Latest News
An Important Change to our Relationship Rewards Program.
Published on 31 May 2021
We are changing our current Relationship Rewards Program (RRP) to a new simpler fee structure that will provide greater certainty and peace of mind for Members who use Visa Debit (excludes Business Accounts).
Currently, you receive a limited number of free transactions per month. You are then charged with excess transaction fees when you’ve exceeded your limit.
Effective 1 August 2021, transaction fees will no longer exist under the RRP. These fees will be replaced with the new Monthly Usage Fee. This new fee is capped at $5.00 per month per membership, and it gives you unlimited VISA Debit transactions throughout Australia.
Whether you are transacting at an ATM, a retail store or online shopping, you will be able to use Visa Debit without worrying about excess fees. The unlimited transactions apply not just on physical cards but also to digital cards linked to your personal account like Apple Pay, Google Pay and Samsung Pay. Please note that some privately-owned ATMs may still have a Direct Charge prior to proceeding with the transaction.
Read more: An Important Change to our Relationship Rewards Program.
Always Be On The Lookout To Avoid Scams
As your Mutual Bank, we strive to educate and operate vigilantly to prevent our Members from falling victims to scams or frauds. In the past few years, we have advised Members about different types of scams. The latest scam is where the caller identifies themselves as a representative of the "Fraud Department", "Visa Fraud Monitoring Team" or "Fraud team in Collins Street Melbourne" to coerce Members to provide their personal information, card number and transactional data.
Spear Phishing: What is it and how to protect yourself.
Cybercriminals are once again working hard to take advantage of the COVID-19 situation through new phishing campaigns. Most recently, a wide range of political and private-sector organisations in Australia have come under cyber-attack by a “sophisticated state-based cyber actor”. This phishing tactic is called spear phishing.
Read more: Spear Phishing: What is it and how to protect yourself.
Important Change to Osko® Daily Limits
As part of our ongoing commitment to protect our Member’s funds from fraud, from 3 March 2021, we will be reducing the daily limit for payments via Osko® to $1,000 per account per day.
Account & Access Facility Conditions of Use Document Update
We have updated our Account & Access Facility Conditions of Use Document to include the following new section:
TRANSACTIONS MAY BE DELAYED OR REFUSED
We monitor and investigate transactions for potential fraud and other illegality, including to meet our obligations under anti-money laundering and terrorist financing and sanctions laws. This may result in transactions being delayed, blocked, frozen or refused. We will not be liable to you or any other person for any loss or damage which you or such other person may suffer as a result of, or in connection to, any such delay or action.
These changes are effective as of 22 January 2021. If you would like to discuss any of these changes, please contact us on 1300 36 2000.
Read more: Account & Access Facility Conditions of Use Document Update
Personal Loan Checklist
Knowing what documents you need when applying for a personal loan can be tricky. Below is a list of necessary items to help you when applying for a personal loan.
Slashed stamp duty gives a positive boost for first home buyers
The new scheme released by the Australian Government for first home buyers is a game-changer and a welcome helping hand during these tough times.
For first home buyers, under the new scheme, the threshold that Stamp Duty will be charged on new homes will increase from the current $650,000 to $800,000, with the concession reducing on higher values before phasing out at $1 million. The stamp duty threshold on vacant land will rise from $350,000 to $400,000 and will phase out at $500,000.
Read more: Slashed stamp duty gives a positive boost for first home buyers
CUPID-19: Romance scammers taking advantage of the continuing pandemic
With the pandemic continuing to affect the daily lives of Australians, romance scammers are targeting the emotionally vulnerable and taking advantage of people wanting to escape the reality of lockdown.
Coined “romance scammers”, criminals create fake profiles on popular social media platforms such as Facebook and Instagram or dating sites. They then start a conversation with their targets to build their trust, sometimes talking to them multiple times a day and for several months. Once they have built up this trust, they will trick their victims through a false story and ask for money.
Read more: CUPID-19: Romance scammers taking advantage of the continuing pandemic
COVID-19 Business Support: No Monthly Service fees for Commercial Loans for an additional six months
Published on 25 Sept 2020
A reminder that our Financial Assistance Package is available to help small - mid business Members who are impacted by the COVID-19 pandemic. We are providing relief assistance on all types of home loans, personal or car loans, overdrafts or credit cards and all commercial loan repayments. If you wish to apply for financial relief, please complete our Financial Assistance application form and one of our friendly staff will contact you to assist.
Furthermore, under the SME Guarantee Scheme, Unity Bank will be able to offer an unsecured 3-year term loan to all business customers with a turnover of less than $50 million. For the first six months, payments are deferred and interest to be capitalised. After the deferral period, you can choose to pay Principal and Interest payments, or in certain circumstances Interest Only payments with full clearance of the debt at the end.
These loans will be offered to new and existing members at a variable interest rate and a minimum establishment fee of $500.
To get started or find out more, request a call back from our Lending Specialist or call 1300 36 2000 to arrange a discussion about your business needs today.
This information has been prepared without having regard for your individual and/or business objectives, financial situation or needs, you should, before acting on this information, consider its appropriateness to your circumstances. Unity Bank reserves the right to change or cancel these offers at anytime without notice. These products are only available to approved business customers and for business purposes only. This offer cannot be used to refinance existing debt or purchase an asset. Applications for finance are subject to Unity Bank’s credit eligibility criteria, terms and conditions, fees and charges.
COVID-19 Business Support: SME Guarantee Loan Scheme - Stage 2
Published on 27 Oct 2020
On 1 October 2020, the Australian Government announced the commencement of the second stage of its economic plan to cushion the economic impact of the coronavirus known as COVID-19 and help build a bridge to recovery. The extension of the ‘Coronavirus SME Guarantee Scheme’ will ultimately support small and medium enterprises to get through the impact of the Coronavirus Pandemic. We are participating in this government backed loan scheme to fund small and medium business through this period of COVID-19 disruption.;
Under the scheme, Unity Bank will offer an unsecured 5-year term loan to approved business customers with a turnover of less than $50 million. For the first six months, payments are deferred and interest to be capitalised. After the deferral period, you can choose to pay Principal and Interest payments, or in certain circumstances Interest Only payments with full clearance of the debt at the end.
These loans will be offered to new and existing members at a variable interest rate and a minimum establishment fee of $500.
To get started or find out more, request a call back from our Lending Specialist or call 1300 36 2000 to arrange a discussion about your business needs today.
Credit eligibility criteria, terms and conditions and fees and charges apply.
These products are only available to approved business customers and for business purposes only. This offer is to assist with working capital and other cash flow requirements but cannot be used to refinance existing debt. Loan applications between $10,000 and $40,000 will be accepted for assessment, and applications above $40,000 will be determined on a case by case basis. View our current terms and conditions and consider them before making any decision about these products. Any advice or information on this site does not take into account your personal objectives, financial situation or needs and you should consider whether it is appropriate for you. Please review our Disclosure Documents before acquiring any product.
Reducing your excess transaction fees
In Oct last year, the entire Wesfarmers Group including Coles and Bunnings rolled out changes to their transaction routing capabilities on their EFTPOS machines where contactless payments are accepted. This software change now generates excess bank charges when a customer uses the Visa PayWave transactions at any of their business outlets.
Important Changes to BPAY Payments via Phone Banking
As part of our ongoing commitment to the security of our Member’s funds, we will be reducing the daily BPAY limit for Members making payments via Phone Banking.
Read more: Important Changes to BPAY Payments via Phone Banking
Two-Factor Authentication, what is it and why you need it.
With the current technology climate changing and with the advancement of software, keeping your bank accounts secure is becoming more difficult. Two-Factor Authentication (often shortened to 2FA) is not new, but it is gaining momentum as bank accounts are left exposed with weak or poorly secured passwords. Whether it be your bank accounts or social media accounts, the 2FA, also known as Two-Step Verification, provides an extra layer of security to ensure that it's you logging into your accounts.
Read more: Two-Factor Authentication, what is it and why you need it.
Saving for an emergency
Creating an emergency fund may seem daunting for some. A lot of people may think you need to put away hundreds of dollars each week, which is delaying them from starting one. It doesn't matter how much you are putting in this account as long as you have begun.
A Commitment Worth Its Length In Gold
1970: It was a very good year.
A hundred and twenty seven runners came together for the very first New York Marathon. 334 passengers and 18 crew came together for the first commercial flight on the world’s first 747 jumbo jet. 600,000 people came together for an incredible rock experience on the Isle of Wight.
