Home Loans And ID Theft

Dec 10
2008
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Check your statements be careful with your id.

Internet Banking is an important tool for most home mortgage holders. You can keep track of your payments, withdawals and loan limits easily with just a click from your mouse, however with the growing band of online pirates targeting Australian Banks, online banking is getting very risky.

Along with the United Kingdom, Germany, Spain and the United States., Australia is one of the most targeted countries for identity theft in the world. The pirates are getting more numerous and more brazen by the minute, so please don’t think you are immune.

I recently became a victim of these pirates. Their scheme was simple: a pop up informed me I had malware and that for X dollars I could remove it and at the same time upgrade my current anti virus software for a discount price. I was sucked in as all the icons and info mirrored my current security provider. The Trojan program installed itself and made ready to steal my financial and identity information. Luckily I realised my error in a short space of time and was able to cancel the transaction and remove the malware.

A study conducted by AusCERT earlier this year found about one in six Australian home computers is compromised by malware. AusCERT stands for Australian Computer Emergency Response Team. The general manager of AusCERT Mr Graham Ingram stated recently: “Where once a web user had to click a web or email link to become infected, now a visit to a trusted site could deliver what is known as a “drive-by download”. “Their target I your personal data. The ability to impersonate someone gives thieves access to bank accounts and corporate secrets that can be used to even manipulate share prices.”

I don’t condone giving into the pirates, the convenience of internet banking is worth to much. All I can suggest is that you are vigilant and make sure you have a reputable anti virus like Norton 360 or
Pc-cillin and check your statements regularly for errors as well as for fraudulent transactions,

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Written by Jeremy in: Australian Home Loans, Mortgage Watchdog, home loan statement checker, mortgage checker, mortgage checker software, mortgage checkers | Tags: , , , , ,

HOME BORROWERS SPARED MORE AGONY

Aug 06
2008
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RESERVE BANK LEAVES OFFICIAL RATES ALONE FOR NOW!

Thank you Reserve Bank Board, you have made one aussie mortgage battler’s month by not raising official interest rates. The spin from the media is there may even be a drop in rates in the near future if inflation drops a little. A lower oil price will have a domino effect on inflation, so a rate drop is a real possiblility. But, will the Banks and other lenders put rates on hold?

Most major mortgage lenders have increased the rate on their variable home loans by between .10% and .15%. on top of the RBA increases. They claim it is because of funding costs. I quote Ross McEwan, of the Commonwealth Bank, group executive retail banking services: “The sub-prime crisis – which was sparked when US lenders lost billions of dollars on bad loans – means the cost of sourcing money has gone up. Basically, banks need to pay more for the money they borrow to lend to consumers. The bank continues to balance the needs of its shareholders and customers by not passing on the full impact of the increased funding costs to borrowers and as a result has seen the margins on its home loan business decline significantly in the last year, The Commonwealth’s rate rise means payments on a $300,000 mortgage taken out over 30 years will rise by about $7 a week.”

However, my observation has been that deposit interest rates have maintained their correlation with official rates. If the banks are having trouble raising funds in the overseas credit markets, I would have thought they would try and raise their funds at home by offering more attactive deposit rates. It seems mortgage holders continue to bare the brunt of the worlds financial problems. I for one will be trying to eliminate my mortgage as soon as possible, so I do not have to worry about being treat badly by lenders. I suggest you do the same. A few sacrifices today, may well mean the difference between baked beans and steak in the future.

Owning a home outright, provides a fantastic feeling of achievement and an increased sense of self-worth. That feeling is worth every moment of mortgage stress endured.

P.S. Dont forget to check your mortgage statements. Lenders make mistakes, please keep them honest.

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Written by Jeremy in: Australian Home Loans, Australian Interest Rates, Historical Rates, lvr | Tags: , ,