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Unity Bank is a proud supporter of May Day events around Australia. May Day is a celebration of International Workers Day, which commemorates the struggles and gains made by workers and the labour movement. Many union members take part in marches held in all capital cities and regional towns. In Newcastle, union members from 24 different unions marched from Newcastle Museum to Foreshore Park to celebrate Workers and enjoyed a family fun day with carrnival rides, food stalls, entertainment and more. 

We'd like to draw your attention to the increasing number of bank impersonation scams in Australia, which have been growing in sophistication and complexity. According to ACCC’s Scamwatch, there were over 14,600 bank impersonation scams reported in 2022, causing losses over $20 million. Total losses to phone and text scams increased considerably in the past year, with losses exceeding $169 million.1   What is a bank impersonation scam? Bank impersonation scams occur when a scammer impersonates a bank or financial institution to trick their victims into making payments to a fraudulent account. The scammer may make the phone call seem like it is coming from the bank's legitimate phone number or send a SMS that appears in the same thread as genuine bank messages.   How to identify a bank impersonation scam1 It’s important to stay vigilant and informed about the different scams to spot warning signs and avoid becoming a victim. Be on the lookout if: There is a sense of urgency or threat to the message – “your bank account has been accessed”, “your bank account has been locked” “a payment has been made from your account. If this was not you, please call (phone number)”. The message looks different to other messages in the SMS thread, such as different wording or phrases used. The message contains a suspicious looking link. Never click on suspicious links. The SMS has a telephone number to call – always find your bank’s phone number independently. The caller tells you to transfer money to a different account to ‘keep it safe’ or for ‘further investigation’. This is not standard procedures for a bank. It is a SCAM.   How to protect yourself from this type of scam: Follow our top tips below to avoid falling a victim and to ensure that your personal information and finances remain secure. A genuine call from your Bank or our fraud department will only ever ask you to confirm the last four digits of the Visa Card affected. Do not trust the information provided by the scammer. Any information provided is likely to be false like their contact number and designed to create an impression of believability. Always know who you are dealing with. Avoid responding to unsolicited and unexpected contact. You have the right to ask the caller questions to assess the legitimacy of the call. Hang up if you are uncomfortable with the caller. Do not provide your banking details to anyone over the phone. We will NEVER ask for your contact details over SMS or email. If possible, collect the caller’s name, phone number and their position and then call us on 1300 36 2000 immediately. Again, never click on URL links or open attachments in suspicious emails or SMS. Just because your name is in the SMS or email, it does not mean it is contact from the Bank. Always double-check directly with us, your Bank. Always go to our Internet Banking directly, do not use the links provided on the messages.   Here are some additional tips from Scamwatch to help protect yourself from the scams1: Stop – take your time before giving money or personal information. Think – ask yourself if the message or call could be fake? Protect – act quickly if something feels wrong. Contact us on 1300 36 2000 and report scams to Scamwatch. We take the security of our Members very seriously. If you're worried or you’ve noticed a suspicious transaction, call us immediately on 1300 36 2000. To know more about types of scams, click here.

There are several reasons why using strong passwords to protect your money is crucial. With the rise of cybercriminals over the last few years, providing an extra layer of security is essential to prevent unauthorized access to sensitive financial information. Strong passwords are more difficult for hackers to guess or crack, making it more difficult for them to access your account. A strong password should contain a combination of uppercase and lowercase letters, numbers, and special characters and be at least 8 characters long. It should also be unique and not easily guessable by others. Remember to never provide your online banking password or SMS verification codes to anyone. If in doubt, hang up or delete the message and call us on 1300 36 2000. If a weak password is used, it can be easily cracked by automated password guessing tools or by hackers who use social engineering tactics to guess or obtain passwords. This can lead to unauthorized access to your bank account, allowing hackers to steal your money or personal information. Therefore, using strong passwords is an essential step in protecting your financial security and keeping your sensitive information safe.

We are urging our Members to be wary of messages impersonating Linkt (QLD Toll Road Provider) requesting your card details to make a payment or update your details by clicking a link, most often contact is made through SMS and WhatsApp. These are phishing scams designed to steal your credit card details and then used to set up a digital wallet, such as Apple Pay or Google Pay operated by a scammer. To protect yourself from these scams, please follow the advices from ACCC. Do not click on any links in unexpected messages. Even if you expect a message, it is best to access the information directly from a website or a source you have found independently. Pay attention to typos or grammatical mistakes in the text message. Delete the message and do not respond. If you think you have an unpaid bill, contact the company separately through their legitimate channels. Do not reply to the message. Delete and block the number. If you are concerned about the security of your account or believe you have been scammed, contact us immediately on 1300 36 2000.

  From 1 January 2023 Unity Bank members including business account holders will no longer have to pay a fee to withdraw funds using the Bank@Post service available at over 3,100 Post Offices throughout Australia. For Members without easy access to one of our branches or a nearby ATM, banking at the local post office provides a convenient alternative. Until now a $2.60 fee ($3 for Business Accounts) has applied for withdrawals to cover the cost of Australia Post providing the service. From 1 January 2023 this cost will now be absorbed by the Bank, and the withdrawal fee removed. Click here to learn more about Bank@Post facilities. You can access the Fees and Charges Transaction Limit Document here.

Buying a home is exciting but nerve-racking because this will probably be the most important and expensive, purchase you will ever make. Understanding the process will help you avoid problems and rely less on luck to make the right decisions. It takes time to find and buy a home so don't try to rush it or you may be caught out! Renting vs. Buying Owning your own home is the great Australian dream but it's not always the most economical route. Renting may work out cheaper than buying if: You are buying in an area where there is limited potential for capital growth, such as in a heavy industrial area You are buying at the top of the property market because property values usually fall soon after You are renting in an area where home prices are expensive Ten steps to buying a home Plan and research properties and loans Save a deposit Arrange possible finance (loan pre-approval) Start looking - check out the market Choose a property but don't fall in love with it yet Check the condition of the property Formal loan application and approval Legal checks and requirements Exchange of contracts Settlement and moving in Finding the right home loan These days there are almost as many loans to choose from as there are homes to buy, so finding the right one for your needs can be confusing. Many borrowers mistakenly believe that the best mortgage is the one with the most added features, such as credit cards and offset accounts. Traditionally, this type of mortgage will have a slightly higher interest rate or set-up charge, so if you don't really need those features, why pay for them? A "no frills" mortgage with a simpler structure and lower fees may be a better option for you. The key to finding the "best" mortgage is defining your own needs to determine the type of loan you should be looking for - finding it is the easy part. Home loan checklist Answer the following questions and make a simple checklist of the lifestyle needs your mortgage must satisfy. You could save thousands of dollars over the life of your loan: Do you want the flexibility to make additional repayments or pay out your loan early? Would you prefer the predictability of fixed loan repayments? Would you like a redraw facility or the ability to suspend payments on your loan while you start a family? Will you be making weekly, fortnightly or monthly repayments? How much deposit do you have? Will you need lenders mortgage insurance? Can you use an existing property as security for a home-equity loan? What can you afford? Before you can calculate how much you can afford to pay for your home, you first need to work out the total cost of the purchase. As a general rule, the total cost of purchase is around five per cent more than the price of the home, and this includes legal and government charges, loan establishment and administration fees and lenders mortgage insurance if you are borrowing more than 80 per cent of the property's value. Stamp duty is calculated as a percentage of the purchase price, so the more expensive the home, the higher the total purchase cost will be. Purchase Costs On top of your deposit, you will need to have an additional five or six per cent of the total price of the home to cover purchase costs such as: Purchase Costs Legal Costs solicitor or conveyance fees inquiries or disbursements ie. title and other searches Inspections property and pest inspection identification survey strata records inspection (if applicable) Government charges stamp duty on transfer stamp duty on mortgage Financial costs lender's application or establishment fee valuation fee lenders mortgage insurance, if applicable Miscellaneous charges adjustment of council rates insurance - fire and perils, contents Moving costs removalists connection fees for services carpet cleaning changing locks urgent repairs The four things lenders look for before approving a loan Capacity - can you afford to repay the loan? Character - are you a good financial risk? Do you have a history of repaying your debts? Collateral - is the property you are buying adequate security for the money you are borrowing? Capital - what you already own. How much deposit do you need? The 'usual' deposit is 20% of the purchase price, but the more deposit you can save: the better property you can afford the less you need to borrow the less your mortgage repayments the less likely you are to incur lenders mortgage insurance premiums Lenders Mortgage Insurance Lenders Mortgage Insurance protects the lender NOT the borrower against losses incurred if you default on your loan. Lenders Mortgage Insurance is usually charged when the loan to value ratio (LVR) is greater than 80 per cent, i.e. when you are borrowing more than 80%. For example you would like to purchase a home for $350,000 and to avoid Lenders Mortgage Insurance you can only borrow $280,000, anything higher would incur the Lenders Mortgage Insurance. Income Protection Insurance Income protection insurance offers optional cover for the borrower. Policies are tailored to meet your specific needs and are designed to meet your mortgage repayments if you are unable to, for example if you lose your job or are ill for an extended period. What to buy Your new home doesn't have to be a house, in fact in many cities around Australia living in smaller properties - apartments, townhouses or studios - is becoming popular because they can be more affordable, newer and better located than some more traditional homes. Before choosing the type of home you want to buy, consider your lifestyle and budget then ask yourself these questions: Does the area and community suit my lifestyle? Does it have easy access to facilities such as schools, transport, workplace, shops, parks and recreational facilities? Does it have the outlook I want - water, trees, a city view or a sunny garden? If the answer to these questions is yes then consider proceeding with legal and structural checks of the property. If not, tell the agent what it is you dislike about the property so they can steer you towards more suitable homes next time. When to buy Like most other markets, the property market has its ups and downs. If you know when and why property prices are on the move you will have a better idea of when is the best time to buy your home. The ideal time to buy is: Just as interest rates begin to fall. Prices are likely to rise soon after as more buyers enter the market and take advantage of lower interest rates When home prices are low i.e. in a 'depressed' market When inflation is high or rising as prices are likely to increase faster Where to buy Ask any real estate agent what most buyers are looking for in a home and the answer you will hear is: 'location, location, location'. The best way to find a home in your ideal location is to draw up a list of facilities and features that meet your needs. Are property prices rising or falling in the area? You can check property price trends in the area with the Real Estate Institute of Australia. Are there negative factors such as jails, factories, sewerage works, proposed major construction, new road developments? You can call the local council for more information and recent sale prices of homes in the same street. Is the area noisy? You can investigate flight paths, railways, busy streets and intersections, fire or ambulance stations, bars and sports grounds in the vicinity. Visit the property at different times of day and night and ask neighbours if they are bothered by noise in the area. Inspections and Legalities There are no warranties for home buyers so to protect yourself have the property checked out before you finalise the purchase. Get specialist advice from a legal consultant or conveyancing service and a building consultant before you sign any contracts. Store this information in a fireproof container or safety deposit box - it will make it easier to resell your home later on. What to inspect Property inspections should assess all accessible parts of the property, reporting on problems in these areas: hazards (e.g. loose handrails) dampness (e.g. leaking roof) movement (e.g. cracks in walls) pests (e.g. timber pests) finishes (e.g. deteriorating paint) services (e.g. old water pipes) compliance (e.g. unapproved building work) amenity (e.g. steep driveway) New or old, inspections are a must. New properties and properties that have been renovated recently are just as likely to have serious problems as old homes so don't skip the property inspection. A building consultant can detect incomplete or defective work on new homes and locate relevant documents verifying council approval and quality of workmanship. Also obtain the following information about your builder: licence number insurance defects liability period details of any warranties and guarantees for equipment and materials used in the home, including appliances. Buying a unit? Check these out first Body corporate records, including the history of maintenance and provision for future expenditure. Compare this information with the actual property inspection report for an accurate indication of expenses you may have to share in the future Fire-rating, particularly in older apartments as it may be inadequate and is expensive to fix That noise minimisation between properties is adequate Building conditions against council requirements if it is an older property that is being converted to strata titleSurveyor's reports if unsure about the ownership of a unit, garage, car space or store room. View All Home Loans