Advice Centre

As the internet becomes more and more sophisticated, so does its benefits. Nowadays, you can contact people on the other side of the world almost instantly. Email, social media, virtual reality and/or real-time video calls have made staying in touch so much easier. You can even buy goods online and have them delivered straight to your doorstep. But with all the good also comes the bad. Data theft, identity theft and money scams are now at all time highs. Online safety is becoming more difficult to maintain. If you’re concerned, don’t worry too much. Our top online safety tips will help you take care while you’re on the internet. Always use strong passwords Online criminals have made a pastime out of breaking into accounts with weak passwords such as “mypassword” or “david123”. Very often, they’ll use algorithms to systematically crack weak passwords to get into your online banking, shopping and social accounts. Using stronger, more complicated passwords is one of the best ways to stop criminals and fortify your online safety. The trick is to use a mix of lower and uppercase letters, numbers and symbols. For example, instead of using “david123” use “d4viD123!”.   Never post personal information online Being able to interact with someone on the other side of the world via social media and forums is one of the greatest things about the internet.On the flipside, the anonymous nature of the internet can be a threat to your online safety. You can never be too sure about who you’re talking to or who you’re sharing information with.Because of this uncertainty, never, ever give out personal information online. Never share passwords, emails, your home address or phone numbers in forums or message boards.You don’t want strangers turning up on your doorstep. And you definitely don’t want to open your bank account to find money’s gone missing!   Think twice about your social media posts The world of Facebook, Instagram, Twitter and other social platforms allow you to express yourself to your friends and/or followers.But keep in mind that once you post something it can never be taken down. Even if you delete posts, they remain on the servers of these social media companies forever.The next time you want to post something, take an extra second to think about it. What are you communicating through your comment, photo, video or piece of audio? Where and how are you posting it? Can this post threaten your online safety?Each social platform functions a little differently. Make sure you’re posting publicly, only when you want everyone to see it. And make sure private posts are made in private areas. It’d be horrible to post private material in a public area!   If it seems too good to be true, don’t believe it A trend that has begun recently is for online criminals to email people with enticing offers. These emails often look like they’ve been sent by your local bank, local supermarket, a leading retailer and/or a recognisable brand. They often have you click through to pages that ask you to submit personal details such as your name and phone number. They might even ask for the passwords to your online shopping accounts. All in exchange for a large cash prize.The truth is, these are scams run by online criminals trying to get your data for nefarious reasons. If an offer seems too good to be true, just ignore it. If you’re not entirely sure and feel your online safety is at risk, give the sender a call to double check.

Hopefully the subject line made you take notice. If it did, then hopefully you will read on further.   From my point of view it’s a far catchier headline than “ASIC makes changes to credit card rules” or “ASIC mandates changes in assessment criteria for Credit Cards”.   These two statements (or boring alternate headlines if you want to put it another way) are actually true. However, what you may not realise is the impact that they will have in terms of your ability to qualify for finance & meet loan servicing criteria.   In a nutshell, when assessing loan serviceability, Credit Cards are generally assessed using one of the following criteria: 3% of the total credit limit A lender may not include it in their calculation if it can be demonstrated that the card balance is paid in full every month   The changes mandated by ASIC will effectively mean that serviceability of credit card debt will have to be assessed over a maximum 3 year period. If you have a card with a large limit (it is not uncommon these days to have a $30K-$50K limit) this could significantly impact your ability to borrow. These changes are happening soon: 1/1/19 for all new Credit Card facilities 1/7/19 for all other loans   So, that loan you applied for & qualified for in the last month may be the loan that you don’t qualify for in 2019. In the meantime your personal circumstances probably haven’t changed - you earn the same income, your living expenses are the same & your rent/loan repayments are roughly the same. When you thought you were good to go with that loan for the new car then maybe there may be a rude shock.   Now before you jump to conclusions, we at The Mac aren’t suggesting that the increased level of regulation isn’t a good thing. It is aimed at protecting the unwary & saving people from a lifetime of financial misery & credit card debt that can run into many thousands of dollars. What we are suggesting is that you look at your credit card limits & think of whether you really need them. A $10K card limit might well serve the same purpose as a $30K limit - if the purpose of the card is the “rainy day” or the card is repaid in full every month. This will also ensure that your future borrowing capacity is not diminished.   At this juncture I also need to stress that we at The Mac do not condone reckless lending practices. Our staff do not lend to a target nor do they receive bonuses based on the number of loans that walk out the door. We don’t offer a credit card as part of our suite of products. But what we do offer is what we think are some pretty damn good alternatives: A VISA Debit Card - this provides all the convenience of a VISA Card for on-line shopping & cashless shopping (including Apple/Android Pay on a mobile device) without paying for the privilege of using someone else’s money A range of loans for any worthwhile personal purpose. These start from (currently) 5.99% for a new car. Our loans will always end being more cost effective than that Credit Card at an interest rate of 20% or more   There are always alternatives. There are always different ways to “skin the cat” (though I can’t imagine “cat skinning” is a pleasant pastime!). Hopefully I’ve provided you with a little bit of knowledge on “How Stuff Works” in a financial sense. It might also be that “trigger” for a bit of a stocktake of your Finances.   Even if you aren’t up for that major purchase at the minute, at The Mac we can help with a financial stocktake. You don’t have to be a member to qualify for a stocktake but we’re pretty sure that you will want to become one afterwards. Come & see us in person, in one of our Branches or give us a call. If you can’t come to us we’ll come to you.   Until next time, Paul Brooks

You've found THE perfect car. Enough room for the family, all the features you want and you can take it right now if you use the dealership's finance company to pay for the car. Tempting, but is it worth it?   Don't be pressured to make a quick decision Sales people are trained in the art of closing a deal. They could be so good at it that you don't even realise that you're being persuaded to behave in a particular way. The truth is, as the purchaser or customer, YOU hold the power in this situation. Many members call us and report feeling pressured to take the finance the dealership is offering. Remember, you always have the power to choose for yourself. You are signing up for a significant amount of debt and this isn't a decision to rush. If you've found a car that you love and want to compare the deal you're being offered at the dealership, call our team on 1300 622 278. We can talk you through what you should be looking for in flexible and fair finance.   Look carefully at the fine print of the finance Found a 1% or 0% finance offer from the dealership? Be careful. Often, the deal is linked to the final price of the vehicle. You can read more at Car Sales here. Car Sales points out that the advertised price on low interest rate deals from dealerships is often higher than the cars' original price to offset the low interest rate deal. Is there a balloon payment payable at the end of the finance? A balloon payment is an amount payable to purchase the car after the finance has ended. Many people get caught out with the balloon payment and need to take out personal loans to cover the amount. It's worth asking what the loan repayments will be over the life of the finance to compare apples with apples. (This comes in handy for the next point).   Compare the finance deal with what's available in the market It's wise to compare the deal you are being offered with other financial institutions. Our members appreciate that our team can have their car loan approved and funded quicker than most other providers; and as honest and ethical lenders, we encourage members to visit reputable comparison site Canstar to see what's competitive in the market. Again, it's always worth calling our team on 1300 622 278 to chat through your options and to find out if the dealership's finance is as competitive as it seems.   Get excited. You're buying a car! Remember to have fun! You're getting a new car and this is exciting! Don't let the stress of finding a good deal or negotiating with dealerships dishearten you against what could be a very happy time. Our Member Service Centre team is always happy to talk to you about car loans and financing your new car. Call us on 1300 622 278 or request a call back and we'll be in touch.   Essential Points Don't feel pressured to make a quick decision Look carefully at the fineprint of the finance Compare the finance deal with what's available in the market Get excited. You're buying a car!   Want to know know more about car loans and financing your next car? Our friendly, helpful & supportive team are always happy to speak to you about finding the right car loan finance for you. Request a call back, call us now or visit one of our local branches.

Have you ever been curious about credit repair services providers that claim to fix, clean or repair your credit rating? Can they really fix your credit rating? For a ‘small’ fee these companies claim to clear away black marks and improve your likelihood of being approved for a loan. But can you actually fix your credit rating?   Can you really fix your credit rating? The answer depends on the situation. Credit repair companies investigate negative inquiries or black marks on your credit report. They usually charge per listing to remove black marks or fix negative inquiries on your credit report, as well as an administration fee per listing. Not all attempts to fix your credit report may be successful and with a growing number of companies providing these services in Australia, the opportunity for less than reputable companies to take your money to ‘fix’ your credit report without any positive result is a real risk to be aware of.   Guaranteed credit rating repair? Think again. There is no guarantee that an investigation into inquiries on your credit report will lead to their removal. Black marks (which include excessive credit inquiries within a year) if legitimate, cannot be removed from your credit report. Plus it’s important to note that a default, even after the loan is paid off, remains on your credit report for 5 years. If credit inquiries are incorrect they can be removed from your credit report but an unfavourable credit history cannot be fixed by a credit repair service no matter how much you pay them.   You can improve your own credit rating, free of charge The reality is credit repair services aren’t doing anything you can’t do yourself for free. If you believe you have received a default in error, you can lodge a complaint with Equifax to be investigated free of charge. Equifax is a data intelligence agency that services the Asia-Pacific region and houses information on people and organisations to allow financial institutions and lending agencies to make responsible lending decisions. It is also available for individuals to manage their credit profile. There are stories of people using credit repair services to fix their credit rating. The process of disputing and removing incorrect inquiries on your credit report may improve your chances of being approved for a loan. Our advice is if you are interested in fixing your credit, refer to Equifax’s Resolution Centre. Equifax is a reputable resource and can help you dispute incorrect listings on your credit report. Or, if you are considering using the services of a credit repair company, research them thoroughly to ensure they are a credible service provider. Have you used a credit repair service to fix your credit history? What was your experience? Comment below.   Essential Points Review your lifestyle and consider whether you need the stability of a fixed rate for the next 1, 2 or 3 years Be sure to ask about fees associated with switching between fixed and variable interest rates (they can be costly and might sway your decision) Consider if you will have easy and affordable access to a redraw or offset facility? Remember that over the long term, the difference between fixed and variable home loan interest rates is less significant that you'd expect Want to know more about fixing your credit rating? Download our fact sheet on Fixing your Credit Rating, access your credit report free of charge or visit Equifax's website to read more about credit scores and credit reports.   Need help with something else? Call us now Request a call back Visit a branch

The kids have flown the nest, you’ve finally retired… So what’s next? Transitioning into retirement can be difficult at first, just like learning to ride a bike or starting a new job. No one expects you to be an expert without a little time and practice first.   Take time for yourself There’s no better time than now to take advantage of ‘me time’. Put your feet up and read that book you’ve been meaning to read or watch that movie you’ve never been able to watch. Now is the time for you. Whatever it is you like doing, do it; and enjoy every minute!   Try something new Always wanted to try your hand at tennis? Perhaps you’ve always wanted to ‘mix things up’ with your favourite meal? Without having work as a major commitment you’ll be able to set aside time to try out new ventures. You may find something that you’re brilliant at, learn a new skill or make new friends. It’s a great way to find likeminded individuals at a similar life stage. Trying something new will boost your overall satisfaction and make for a gratified and happier you.   Invest in healthy relationships Take advantage of this time to treasure your existing friendships and welcome new ones with open arms. Friends are there to help build you up and be there for you through life’s trials and tribulations. It’s important to build and maintain a strong support network, which will likely double as a lunch/coffee network! Devote time to your precious friends as laughter is good for the soul.   Know your finances Become familiar with your finances. Take time to write out your weekly, monthly and yearly expenses to help determine budget. Stick to your budget as this will ensure longevity for your finances. It’s essential that you keep your investments growing and necessary cash flow available and consistent. You’ve worked hard to build your nest egg, don’t let your efforts go to waste now. Nurture your finances and they’ll give back. NOTE: Now that you’re retired you can take advantage of better rates for activities and discounts at select stores. Remember, always ask if you’re eligible for a discount, they can only say no.   Reflect on all you’ve achieved You’ve received plenty of celebratory cheers and congratulations upon announcing your retirement; it’s time to congratulate yourself! Reflect on all you’ve achieved over your life, both working and personal. You’ve done an amazing job to be where you are. Everyone’s lives are different, as is everyone’s adjustment to retirement. Be gentle with yourself and stop comparing your experience to others. Focus on abolishing any self doubt and above all else, strive to be the happiest, healthiest and content version of yourself you can be. Now’s the time, your time! Welcome to retirement :)