Construction Loans Are Becoming More Popular Than Ever

Construction loans are becoming more popular than ever and many people are choosing to build their new home. So, if you are looking to build your dream home particularly with the continued financial assistance provided by the government with the First Home Owners Grant (FHOG) scheme, it is the best time to do it. But, before you jump on the band wagon and obtain a construction loan, it is important that you understand the loan package in detail.

What is a Construction loan?

It is a short-term, interim loan for financing the cost of constructing your new dream home. Lenders/credit providers will secure a mortgage over the real estate property you are financing and they will make periodic payments to your builder at periodic intervals as the work progresses.

How is a Construction Loan Funded?

Lenders/credit providers have different credit policies and requirements that they adopt when processing a loan application. However, most are similar. Here is a list of how lenders/credit providers fund construction loans:

>> Lenders/credit providers will fund the loan amount required by you to cover the cost of purchasing a vacant land and for the building construction costs

>> Before construction starts and if you have already borrowed to purchase vacant land on which you are building your new dream home, the first loan disbursement made by the lender/credit provider will go towards paying off the vacant land

>> Lenders/credit providers will break down the loan amount into “progress payment drawdown” amounts, which are made to the builder at the completion of each construction stage

How is a Construction Loan Structured?

Construction loan, whilst it is similar to a traditional mortgage, has some key differences. Here is a list of the key features of a construction loan:

>> It is typically a short-term solution with a maximum of one year

>> The borrowers will be expected to pay Interest Only payments during the construction period

>> Interest is only calculated against the portion of the loan amount that has been drawn down

>> Construction of your new home must commence within 12 months of loan settlement

>> Construction of your new home must be completed within 12 months of the first progress drawdown payment

When are Progress Payments Drawn Down?

Lenders/credit providers will arrange to prepare valuations before progress payments are made to the builder and at the completion of each of the following construction stages:

>> For the purchase of the vacant land

>> After the laying of the flooring

>> After the installation of the roof (including the frames)

>> At lock-up stage, and

>> At the completion stage

What Happens with the Construction Loan at the Completion of the Building Project?

Upon completion of the building project, your loan will roll over into a standard Principal and Interest home loan.

What Additional Documents are required for Processing a Construction Loan?

Lenders/credit providers will need to see copies of the following documents, before issuing unconditional approval:

>> Fixed Price Building Contract

>> Council Approved Plans and Specifications

So, don’t forget to provide these additional documents along with your financial documents to the lender. If you keep all the paperwork ready, the lender will be able to provide you quick approval on your loan application.

Now that you have understood everything about construction loan in detail, apply for the loan package and build your new dream home.

8 Ways to Avoid Windows-Based Attacks

These experts know how to take advantage of every loophole in the system to break into your network and steal data or use it as a springboard for further attacks. To stay protected from these sophisticated attackers and reduce the risk of becoming a target, you need to implement multiple security measures, you can do that by hiring a Cyber Security Company. After all, there’s no single solution that can tackle every single cyber threat; rather, there are different strategies that work in conjunction with each other to reduce the attack surface while simultaneously protecting your organization against vulnerabilities. That being said, we’ve outlined some of the best practices you can adopt to keep your Windows-based network secure from cyber threats

Change the default passwords
As tempting as it may be to use the same password for multiple accounts and applications, it’s not a good idea. As the saying goes, “if Wall Street bankers can’t get it right, then why should we be any less cautious?” That is, if you want to keep your information and network safe from cyber threats, you have to apply the same carefulness to your own security practices. When it comes to passwords, you shouldn’t make the mistake of using simple words and phrases out of context. Instead, use a password made up of a combination of letters, numbers, and symbols. For example, “12345678!@#$%^&*” is a secure password. Make sure you change the default passwords of your applications and accounts to something more secure.

Also, Read Our Previous Blog: How to Block Fraudulent & Spoofed Emails— Learn to Decipher Phishing Attempts

Educate your employees on risks and safety precautions
For most people, the idea of keeping their workplace safe from cyber threats doesn’t seem like much of a priority. But when an attacker successfully breaches a network, the damage he can cause is vast. In fact, the average cost of a data breach is $3.95 million. To prevent this from happening, you need to educate your employees about the safety precautions they need to take. For example, you can have your employees regularly change their passwords. You can also have them use two-factor authentication whenever possible, such as when logging in from a new device or computer. Furthermore, you can also have them regularly scan their computer for potential security risks, like malware or spyware.

Encryption is the key
Encryption is the most important security tool you can use on your Windows network. It’s a process that transforms data into an illegible format and is therefore virtually unreadable. The problem is that not all encryption programs are created equally. Some may be easy to break while others are so advanced that even a well-funded cyber criminal team would need to work for months to crack them. Moreover, if one of your employees is caught using an unsecured device, he may also be able to access any data stored on the device or even on the network. To find the best encryption program for your organization, consult a third-party security review website, like ours. It may help you choose the right program for your needs.

Keep Windows Up to Date
Keeping your Windows software up to date is essential to ensuring the security of your network. As new patches are released, researchers generally find and fix a number of vulnerabilities on Windows operating systems. But because these vulnerabilities generally go unnoticed until a hacker finds them and uses them to break into a network, updating your software is crucial to staying protected. You can easily determine whether your Windows computer is up to date by opening the Settings app, selecting the System icon in the left pane, and then looking at the “Updates” section. Make sure that your computer indicates that it’s up to date.

Limit which users have access to your network
Cyber criminals are always on the lookout for networks that they can infiltrate and use as springboards for further attacks. And while some networks are more likely to be attacked than others, they all share one common trait: they’re connected to the Internet. So, before you grant Internet access to your network to your employees or clients, think about which ones you want to grant access to and for how long. For example, grant remote access for a set amount of time, like a week at a time, and then revoke it. This will make it harder for an attacker to gain access to your network.

Implement Strong User Authentication
In order to prevent hackers from infiltrating your network and stealing data, you need to implement strong user authentication, like two-factor authentication. It comes as no surprise, then, that it’s one of the first security measures you can implement on your Windows network. Two-factor authentication is a security measure that requires a user to have two forms of authentication, like something they have, like a phone, or something they’re, like a password, in order to log in to an account.

Defend with Network Tools and Other Software
To effectively protect your Windows-based network, you need to make sure that your devices are as secure as possible. To do this, you can use an Extended Security feature on Windows 10 or enable hardware-based security on your computer. You can also use network tools and other software to protect your network.

Penetration Testing Can Help

A pen-test is a type of security testing that focuses on the implementation, configuration, and operation of a system. The Pentest program is used to test the security of a system against various types of attacks such as application-level attacks, network-level attacks, and protocol-level attacks. A pen-test is often carried out by an ethical hacker or Certified penetration tester who uses their skills and knowledge to test the security of a system.

The main goals of penetration testing are to identify vulnerabilities in the system and to determine the best ways to improve security. By conducting a thorough Penetration Testing, an organization not only can minimize the window-based attacks on their networks but also can identify vulnerabilities that can lead to financial losses. In addition, organizations should keep track of all access requests. This will help them to know who is accessing their network and how they are doing it.

Patching
Finally, it’s important to keep in mind that even when you do everything right, there’s a chance that your network will still be compromised. And to have any chance of thwarting an attack, you have to patch your systems as soon as possible. When it comes to patching, every system is different. Some are more likely to be attacked than others, and some are more likely to be overlooked than others. That’s why it’s important to know which systems on your network are the most likely to be attacked. To find out which systems are most likely to be attacked, use an application, like Network Mapper, to map out your network. You can also use a tool, like Microsoft’s, to identify which systems need to be patched. Make sure to update your systems as soon as possible to protect against the latest threats. These are just some of the best practices you can implement to keep your Windows-based network secure from cyber threats.

Uses And Benefits Of Identity Management Using Blockchain Technology

Having a record about yourself, what you look like, qualities unique to you, the qualifications you possess, and traits that distinguish you from another is an essential part of the digital economy we currently live in. Today, digital identification is preferred over traditional identification methods for innumerable reasons, ranging from easy accessibility to all online services, streamlined processes and accuracy, to a superior protection of privacy. With digitization enabling the creation of handy, authenticatable identities, the necessity to ensure that sensitive information remains private has become absolutely necessary. Identity management, one of the crucial aspects of digital identity, is the technology based on which someone is granted or denied access to organizational services or systems.

How Does Blockchain Technology Support Identity Management?
With the arrival of blockchain technology, we have been made familiar with decentralized identification systems. These help us to manage our identity independently, with zero dependence on any centralized agency. Considering the fact that maintaining digital identity is subject to hindrances such as identity theft, maintaining a confusing collection of usernames and passwords to access different online services, it poses a general difficulty to manage. With blockchain technology, we can create identity management systems that are protected, encrypted, and user-friendly.

The basic idea is that sensitive identity-related data is saved directly onto a tamper-proof blockchain system which is always accessible exclusively to the owner online. Alternatively, third parties could be provided with access to the blockchain with data relating to the owners’ identity which would do away with the necessity to keep this data stored anywhere else.

Some Use Cases of the Blockchain Identity System
The scope of blockchain utilization for identity management is slowly unfolding; offerings related to the technology continue to develop and manifest:

Self Sovereign Identity- Conventional systems related to identity management have always been messy, convoluted, and prone to misuse. Utilizing the blockchain system of Self Sovereign Identity gives owners absolute control over their digital identity, eliminating involvement from intermediaries. For this purpose, trustless, portable blockchain based structures are already in use.
Generating permanent identity records- Information contained within a blockchain cannot be altered or tampered with, without disrupting the entire chain. Records created utilizing this technology are permanent, immutable, and absolutely protected.
Identity management for IoT systems- Identity management for IoT devices involves ensuring secure, accountable, and verifiable transactions for interactions involving IoT-to-Users and IoT-to-IoT. Currently, projects based on blockchain are employed to ensure secure IoT transactions.
Smart contracts- The concept of decentralized, shared ledger systems, formulated utilizing blockchain technology could be used to fabricate identity-enabled self-executing smart contracts.
Other applications- Identity verification while immigrating to another country, making online purchases, undergoing legal processes, applying for a loan, or background verification processes could be enacted utilizing this technology.
Benefits of Blockchain Based Identity Management
Let us take a closer look at some of the benefits of blockchain based identity management for users and businesses:

Trustlessness- In a distributed ledger system, decentralization is ensured, which entails that owners no longer have to place their faith on any third party.
Safety- Since all the information stored in a blockchain is encrypted and tamper-proof, the identity details remain secure, accessible to only the owner.
Elimination of dependency on paper-based identity management- The creation and storage of identity on blockchains means that you never have to go through the process of applying for a duplicate if the need ever arises, saving your time and resources in the process.
ID verification simplified- The automation of processes initiated by this technology does away with cumbersome manual chackes, streamlining processes for everyone involved.
Great user experience- Uploading digital identity onto a distributed ledger is a breeze, with the entire process being as uncomplicated as installing an app and entering identity related proof and information.
Transparent while being private- People involved in the blockchain system can track down details of transactions made, while privacy for everyone is made certain.
Uniqueness ensured- On the blockchain system, owners receive a unique ID number that is permanent, incorruptible, and can be used to efficiently validate themselves.
Overview

Blockchain, the technology previously associated almost exclusively with cryptocurrency, has evolved into a comprehensive framework that is being implemented into different industry sectors. As a still developing technology, blockchain is not completely impervious to contamination in that counterfeit data can still be verified, for example. Yet, it is still regarded as a secure and reliable solution for issues related to identity management. Utilizing blockchain technology along with artificial intelligence for identity verification ensures accuracy, privacy, transparency, and anonymity.

GeekyAnts, as a leading Blockchain and Internet of things( IoT) app development company, offers blockchain solutions for identity management to users and businesses looking to streamline, automate, and efficiently handle processes. The company is well known within the development community for their experimental approach towards all things tech and their work on blockchain based solutions. With an experience of 17+ years, they have already collaborated on numerous blockchain based projects, transforming a range of industries.