Jacqueline Barton

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 yourself 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 are 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 company 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 client’s 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.

Hint: Get in touch with us for a free property report with median house values, recent sales, and more.

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 total value of the property divided by the expected annual rent, 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.

Do you want to jump into the property market but don’t have the budget to buy a house? A unit or apartment could be a great way to get your leg up on the property ladder.

According to CoreLogic data, unit values are now rising at a faster rate than houses in more than half of all suburbs across Australia.

Aside from being more affordable than a house, there are other benefits of apartment investing to consider. Let’s look at some of the pros and cons of investing in an apartment versus a house.

Pros of investing in an apartment

A more affordable entry point

The median house price in Australia’s capital cities is now $975,592. Compare that to the median unit price of $669,434 and that’s a big difference at the checkout.

With apartments generally being more affordable than houses, it means you’ll need to save up less of a deposit (usually around 20% of the purchase price), and you may find servicing the loan on an apartment easier too.

Fewer maintenance responsibilities

When you own a house, you have to foot the bill for all of the repairs and maintenance. With an apartment or unit, the costs of any repairs or maintenance in common areas is split with other unit owners, usually through a body corporate scheme.

Generally speaking, there’s usually less maintenance required on a unit compared to a house. There may not be a lawn to mow, for example.

Certain expenses can be more affordable

Some expenses can be cheaper when you own a unit. Council rates, for example, are usually higher for houses and may even include land taxes in some states.

If you’re paying smaller fees on an investment apartment, the returns on your investment can potentially be higher.

Potentially higher rental yield

Units often have higher rental yields than houses because you’re able to outlay less money to potentially acquire a similar rental income. This may mean you are in a better position to cover your mortgage repayments and other expenses.

Cons of investing in an apartment

You may need to pay strata fees

In a strata scheme, you’ll need to pay body corporate fees and factor these into your ongoing budget. Strata fees can be pricey and increase over time.

If there’s an onsite manager, pool, tennis courts, barbecue area, and gym, expect higher fees than an apartment block with fewer facilities.

There may be restrictions

If you want to renovate your apartment, you may need to run the changes by the strata committee for approval, particularly if it affects the exterior of your apartment or any shared utilities.

There may also be restrictions around having pets, too, which could reduce your tenancy pool.

Oversupply can affect your investment

If you buy an apartment in an area where loads of high-rise apartment blocks are being built, it can affect your property’s capital growth, rental yield, and demand from tenants.

Generally speaking, experts recommend seeking low-rise or boutique apartments in areas where planning rules cap the number of apartment buildings allowed.

Want to discuss your finance options?

Whether you’re looking to buy a small studio apartment, a bigger unit, or a house, we can help you explore your finance options.

We’ll run you through the investment loans available to you and explain which may suit you, based on your individual financial situation and goals.

Please contact us for assistance.

In May, the Federal Government delivered the 2024-25 budget. It included several measures such as a $300 energy bill rebate and rent assistance aimed at easing the cost-of-living pressures on Australians. Meanwhile, with the government’s stage 3 tax cuts coming into effect from July 1, some aspiring homeowners may see their borrowing capacity grow, along with their net income.

Let’s take a look at some of the government initiatives that may help you get a leg up on the property ladder sooner rather than later.

Help to Buy Scheme funding

In the May Budget, the government allocated $5.5 billion towards its shared equity Help to Buy Scheme in 2024-25 for aspiring homebuyers on low and moderate incomes.

Under the scheme, the government will provide an equity contribution of up to 40% of the purchase price for new homes and 30% of the price of existing homes.

To be eligible, you need to:

• Be an Australian citizen and at least 18 years of age
• Earn $90,000 or less as a single or $120,000 or less as a couple
• Live in the property
• Not own any other land or property in Australia or overseas
• Have saved a deposit of at least 2 percent and be able to finance the remainder through a participating lender
• Be able to pay for the upfront and ongoing costs
• Be buying a property that falls under the price cap for your region.

Housing Australia boost

The government increased its line of credit to Housing Australia by $3 billion, and Housing Australia’s liability cap by $2.5 billion. Housing Australia administers the Home Guarantee Scheme, which encompasses the First Home Guarantee (FHBG).

Under the FHBG (which the government has previously indicated will be available until 30 June 2025), part of an eligible home buyer’s home loan from a participating lender is guaranteed by Housing Australia.

Homebuyers can purchase a home with as little as 5% deposit without paying Lenders Mortgage Insurance.

To apply for the FHBG, homebuyers must be:

• Applying as an individual or two joint applicants
• Australian citizens or permanent residents at the time they enter the loan
• At least 18 years of age
• Earning up to $125,000 for individuals or $200,000 for joint applicants
• Intending to live in the purchased property
• First home buyers or previous homeowners who haven’t owned or had an interest in a real property in Australia (this includes owning land only) in the past ten years.

More information around eligibility and price caps is available here.

The Regional First Home Buyer Guarantee (RFHBG) and Family Home Guarantee (FHG) are also administered by Housing Australia.

Homes for Australia Plan investment

The 2024-25 Budget included $6.2 billion in new investment to build more homes across Australia. The plan is to build 1.2 million new homes over five years from mid-2024.

The government said among other initiatives, the money would go towards turbocharging construction, with a $1 billion boost for states and territories to build the roads, sewers, energy, water, and community infrastructure needed for new homes, and additional social housing.

Up to $1.9 billion in concessional finance will go to community housing providers and charities to support the delivery of the 40,000 social and affordable homes under the Housing Australia Future Fund and National Housing Accord.

Tax cuts

From July 1, the government’s stage 3 tax cuts come into effect, as follows:

As a result of the tax cuts, some purchasers will see their borrowing capacity increase as their take-home pay rises, meaning they will have more options when seeking finance for a home. For an idea of your borrowing capacity, get in touch and we’ll crunch the numbers.

Like to discuss your finance options?

If you’re planning a property purchase, let’s chat. We can run through whether you are eligible for any government incentives and explain your finance options.

Please contact us today.