Tweeting your way out of your home: Are you
saying too much?
TUESDAY 11 MAY 2010
With interest rates on the rise everyone is busy shopping around for the most competitive home
loan. However, just as important as finding the best deal is making sure you have all your ducks
in a row before applying – and what you say online could have an impact. Online direct lender
MyRate.com.au is waving a cautionary flag and encouraging individuals to be careful when
posting life status updates into cyberspace.
“It is in our nature to connect with other people – and tools like Facebook, Twitter, LinkedIn and
MySpace all make this much easier… but they also blur the lines between social, personal and
business connections” says Kevin Sherman from MyRate “we all know the stories about bosses
catching out employees claiming to be off ill, or staff being fired for slagging off their employer,
but many of us have not also considered the broader implications of such postings”..
There has been a recent increase in stories covering this topic in the media and the lesson to be
learnt is simply “what happens in Cyberspace, stays in Cyberspace… forever!”. People can read
what you write and most of these networking sites allow EVERYONE to see your status updates.
Postings may have a very short shelf life, but that’s not to say that they won’t come back to bite
you.
In the not too distant future lenders might simply check your social media profiles as part of
your eligibility check; have you posted anything that could work against you?
Employment and income stability are crucial in determining the overall risk you pose to
a lender. “Two more days and I’m outta this place....woo hoo!” may be exciting news to
your friends, but perhaps not so well received by your loan consultant.
With only a few days until your loan is approved, your excitement gets the better of you.
“Can’t wait to be holidaying in Prague next month” reveals the ‘real’ reason you are
obtaining excess funds for your loan.
“Call me as I can’t make outgoing calls. Haven’t paid bill so they’ve disconnected me!”
will not go a long way in assisting your creditworthiness.
The number of dependents you have can significantly impact your household living
expense assessment. “This is pic of me with my seven children” might not be the same
picture you painted during your loan application process.
The MyRate website at myrate.com.au/blog has a complete list of what you need to apply for a
home loan in the current environment as well as some additional considerations re saying too
much online.
So think twice before you tweet – and don’t say anything you wouldn’t want your employer – or
your mother to read; and perhaps in the future; your financial institution.
-ENDS -
INTERVIEWS: Natalie Ball (02) 9240 8132
ABOUT MYRATE.COM.AU
MyRate.com.au is Australia’s leading direct home loan lender, funded by ING Bank (Australia) Limited. MyRate's fully
featured standard variable rate home loan rate is now 6.38%p.a. (or 6.34% pa for loans above $600k) with no fees on
standard applications - one of the lowest in the country. MyRate also boasts a fast turnaround with a 5 day formal
approval guarantee. MyRate.com.au’s founders are specialists in the internet space, having previously pioneered
services for the online management of business finance, personal loans, car finance and insurance, travel insurance,
life insurance, income protection and home and contents insurance.
Using innovative technology, the company provides unconditional loan approvals in five days guaranteed. Visitors to
the website gain free access to an extensive rate comparison feature, calculators and guides.
or 1300 663 558
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