Latest news with #deposit
Daily Mail
19 hours ago
- Business
- Daily Mail
Louis was about to buy his first home after working six-day weeks for years. But with just a click of a button, the young tradie lost everything
A young tradie who spent six years working to save for a house deposit lost $110,000 in the single click of a button after falling victim to an elaborate scam. Sydney electrician Louis May, 24, found the perfect apartment to buy as his first property in July last year. He said it needed a little work but he was overall 'very excited' about getting to own his first home, having worked six 10-hour days a week for years. As he moved forward with the property purchase, his lawyer contacted him from two different email addresses. When he received an invitation to sign a Property Exchange Australia (PEXA) form from a third email address, he thought nothing of it. Mr May even contacted his bank, Commonwealth Bank, to check everything was above board before following the instructions enclosed in the email which asked him to deposit a maximum of $100,000 at a time in the PEXA fund. However, come the day of his property settlement, Mr May's lawyer called him to say the $110,000 transfer was not in his account. 'I said, "I did what you had told me"... he said, "I'd never emailed you a PEXA form",' Mr May said on SBS Insight. 'My heart dropped. 'That was the moment that I realised I was scammed.' Mr May's mother Alex Brooks helped him to try trace the origins of the scam. 'Someone obviously had breached his confidential home-buying details,' she said. She talked with multiple cybersecurity experts and paid thousands for online forensics experts. Ms Brooks maintains her son was not responsible for the breach of his personal and purchasing details. CBA ultimately offered him $1,000 in compensation which he flatly denied. 'It beggars belief what goes on as people try to seek justice and restitution,' Ms Brooks said. Mr May was fortunately able to receive a loan from a family member, allowing him to settle on the apartment albeit with an extra $600 interest rate each month. 'It's pretty heartbreaking,' Mr May said. 'I'll just start again, I was supposed to renovate, I was supposed to do a lot. 'But, in that time, all I have done is just kind of put a bed in and just got straight to back to work... it's taken a toll on me.' Agent Cody Nagel, of the Joint Policing Cyber Crime centre at the Australian Federal Police (AFP), said a cybercrime is reported every six minutes in Australia. He said the AFP is trying to bring public and private sectors together to interrupt criminal scammers and prosecute those responsible. 'We acknowledge that we can't actually arrest our way out of this problem,' he told the program.
The Sun
a day ago
- Business
- The Sun
Mortgage guarantee scheme offering 95% loans confirmed in government plans
FIRST-TIME buyers with 5% deposits will continue to get help through a mortgage guarantee scheme, the government has confirmed today. The new scheme will be permanently launched from this month and means first-time buyers can borrow up to 95% of the home price. 1 It replaces the previous Mortgage Guarantee scheme which first launched in 2021 and ended last month. Plans to relaunch the scheme were initially laid out in the Chancellor's Spending Review earlier this month. The move, reiterated in government documents published today, allows buyers to purchase a home across the UK with just a 5% deposit. The government then provides a guarantee to the lender to cover some losses if the buyer cannot repay their mortgage and the property gets repossessed. It is significantly lower than the 10% or 20% deposit many lenders ask buyers to pay when securing a home. For example, if you bought a house for £350,000, you would only need to pay a deposit of £17,500. Someone required to pay a 20% deposit on a property of the same value would have to make a down payment of £70,000. Since the scheme began, over 53,000 mortgages have been completed using it, with a total value of £10.7billion as of December last year. The small deposit mortgage deals were previously popular leading up to the 2008 financial crash but were phased out afterwards. The scheme has been hailed as an accessible way for buyers to get on the ladder. But the larger loan-to-value ratio for the mortgage means buyers will pay higher interest rates when they make repayments. Rachel Reeves FINALLY addresses Commons tears after she and Keir Starmer put on awkward show of unity Peter Stimson, director of mortgages at lender MPowered Mortgages, said the move comes "a year too late". He said: "The mortgage market has changed a lot since Rachel Reeves swept into 11 Downing Street last July. 'The Base Rate has come down by a full percentage point and hundreds of 95% LTV mortgage products are now available. 'Every lender who wanted to offer a 95% loan is probably already doing so. "The Chancellor's announcement is unlikely to make dozens more suddenly follow suit - as the price of entry is unknown and will vary each year." Many lenders are offering their own take on the 95% mortgage. Nationwide just recently launched a 95% mortgage for buyers looking to purchase a new build home. The offer also allows customers to borrow six times their annual income through its Helping Hand scheme. Elsewhere, Skipton Building Society offers a 100% mortgage deal that allows you to buy a home without a deposit. A similar mortgage deal was recently launched by April Mortgages too. ALL CHANGE Mortgages will also be available at over 4.5 times a buyer's income, following recommendations from the Bank of England to loosen lending rules. This will create more than 36,000 additional mortgages for first-time buyers over the first year, the Government said. Britain's biggest building society Nationwide also announced plans last week to make its "Helping Hand" mortgage scheme for first-time buyers available to people on lower incomes. From Wednesday, eligible first-time buyers can apply for Nationwide's Helping Hand mortgage with a £30,000 salary, down from £35,000, and joint applicants with a £50,000 combined salary – down from £55,000. It has been estimated that this will support an additional 10,000 first-time buyers each year. Brian Byrnes, head of Personal Finance at Moneybox, said: "It is encouraging to see steps being taken to support first-time buyers. "Enabling people to borrow more is not a silver bullet. "What first-time buyers truly need is not just the ability to take on more debt, but meaningful, long-term support to help them start saving and investing earlier in life so they can build up that all-important deposit." Elsewhere, plans to cut the tax-free allowance for cash ISAs have been put on hold by the Chancellor, after speculation that reforms to the savings account would also be announced. What help is out there for first-time buyers? GETTING on the property ladder can feel like a daunting task but there are schemes out there to help first-time buyers have their own home. Help to Buy Isa - It's a tax-free savings account where for every £200 you save, the Government will add an extra £50. But there's a maximum limit of £3,000 which is paid to your solicitor when you move. These accounts have now closed to new applicants but those who already hold one have until November 2029 to use it. Help to Buy equity loan - The Government will lend you up to 20% of the home's value - or 40% in London - after you've put down a 5% deposit. The loan is on top of a normal mortgage but it can only be used to buy a new build property. Lifetime Isa - This is another Government scheme that gives anyone aged 18 to 39 the chance to save tax-free and get a bonus of up to £32,000 towards their first home. You can save up to £4,000 a year and the Government will add 25% on top. Shared ownership - Co-owning with a housing association means you can buy a part of the property and pay rent on the remaining amount. You can buy anything from 25% to 75% of the property but you're restricted to specific ones. Mortgage guarantee scheme - The scheme opens to new 95% mortgages from April 19 2021. Applicants can buy their first home with a 5% deposit, it's eligible for homes up to £600,000.
Geek Girl Authority
2 days ago
- General
- Geek Girl Authority
Top Mistakes Beginners Make in Online Slots
Beginners often come to gambling with a simple desire to try something new and relax. Slots seem like an easy way to start: the interface is clear, there are few rules, you launch it and see if you get lucky. However, behind this apparent simplicity there are casino online nuances that inexperienced players either do not notice or ignore. As a result, not only money is lost, but also interest in the game. 1. Ignoring the rules of a particular game Each slot is not just spinning reels, but a separate system with its own rules and features. Beginners often skip the introductory information, considering it boring or unimportant. And then they wonder why the bonus did not work or the bet did not bring a win. Before starting, it is worth studying: How payouts are calculated and which symbols are considered winning. How many active lines are there and can they be changed. Under what conditions the bonus round is launched. Are there any special functions like respins, multipliers or a jackpot. This data will help to avoid chaotic bets and understand what to really expect during the game. 2. Lack of control over the deposit Many beginners play 'on emotions' – they increase the bet after a failure, do not set limits, and hope to win back. As a result, the bankroll burns out in one session, and everything ends in irritation. To prevent this from happening, you need at least some kind of plan, even the simplest one. Common mistakes when managing a budget: Playing without a time or amount limit. Replenishing an account during the game due to a loss. Bets exceeding 5-10% of the entire balance. If you distribute the deposit in advance and stop when you reach the set limit, the game will remain under control. 3. Belief in 'patterns' and myths Some are convinced that machines give out winnings in 'cycles': now the slot is 'on the return', and this one 'gives nothing'. In fact, all licensed slots use a random number generator. The result of each spin does not depend on the previous one. Such myths give rise to false hopes and draw you into the game further, when it would be worth stopping. The player begins to 'catch up' with the winnings, which may not be there in the next few hours. Therefore, it is important to understand: no slot is obliged to give anything. 4. Neglecting the free mode Newbies often think that the demo is a waste of time. In fact, it is a free opportunity to understand the mechanics of the game and study the behavior of the machine without the risk of losing money. This is especially useful when you first get to know a new slot. Training in the demo helps to identify how quickly the balance is spent, how often bonuses appear and how convenient it is to manage bets. The experience from the free mode will come in handy in the real game. 5. Playing when tired or irritated Few people pay attention to the mood in which they sit down to play. Meanwhile, fatigue or irritation sharply reduces concentration. This provokes rash bets, impulsive actions and, as a result, losses. It is best to play when you have time and peace. If gambling has become a way to distract yourself from problems, you should take a break and not open the slot game 'on the machine'. Control does not begin with the 'spin' button, but with the realization of why you opened this slot at all. THE LIBRARIANS: THE NEXT CHAPTER Recap: (S01E09) And the Feast of the Vampir RELATED: TV Review: The Librarians: The Next Chapter Season 1
Daily Telegraph
3 days ago
- Business
- Daily Telegraph
New loan helping high-income Australians buy property sooner
They're earning $400,000 a year and still can't buy a home, and now, a new loan product is helping high-income Aussies beat the biggest hurdle stopping them from getting in: the deposit. A new fintech-backed product called Deposit Pro, launched by Australian firm Reaia, is offering buyers earning $250,000 or couples on $400,000-plus a way into $2m-$5m properties, without the usual decade-long wait to save a 20 per cent deposit. RELATED: Retro Melb charmer turning buyers' heads 'Wild': Worst month to buy in Melbourne revealed $20m twist: Aussies stuck in new estate stall It's a bold pitch for a growing class of income-rich, asset-poor professionals who are paying $50,000 to $80,000 a year in rent, while house prices continue to outpace their savings. Reaia co-chief executive Neil Smoli said that while many still viewed homeownership as a milestone that could be reached by 'just saving harder', the economic reality had changed, even for those on top salaries. 'It's absolutely the new normal,' Mr Smoli said. 'Unless you've got the Bank of Mum and Dad or inheritance behind you, the deposit gap is almost impossible to bridge. 'We've had clients earning $500,000 a year who still can't buy close to work because they're stuck renting and repaying HECS.' Mr Smoli said the problem was magnified by the limitations of lenders mortgage insurance (LMI), which typically disappears once a property's value exceeds $2m, or becomes prohibitively expensive. 'LMI drops off completely once you hit the $2.5m to $3m mark. 'And if it is available, your allowable loan-to-value ratio falls. Suddenly that 10 per cent deposit still takes a decade to save.' Instead of offering insurance against a low deposit, Deposit Pro provides a stand-alone deposit loan to help qualified buyers purchase earlier, while still managing their mortgage repayments through traditional lenders. 'It's structured for people who can clearly afford the repayments, but just can't out-save the market,' Mr Smoli said. 'They've done everything right, and yet they're locked out.' M R Advocacy director and co-founder of Scale Lending Mortgage brokers said she'd seen demand rising sharply from high-income professionals unable to pull together a large enough deposit fast enough. 'If something like this exists and they've got the serviceability, I'd tell them to take it with both hands,' Ms Roberts said. 'The traditional deposit system is broken, even people earning $300,000 are still renting because they just can't keep up with cost of living and savings expectations.' Ms Roberts said Deposit Pro wouldn't suit everyone, and clients should always compare it to LMI or consider rentvesting in more affordable areas, but agreed it offered a practical solution. 'At least it doesn't involve the government owning half your home,' she said. 'We need more alternatives that don't rely on luck or inheritance.' Arin Russell Property director and buyers agent Arin Russell said that while most of his clients were buying under $1m, he believed a product like Deposit Pro filled an important gap for time-poor, ambition-rich buyers in prestige markets. 'There's definitely a stigma around LMI,' Mr Russell said. 'So if you've got a genuine alternative that's better tailored for high-end buyers, I think a lot of people would jump on that.' Mr Russell said younger buyers, especially in the Generation Z and Millennial cohorts, were desperate to find ways to 'hack' the system and enter the market sooner. 'For younger clients, my advice is always the same, get in as soon as you can,' he said. 'Don't wait around for the perfect conditions. Set your goals, optimise your income, and take the opportunity if it makes sense.' According to Reaia's internal research, there are more than 100,000 Australians earning high incomes but renting long-term because of deposit barriers. Mr Smoli said the national savings rate — recently as low as 1.2 per cent — was nowhere near enough to keep pace with rising home values. 'This is about offering a genuine path forward for people who've done everything right, got the grades, studied hard, built their careers — and still can't get in,' Mr Smoli said. 'If we keep locking out an entire generation of high earners from homeownership, the social and financial implications will be massive.' Sign up to the Herald Sun Weekly Real Estate Update. Click here to get the latest Victorian property market news delivered direct to your inbox. MORE: First look: Melb's $80m village unveiled $2.6m Vic home that pays the mortgage Site of Melb's 'finest brothel' could fetch $2.7m
News.com.au
3 days ago
- Business
- News.com.au
New loan helping high-income Australians buy property sooner
They're earning $400,000 a year and still can't buy a home, and now, a new loan product is helping high-income Aussies beat the biggest hurdle stopping them from getting in: the deposit. A new fintech-backed product called Deposit Pro, launched by Australian firm Reaia, is offering buyers earning $250,000 or couples on $400,000-plus a way into $2m-$5m properties, without the usual decade-long wait to save a 20 per cent deposit. It's a bold pitch for a growing class of income-rich, asset-poor professionals who are paying $50,000 to $80,000 a year in rent, while house prices continue to outpace their savings. Reaia co-chief executive Neil Smoli said that while many still viewed homeownership as a milestone that could be reached by 'just saving harder', the economic reality had changed, even for those on top salaries. 'It's absolutely the new normal,' Mr Smoli said. 'Unless you've got the Bank of Mum and Dad or inheritance behind you, the deposit gap is almost impossible to bridge. 'We've had clients earning $500,000 a year who still can't buy close to work because they're stuck renting and repaying HECS.' Mr Smoli said the problem was magnified by the limitations of lenders mortgage insurance (LMI), which typically disappears once a property's value exceeds $2m, or becomes prohibitively expensive. 'LMI drops off completely once you hit the $2.5m to $3m mark. 'And if it is available, your allowable loan-to-value ratio falls. Suddenly that 10 per cent deposit still takes a decade to save.' Instead of offering insurance against a low deposit, Deposit Pro provides a stand-alone deposit loan to help qualified buyers purchase earlier, while still managing their mortgage repayments through traditional lenders. 'It's structured for people who can clearly afford the repayments, but just can't out-save the market,' Mr Smoli said. 'They've done everything right, and yet they're locked out.' M R Advocacy director and co-founder of Scale Lending Mortgage brokers said she'd seen demand rising sharply from high-income professionals unable to pull together a large enough deposit fast enough. 'If something like this exists and they've got the serviceability, I'd tell them to take it with both hands,' Ms Roberts said. 'The traditional deposit system is broken, even people earning $300,000 are still renting because they just can't keep up with cost of living and savings expectations.' Ms Roberts said Deposit Pro wouldn't suit everyone, and clients should always compare it to LMI or consider rentvesting in more affordable areas, but agreed it offered a practical solution. 'At least it doesn't involve the government owning half your home,' she said. 'We need more alternatives that don't rely on luck or inheritance.' Arin Russell Property director and buyers agent Arin Russell said that while most of his clients were buying under $1m, he believed a product like Deposit Pro filled an important gap for time-poor, ambition-rich buyers in prestige markets. 'There's definitely a stigma around LMI,' Mr Russell said. 'So if you've got a genuine alternative that's better tailored for high-end buyers, I think a lot of people would jump on that.' Mr Russell said younger buyers, especially in the Generation Z and Millennial cohorts, were desperate to find ways to 'hack' the system and enter the market sooner. 'For younger clients, my advice is always the same, get in as soon as you can,' he said. 'Don't wait around for the perfect conditions. Set your goals, optimise your income, and take the opportunity if it makes sense.' According to Reaia's internal research, there are more than 100,000 Australians earning high incomes but renting long-term because of deposit barriers. Mr Smoli said the national savings rate — recently as low as 1.2 per cent — was nowhere near enough to keep pace with rising home values. 'This is about offering a genuine path forward for people who've done everything right, got the grades, studied hard, built their careers — and still can't get in,' Mr Smoli said. 'If we keep locking out an entire generation of high earners from homeownership, the social and financial implications will be massive.'
