Latest News
Savings Interest Rate Changes effective 1 October 2020
We are reducing interest rates for our Bonus Saver Account (S7) by 0.10% to 0.90% (inclusive of the base rate plus bonus rate).
Read more: Savings Interest Rate Changes effective 1 October 2020
Unity Bank Adjusts Branch Operation Model in Response to Member Needs
Published on August 31 2020
To adapt to the way our Members prefer to do their banking today, we are making some adjustments to our branch model. The new model will see new skills developed for existing staff, additional staff added to our Call Centre operation and an increase in the availability of our mobile lending services.
Under the changes, the opening hours across all our branches will be adjusted so that staff can divide their time between over-the-counter branch services, Call Centre enquiries, online digital support and having personalised conversations with Members.
Read more: Unity Bank Adjusts Branch Operation Model in Response to Member Needs
Updates to our Fees & Charges and Transaction Limits document
We have made some changes to our Fees & Charges and Transaction Limits document. To access the Fees & Charges and Transaction Limits document now dated 24 August 2020, please click here.
What are the changes
Retailers and merchants can choose which network they process a transaction through, including contactless transactions (e.g. the Visa network or the EFTPOS network). Transactions processed via the Visa network do not count towards your excess transaction limit. However, transactions processed via the EFTPOS network do count towards this limit.
What this means for you
This change to our Fees & Charges and Transaction Limits document has been made to help you better understand how your excess transaction limits may be affected if a merchant processes a transaction via the EFTPOS network. No action is required by you.
Read more: Updates to our Fees & Charges and Transaction Limits document
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
Generational Shift Behind the Rise of Identity Theft
Australians aged 25 to 44 have overtaken retirees and the elderly for reported cases of identity theft. According to data published by ACCC’s Scamwatch, reported cases are a third higher (32%) in 2020 than the corresponding period for 2019.
Historically, Australians over 65 report the most cases, but we are now seeing younger age groups of 25 to 34 and 35 to 44 move to the fore, suggesting a generational shift in this criminal activity.
This change reflects broader societal trends for digital technology. Unfortunately, it is easy to focus on the benefits and overlook the pitfalls of sharing information so readily.
It can be as simple as clicking on what looks to be a personalised email that actually has a dangerous payload within. Within minutes your device has downloaded a virus that will access personal information such as bank statements, identity particulars and your address book. A good trick is to validate the sender's email address by checking its domain name on Google. If you don’t recognise it, delete it immediately.
Alternatively, the criminal starts with one piece of personal information and gradually builds up a profile by harvesting information from social media. In a digital world we tend to disregard traditional mail, but items such as superannuation statements and renewal of driver’s licence cards are pure gold for criminals.
Many people are aware of scam activities but most targeted people are caught by surprise when they are contacted by a business chasing payment, or the heart wrenching moment when they realise a criminal group has used their details to take out loans in their name.
Losing control of your identity can start a downward spiral with many activities we take for granted severely impacted, whether obtaining a loan, buying a house, starting a business, or even starting a new relationship.
It can take hundreds of hours to reclaim a stolen identity and recover from a blemished credit history.
Don’t overshare on social media and use privacy settings wisely. Protect your devices and pay attention to security upgrade messages. Lock your email inbox, clean out the junk, and never click on unsuspecting links, even if it is addressed to you.
If you think you have provided your account details to a scammer, please contact us immediately on 1300 36 2000. We also encourage you to report it to the ACCC via the report a scam page. This helps them warn people about current scams, monitor trends and disrupt scams where possible.
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.
Lodging your tax return – COVID-19 Edition
As many of us would already know, lodging your tax return at the end of this financial year may be different compared to previous years. COVID-19 has resulted in many disruptions in the workplace causing some companies to relocate their staff to work from home. The Australian Taxation Office (ATO) has recognised this and has implemented a different method to claim some of your expenses this year.
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.
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
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.
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.
