October 2011, Issue 24
First Option Credit Card now
with payWave!
First Option is proud to launch its own branded Visa Credit Card
- with the added benefit of Visa payWave for faster transactions
under $100.
You also have access to our Cash Rewards program, where cash is automatically
credited to a special First Option savings account at the end of each month. No need
d to
claim rewards or worry about expiry dates.
Here are a few more reasons to apply for a First Option Visa Credit Card:
In this issue
√
No joining fee for rewards program
√
No Application fee
√
No annual fee
√
No charge for additional cardholders
√
Can be linked to both your Access Saver and Credit Card account
√
Worldwide access - enjoy online shopping!
Internet banking...so
simple!
√
Up to 45 days interest free on purchases
New team member
Spring clean your finances
Bridges - your financial
planner
Members with a First Option Visa Credit Card will automatically receive the new card with
the payWave facility. If you do not have one, it’s easy to apply.
W www.firstoptioncu.com.au
B visit a First Option branch
T 1300 855 675
S log in to Internet Banking, go to
Preferences, select ‘Secure Email’
E [email protected]
Security update –
mobile security
Buying a home
We want to hear from you
First Option makes your dreams come true
We recently received an email from members Michelle and Graham from SA.
we started off with First
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Kind regards,
Michelle and Graham
Spring clean your finances
Spring is traditionally the perfect time to revamp your life and prepare for the year ahead. The end of financial
year tends to leave most people’s finances cluttered and disorganised so why not use Spring as a fresh start to
give them a good clear out? Summer is also fast approaching and with extra costs like holidays and Christmas
coming up there’s no better time to take control of your finances and potentially save yourself some money.
Plan for the year ahead
If you’re planning on making any big purchases in the year
ahead, now’s the time to sit down and work out how much
you will need to fund them. Whether it’s a holiday, buying a
property or a renovation, the Spring financial cleaning exercise
is a great tool to work out your budget for the year.
In order to put together a budget you must know where you
are spending your money; this is the first step in managing
your finances. Start by going through last year’s statements
and invoices. Once you’ve worked out your ongoing costs
you will be in a better position to tweak spending habits and
savings strategies.
Pay off your debts and set yourself savings goals
If you have any unpaid debts like credit cards or personal loans
sit down and work out a payment plan to knock these loans on
the head. The sooner you pay them off the less interest you
will pay in the long run.
Once you’ve paid those debts off it’s time to put together a
savings plan. Start with setting yourself some savings goals,
but make sure your goals are reasonable and achievable. Don’t
be too ambitious or you will just end up disappointing yourself
and losing momentum. If you already have a savings plan in
place now’s a great time to review your progress.
Review and consolidate your accounts
Take a good look at all the accounts you have. Do you really
need them all? Chances are if you have more than one account
serving the same purpose you are probably paying extra fees
and charges. Simplify your accounts and simplify your life.
Another good way to remove the clutter in your life is to
register to receive your statements online. Most financial
institutions, including First Option, now provide your
statements online, which is not only fast and easy but it’s also
a lot better for the environment.
If you have multiple credit cards and personal loans consider
consolidating your debts. You may even find yourself paying
less interest and potentially saving on fees.
Talk to a financial planner
Why not benefit from the knowledge of an experienced
financial planner? After all, it’s our job to help our Members
make the most out of their money. We’ve been doing it for
years and we’d be delighted to help you take control of your
money. We can help you with various services from a Budget
Saver account to investing in shares.
To find out more simply give us a call on 1300 855 675.
Bridges – your financial planners
Here at First Option we like to help you with your short and long term financial plans. Bridges
Financial Planners help us service your financial needs.
Bridges is a leading and highly respected wealth management business which can provide
you with advice on wealth creation, pre and post retirement planning, risk insurance, estate
planning, margin lending, stockbroking services and much more.
Why does First Option use Bridges?
Bridges Financial Planners have been around for a long time and they can help you with:
• personal advice on tax-effective investment strategies
• managing redundancy
• buying and selling shares
• retirement planning
• making the most of your superannuation and rollovers
• securing the best possible retirement income
Whether advising on buying and selling shares, helping you choose the right superannuation strategy, securing your best
possible retirement income or keeping a close, ongoing watch on your investment portfolio, Bridges is committed to the
highest standard of service to credit union members.
For more information about Bridges financial planning services see our website at www.firstoptioncu.com.au or call us on
1300 855 675.
Internet Banking ..... so simple!
First Option is always looking for ways to make your banking
experience simpler and more flexible.
Therefore the standard daily limit for external Internet
Banking transfers, without the need for a One Time Password,
is now $2,000 per account (previously $500 per account).
For Members not familiar with One Time Passwords, you
can choose to receive them via Security Token, 3G phone
application or SMS message. Whatever suits your needs!
During September 2011, First Option Members (registered for
Internet Banking) were informed about this change and given
various options within their Internet Banking service.
Remember, we are here
to support you. There is
a solution to meet every
Member’s needs.
If you wish to change your
transfer limits or apply
for a One Time Password,
please contact our
friendly Member Service
Team on 1300 855 675.
New team member
First Option recently welcomed Robert McCracken to the Member Services team. Robert is
based at Granville branch and has four years of experience working at other credit unions.
Robert strongly believes in doing his best for Members and does not treat them as a number.
Previously, he spent two years at Australian Defence Credit Union, which included time at an
Army base branch, and Sydney Credit Union, assisting Members over the phone.
We welcome Robert to the team and we also congratulate he and his partner on the recent
birth of their first child, Abigail Grace.
Security Update
Simple smart phone security
Smart phones, like the
iPhone, are essentially
mobile mini computers.
As well as running
applications (apps) they
carry a wide range of
personal and business
information like birth
dates, people’s names,
addresses and internet
login links. These devices
store the kind of data that
criminals can use to break
into savings accounts or
computer systems.
Considering how easily a
phone can be left in a taxi,
or on a table, it’s wise to
take a quick look at some
of the things you can do to protect your smart phone:
Never store passwords or PINs on your smart
phone
Despite how cleverly you may think you’ve concealed
them (PIN number hidden in a contact record for example),
criminals know what to look for and where to find it.
Lock it
All phones have security features, so check the manual and
turn them on. Work out your smart phone’s lock features, and
then set a password to lock your phone when it’s not in use.
Don’t ‘jailbreak’ (unlock) your smart phone as this
makes it vulnerable to malware
You’ll not only make your warranty invalid but you make
it much easier for cyber-criminals to install malware and
compromise your smart phone.
Be careful with Wi-Fi
Try to only use encrypted networks and set up your phone to
request confirmation before connecting to a new network. Be
sure to always do any online banking over a trusted network.
Remember that it is possible for criminals to hijack your
phone over an unsecured network.
Never open attachments or download applications
from untrusted sources
Just as with your home or office computer it’s important to
never open an attachment or download an application from a
person or website that you don’t know or have doubts about.
These attachments could be infected with viruses that steal
passwords, data and personal information.
And remember, First Option provides a mobile website to
Members. Just visit www.firstoptioncu.com.au from your
smart phone.
Buying a home: tips and hints
When it comes to buying a home, there are many options you can consider including buying off the plan,
building your own dream home or buying a property from a private seller. Here are some buying tips to
help you with your choice as well as some hints for what to watch out for.
Buying off the Plan
Building
The term ‘buying off the plan’ refers to buying a property
directly from the developer, before the property has been
built. Buying off the plan is great if you are looking for a
first home or investment property and are not in a hurry to
move into the home. The buyer is usually required to pay an
upfront deposit to secure the property, with the remaining
balance payable when the building has been completed.
The main advantage of buying off the plan is that you
are able to initially secure the property with the deposit,
and still have an extended period of time to keep saving
until settlement. Even though buying off the plan has its
advantages, here are some things to look out for:
The advantage of building your own home is that you will
have a home that is exactly to your requirements. You will
no longer be living in someone else’s dream but realising
your own. Your new home will look and feel exactly as you
imagined it, without compromise.
• Make sure the conditions of the contract are closely
checked. Always read your contract and obtain advice
from a lawyer or licensed conveyancer
• If buying an apartment or as a part of a residential
complex, make sure you check the strata fees for each
quarter to ensure that they fit within your budget
• Ensure you have ample time to fund your purchase.
Enquire early with your Credit Union to make sure you
will be able to afford your new property come time of
settlement
• Ask lots of questions before making a purchase to
prevent disappointment in the finished product
When considering building, have a finished price in mind and
work backwards in your calculations to ensure that you do
not go over your budget. Do your homework first, then you
won’t overspend on the building itself.
Buying Privately
Most people will buy their house through a real estate
agent as most sellers engage a real estate agent to help sell
their property. However, there are advantages for both the
buyer and seller with a private sale. You can generally save
thousands of dollars on the price of a house that you buy
privately because the seller is not paying any commissions
to real estate agents. By cutting out the middle man, the
sale may be quicker and as you are dealing directly with the
owner, negotiations are likely to be more transparent.
First Option has an experienced lending team that can make
the process easy for you. You will deal with the same person
the whole way through and avoid the trap of hidden charges.
To find out more, call First Option on 1300 855 675.
We want to hear from you
Have you recently received poor treatment from one of the big banks? If so, we want to hear from you. In 250 words or less,
tell us your story. You may have been hit with unfair fees, waited forever on the phone or had an application messed up. The
best entry (as judged by our CEO) will win a prize.
You can send it to us via email, post, fax or hand it in to your nearest First Option branch by 30 November 2011.
And remember, First Option can help you to say “goodbye” to the big banks. Wouldn’t you rather talk to real people who put
your needs first?
First Option Credit Union Limited
ABN 95 087 650 735
BSB 802 876 AFSL / ACL No. 236 509
Melbourne
Level 4, 409 St Kilda Road
Melbourne VIC 3004
Sydney
489 Harris Street
Ultimo NSW 2007
T 1300 855 675
F 1800 356 675
PO Box 7063
St Kilda Road VIC 8004
Granville
1 Memorial Drive
Granville NSW 2142
[email protected]
www.firstoptioncu.com.au
General Advice Warning: The product information in this publication is intended to provide general information only and does not take into consideration any person’s individual objectives,
financial situation or needs. You should assess whether the information is appropriate for you and consider talking to a financial adviser before making any investment decisions. You should
consult the Conditions of Use brochure and the Financial Services Guide before making a decision to apply. To obtain these documents, contact First Option Credit Union.