Australia Travel Blog: First Time Taking Sydney Metro (Subway)

Sydney Travel Blog: Part 2

Sydney Travel Blog: Part 1

Sydney International Airport Station

While I was waiting for my train to come, I took a closer look at the Metro or subway station and some trains passing by on the other side of the station. 

In terms of cleanliness, lightings and fixtures, aesthetic looks, and everything else, I could not see much difference in a Sydney metro station than in a Toronto station. 

However, there were some obvious differences such as the Australian accent in the announcements, door closing chimes, and the noise of the train. And these were expected to be different in a different city. 

The train I boarded was a double-decker train, like Go Transit trains in Toronto. I noticed that yellow and silver colours were used for the trains’ inside and outside colour-theme. However, the seat covers were all blue. The door space felt like slightly wider than on Toronto TTC trains. 

Without any trouble, I changed my train at the Central Station and boarded a different train towards Kings Cross station. It took me slightly more than an hour to reach Kings Cross station. Once I got out of the station, it was close to 11:00 PM. I was out on the street and I was shocked to see so many people were out partying, sitting in open-air restaurants, or just hanging out. Although it was expected because it was Friday night, I have not seen people out partying on this scale for a while. 

That’s when I realized right away that Australians are happier than people in many other countries on the planet. People seemed to be friendly and cheerful. I wouldn’t mind watching people more, but I had to concentrate on finding my hotel, which was supposed to be not too far from the station. 

Consequences Of Lying On Mortgage Application

Lying On Mortgage Application

First Published: ADawnJournal.com December 31, 2009

Buying a new house, selling a house, or staying in a house all require some level of co-operation between yourself and others. Obviously this includes your family and others close to you, but it also requires collaboration between you and the lending institutions who furnish you with a mortgage as well as a range of others who may be able to help you if you are finding it difficult to maintain payments on your mortgage. Any homeowner, especially one in their first house, will be keen to do things correctly, so it is important to be aware of the importance of doing things in the right way. Maintaining communication with the relevant companies and organizations is the soundest way of doing this.

It has become the accepted wisdom that people lie on forms. Job applications and resumes, insurance claims and credit applications are all examples of forms where people have been known to be “economical with the truth”. While the practice of lying on a job application has come to be the norm and is even tacitly encouraged, it can still get you fired if it is a) serious enough and b) found out. Where finance is concerned, though, it can be a criminal matter if you knowingly withhold information or give false information. A policy of total disclosure – while it may cause you to have narrower options in the short term – will not only work better for your conscience, but it will make the long-term maintenance of the mortgage all the more comfortable.

The reason this is beneficial is that mortgage lenders offer deals on the basis of a large amount of information given to them. If you lie about your salary in order to have greater borrowing power, it could work. At the time, you will want it to work. However, after some time you will begin to feel the pinch of repayments and the financial situation can very swiftly spiral out of control, affecting not only your ability to make mortgage payments but also your financial position overall. Telling a “little white lie” on the mortgage insurance may help you lower the premium, but if you then try to claim on the insurance it could stop you receiving anything.

Aside from mortgage lenders there are other organizations who you would do well to bear in mind. If you are finding payments difficult to make, a debt counselling organization may well be the life-saver you are looking for. In this respect, a word of advice that may well be to your benefit: always look for a non-profit debt management or counselling company. Although the profitable organizations can generally afford a high advertising budget, remember that they are doing that with people’s money, money which has been sent for the purposes of debt management. By going with a non-profit company, more money goes towards paying down your debt, and helping you stay in your home. You may even be able to get the interest payments on your mortgage stopped for a period.

India And China Economies Continue To Grow

The Robust Economies of China and India

First Published: ADawnjournal.com January 3, 2010

With the global recession in full swing, though showing some signs of recovery, the economies of India and China continue to grow.  Some argue that, in fact, India and China, with their more robust economies, are floating the worldwide economy, boosting the global recovery almost single-handedly.  Other economists predict that China will surpass the United States as an economic superpower within the decade, and still others predict that same achievement for India.  Both China and India are, to be certain, becoming global economic ‘big players,’ albeit in very different ways, and under differing governmental structures.

Right now, most economists agree that in global economic standing, the United States is above Japan and China, respectively.  India is placing in the top twenty, at position twelve.  China, despite its growth, still has a long way to go before it may surpass the United States; 2008 GDP (gross domestic product – a figure that measures all the economic outlays of a particular organization, government, and so forth) for the United States stood at the top of the heap at 14 trillion.  How do other countries stack up, particularly China and India?

World Top Economies by GDP 2008

1.   United States $14 trillion

2.   Japan  $5 trillion

3.   China  $4.4 trillion

4.   Germany $3.6 trillion

5.   France $2.8 trillion

6.   United Kingdom $2.6 trillion

7.   Italy  $2.3 trillion

8.   Russia $1.7 trillion

9.   Spain $1.7 trillion

10.   Brazil  $1.6 trillion

11.   Canada $1.5 trillion

12.   India  $1.2 trillion

NB – Figures are rounded. Source: CIA World factbook.

The point in the prediction of the growing might of the economies of China and India is not their current standing as much as that the global GDP has slowed in recent years (thus the term, worldwide recession) whereas the economies of China and India have grown, despite the realities of the worldwide economy. 

One indicator that most of us can understand is automobile sales.  Long a “canary in the coalmine” type of economic barometer; when consumers perceive the economy as ‘strong,’ they purchase big ticket items, such as cars (which, outside of a home, are usually the largest single expense that an individual undergoes).  As one of the richest nations on earth, the United States has long led this economic indicator, but next year it is predicted that China will surpass the United States by being the car-buying powerhouse of the world.  With its growth rate at an average of between 7 and 8% (depending on the report that you read), compared to the United States’ predicted growth rate of just over 1%, it should come as no surprise that China may exceed the United States within our lifetimes.

India, as well, shows a high growth rate for the upcoming years.  Currently far below China, and even further below the United States, but with one of the highest populations in the world, India’s GDP is still impressive considering the abject poverty and low (in comparison) wages.  Primarily a service based economy (almost 60% of India’s economy is service-based), India’s economy shows great potential for growth with its massive population, and extremely high knowledge base.  Most economists predict that by 2020, India will be among the top economies of the world. 

China and India are certainly worth watching as the economic world continues to diversify and becomes more complex. 

What is A Secured Credit Card?

Secured Credit Card

First Published: January 6, 2010 ADawnJournal.com

A secured Credit Card is a type of credit card for which you are required to deposit (meaning you are securing this money) cash money with the credit card issuer. This cash deposit becomes collateral and acts as your credit line or credit limit. If you have no credit history, want to rebuild credit history, or new to the country, a secured credit card can help you build a positive credit history.

Not all financial institutions offer secure credit cards. There may be many terms and conditions attached to secure credit. Do your research and make an informed, educated decision before obtaining any secure credit card. Here are some points to keep in mind:

·   Look out for higher interest rates and annual fees. Research and shop for the best deal you can get. Use these keyword phrases to research for deals: “secure credit card Canada”

·   Your deposit should earn interest the same way as a savings account or a GIC (Guaranteed Income Certificate).

·   Beware of secure credit card scams. Do not accept any offer from non- recognized brand names. Beware of any secure credit offer from a foreign country.

·   You can also try to apply for a retail store or gasoline company credit card.

·   Ask at your local bank if they can arrange a credit card for you. Often your local bank can offer you a credit card as part of a package deal.

One you have obtained a secured credit card, pay off your balance each month in full and that should start building a solid credit history for you. Once you are able to obtain a regular credit card, cancel your secure credit card as there is no point in keeping it anymore.

Beware Of Mortgage Fraud Scams

Mortgage fraud Scams

First Published: January 10, 2010 ADawnJournal.com

With a mortgage being a simple transaction between an individual and an institution, with so much of the information locked in for both parties, it would seem difficult for mortgages to be open to fraud. And yet, it clearly is because there are an increasing number of potential mortgage scams that are putting householders out of pocket and in some cases out of their homes. The difficulty of targeting mortgage fraud is that fraud, to be successful, needs to be carried out by individuals with a large degree of cunning. If they are cunning enough to pull off a successful mortgage scam, they are certainly clever enough to operate undetected for a considerable period of time. There are other reasons that a fraudster may pass undetected, though.

For one thing, there appears to be a lack of due diligence taking place when it comes to mortgage applications, and this is allowing all sorts of initiatives by the fraudsters to take place. In one example half a decade ago, a couple living in a condo in Toronto found that they had been the victims of a scam which had seemingly resulted in their condo being mortgaged in their name and then sold out from beneath them. This had been achieved because the scam artists had managed to gather together enough real-looking fake documents to back up their story. A cursory check of the documents and a few questions later, and the fraudsters were walking away with a million dollars.

In many cases the fraud which is committed – and which the individuals have escaped from scot free – could be prevented with something as simple as a visit from the bank to the people whose name and address is on the documentation. Someone showing up at their door saying “I’m here to value your house for the remortgage you have applied for” would raise alarm bells instantly that the householders had been victims of identity theft. Mortgage scams, and any other mode of fraud, however, are probably crimes to which their will never be a complete antidote, as fraudsters are generally resourceful, resilient individuals. As soon as a loophole is closed, another opens.

Mortgage fraud never used to be such a problem, due in no small part to the fact that to take out a mortgage it was once necessary to attend the lending bank in person in order to sign the necessary documents and supply all the identification needed. These days, with the Internet and telephone playing such a large part in application processes, this is no longer the case, and it has ironically made mortgage fraud easier to commit in a supposedly security-conscious age.

Of course, there are other cases where the person taking out the mortgage really is who they say they are, and they do intend to use the money to buy a house. The problem is that they use incorrect information and occasionally direct lies in order to secure better terms on a loan – a loan which, due to their income, they generally cannot afford to pay off.