases, are very competitive when compared to
your standard type loan.Call us now 1300 308 105 we would be happy help
you achieve your goals.
Filed Under: Home Loans | 0 Comments
Thursday, 17 July 2008 11:42 AM
Lenders Mortgage Insurance (LMI) enables lenders to offer higher loans
on a property's value, helping first home buyers into the property
market. According to recent statistics the residential mortgage backed
securities (RMBS) market in Australia, on which sales of LMI depend,
rose 20% in 2006 to A$63 billion (
Axiss Australia's newsletter February 2007)
This makes Australia the fourth biggest market in the world, after the
US, UK and Spain. Peter Morgan, head of St.George Insurance Australia
Pty Ltd (SGIA) explains, "Without mortgage insurance interest rates on
loans would be higher. With the availability of LMI, lenders can
provide higher loan-to-value loans. This means they will lend an amount
closer to the sale price of a property. This has allowed first home
buyers to purchase homes earlier because they will need a smaller
deposit. This is excellent news for anyone saving their deposit to
purchase their first home. The First Home Owners Grant will help to
cover purchase costs and now borrowers only requiring to save a small
deposit, can enter into the property market earlier. Call us now for
your
FREE consultation to see if we are able to help
you with the purchase of your first home.
Filed Under: Home Loans | 0 Comments
Thursday, 17 July 2008 11:41 AM
This question is frequently asked by our clients. To help explain what Lenders Mortgage Insurance is and how it works we have set out below, answers to some of our most frequently asked questions.
Lenders Mortgage Insurance (LMI) protects your lender in the event of you defaulting on your home loan. In the event of a loan foreclosure, if the property is subsequently sold and the amount from the sale is not enough to repay the loan in full, this insurance will meet the shortfall for the lender.
LMI should not be confused with Mortgage Protection Insurance, which covers you for the payment of your mortgage instalments in the event of unforeseen circumstances, including unemployment, illness or death. This insurance is paid annually and can vary depending on the outstanding balance of the loan.
Who uses LMI??
Lenders Mortgage Insurance is taken out by Banks, Building Societies, Credit Unions and non-bank lenders.These institutions use the money from deposits held in savings accounts and term deposits, or borrow, to provide mortgages to customers. In agreeing to lend a customer money, banks take a risk that they won't get the money back. Although they have the house as security, if property values decline and security may not be enough to cover the outstanding loan. Because they operate in a very competitive environment, these lenders opt to take out LMI on these loans, rather than increasing interest rates, and let the LMI provider wear the risk.
LMI providers are heavily regulated by the government authorities to ensure they hold enough money in reserve in the event that a large number of customers default on their loans and claims increase substantially or unexpectedly.
How does LMI Benefit me??
Before LMI was available, lenders required a deposit of at least 20% to protect them in the event of foreclosure, where the property has to be sold at a price less than the outstanding amount of the loan. Now with the ability to pass on the risk of default to an insurance company through LMI, lenders have been prepared to accept a lower, or even no, deposit and also to offer lower rates for mortgage lending than they would otherwise be able to offer borrowers.
By reducing the deposit required and helping to minimize lending interest rates, many borrowers are able to purchase a home much earlier, or buy a better property, than they would otherwise have been able to afford before LMI.
Who pays the LMI Premium ??
The LMI provider's contract of insurance is with the lending institution and the premium is usually passed on to the borrower as a cost of providing the loan.
The loan were a deposit of less than 20%, or even no deposit, is required represents a higher risk to the lender than one where a traditional 20% deposit is paid. Lenders pass the cost of this premium on to the borrower as a sort of compensation for them now being able to obtain a loan, whereas previously would have had to have saved a much higher deposit.
How is the fee for Lenders Mortgage Insurance paid??
The fee, in most cases, is charged as a one-off premium. The amount will vary depending on how much money is being borrowed and the size of the deposit, if any.
How do I apply for LMI??
Your lender will prepare and provide all necessary documentation and information should your mortgage require insurance.
In order to qualify for LMI, your finance consultant, in conjunction with the lender, will check to ensure that you are able to make the repayments on your loan, and that your desired property meets the appropriate LMI underwriting guidelines.
We hope the above information has been helpful to better explain Lenders Mortgage Insurance, if you require additional information you can contact one of our experienced finance consultants at Toowoomba Home Loans who will be able to help you.
In fact, if you have any questions about mortgages, or are unsure about your own mortgage, whether you have the best loan for YOU just call us to arrange a time for a FREE no obligation consultation.
Contact Us
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