We’ve all received them. A dodgy message about a missed delivery. A robotic-sounding phone call with some random request for information.

Some scams are easier to spot than others. But scammers can be very clever at tricking people into giving out personal information. With generative AI technologies now thrown into the mix, it’s more important than ever to be vigilant about your cyber security.

Scamwatch has already received more than 95,500 reports of scams in 2024. The Australian Competition and Consumer Commission (ACCC) said scam losses declined last year, but there was still more work to be done as Australians lost $2.7 billion.

In this article, we’ll cover what four of the most common scams are at the moment, along with what you can do to protect you, and your family from them.

Scams doing the rounds

Impersonation scams

The ACCC issued a warning earlier this year urging Australians to check payment details directly with businesses before paying an invoice, following a rise in losses due to payment redirection scams.

With this type of scam, you receive an email from a business you are dealing with and are expecting an invoice from. You pay the invoice but end up paying the scammer because they have gained access to the business email account or changed the email address and modified the payment details.

Product and service scams

Scammers have been known to set up fake websites on retailer sites, and then offer products or services at ridiculously low prices. There may be fake ads, fake reviews and a stolen Australian Business Number (ABN), making these types of scams hard to recognise. If something seems too cheap compared to competitors or too good to be true in other ways, it may be a scam. Likewise, if there’s no terms and conditions, ABN or privacy policy on the website, it may not be legitimate.

Remote access scams

With this type of scam, scammers try to convince you that you have a computer or internet problem. Sometimes the scammer will call and pretend to be from a large telecommunications like Telstra, or they may say they’re from a technical support service provider. They may say your computer has been sending error messages or that it has a virus, or mention internet connection issues. The caller will request remote access to your computer to find out what’s happened, or they may ask you to buy software to fix the problem.

Tips to protect yourself (source: ACCC)

STOP – Don’t act quickly. It’s better to take the time to call the business you are dealing with – using independently sourced contact details – to check the payment details are correct.

THINK – Ask yourself if you really know who you are communicating with. There may be legitimate-looking logos and ABNs, but scams can be sophisticated.

PROTECT – If something feels wrong and you have shared financial information or transferred money, contact your bank immediately. Report any suspected scams to Scamwatch.

You can find other tips to protect yourself and your family from scams here. Protecting your personal data is important, so be proactive and stay informed.

How we protect our clients’ data

We understand the importance of data protection, which is why we use a cloud-based technology platform that runs on servers that are 100% Australian owned and operated. It features security protections like multi-factor authentication, state-of-the-art encryption and security monitoring tools to protect data.

We hope that with these tips you have a cyber-safe new financial year and we look forward to helping you with all your upcoming financial needs.

Finding the right investment property for you is different from finding your own home.

At the end of the day, the aim of buying an investment property is to make a solid financial return – whether that’s through rental income or capital growth. That’s why it’s so important to be savvy about what and where you buy.

Here are some key things to look for in an investment property.

1) Capital growth potential

Capital growth is how much your property goes up in value over time. Supply and demand is key to capital growth – property prices will increase if demand is high relative to the supply of properties in a suburb.

To find out whether your desired suburb has strong capital growth potential, look at how the median sale price has tracked in recent years. Has it gone up?

How many days are properties staying on the market? Are they being snapped up quickly?

What’s the auction clearance rate in the suburb? What’s the vacancy rate (i.e. the percentage of rental properties that are currently vacant in the suburb)?

These are some of the key property market data or metrics you should analyse when researching an area.

2) Rental yield

Rental yield is an important consideration in property investment. It provides an indication of how profitable a property is likely to be.

Rental yield can be calculated in gross terms (the expected annual rent, divided by the market value of the property, multiplied by 100 to get a percentage) or net terms (factoring in all your costs and fees, such as council rates, strata levies, property management fees, depreciation and insurance).

The higher the percentage, the greater your cash flow will generally be and the higher return on investment.

3) The right location

Before buying an investment property, think about what it would be like to live in the suburb yourself. What’s the lifestyle appeal like? Is there entertainment nearby? Parks? Schools?

Find out whether any major infrastructure projects are planned or underway (think of new transport links and amenities). If the area is showing signs of gentrification, such as an influx of cafes and businesses or more property renovations, it’s often a good sign of capital growth to come.

4) The right property type

The type of property you buy will largely depend on your budget. But think about what will be in demand in your suburb.

A house with a backyard will likely appeal more to tenants in a family-friendly suburb than a smaller apartment, for example. On the other hand, a unit may work well if there are a lot of single professionals or university students in the area.

Also, consider the maintenance involved. A house with a lawn will require more maintenance than an apartment (which may also come with strata fees, mind you). An older house may also cost you more in maintenance than a newer property.

5) Features

Lastly, consider the features that prospective tenants may be looking for.

Will they need a garage? Lots of storage space? Two bathrooms? An office to work from home? A fireplace for the winter?

Desirable features can help push up the rental return, so it’s important to keep them in mind when looking for the right investment property.

Ready for the next step?

Get in touch for a free property report today to guide your investment research. When you do find the right investment property, we can walk you through the finance options that are available to you.

With today’s cost-of-living pressures, it’s more important than ever to regularly review your home loan to see how it stacks up against others.

Refinancing could allow you to find a more competitive mortgage and save you a lot of money over the course of your loan.

However, before you switch lenders, here are a few questions to ask yourself before refinancing.

What’s the cost versus the benefit?

When deciding whether to refinance, you need to understand all of the costs involved and weigh those up against the money you could be saving.

Here are some of the costs you may encounter:

• Discharge fee from your existing lender
• Mortgage registration fee to register your new home loan
• Fixed loan break fee for those on a fixed-rate loan
• Exit fee by your lender when you break the term of your loan agreement
• Settlement fee with the new lender
• Property valuation for the new lender
• Lenders Mortgage Insurance if you’re borrowing more than 80% of the property’s value; and/or
• Title search fee, so your lender can ensure that there are no outstanding claims on your property

Which loans will suit your circumstances?

Think about what kind of home loan will work for you, given your current financial situation and goals.

If you want to lock your interest rate in and know exactly what your repayments will be for the fixed period, a fixed term home loan may suit you.

If you’re banking on a cash rate cut in the future, you may decide a variable home loan is the way to go.

A split loan means you get the best of both worlds in the sense that some of your home loan is fixed, and some is variable.

Also, consider which interest-saving features you’d like with a home loan. A redraw facility or offset account, for example, can save you interest in the long run. Making bigger or more frequent repayments may also help you pay off your loan sooner.

Do you want to increase your loan?

If you’re refinancing, it’s a good opportunity to consider whether you want to top up your loan.

Perhaps you’ve been planning a renovation and need some extra funds to get your reno dreams off the ground? Maybe you want to buy an investment property or get a new car?

Refinancing could allow you to access additional cash to achieve your goals.

Would you benefit from debt consolidation?

If you’re juggling multiple debts at once, such as a personal loan and credit card debt, it may be worthwhile considering debt consolidation.

With debt consolidation, you essentially roll all your debts into your home loan. It means you only have to make one repayment, making it easier to manage your debt.

It’s important to remember that you may end up paying more interest over the life of the loan if you go down this road, so speak to us and we’ll crunch the numbers for you.

Who can help me with refinancing?

Refinancing is not necessarily right for every borrower, but it’s something that every borrower should at least consider. As your mortgage broker, we can work through the pros and cons of refinancing with you.

If we find you a more competitive home loan or one that better suits your needs, we’ll run through the fee differences, serviceability criteria, turnaround times and anything else you need to know about.

Get in touch today to find out more about refinancing.