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The First Home Buyer's Guide

Mon, 11 Aug 2025 04:44:08 +1000

Buying your first home is one of the biggest financial decisions you will ever make. It can feel overwhelming, with so many factors to consider, from understanding borrowing capacity to navigating the complexities of home loan options. To help simplify the process, we have answered some of the most common questions first-home buyers ask.

How Much Can I Borrow?

Before you start browsing listings on realestate.com.au, it is essential to understand your borrowing capacity. Speak to your lender to determine how much you can borrow based on your income, expenses, and financial commitments. Getting pre-approved for a home loan is a smart first step, giving you a clear idea of your budget and increasing your negotiating power when making an offer.

What is a Pre-Approval?

A pre-approval confirms the amount you can borrow, subject to conditions, for a set period (usually three months). It provides financial clarity, helping you search for homes within your budget and negotiate with confidence.

What is a Guarantor?

A guarantor is typically a parent or close family member who uses their property or equity as security for your home loan. This can reduce the deposit required and help you avoid paying Lenders Mortgage Insurance (LMI).

What are the Real Costs of Buying a Home?

The purchase price is just one part of the total cost. First-home buyers should also factor in additional expenses such as:

Lenders Mortgage Insurance (LMI): Required if your deposit is less than 20% of the purchase price.
Stamp Duty: Costs vary by state; use our stamp duty calculator to estimate expenses.
Legal Fees: Covering conveyancing and contract reviews.
Mortgage Registration Fee: A government charge for registering your loan.
Building and Pest Inspections: Essential to identify structural issues or infestations.
Moving Costs: Hiring professional movers or renting a truck.
Home Insurance: Required before loan settlement to protect your investment.

What is Lenders Mortgage Insurance (LMI)?

LMI protects the lender in case you default on your home loan. It allows buyers with less than a 20% deposit to enter the property market sooner. To estimate your LMI cost, speak with a MOVE Bank home loan specialist.

What to Look for in a Home Loan?

Finding the right home loan involves more than just comparing interest rates. Consider features such as:

Offset Account: Reduces the interest you pay by offsetting your loan balance with funds in a linked account.
Extra Repayments: Allows you to pay off your loan faster without penalty.
Redraw Facility: Lets you withdraw extra payments if needed.
Ongoing Fees and Early Payout Fees: Compare costs across different lenders.

What is an Offset Account?

An offset account is a savings or transactional account linked to your mortgage. The balance in this account reduces the interest charged on your loan. For example, if you have a $260,000 mortgage and $10,000 in your offset account, interest is only calculated on $250,000. This feature can save you thousands over the life of your loan.

How Can a Lending Specialist Help?

Buying a home is a major financial commitment, and having expert guidance can make a huge difference. A lending specialist will:

Assess your borrowing power and loan options.
Provide advice on deposit savings strategies.
Explain loan features and terms.
Assist with the application and approval process.

At MOVE Bank, our lending specialists are dedicated to helping first-home buyers navigate their journey with confidence. From saving for a deposit to securing the best home loan for your needs, we are here to guide you every step of the way.

Final Thoughts

Purchasing your first home can be daunting, but with the right knowledge and support, you can make informed decisions and set yourself up for success. By understanding your borrowing power, comparing loan features, and factoring in all costs, you will be well-prepared for homeownership.

For personalised advice and expert guidance, contact MOVE Bank today and let us help you take the first step toward owning your dream home.

Thinking Beyond the Driveway: Use Your Car Loan for a Boat, Motorcycle or Caravan

Mon, 12 May 2025 14:41:12 +1000

When most people think of a car loan, they picture a shiny new vehicle parked in the driveway. But did you know MOVE Bank’s New Car Loan – Fixed Rate can also be used for much more than just cars? Whether you're dreaming of weekend rides, open-water adventures or hitting the road in a caravan, our loan gives you the freedom to finance what moves you.

🚤 Boat Loans Without the Hassle

Love the idea of spending your weekends on the water? Whether it’s a fishing boat, runabout or jet ski, MOVE Bank’s fixed rate loans can help you set sail sooner. Our flexible terms and no monthly fees make it easy to budget for your new lifestyle on the water.

🏍️ Motorcycle Loans for the Open Road

Prefer two wheels over four? From scooters to cruisers and road bikes, our car loans are available to finance new or demo motorcycles. With extra repayment options and redraw available, you’ll have the freedom to ride — and repay — your way.

🚐 Caravan Loans for the Ultimate Escape

If you’re planning an Aussie road trip or looking to upgrade your camping setup, MOVE Bank can help you finance a caravan, camper trailer or RV. With our competitive fixed interest rate and flexible loan terms, you'll be hitting the road with confidence.

Why Use a MOVE Bank Car Loan?

✅ Low fixed interest rate
✅ No monthly fees
✅ Loan amounts $100,000
✅ Free extra repayments and redraw
✅ Fast online application
✅ Local support from our lending team

And the best part? It’s all backed by a customer-owned bank that puts members first.

How to Apply

Submit your application online
Speak with our team to finalise your loan details
Insure your new vehicle
Settle your loan and get moving

Our local lending specialists are ready to support you through every step. Speak to a lender.

Get Moving Today

Whatever your next adventure looks like — on land or sea — MOVE Bank’s fixed rate loan gives you the power to finance it with confidence.

Ready to Apply?

Start your application online or contact us to learn more. Apply Now or talk to a Lending Specialist here!

This article is for general information purposes only and is not intended as financial or professional advice. It does not have regard to the financial situation or needs of any reader and must not be relied upon as financial product or other professional advice. You should seek your own independent financial, legal and taxation advice before making any decision about any action in relation to the material in this article.

What’s Driving the Car Market in 2025? Key Trends for Aussie Buyers

Thu, 08 May 2025 14:20:53 +1000

Thinking about buying a new car, EV or caravan this year? Understanding what’s happening in the Australian car market can help you make a smarter financial decision — especially when it comes to getting the right loan.

At MOVE Bank, we’ve pulled together the latest stats and insights to help you stay ahead.

🚗 New Car Sales: Slight Dip, But Plenty of Choice

Despite some early-year slowdowns, Aussies are still buying cars in big numbers.

In March 2025, Australians purchased 108,606 new vehicles, just 0.9% lower than the same time last year (FCAI).
In February, sales were down 9.6% year-on-year, reflecting broader economic conditions (Savings.com.au).
However, 2024 ended strong, with more than 1.22 million new cars sold across the year — slightly more than in 2023.

With the market stabilising after supply shortages, many brands are now offering more stock, faster delivery, and bigger discounts, giving buyers more power to negotiate.

⚡ Electric and Low-Emission Vehicles: A Mixed Start

Electric vehicle (EV) sales have cooled slightly in early 2025:

Battery electric vehicles (BEVs) made up just 4.4% of new car sales in January — their lowest share since 2022 (Driving Enthusiast).
However, plug-in hybrids (PHEVs) saw a boost in March as buyers rushed to beat the Fringe Benefits Tax (FBT) exemption deadline (WhichCar).

Chinese brands like BYD are also shaking up the market. In 2024, BYD made up nearly a quarter of all EV sales, and it’s tipped to overtake Tesla by the end of 2025 (Washington Post).

💸 Good News for Buyers: Prices Are More Competitive

After years of tight supply and long waitlists, the balance has shifted.

There’s now a growing oversupply of vehicles, which means better deals, more incentives, and quicker delivery times for Australian buyers (Fleet Auto News).

With manufacturers keen to maintain momentum, it’s a good time to:

Negotiate on price
Take advantage of dealer offers
Compare finance options, like MOVE Bank’s low-rate car loans and green car loan for eligible low-emission vehicles

🏆 Most Popular Vehicles So Far in 2025

If you're wondering what cars are topping the charts:

The Toyota RAV4 led the pack in January 2025, followed by the Ford Ranger and Toyota HiLux (CarSauce).

These models reflect continued demand for SUVs and dual-cab utes — perfect for both city driving and regional road trips.

🚘 Planning to Buy in 2025?

Whether you're upgrading your car, going electric, or setting off in a caravan, MOVE Bank offers:

✅ Competitive fixed-rate car loans
✅ Special rates for eligible green vehicles
✅ No monthly fees
✅ Flexible repayments and redraw

We’re member-owned and here to help you finance your next move — without the stress.

Explore our car loan options

Ready to Apply?

Start your application online or contact us to learn more. Apply Now or talk to a Lending Specialist here!

Sources:

Celebrating Women in Banking on International Women’s Day 2025

Fri, 07 Mar 2025 10:55:49 +1100

As we celebrate International Women’s Day 2025, we embrace the theme of “Marching Forward”—a call to progress, inspire, and uplift the next generation of women. To highlight the impact of women in banking, we asked some of our staff to share their insights on leadership, progress, and inspiration. Their voices reflect the strides we’ve made and the journey still ahead.

Marching Forward

Teri has witnessed incredible progress in the industry, with more women stepping into senior leadership and board roles. “Banks are actively working towards greater gender balance, and flexible work options are making it easier for women to remain in the workforce while managing family responsibilities.”

For Kellie, mentorship and knowledge-sharing are key to sustaining this progress. “Marching forward means passing on the lessons we’ve learned, using our voices, leading with compassion, and ensuring the next generation feels empowered to step into leadership.”

Debbie, has witnessed remarkable change over the past four decades. “Back in the ’80s, women were often overlooked for leadership roles. Now, our COO is a woman, and we have countless women in management—something that was almost unheard of back then.” For her, marching forward means ensuring opportunities are based on merit, not gender.

Sarah reflected on the impact she can have as a female board member. “When I joined the MOVE Bank board, being a female member of the board was a really exciting opportunity for me. I see the role of directors as being such a vital part of the stability of a company and as the voice of their members, so I was very excited to bring a diverse voice to the table.”

Phebe hopes to continue marching forward as an industry by setting a strong example of female leadership. “Having women in leadership roles demonstrates that we are equal and capable of achieving just as much—if not more.”

Honouring the Women Who Inspire Us

From historical figures to personal mentors, the women who inspire us have paved the way for progress. Debbie finds strength in the resilience of her grandmother, who raised 14 children and 44 grandchildren, always with a positive attitude and unwavering determination. Her best friend, at 61, is completing a law degree and PhD while raising her grandchildren—an incredible testament to perseverance and ambition.

Sarah draws inspiration from her mother, whose resilience has left a lasting impact. “She is adaptable, resilient, and courageous, yet carries herself with quiet grace—something I aspire to emulate.”

Teri draws inspiration from Jacinda Ardern, former Prime Minister of New Zealand. “Her leadership demonstrated that women shouldn’t have to choose between career and family. She set a powerful example that workplaces must evolve to support gender equality.”

Nat draws inspiration from the leaders within MOVE Bank, especially our COO, Taryn Pontifex, and previous CRO, Mel. “Their ability to make impactful decisions, multitask, and uplift others continues to shape my approach to leadership.”

Similarly, Belinda draws inspiration from her MOVE Bank colleagues. “Over the past four and a half years, I've had the pleasure of working with so many incredible people at MOVE Bank. In particular, I’ve been hugely inspired by Kate, Kritika, Maree, Phebe, and Taryn. These women are absolute powerhouses—they’ve helped me believe in myself and my abilities, been my sounding board, and, at times, eloquently reminded me to stay in my lane. Thank you for the role you’ve played in my career journey, I’m truly grateful!”

Mel also attributes her success to the inspiring female leaders she has worked with over the past 30 years. “They have shown empathy, resilience, and strong communication skills—creating supportive environments that make work a place where people want to be.” Their commitment to work-life balance, wellbeing, and self-development continues to shape the culture at MOVE Bank.

A Legacy for Future Generations

Looking ahead, we asked our team what legacy they hope to leave for the next generation of women in banking. For Debbie, it’s about creating a space where her granddaughter can pursue any career path she chooses. “She can truly be anything she wants to be. That’s the progress we’ve made, and we need to continue pushing forward.”

For Nat, her vision for the future is one of inclusivity, mentorship, and efficiency. “I hope to leave a legacy ensuring that women in the industry feel empowered to lead with confidence.”

Belinda also hopes her legacy will help redefine what true leadership is. “My goal is to instil that confidence in every decision they make, helping them lead with both intelligence and heart in all that they do.”

For Taryn, she aims to leave a legacy of compassionate leadership. “Early in my career, I worked in an environment where showing emotion or empathy was seen as a weakness. We were taught to lead with an iron fist to be viewed as strong leaders. Over the years, I’ve learned that true strength comes from leading with kindness. When you are vulnerable, you build rapport more quickly, and people trust you. My superpower is definitely leading with kindness.”

Leadership is not just about decision-making; it’s about empowering others, and for Kellie, that means using her voice to advocate for change. “We have an obligation to speak up for what matters and to lead with kindness and compassion.”

The Road Ahead

While significant strides have been made, there is still work to do. The banking industry must continue to promote equal opportunities, support career development, and champion policies that foster inclusivity. The progress we celebrate today is a testament to the women who refused to settle for less, and the future depends on our commitment to keep marching forward.

At MOVE Bank, we are proud to be part of this movement. Today, we honour the women who lead, inspire, and drive change—ensuring that the next generation has the tools, support, and opportunities to thrive. Together, we march forward.

Happy International Women’s Day 2025!

MOVE Bank Scoops Two Expert Selected Home Loan Awards!

Thu, 13 Feb 2025 16:41:17 +1100

At MOVE Bank, we're committed to providing our members with competitive rates and products. We’re thrilled to announce that our Everyday Home Loan has just been named among Australia’s best in the 2025 Mozo Experts Choice Awards.

The Everyday Home Loan took out a top place in the coveted Low Cost Home Loan category and also in the Investor Home Loan category.

The annual Mozo Expert Choice Home Loan Awards are conducted by a team of experienced data analysts and researchers at the financial comparison site, mozo.com.au. The Mozo team crunches the numbers on mortgage interest rates, fees and features to identify the standout home loans that present the absolute best value to Australian borrowers. This year, the process involved analysing thousands of rate variants across 444 different home loans from 97 lenders.

Mozo Awards Judge, Peter Marshall said that these award wins are testament to Move Bank’s commitment of putting its members first.

“Whether you’re looking for a home loan for yourself or as an investment, the Mozo Experts Choice Awards badge should give Move Bank’s customers confidence that they have one of Australia’s best value home loans available according to our expert analysis,” he said.

Everyday Home Loan recognised in Mozo Experts Choice Awards 2025 - more information on the awards research methodology at Mozo

Cyber Monday Safety Tips from MOVE Bank's Chief Digital Officer

Fri, 29 Nov 2024 13:05:02 +1100

Stay Safe Online This Cyber Monday: Tips from MOVE Bank's Chief Digital Officer

Cyber Monday is a fantastic opportunity to snag great deals online, but it also comes with heightened risks of encountering fake websites and scams. To ensure you have a safe and enjoyable shopping experience, MOVE Bank's Chief Digital Officer, Trevor McNamara has compiled a comprehensive guide to help you navigate the online shopping landscape securely for Cyber Monday and Black Friday deals.

Check the URL

Ensure the website’s URL starts with “https://” and look for a padlock icon in the address bar. This indicates that the site uses a secure connection, which helps protect your personal and financial information from being intercepted by malicious actors.

Verify Contact Information

Legitimate websites typically provide clear and accessible contact information, including a physical address, customer service number, and email address. If this information is missing, incomplete, or seems suspicious, it’s a red flag. Take a moment to verify these details through a quick online search or by contacting the company directly.

Look for Reviews

Before making a purchase, it’s wise to search for reviews of the website or seller. Customer reviews can provide valuable insights into the reliability and trustworthiness of the site. If you find numerous complaints or warnings about scams, poor customer service, or non-delivery of products, it’s best to avoid making a purchase from that site.

Be Wary of Too-Good-To-Be-True Deals

While Cyber Monday is known for its great deals, be cautious of offers that seem too good to be true. Extremely low prices can be a red flag for counterfeit or scam websites. Additionally, be wary of sites that create a big sense of urgency, pressuring you to make a quick decision. Scammers often use these tactics to lure unsuspecting shoppers into making impulsive purchases.

Check for Professionalism

A professional-looking website is usually a good indicator of legitimacy. Pay attention to the overall design, quality of images, and content. Poor grammar, spelling mistakes, and low-quality images can indicate a fake site. Legitimate businesses invest in their online presence to ensure it reflects their brand's professionalism and reliability.

Use Secure Payment Methods

When it comes to making payments online, opt for secure payment methods like credit cards or reputable payment services that offer fraud protection. These methods provide an additional layer of security and often come with dispute resolution options if something goes wrong. Avoid direct bank transfers or payment methods that offer little recourse in case of fraud.

Trust Your Instincts

Sometimes, your instincts are your best defence. If something feels off about a website or a deal, trust your gut and avoid making a purchase. It’s better to miss out on a deal than to fall victim to a scam.

Additional Resources

At MOVE Bank, we prioritise your online security and are committed to providing resources and support to help you shop safely. For more information on how to protect yourself online, visit movebank.com.au/visa-card-security or check out Scamwatch.gov.au, which offers up-to-date information on the latest scams and how to avoid them.

Cyber Monday is an exciting time for online shoppers, but it’s important to stay vigilant and take steps to protect yourself from potential scams. By following these tips from our Chief Digital Officer, you can enjoy a safer and more secure shopping experience. Remember, a little caution goes a long way in ensuring your personal and financial information remains protected.

Stay safe and happy shopping this Cyber Monday!

Don't fall for Remote Access Scams

Scams and Fraud | MOVE Bank

Staying Scam Safe – One Time Passwords MOVE Life

Transfer Funds Internationally with Send Payments!

Mon, 14 Oct 2024 00:00:00 +1100

We’re excited to introduce our new partnership with Send Payments, allowing members to transfer funds internationally! Whether you’re sending money to family overseas or paying for international services, this new feature makes it easier than ever to handle your finances across the globe.

For many, the need to transfer funds internationally can be fraught with challenges—high fees, long processing times, and complicated procedures. With Send Payments, you can say goodbye to those frustrations. Here’s what you can expect:

Personalised service: Send Payments will connect you with a dedicated account manager to assist you with your payments.
Competitive Rates: Enjoy competitive exchange rates, ensuring that more of your money reaches its destination, plus Send Payments does not charge a transfer fee.
Speedy Payments: Funds are often received on the same day!
Safety: Send Payments is regulated by ASIC and registered with AUSTRAC to ensure you are in safe hands.

How It Works:

Create a profile with Send and they will set you up with your own account manager.
Book your transfer via Send’s online portal or get in contact with your account manager.
Your money lands exactly where you wanted it – safe and sound.

Ready to make your first international transfer? Get started today by clicking here.

Join us in embracing a new era of international banking—your world just got a little smaller!

Scam Safety: Send Payments is safe and legitimate, however it's still important to protect yourself from scams. Send Payments will never contact you without you requesting their contact first, or Move Bank requesting contact on your behalf. Send Payments will never suggest you invest or transfer funds to an account that is not owned by Send Payments or their liquidity partners, (including to prevent fraud).

^{The International Money Transfer product is issued by SendFX Limited ACN 617 647 220 ('Send'). Send is regulated by the Australian Securities and Investments Commission, is a registered remittance provider with the Australian Transaction Reports and Analysis centre, is a member of the Australian Financial Complaints Authority and holds an Australian financial services license (number 509635). The information in this article is general and does not take into account your objectives, financial situation or needs. You should consider whether Send's products are appropriate for you in light of your objectives, financial situation or needs. Please review Send's product disclosure statement, financial services guide, terms and conditions, privacy policy and target market determination (available at www.sendpayments.com) when considering if these products are right for you.}

Don't fall for Remote Access Scams

Tue, 04 Jun 2024 08:41:54 +1000

In a recent alert, the Australian Competition and Consumer Commission (ACCC) highlighted a significant rise in remote access scams, resulting in substantial financial losses. Australians lost $15.5 million to these scams in 2023, with an alarming 52% spike in reported losses in the first quarter of 2024, compared to the previous quarter.

What is a Remote Access Scam?
Scammers often pose as representatives from reputable companies, convincing victims to download screen-sharing software such as AnyDesk, Zoho or Teamviewer.

This grants them access to personal and financial information where they can proceed to make unauthorised transactions. The ACCC advises against downloading unfamiliar software or sharing banking details over the phone. Instead, individuals should verify contacts independently and act swiftly if they notice suspicious activity.

The ACCC's recommendations include:

Verification: Always verify the identity of the caller independently before taking any action.
Software Caution: Do not download software or grant remote access unless you are certain of the caller's legitimacy.
Protect Personal Information: Never share banking or personal details over the phone unless you are sure of the caller's authenticity.
Quick Response: If you suspect a scam, hang up immediately, contact your bank and report the incident to Scamwatch.

These measures can help protect against significant financial losses and personal security breaches.

To view the full article, visit the ACCC website.

At MOVE Bank, we are committed to taking all reasonable steps to ensure that we protect our members from fraud and scams. For useful tips and resources on how you can stay safe from scams and fraud, visit movebank.com.au/scaminfo

Source: https://www.accc.gov.au/media-release/watch-out-for-scammers-claiming-to-fix-technical-issues-as-losses-spike

5 tips for finding a property in a competitive market

Fri, 01 Mar 2024 13:22:30 +1100

2023 saw property prices continue to rise despite consistent interest rate rises and high inflation. As a result, the prospect of securing a property has become even more challenging. Here are our top 5 tips to help you get into the market sooner.

1. Pre-Approval

Before you even start going to open-homes, the first conversation you have should be with your bank. You don’t have to apply for pre-approval to buy a home, but in a highly competitive market things can change quickly and having a pre-approval in your back pocket can help make sure you don’t miss out.

Buyers with pre-approvals are more appealing to real-estate agents, as they know you are already committed to the process and can act quickly, which is a win-win for the buyer and seller.

2. Know what you want

Going out into the property market with a clear idea of what you want will help you to make decisions quickly and jump on opportunities. Whether you are buying alone, or with a partner, make a list of your non-negotiables and prioritise the rest.

What tops the list may vary depending on whether you are looking to purchase a home, or an investment property. Regardless, taking the time to think about things such as location, features and price will give you and your real estate agent a clear idea of what to look for.

3. Find the right agent for you

Finding the right agent to help you through the home buying process is also important. In a challenging market, effective agents can help fast-track the process and provide excellent guidance on what actions to take.

Do your research online, ask for recommendations from family and friends, and even meet with a few agents before deciding on the one for you.

4. Act quickly

Now this can be difficult, as the process of putting an offer on a home can be complex at times. However, if you have followed our first three tips you should be in a great position make your move and make it quickly.

With lots of buyers looking and few properties available, in some situations speed can be more important than anything else.

5. Make a strong and complete offer

Finally, in a strong property market it is important that your offer hits the mark. Taking into consideration price and speed, make sure that you come in with a strong offer the ability to follow-though quickly.

Pre-approvals, prepared documentation, and clear contingencies will help the seller make their decision quickly. Having to go back and forth to confirm figures and expectations can hinder the process and be a source of frustration for all involved.

What are contingencies?

Contingencies are clauses in real estate contracts regarding certain conditions which must be met before the sale can clear. This may include financing, inspections, and appraisals, but can vary on a case-by-case basis. Both parties can choose to waive certain contingencies, but this comes with its own risk.

Looking to make a move into the property market? Explore our value packed home loans and apply today to get your pre-approval in place! Visit movebank.com.au/homeloans to get started.

Warning - Tax Refund SMS Scams

Wed, 27 Jul 2022 03:56:05 +1000

The Australian Taxation Office is warning about a high volume of SMS scams pretending to be from the ATO.

These scams tell you that you’re owed an income tax repayment and ask you to click a hyperlink and complete a form. But clicking the link takes you to a fake ATO web page that asks for your personal identifying information, including your credit card details.

If you receive an SMS like this, don’t click on any links. You can report the scam to the ATO.

The real ATO will never send you an SMS with a link to log in to online services, or ask for your credit card details.

To verify or report a scam, you can visit www.ato.gov.au/scamalerts.

Talk to the experts: protecting our members from financial crime

Tue, 29 Mar 2022 23:24:58 +1100

Here at MOVE Bank, we take the safety and security of our members and their personal information seriously. When it comes to financial crimes and scams, education and awareness plays a vital role in our overall strategy to protect our members.

To learn more about what exactly the team here at MOVE Bank does to safeguard our members against financial crime – let’s talk to Madison and Belinda, our experts on the topic!

What exactly is financial crime?

“Financial Crime is generally defined as any activity that involves fraudulent or dishonest behaviour for the purposes of personal financial gain.” says Belinda.

In 2021, Australian’s lost over $323 million to scammers conducting financial crimes. “These crimes may be carried out by individuals, corporations, or by organised crime groups” Madison explains.

Common types of financial crime includes investment scams, identity theft, and remote access scams.

What is MOVE Bank’s approach to managing financial crime?

At MOVE Bank security is a top priority. “We take a very stringent approach in making sure we do the best we can do to keep our members safe from financial crime,” says Madison.

“We have a variety of countermeasures in place and understand the importance of educating our members on things to watch out for.” Equipping our members with the tools to spot and avoid scams is important and empowers people to know that they can also take action to help protect themselves.

What measures do we have in place to help protect our members from scammers?

“We have a number of procedures and protocols in place to ensure we are keeping our members and staff safe from fraudulent activity,” explains Belinda.

Such measures include One Time Passwords, daily transaction monitoring, security questions when talking with members and a thorough onboarding process for new members.

What different types of scams and financial crime do we see, and what is the most common?

“There is a variety of different financial crimes people can fall victim to” says Madison. “Examples of these include money laundering, terrorist financing, elder abuse, and identity theft.”

Belinda goes on to say, “One of the most common scams we see at MOVE is transfer fraud. Scammers may post as a legal professional or government agency and gain remote access to an account, or coach members through increasing bank limits and completing the transfer of funds.”

Madison discusses remote access scams, “Scammers will use a variety of methods to contact victims to convince them that they have a computer or internet problem and that they need to buy or install new software to fix the problem.”

Remote access scams cost Australian’s over $16 million last year alone, and can be devastating to those affected due to the level of access scammers achieve. “Malware will often be installed or remote access provided resulting in the scammer having full access to their computer and personal information from their remote location.”

If you want to learn more about how to identify and protect yourself from scams and financial crime, be sure to keep an eye out across our social media and website during Bank Smart, Bank Safe week (28 March – 3 April 2022)!

*Statistics sourced from scamwatch.gov.au as of 15 February 2022

What you need to know about investment scams

Tue, 29 Mar 2022 00:11:52 +1100

Investment scams target individuals by offering seemingly risk-free investments with large and guaranteed returns. These scams can be more difficult to spot than others but are often far more damaging if scammers are successful – costing Australians $177 million last year alone. *

Investment scams come in many forms but will often begin with an unsolicited call, email, or message about an investment opportunity. Common examples include cryptocurrency investments, Ponzi schemes or international investments.

Let’s take a closer look at cryptocurrency scams, which are gaining traction as consumers struggle to tell the difference between legitimate opportunities and attempts from scammers.

Cryptocurrencies are a digital currency, and though widely adopted across the world consumers have less protections here in Australia as cryptocurrencies are not recognised as legitimate money.

Scammers in this space will encourage you to invest in a particular currency, either directing you to buy it through an online exchange platform or asking you to send them funds to make the purchase for you.

From here, scammers will claim to be trading in the cryptocurrency on your behalf. Often, they will share false statistics on how your investment is performing. When you ask to make withdrawals, scammers provide ongoing excuses or simply disappear.

Whilst these opportunities may seem legitimate, contact from investment scammers will generally be unsolicited and use high-pressure tactics to get you to hand over funds.

Before investing any money it’s important to conduct due diligence. Never commit to an investment on the spot and be sure to do your own research before moving forward. A great rule of thumb is that if it seems too good to be true, it probably is.

Did you know? You can check the ASIC website to see if a person or business is registered to provide financial advice and view a list of illegitimate companies you should not deal with.

Reporting a Scam

If you think you’ve fallen victim to a scam, please contact us as soon as possible. You can also report it on scamwatch.gov.au so that others can be warned of current scams.

*Statistics sourced from scamwatch.gov.au as of 15 February 2022

Protect what’s precious with this bushfire checklist

Wed, 29 Dec 2021 03:20:04 +1100

You care about your property and valuables, so make sure they’re protected and get peace of mind that they’re being covered.

Losing your home or business to a fire is life changing. This coming bushfire season prepare for the worst and make sure the valuables you’ve worked so hard for are appropriately protected before it’s too late.

After a bushfire, it’s overwhelming to record what has been lost but you can ease the burden by thoroughly preparing and planning. If you live or work in a high-risk bushfire area and would like the peace of mind that comes with being covered, appropriately manage the possible fire threats to decrease the risk of damage to your property, assets and livelihood by following the checklist below.

Bushfire preparedness checklist

Check the bushfire risk in your area. Remember, you don’t have to live right near the bush to be at risk. Even if your home is a few streets away from bushland, you are still vulnerable.
Make a Bushfire Survival Plan (check with your local fire service authority).
Check that you have home buildings and contents insurance and that your policy is up to date.
Check that you have appropriate insurances in place for any vehicles, boats or caravans that may be on your property. They may not be covered in your home buildings and contents policy.
Use an online insurance calculator as a guide to help you decide how much to insure your house for.
Regularly check your Bushfire Attack Level (BAL) and the relevant rebuilding requirements with your local fire authority or local government body as these ratings can change without notice.
If you’re a small business, check if you are covered for the costs of interruption to your business if there is a bushfire.

Insurance checklist

In the event of a bushfire, it’s important to ensure you have adequate insurance cover. Here’s what you should look out for:

Check whether you’re adequately covered for ‘removal of debris’ which cover the clean-up costs after a fire.
Check that your insurance policy covers you for the cost of temporary accommodation in case your home is uninhabitable due to a bushfire.
Make sure the final amount you decide to cover your home for includes clean-up and rebuild costs.

It’s important to ensure you have adequate cover, so you have the right support when you need it most. Use a Home & Contents Calculator to estimate your replacement cost needs.

In the event of a bushfire ensure the wellbeing of your family comes first. Stay calm, call 000, comply with emergency services and take the appropriate steps to stay safe.

This page provides general advice only. For up-to-date and specific advice relating to the risks in your area please speak to your local council or emergency services. This blog post is for general information purposes only and is not intended as financial or professional advice. It does not have regard to the financial situation or needs of any reader and must not be relied upon as financial product or other professional advice. You should seek your own independent financial, legal and taxation advice before making any decision about any action in relation to the material in this article. Railways Credit Union Limited trading as MOVE Bank ABN 91 087 651 090. AFSL/ Australian Credit License number 234 536. Insurance is issued by Insurance Australia Limited ABN 11 000 016 722 AFSL 227681 trading as CGU Insurance. The advice on this page is general advice only and does not take into account your individual objectives, financial situation or needs (“your personal circumstances”). Before using this advice to decide whether to purchase the insurance policy, you should consider your personal circumstances and the relevant Product Disclosure Statement available from cgu.com.au.

How to spot and avoid Flubot scams

Thu, 02 Dec 2021 03:31:33 +1100

In recent months you may have heard the term Flubot. This new type of scam has been targeting Australians since August 2021 and uses seemingly legitimate text messages to try and reach their targets. So, let’s discuss how to identify a Flubot scam and how to protect yourself.

What is a Flubot scam?

A Flubot scam begins with a text message about a missed call, voicemail, or even a delivery. These messages often ask you to click a link to track a delivery, hear a voicemail message, or even view photos.

Although they may appear realistic, the messages are fake and by clicking on the link you are allowing the scammers to download malicious malware on your phone. The malware can then be used by scammers to access your personal information including banking details and passwords.

Once your phone is infected with the ‘Flubot’ it can also send out messages to contacts within your phone, encouraging others to click the link and become infected with the malware.

How can I spot a Flubot text?

This new type of scam is catching out Australians because Flubot texts are designed to mimic messages you might receive from legitimate companies. Some examples include:

Your DHL order ID 1768908 will arrive soon. Track progress here at https://exampleurl.com/12hgyt8a
Voicemail message received. Visit https://exampleurl.com/12bfd8j to listen before it is automatically deleted.

Often, you can identify a Flubot message because the website link will contain a series of random letters and numbers at the end. Spelling errors and messages about a parcel you know you haven’t ordered are other giveaways that can help you identify a Flubot scam.

Update January 2022:

We have received reports that the types of messages received from Flubot scams are evolving, and may now also include message such as:

Why did you upload this private video of me: https://exampleurl.com/12hgyt8a
Have you seen this video of us? https://exampleurl.com/12hgyt8a

What do I do if I’ve received a text?

If you receive a text message you believe to be a Flubot scam, delete it immediately. We strongly recommend that you never click on the links in these messages.

If you have accidentally clicked on a link, you may be taken to a page which claims your device is infected with Flubot and prompts you to install ‘additional security’ to remove it. This is a trick and at this point your phone is not yet inflected, however installing the ‘additional security’ will download the malware and provide access to scammers.

If you believe your phone may have been infected, you should take your phone to an IT professional or perform a factory reset of the device as soon as possible. To be safe, it is also best to change your passwords to important accounts and avoid accessing Internet Banking until this is done.

If you think you’ve fallen victim to a scam, please contact us as soon as possible. You can also report it on scamwatch.gov.au so that others can be warned of current scams.

Let’s break down Victoria’s Homebuyer Fund

Fri, 22 Oct 2021 06:11:49 +1100

Victoria’s state government just released the details of it’s newly announced Homebuyer Fund, designed to help home buyers get their foot in the property market. The scheme is appealing, with the government offering to tip in up to 25% of a property’s purchase price, leaving buyers with just 5% deposit to pay and no Lenders Mortgage Insurance. So, lets find out more about this new initiative and exactly what it means for buyers.

What is the scheme?

The purpose of the scheme is to get home buyers in the market quicker and help combat rising property prices, backed by $500 million in support. By reducing the amount of deposit required and removing the expense of Lenders Mortgage Insurance (LMI) Victorian’s are more likely to get into their first home, and sooner.

How does it work?

The Victorian state government is using a shared equity scheme to support homebuyers, by covering up to 25% of a property’s purchase value for eligible buyers.

This scheme is different to those available in other states such as Queensland’s Home Builder Grant, which is gifted to eligible home buyers with few strings attached. Rather, due to the shared equity approach the Homebuyer Fund will own that 25% share of the property.

Recipients have the option to repay the share over time or when the property is sold. There are also some ongoing obligations which involve completing an annual review, ensuring the property is insured, and maintaining the property in good working order.

Who is eligible?

There are criteria around who can apply to receive support from the Homebuyer Fund, including:

Must be an Australian citizen or permanent resident over 18, and a natural person
Have saved the required minimum 5% deposit (3.5% for Aboriginal and Torres Strait Islander homebuyers)
Earn less than $125,000 per annum as an individual, or $200,000 per annum between joint applicants
Occupy the property as your principal place of residence
The maximum purchase price of the property is $950,000, or $600,000 in regional Victoria

These are the key points, however there is additional eligibility criteria as outlined here by the Victorian Government. There are also restrictions on the location of the property that is to be purchased, it must be within Metropolitan Melbourne, Geelong or on the list of eligible regional locations available here.

When do I have to repay it?

To get the Homebuyer Fund applicants must get approved for a loan with one of the selected lenders participating in the scheme.

Recipients are required to start repaying the Homebuyer Fund’s 25% share when they made the following criteria:

Your annual income exceeds the threshold’s outlined above ($125,000 for individuals, $200,000 for joint applicants) on two consecutive annual review dates, or;
You receive a windfall gain of $10,000 or more, such as inheritance or the lottery, or;
You have made a mandatory payment and your annual income has increased by 10% or more, and
You are approved by your lender to increase your home loan (only available if it enables you to make a payment which reduces by 5% and is at least $10,000)

There are conditions around make voluntary extra repayments, particularly in the first two years after the purchase, which are outlined here.

What are the pro’s and con’s?

The scheme helps home buyers take their first step into what is a very competitive property market, removing the cost of LMI and reducing the deposit required also eases the initial financial burden on participants.

However, there are some restrictions that may mean this initiative isn’t appealing to you. The fact the Homebuyer Fund will own that 25% portion of the property is important, and applicants should take time to understand the shared equity arrangement and its repayment obligations.

Further, there are restrictions around which lenders you can approach, and ongoing requirements such as annual reviews.

How do I apply?

Visit the Victoria State Revenue Office website to check your eligibility and complete an application. Don’t forget there are other schemes available to assist first home buyers including stamp duty concessions and grants, which are also available to participants in the Homebuyer Fund!

Weekend projects to increase the value of your home

Wed, 01 Sep 2021 02:49:46 +1000

Whether you’re looking to sell or simply want to get stuck into some home improvements, there are plenty of DIY projects you can do! These simple improvements can make a big difference to the look and feel of your home, as well as increasing its value.

Update your fixtures

We’re talking bathroom taps, outdated lighting fixtures, and worn doorknobs - these little features can make a big difference. Though often overlooked, having new and modern fixtures throughout your house can completely transform the space and give it a new feel.
Tip: a high-quality shower head is a great selling point!

Start at the front door

Giving your front door a fresh coat of paint, re-staining it, or completely replacing it is a great way to add value. This increases curb appeal and can help make an excellent first impression for potential buyers or visitors. Also consider upgrading the screens in your security door if they are looking worn or damaged.

Take a look outside

Landscaping may not be the first thing that comes to mind when you think of your homes value. However, having a well-managed garden that compliments your home exterior will attract buyers. For many homeowners something low-maintenance holds appeal, saving you both time and money.

The heart of your home

The kitchen is often called the heart of the home and can make or break a sale. Taking simple steps to improve the space can add significant value to your home, and can be done in one weekend! Painting your cabinet doors for a refreshed look is a great place to start, and you can take it one step further by installing soft close hinges for a quality feel.

A coat of paint

Whether you’ve got an outdated colour palette, a few scratches, or just feel like your walls need a little TLC, a fresh coat of paint can make a dramatic difference. Be sure to go around the house and fix up any holes or damage, and then select a neutral colour palette that gives a modern look and holds broad appeal.

What the Olympics could mean for Brisbane home-buyers

Wed, 11 Aug 2021 01:42:01 +1000

There is no doubt that Brisbane’s winning bid to host the 2032 Olympic and Paralympic Games will have a significant impact on the city. Infrastructure and development in the lead up to the big event will change the city landscape and leave an Olympic legacy in the years following.

With all these big changes in the pipeline, many Brisbane residents may be wondering what impact the Games will have on their home, and the broader property market. While we can’t predict the future, we can begin by looking at the experiences of past host cities to see what might be in store for Brisbane.

Past indicators show that the city’s housing market is likely to see rising property prices in the lead up to 2032. This isn’t the impact of the games themselves or of increased international attention, but the result of significant infrastructure projects.

Enhanced infrastructure generally has a positive influence on housing prices, providing upgraded public amenities and better transport options which are draw cards for those looking to buy. Further, we can likely expect a boom in construction to accommodate workers flocking to Brisbane and the surrounding areas to work on these large-scale projects.

This is great news for investors looking to get into the sunshine state’s property market, and those who are already homeowners can expect to see an increase in their property’s value. However, increased demand and rising property prices are likely to make it more difficult for first-home owners to break into the market.

While the pandemic has already seen Brisbane’s property market boom, with Smart Property Investment noting the number of $1 million plus suburbs increasing by over a third this past year, the 2032 Games could take this to a new level.¹

However, it is important to remember that these changes are not set in stone, and any impact will be felt gradually over the next 11 years as these projects and developments come to fruition.

Top tips to protect your password and PIN

Mon, 28 Jun 2021 00:45:44 +1000

With scams becoming increasingly sophisticated, it's important to stay informed about how to protect your personal information.

In 2020 Australians lost $128 million to scams, with new scams emerging every day. It is important that you take steps to safeguard your personal information and accounts. Here are our top tips to protect your password and PIN:

Safeguard your PIN
You can protect your PIN and reduce the chances of card fraud by making sure you:

Cover the keypad when entering your PIN at an ATM of EFTPOS terminal
Commit your PIN to memory and don't keep a record in your wallet, mobile or computer
Select a unique PIN and avoid popular or obvious number sequences (e.g. 1234, 2468)
Keep your PIN secret and never lend your card to anyone or leave it unattended
Check your statements and contact us immediately if you detect any unusual activity as you may be responsible for unauthorised transactions as outlined in the ePayments Code

Use strong passwords

Be sure to pick a strong password that would be difficult for others to guess, incorporating letters (uppercase and lowercase), numbers and symbols. You should also avoid using the same password across multiple accounts and update your passwords regularly, so you can be confident that even if one account is compromised your other accounts are secure.

Keep your documents safe

A lot of identity fraud still starts with the theft of documents, from the mailbox or bin. Limit the amount of mail you receive that contains private information and dispose of these documents carefully. Swap to online statements with MOVE Bank at any time by selecting ‘Online Statements’ from the ‘Accounts’ menu in Internet Banking.

What do I do if I think I’ve been scammed?

If you’ve sent money or shared your bank details with a scammer, please contact us immediately on 1300 362 216. For more information about scams, visit scamwatch.gov.au.

* Source: Scamwatch: Scam Statistics 2020

Should your next car be electric?

Wed, 05 May 2021 05:12:30 +1000

With the electric vehicle market expanding it’s offering within Australia, you may be asking yourself whether it’s time to make the move to an electric car. However, you might have some questions about whether an electric car is right for you, so let’s explore the pros and cons of going electric!

Purchase Price

As electric cars are still fairly new to the market in Australia the initial costs can be higher than purchasing a gas-powered vehicle. Although there are options for a wide range of budgets with hybrid vehicles (partly powered by electricity) starting at around $25,000 and full electric vehicles at around $45,000. Brands that have a wide offering in this space include Hyundai, BMW, and Tesla, but the selection available is expanding with Mazda, Kia and MG launching vehicles in the coming year.

Running Costs

This is where electric vehicles really shine, with the ongoing costs significantly less (as little as a third of the cost per 100km*) than gas-powered alternatives. The cost to recharge an electric vehicle is notably less than the cost of a tank of fuel, and the maintenance costs are also less due to the fact electric vehicles have fewer moving parts and experience less wear and tear.

In lieu of fuel, electric cars need to be charged, much like your mobile phone. Installing a home charging station is simple and means you can charge your car each night. You can also opt to use fast-chargers in public spaces such as car parks and petrol stations.

Performance and Drive Experience

Electric vehicles have a reputation for providing a smooth and powerful drive. With no exhaust system cars are quieter, leading to a more relaxing ride. If you like the roar of the engine, many vehicles have the option to switch on a ‘fake’ exhaust sound to give a more traditional driving experience. Electric motors also can react quicker than mechanical engines, giving the driver more responsiveness and agility behind the wheel.

Something that is important to consider is the driving range of electric vehicles. This is a challenge for Australia, which doesn’t have an established network of public charging stations to support a fully-electric fleet on our roads. There are certainly more stations popping up, but if you’re heading on a road trip to a rural area you may find it challenging.

The Environment

There is no doubt that the environmental impact of gas-powered vehicles is a big motivator for many people to make the switch to electric. Electric vehicles have zero exhaust emissions, significantly less than gas-powered counterparts. Further, electric vehicles can be charged using renewable energy (for example if you have solar panels on your house), further reducing your carbon footprint each time you head out for a drive.

Is an electric car right for me?

There are many pros and cons to electric cars, but there is no doubt that demand within the Australian market is growing steadily. As more brands begin to provide hybrid and electric alternatives, the countries network of charging stations will develop, making owning an electric vehicle even more accessible. While there are still hurdles to overcome when it comes to long-distance driving and pricing, making the move to an electric vehicle could be for you!

Regardless of what you choose, MOVE Bank can help you get there with our award-winning New Car Loan. Enjoy a great low fixed rate and no ongoing fees, head to movebank.com.au/newcar to learn more today!

* https://www.aph.gov.au/Parliamentary_Business/Committees/Senate/Electric_Vehicles/ElectricVehicles/Report/c03

Budgeting for a baby: what to consider

Tue, 27 Apr 2021 23:48:17 +1000

Expanding your family is an exciting time in your life, and there is a lot to consider along the way. From deciding on baby names to picking out nursery furniture, expectant parents have a fair bit to think about. There is no doubt that as well as being one of life’s greatest joys, having a baby is one of the most financially significant decision you will ever make. Before you take the plunge into parenthood, here is a go-to guide to make sure your finances are prepared!

Planning ahead

If you have the ability, putting a savings plan in place ahead of time can help with some of the significant upfront costs of expanding your family. By taking the time to make a list of everything you will need, you can begin to create a plan to work towards this savings goal.

Read reviews, look at different stockists, and explore your options when it comes to big ticket purchases such as cribs, car seats, and prams. You may even need to consider upsizing your vehicle to accommodate for the new addition.

Maternity and partner leave

New parents will often choose to take a period of time off work in the first weeks or months of the baby’s life. It is important to understand your options surrounding parental leave and entitlements, as there are a range of options to accommodate maternity leave, paternity and partner leave, and adoption leave. While the period of paid leave available may vary based on your workplace, you are entitled to 12 months of unpaid parental leave.

During this time, your household may need to adjust to a decreased income. It is important to take this into consideration in your plans and budgets, ideally saving some extra funds to help meet your financial commitments while living on a reduced income.

Post-baby budget

As well as planning for all the expenses that will come before your new family member arrives, it is wise to think ahead of the ongoing costs afterwards. Things such as childcare, an increased grocery bills, and doctors’ appointments can have a big impact on your budget. Balancing these new expenses with existing commitments such as rent or mortgage payments can be difficult but creating a budget can help keep you on track.

Be aware of benefits

There is a wide range of government programs that offer support to growing families, including support with childcare costs and living expenses. Make sure to do your research and find out what aid you may be eligible to receive.

Use our Savings Plan Calculator to help you plan ahead for your new arrival. Get your savings started today with our award-winning Express Saver Account, designed to help you save more so you can reach your goals faster.

Ultimate Moving Hacks: How to Save Money and Spend Smart

Tue, 20 Apr 2021 05:43:49 +1000

Moving house, whether you're renting or buying, upsizing or downsizing, or relocating for the first or fiftieth time, can be an exciting yet costly process. To help you navigate the move without blowing your budget, the team at MOVE Bank has compiled our top money-saving moving hacks. Discover where to cut costs and where it pays to invest when setting up your new home.

1) Make a budget and stick to it

Speaking of blowing the budget…

One of the easiest ways to overspend during a move is by not setting a clear budget. We recommend using a spreadsheet to track everything, from removalist fees to electricity connection costs and new furniture purchases.

If you're moving out for the first time or into a larger home, break down your budget by room to help plan your spending effectively. This approach will ensure you prioritise essentials while keeping costs manageable.

2) Second-hand doesn’t mean second best

A tight budget doesn’t mean you have to sacrifice quality. Platforms like Facebook Marketplace and Gumtree are goldmines for high-quality, second-hand furniture and appliances.

Consider buying big-ticket items such as fridges, washing machines, and dining sets second-hand. You’ll often find near-new items at a fraction of the retail price. If you love DIY, you can refurbish or upcycle pieces to match your style while saving hundreds.

3) Weigh up the cost of storage

Found an amazing bargain but not moving in just yet? Whether you're building a new home or waiting on renovations, storage costs can add up quickly. Before committing to bulk purchases, weigh up whether the savings justify the cost of hiring a storage unit.

4) Plan for your first night in your new home

It’s easy to focus on the big picture and forget the little things that make the first night comfortable. Essentials like toilet paper, a towel, clean bedding, and a phone charger should be packed separately and easily accessible. And for dinner? Takeaway on paper plates is a perfectly acceptable move-in meal!

5) Spend on the important things

While saving is important, certain purchases are worth the investment:

A quality mattress: A good night's sleep is priceless.
Home security: If you're living alone or want peace of mind, smart security cameras and alarms are affordable and easy to install.
Personal touches: A few cushions, a cosy throw, and some greenery can instantly make a house feel like home.

6) Measure twice, buy once, return never

Before making big purchases, double-check that furniture will fit through doorways and in designated spaces. Fridges, sofas, and beds are common culprits for sizing issues. If you’re moving into an existing home, use masking tape to map out furniture placement before buying.

7) Call in a few favours

If you have friends with utes or extra muscle to help move boxes, take advantage of their generosity! Moving with friends can be faster, cheaper, and a lot more fun. A pizza shout for their efforts is an easy way to say thanks.

8) Protect your home and what’s inside

Home and contents insurance should be a top priority before moving day. Whether you need to update your policy or take out a new one, ensure your belongings are protected from day one in your new home.

Need cover? Get a quote online or speak to our Insurance Specialists today on 1300 362 216.

By planning ahead and being strategic about your spending, you can make your move smoother and more affordable. Happy moving!

This blog post is for general information purposes only and is not intended as financial or professional advice. It does not have regard to the financial situation or needs of any reader and must not be relied upon as financial product or other professional advice. You should seek your own independent financial, legal and taxation advice before making any decision about any action in relation to the material in this article. Railways Credit Union Limited trading as MOVE Bank ABN 91 087 651 090. AFSL/ Australian Credit License number 234 536. Insurance is issued by Insurance Australia Limited ABN 11 000 016 722 AFSL 227681 trading as CGU Insurance. Consider the Product Disclosure Statement, available on our website or by calling 1300 362 216, to see if the product is right for you. You should read the PDS and all policy documentation for all the conditions, exclusions and limitations of this policy that limit or exclude cover.

Renters insurance: what it is and why you should consider it

Thu, 08 Apr 2021 06:18:05 +1000

While many people think insurance is only for those who own their home, ensuring your valuable belongings are protected while you’re renting is just as important.

Renters insurance, also known as contents insurance, gives you coverage to repair or replace your belongings if something were to happen.

You may be thinking, isn’t that the landlords job? Well, not exactly. While it’s generally your landlord’s responsibility to protect the building and any contents within the property that they own, you are responsible for covering your own contents.

That means if, for example, an electrical fault starts a fire and your furniture, whitegoods, electrical appliances, clothing, and other possessions are damaged or burnt, the landlord is generally not obliged to cover the damage to your contents.

Taking out contents insurance can help cover big-ticket items such as electrical appliances and furniture, as well as anything of value to you such as jewellery, clothing, and electrical equipment.

The cost of contents insurance takes into consideration a few factors, the main one being the value you place on the belongings you are insuring. The higher the allotted replacement cost, the higher your insurance will typically cost.

TIP: Different policies may have sub-limits on specific categories, for example $2,000 for jewellery – if you want to be covered for more, you might need to specify individual items.

Insurers could also look at other characteristics, such as the suburb you live in and how secure the property is. An area that has lower crime rates, or a home with a security system will likely result in lower premiums.

If you live in a share house, you could consider getting a policy that covers everyone’s belongings and split the cost. If you’re housemates aren’t up for that, you can always get an individual policy to cover just your items.

No matter your living situation, there are a broad range of policies available. If you haven’t already, find out more about Contents Insurance and protect your valuable belongings today!

How to spot and avoid phishing scams

Fri, 19 Mar 2021 05:45:37 +1100

Phishing scams involve fraudsters impersonating a company that you know and trust with the goal of stealing your personal information. These types of scams are one of the most common in Australia and according to Scamwatch resulted in a loss of over $1.6million last year alone.

With phishing scams becoming increasingly sophisticated, we encourage you to stay informed and remain alert to help ensure you protect your personal information.

How do phishing scams work?

Scammers running phishing scams will commonly pose as your bank, utility provider, government department, or even law enforcement. They may contact you by phone, email, or even social media in an attempt to gain access to your personal information or banking details.

How do I spot a phishing scam?

There are a few key things to keep an eye out for, including:

Contact from email addresses that seem unusual (i.e. close to a well-known brand name but not exactly right)
Communications requesting you to provide personal information such as bank account details, credit card numbers, and online banking passwords
Spelling mistakes or inconsistencies during emails or phone calls
Messages that appear very enticing or threatening
You may be offered a reward for your assistance or completion of a survey, but asked for your card or bank details to charge you a processing fee or postage fee to receive the reward

Did you know?

There is an increasing number of fraudsters claiming to be from government departments or law enforcement agencies. Often these individuals will tell you not to notify anyone they have contacted you as it is part of an ‘ongoing investigation’ and will ask you to provide sensitive information or send funds to a specific account in order to ‘assist in catching a criminal’.

How do I protect myself?

The best form of protection is to be informed and aware. Here are some tips to help you get started:

Never click on links or open attachments in emails from people you don’t know
Don’t provide your personal information to someone over the phone unless it is a trusted number, or you called the organisation using a phone number from a trusted source
Use a spam filter to block emails from suspicious senders
If you have received a questionable message, contact the organisation yourself to verify its legitimacy
If something seems to good to be true, it probably is

What to do if I’ve been scammed?

If you think you’ve fallen victim to a scam, please contact us as soon as possible. You can also report it on scamwatch.gov.au so that others can be warned of current scams.

Remember, MOVE Bank will never ask for your internet banking password. If you’ve provided your password to someone else, please let us know immediately on 1300 362 216.

Fraud statistics from: www.scamwatch.gov.au/

Be in the know: card-based fraud

Fri, 19 Mar 2021 05:34:08 +1100

Card-based scams are a popular choice among fraudsters, with data from the Australian Payments Network showing that there were over $447 million lost to card-based fraud last financial year. To protect yourself and your MOVE Bank accounts, read on for important tips on how to spot and avoid these scams.

What is card-based fraud?

There are different forms of card fraud, not all of which involve physical access to your card. The most common is card-not-present fraud, representing 87.7% of all card-based scams. However, card skimming, theft, and interception are also popular methods.

Card-not-present fraud

Card-not-present (CNP) fraud involves your card details being used to make transactions online or over the phone and is becoming increasingly popular with the rise of online shopping. To avoid CNP fraud you should be careful when entering your card information online and make sure that you’re only shopping on secure and legitimate sites.

You can check this by:

Looking for https:// at the start of a website URL instead of http://
Search for reviews or feedback about the website before purchasing
Be wary if the item is offered for a considerably cheaper price than elsewhere, it could be an illegitimate seller

Card skimming

Card skimming is what first comes to mind when many people think of card-based fraud and occurs when a device steals the details of your credit card from its magnetic stripe or chip. Card skimming devices are most commonly found on ATMs or EFTPOS terminals. If an ATM or EFTPOS terminal looks like it may have been tampered with, don’t swipe or insert your card.

Card theft and interception

Card theft involves a scammer stealing your card from you, whether it be in your wallet, car, or home.

Card interception, also known as ‘card never arrived’ fraud, is where scammers will steal your card before it arrives by taking it from your mailbox before you have the chance to collect it. To protect yourself from card theft and interception, always keep your card in a safe and secure place. If you are expecting a new card to arrive in the mail, ensure your letterbox is locked and be sure to check it regularly.

Did you know?

When you receive a new or renewal MOVE Bank Visa Card you will need to activate it first by securely logging in to Internet Banking or the MOVE Bank App.

How do I protect myself?

Keep an eye out for any suspicious transactions on your statement, no matter the value. This could indicate a fraudster has obtained your card details and is making purchases. Catching unusual activity early and reporting it can stop fraudsters in their tracks.

Other giveaways can include receiving an SMS containing a one time password when you aren’t making a transaction. This could indicate that someone is attempting to use your card for fraudulent purchases. Never give out a one time password to someone over the phone, even if they are claiming to be from your bank.

For an added layer of security, consider using digital wallet providers such as Paypal and ApplePay for online purchases. These services do not share your card details with the website you are purchasing from, meaning the risk of our information being stolen is significantly reduced.

What to do if I’ve been scammed?

If you think you’ve fallen victim to a scam, please contact us as soon as possible. You can also report it on scamwatch.gov.au so that others can be warned of current scams.

Card fraud statistics from www.auspaynet.com.au/resources/fraud-statistics

New year, old debt?

Mon, 04 Jan 2021 04:37:22 +1100

If you’re looking to reduce your credit card debt in 2021, a balance transfer may be worth looking in to.

A balance transfer lets you move the balance owing on your existing credit card to another with a lower or 0% interest rate.

Balance transfers work if you’re paying a higher rate on your current credit card and want to save money on interest, freeing up your finances and helping you pay off your card.

Does it cost money to do a balance transfer?

Although MOVE Bank doesn't charge any balance transfer fees, some lenders will - so keep this in mind when taking out a balance transfer.

What types of balances can be transferred?

With MOVE Bank, you can transfer balances such as:

Visa and MasterCard (all banks)
Most store cards (e.g. David Jones and Myer)

Is there a minimum or maximum amount that I can apply for?

You can access up to 80% of your approved credit limit for balance transfer at the time of applying for the card. With a MOVE Bank credit card, the minimum credit limit you can apply for is $1,000 and the maximum is $25,000.

How is my balance transferred across?

The process of transferring your credit card to a new one is pretty simple. When you apply for a credit card with us, you’ll be asked to supply details of your existing card. Once approved, we’ll simply payout and close your old card and roll it over to our Low Rate Credit Card.

Tidy up your finances in 2021 with a balance transfer

Our Low Rate Credit Card offers 6 months 0% interest on balance transfers and an ongoing low rate of 8.99%*. Apply online today.

Low Rate Credit Card is offered, issued and administered by Railways Credit Union Limited trading as MOVE Bank, Australian credit licence 234536. Terms and conditions apply and are available on our website. All credit card applications are subject to credit assessment and approval.^*The variable retail purchase rate is current as at 1/3/2018 and is subject to change. All rates are quoted per annum. For the current interest rate please visit movebank.com.au. ^#Other fees and charges apply. Balance transfer available to refinance debt from other lenders up to 80% of the approved limit. The 0% pa interest rate applies to balances transferred at point of application for a period of 6 months, commencing once the balance transfer has been processed. At the end of the balance transfer period, the interest rate on any outstanding transferred balance will revert to the variable annual percentage rate for purchases, currently 8.99% pa.

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