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Last week the Commonwealth Bank cut its suite of fixed-rate mortgage products to appeal to those borrowers looking for certainty as the future direction of interest rates remains unclear.
The Commonwealth Bank now offers the lowest one-year, three-year, four-year and five-year home loan rates of the major banks, while NAB offers the lowest two-year fixed rate loan and ANZ the lowest 10-year fixed rate home loan.
Collectively the major banks account for around 80% of all new mortgage lending.
Here’s a guide to the advertised fixed and variable mortgage rates of the Commonwealth Bank and the other three major banks – NAB, Westpac and ANZ:
Rates correct as of September 10:
<table style="width: 470px;" border="1" cellspacing="0" cellpadding="0"><tbody>
<tr>
<td valign="top" width="123">
 
</td>
<td valign="top" width="123">
CBA
</td>
<td valign="top" width="123">
ANZ
</td>
<td valign="top" width="123">
NAB
</td>
<td valign="top" width="123">
Westpac
</td>
</tr>
<tr>
<td valign="top" width="123">
Standard variable
</td>
<td valign="top" width="123">
6.80%
</td>
<td valign="top" width="123">
6.80%
</td>
<td valign="top" width="123">
6.78%
</td>
<td valign="top" width="123">
6.89%
</td>
</tr>
<tr>
<td valign="top" width="123">
One-year fixed
</td>
<td valign="top" width="123">
5.74%
</td>
<td valign="top" width="123">
5.84%
</td>
<td valign="top" width="123">
5.79%
</td>
<td valign="top" width="123">
6.09%
</td>
</tr>
<tr>
<td valign="top" width="123">
Two-year fixed
</td>
<td valign="top" width="123">
5.74%
</td>
<td valign="top" width="123">
5.94%
</td>
<td valign="top" width="123">
5.69%
</td>
<td valign="top" width="123">
6.09%
</td>
</tr>
<tr>
<td valign="top" width="123">
Three-year fixed
</td>
<td valign="top" width="123">
5.74%
</td>
<td valign="top" width="123">
5.94%
</td>
<td valign="top" width="123">
5.89%
</td>
<td valign="top" width="123">
5.89%
</td>
</tr>
<tr>
<td valign="top" width="123">
Four-year fixed
</td>
<td valign="top" width="123">
6.14%
</td>
<td valign="top" width="123">
6.44%
</td>
<td valign="top" width="123">
6.39%
</td>
<td valign="top" width="123">
6.69%
</td>
</tr>
<tr>
<td valign="top" width="123">
Five-year fixed
</td>
<td valign="top" width="123">
6.14%
</td>
<td valign="top" width="123">
6.54%
</td>
<td valign="top" width="123">
6.49%
</td>
<td valign="top" width="123">
6.19%
</td>
</tr>
<tr>
<td valign="top" width="123">
10-year fixed
</td>
<td valign="top" width="123">
7.74%
</td>
<td valign="top" width="123">
7.69%
</td>
<td valign="top" width="123">
8.09%
</td>
<td valign="top" width="123">
7.99%
</td>
</tr>
</tbody></table>
Source: Websites of ANZ, Commonwealth Bank, Westpac and NAB
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Fixed or variable: What mortgage interest rates the major banks are offering borrowers

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Innovation was rewarded at the REIV’s 2012 Commercial &amp; Industrial Marketing Awards with campaigns featuring online videos, eBooks, tram advertising and even street performers picking up prizes.
Jones Lang LaSalle picked up the prize for best leasing campaign for a budget in excess of $30,000 for its efforts to find tenants for GPT’s 530 Collins Street office tower.
<img src="/images/stories/2012/09/5301.jpg">
<img src="/images/stories/2012/09/5302.jpg">
The campaign, led by Stuart Colquhoun and Ashley Buller, included the use of street performers outside the glass office tower over four Fridays (pictured above and below) featuring an Italian pizza theme and a Middle Eastern theme with dancers in colourful costumes built around the slogan of “530 Fridays on my mind”.
<img src="/images/stories/2012/09/5303.jpg">
<img src="/images/stories/2012/09/5304.jpg">
Other elements of the campaign included advertising on Melbourne trams (pictured below) with the slogan “first class address, first class view”.
<img src="/images/stories/2012/09/5305.jpg">
Colliers International picked up Best Sales Campaign for a budget between $15,000 and $30,000 for its marketing effort for The Avenue Shopping Centre in Sunshine West.
The campaign was led by Jeremy Gruzewski and Ted Dwyer and included a 24 hour advertisement to passing foot and motor traffic, traditional print advertising, online advertising campaigns and a targeted mail out of 750 brochures (pictured below) to potential buyers.
<img src="/images/stories/2012/09/avenue.png">
Colliers also picked up the award for best leasing campaign for a budget between $5,000 and $15,000 for 509 St Kilda Road, Melbourne, which included the publication of a 14 -page eBook. The campaign was led by Ben Christie and Ben McKendry.
Commercial agency W.B. Simpson &amp; Son won best leasing campaign with a budget of under $5,000 for its marketing efforts for 355 William Street in West Melbourne, which included <a href="https://visualdomain.com.au/listing.php?propertyId=v2891&amp;mediaId=e157037e7dbd4e028149c7ffe4d49efa&amp;t=FF&amp;hash=657a04421cc19b4f8f5614807376667d" target="_blank">a short online video showing the exterior and interior of the building</a> and describing the key aspects of the two-storey building, including the observation that it has a “sunny northern aspect”.
Colliers International picked up a leasing campaign award for the new Botanicca 8 office development in Richmond, in the category of a budget from $15,000 to $30,000. The campaign was led by Michael Darvell and Rob Joyes.
<img src="/images/stories/2012/09/botanica8.jpg">
REIV President Trevor Booth said all the award winners demonstrate “the value that a skilled and licensed real estate agent can bring to the process of selling or leasing commercial and industrial property”
The full list of winners is:
 
Sales Campaign
 
<ul>
<li>Best Sales Campaign: budget under $5k - Nichols Crowder Property Solutions (<a target="_blank" href="https://www.nicholscrowder.com.au/property-module.php?propertyID=2247&amp;prevID=65">78 Mt Eliza Way, Mt Eliza</a>) </li>
</ul>
<ul>
<li>Best Sales Campaign: budget between $5k–$15k - Nichols Crowder Property Solutions (67-73 Cochranes Road, Moorabbin) </li>
</ul>
<ul>
<li>Best Sales Campaign: budget between $15k–$30k - Colliers International (<a target="_blank" href="https://rca.colliers.com.au/property-retail-vic-sunshine+west-500064091">The Avenue Shopping Centre, Sunshine West</a>)</li>
</ul>
<ul>
<li>Best Sales Campaign: budget in excess of $30k - CBRE (452 Flinders Street, Melbourne)</li>
</ul>
<ul>
<li>Best Development Site Sales Campaign - CBRE (<a target="_blank" href="https://cbre.realcommercial.com.au/property-land+development-vic-south+yarra-500144731">Albany Hotel, 1-23 Millswyn Street, South Yarra</a>)</li>
</ul>
 
Leasing Campaign 
<ul>
<li>Best Leasing Campaign: budget under $5k - W.B. Simpson &amp; Son (<a target="_blank" href="https://www.youtube.com/watch?v=5_txkOUuE6E">355 William Street, West Melbourne</a>)</li>
</ul>
<ul>
<li>Best Leasing Campaign: budget between $5k–$15k - Colliers International (<a target="_blank" href="https://rca.colliers.com.au/property-offices-vic-melbourne-5801649">509 St Kilda Road, Melbourne</a>)</li>
</ul>
<ul>
<li>Best Leasing Campaign: budget between $15k–$30k - Colliers International (<a target="_blank" href="https://rca.colliers.com.au/property-offices-vic-richmond-5858391">Botanicca 8, Richmond</a>)</li>
</ul>
<ul>
<li>Best Leasing Campaign: budget in excess of $30k - Jones Lang LaSalle (<a target="_blank" href="https://www.530collins.com.au/Core/Content/Public-Home-Page/Content2974.aspx">530 Collins Street, Melbourne</a>)</li>
</ul>
The winners in these categories are now finalists for the Commercial Gold Award at the REIV Awards for Excellence Gala event on October 18.
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Street performers and tram advertising help Jones Lang LaSalle win at REIV commercial marketing awards

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Borrowers are inclined to use a mortgage broker because they can recommend products from as many as 30 different lenders, but according to Sydney mortgage broker Tony Harris, many brokers will only recommend loans from one or two of their favourite lenders.
Speaking as part of a recent Property Observer webinar, Harris says it is very important how borrowers go about selecting a mortgage broker.
Harris says one of the first questions borrowers ask is: “How many lenders can you recommend?”
But the answer they get can be something of a red herring as he let listeners in an a little-known industry secret.
“A lot of brokers have 25 to 30 lenders on their panel, but in reality they are probably only writing loans through two or three lenders,” says Harris.
“The reality is that some brokers are wedded to certain lenders over others because they are comfortable with them and they understand their loan criteria,” he says.
Under the ASIC-enforced credit regulations, brokers must also ensure that a loan is ‘”not unsuitable” by making reasonable enquiries about a borrower’s financial situation, as well as their requirements and objectives.
“So the first question is how many lenders can you recommend, but then the next question is how many loans have you written so far and how long have you been in the industry,” says Harris.
Harris says borrowers should quiz brokers about the different lenders on their panel.
“If you feel you may be missing out on a few lenders, quiz them more
“Ask them: ‘Why are you recommending this lender? What is it about them? Do they offer good service levels?’
“It’s OK if they have a favourite lender and can explain why, but make sure you drill down and ask those questions.
“If it is compelling reason and they are good answers, by all means go with that broker.”
Borrowers should also be aware that brokers are paid by lenders through an upfront commission of around 0.5% to 0.7% of the loan balance and recurring annual “trail” commission of between 0.15% and 0.2% of the loan balance until the loan is discharged.
Unscrupulous brokers might be tempted to recommend one lender over another because of better commission rates.
In addition, some lenders offer brokers the opportunity to earn bonus payments and other incentives by meeting certain performance metrics such as loan volume targets or if additional financial products such as insurance are taken up by a borrower.
Listed mortgage broker Mortgage Choice averages out the commission payments from all the lenders on its panel so that its loan writers are paid the same rate regardless of lender – eliminating the risk of a broker favouring one lender over the other for the wrong reasons.
This averaging out of commissions was highlighted as part of Mortgage Choice’s annual results presentation last month.
Harris also delved into the issue of brokers charging an upfront fee.
He says this has become more prevalent in the current slow credit growth, weak property market and tighter margin environment post the GFC.
But Harris says brokers that charge a fee need to offer more than just filling in a loan application form.
“They need to be able to hold your hand and guide you through the process.
“At the end of the day, you get what you pay for.
“If you can find a broker that does not charge a fee and can provide a great service that may be a great way to go as long as you believe they are going to do everything for you and not just recommend one or two lenders because they are their favourites.”
Harris also recommends that borrowers ensure the broker is a member of the Mortgage and Finance Association of Australia, the peak industry body representing mortgage brokers, which works closely with regulators ASIC and APRA.
ASIC provides a free broker licence check on the credit section of its website.
“A broker can have their licence under own name or company name or work under someone else’s licence,” says Harris.
For more tips from Tony Harris on using mortgage brokers and refinancing your mortgage, <a href="/news">watch the free Property Observer webinar</a>.
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Borrowers should shop around for best mortgage broker, not just the best loan: Broker

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Apartment building was the weakest performing construction sub-sector in August, as the Australian Industry Group (AIG) Australian Performance of Construction Index fell for the 27th consecutive month with no sign yet of a new financial year turnaround for the sector.
The index, compiled in conjunction with the Housing Industry Association, was down 0.4 points to 32.2 in August. Readings below 50 indicate a contraction in activity with the distance from 50 indicative of the strength of the decrease.
Survey respondents cited subdued conditions, a shortage of new tender opportunities, project delays and difficulty securing funding as impacting on growth.
Click to enlarge
<a href="/images/stories/2012/09/aigsept7.gif" rel="shadowbox" title="Click to enlarge"><img src="/images/stories/2012/09/aigsept7thumb.gif"></a>
Source: AIG
In July, the index fell 2.2 points with AIG noting that the rate cuts in May and June had not spurred on any kind of rebound for the sector.
In August, apartment building was the weakest-performing sub-sector in the month – down 10.8 points to 22.1 – offsetting gains from the previous month.
Across the other sub-sectors, house building rose to 31.5 and commercial construction increased to 34, while engineering consecution fell to 35.7
The key new-orders sub-index fell 5.8 points to 28.8.
Commenting on the August results, AIG director of public policy Peter Burn said the continuing severe slump in residential and commercial construction was a drag on the overall economy.
“In August a weakening in the engineering construction sector contributed to a further worsening in the sector as a whole. Even though interest rates have fallen recently, the near-term outlook for the construction sector deteriorated with a further fall in new orders.
“The drop-off in new orders was particularly sharp for engineering construction and the apartment sub-sector," Burn said.
HIA chief economist Dr Harley Dale says that against a backdrop of five weak quarters for new dwelling investment, it is concerning that the first two index updates for 2012-13 “provide no sign of a turnaround”.
“The persistent weakness in the sub-indices for activity and new orders into the new financial year raises question marks as to whether we will see any tangible evidence of improved conditions in the construction industry by the December 2012 quarter. You would hope to be seeing a modest improvement by that quarter, but the odds of sighting that improvement appear to be lengthening," says Dale.
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Apartment building leads further contraction in construction sector in August

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ASIC’s long-running action against three banks over their alleged involvement in an unregistered managed investment scheme operated by failed financial planning firm Storm Financial will resume on Monday, but the actual start of the trial could be delayed by a week following an 11th-hour meeting of lawyers representing the parties.
A spokesperson for ASIC confirmed to Property Observer that the parties would next appear before the Brisbane Federal Court on Monday, September 10, but that "subject to the outcome of that appearance, it may well be that the opening of the trial will not take place until Monday 17 September".
The trial is expected to take up to five months, with ASIC expected to call up to 80 witnesses to testify.
The emergency meeting sought to narrow down the issues to be contested, with the hope that the trial would be concluded by Christmas with a view to earlier compensation for thousands of investors, who have endured a wait of more than four years.
Investors suffered losses totalling around $3.6 billion when the Townsville-based financial services company’s highly leveraged investments were hit by market volatility in December 2008.
ASIC’s case against the three banks, which provided loans to Storm clients, dates back to December 2010, when the corporate watchdog alleged that an unregistered managed investment scheme was operated by Storm and that the Commonwealth Bank, Bank of Queensland and Macquarie were “knowingly involved in the operation of that scheme”.
At the time of its collapse in 2008, Storm Financial, which was based in Townsville and founded by Emmanuel and Julie Cassimatis, had over 13,000 client portfolios and advised on investment home lending and margin lending.
High-profile investors included cricketer Andrew Symonds.
If the court finds in favour of ASIC, it could open the way to investors recovering more than $1 billion from the three banks.
Since the collapse of Storm in 2008, ASIC has alleged that Storm operated a managed investment scheme (MIS) that should have been registered under the Corporations Act 2001 and was not registered. "Generally in an MIS people are brought together to contribute money to get an interest in the scheme; money is pooled together with other investors or used in a common enterprise; and a 'responsible entity' operates the scheme," explains ASIC.
"Investors do not have day-to-day control over the operation of the scheme.
"An MIS must generally be registered with ASIC if it has more than 20 members or is promoted by someone who is in the business of promoting investment schemes."
 In December last year ASIC claimed an initial victory for investors against the banks over their alleged involvement with Storm when Federal Court judge Lindsay Foster rejected challenges by Macquarie Bank, Bank of Queensland and Senrac, the operator of a BoQ branch, against ASIC’s representative action on behalf of two former Storm investors. 
Despite this procedural win, Mark Weir, co-chairman of the Storm Investors Consumer Action Group, told the Australian Financial Review the wait for compensation would be prolonged.
 
 
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ASIC’s battle with banks over Storm Financial collapse to resume on Monday

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The Adelaide property market still has further to fall before it hits rock bottom, according to valuation firm Herron Todd White (HTW) in its latest property market round-up.
Looking at the Adelaide market over August, HTW valuers say the volume of both home and unit sales are declining while demand for new housing remains soft.
The latest report notes that new Adelaide houses and units are “almost never” sold at prices exceeding their potential resale value.
And the outlook for Adelaide remains on the gloomy side.
“The Adelaide property market in the short term continues to be flat and limited growth is expected in the next 24 months,” says HTW in its latest report.
Despite reporting that capital values are still declining, the situation is not all bleak for property investors, with HTW reporting that it remains a balanced rental market for both houses and units, with the vacancy rate steady in the case of houses and “stable” for units.
Adelaide Hobart and Canberra are the only three capital city property markets still in a downswing.
According to HTW, the Adelaide market has been in decline for the past year.
In its September 2011 report (for the month August) HTW said Adelaide was a declining housing market although at the time it said there was “fair” demand for both new houses and units.
“Although there has been a slight decline in house prices since 2010, investors have also been cautious about entering the market due to the speculation that interest rates were due for an increase, especially on the back of inflation figures,” said HTW back in September 2011.
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A year on, Adelaide property clock still stuck in decline: Herron Todd White

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Sydney developer the Barana Group has bought The Novotel Melbourne St Kilda for around $55 million following an international marketing campaign to sell the 211-room hotel.
The sale price reflects a yield of about 8%.
The hotel was put up for sale by Tourism Asset Holdings Limited in June and was marketed by CBRE Hotels’ Wayne Bunz and Mark Wizel.
Bunz told Property Observer in June that he was expecting it to sell for between $55 million and $60 million.
The Barana Group, led by chief executive Greg Shand, has added the hotel to its growing hospitality portfolio, which also includes Novotel in Melbourne at Glen Waverley.
“We’re investors in the hospitality space. That being said, we are primarily property investors, not necessarily just hotel investors,” Shand told the Australian Financial Review.
The Novotel Melbourne St Kilda is operated by Accor, the world’s biggest hotel and tourism group, and has a management agreement which still has nine years to run.
After that, vacant possession of the hotel will be available, “offering a myriad of future redevelopment options,” said CBRE in its marketing campaign.
Shand said the hotel was expected to be run as a passive hospitality investment for the term of the management agreement with Accor.
“Things may change, but if the hotel performs well, that’s what we’ll be doing.”
Wizel says the hotel was viewed by investors as an “attractive land banking opportunity”.
The Novotel St Kilda last sold in 2008 and before that changed hands for $21 million in 1992 in the aftermath of the early 1990s recession.
The recently refurbished hotel includes 211 rooms over six levels on a 5,791-square-metre site boasting 270-degree views of Port Phillip Bay.
The hotel is zoned residential 1 under the City of Port Phillip.
The hotel originally opened in 1991 as the St Moritz hotel, which became the Novotel Bayside in 1993 when Accor acquired the management rights and then Novotel St Kilda in 1999.
It was originally developed by Michael Lasky and Izzy Hertzog.
The hotel stands on the site of the St Moritz ice rink, which operated from 1939 to 1981, attracting more than 2000 people to its 1,850 square metres of ice.
The ice rink was destroyed by a fire in 1984.
The first building on the site was the Wattle Path Dance Saloon and Café, which opened in 1923.
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Novotel St Kilda snapped up by Greg Shand's Barana Group

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Moranbah, the Queensland coal mining town and investor darling, leads a regional Queensland list compiled by RP Data of suburbs where it is cheaper to buy a house than to rent one.
RP Data estimates that it  $4,021 cheaper per month to buy a house in Moranbah with a principal and interest variable mortgage than rent one.
The median asking rent  for a house in Moranbah is $1,900 a week, according to RP Data.
The Moranbah council area has a population of around 22,000 permanent residents but a fly-in/fly-out (FIFO) worker population of 24,000, with a government inquiry into the sustainability of mining towns in April hearing that FIFO workers have been a key factor in driving up rents.
However, in April this year there were reports that rents and prices in Moranbah were falling due to mining companies – which take up many of the residential leases on behalf of workers – refusing to sign new leases.
At the time of the mining flare-up Terry Ryder of hotspotting.com.au said the situation highlighted the danger of investing in a mining town, where prices are “a bit artificial”.
“A single major employer can use its market power to achieve something such as forcing down rents,” Ryder told Australian Property Investor magazine. “A lot of investors have been getting very excited about Moranbah. This is a classic example, which may inject a bit of reality into the situation.”
<a target="_blank" href="https://www.propertyobserver.com.au/queensland/moranbah-and-port-hedland-unsustainable-single-industry-mining-boom-hotspots-westpac/2012090655622">Westpac recently tightened its lending requirements for mortgages</a> to buy property in "single-industry" towns like Moranbah.
Current listings that Property Observer estimates would be significantly cheaper to buy then rent include this four-bedroom, two-storey house on a large block on Mills Avenue (pictured below) being sold by Mackay agent Julie Williamson with an asking price of $750,000.
<img src="/images/stories/2012/09/millsave.jpg">
The property has a two-year lease in place at $1,800 per week, or $8,100 per month.
Providing a 10% deposit and borrowing $675,000 on a 25-year principal and interest loan with a 6.25% interest rate would mean monthly mortgage repayments of around $4,500 per month.
Another example of a property that is cheaper to buy then rent is this two-level, four-bedroom house on Bradman Street (pictured below), being sold by Craig Aitcheson &amp; Roz Robinson from LJ Hooker Mackay with a price tag of $549,000 and with the possibility for development at the back of the property, subject to council approval.
<img src="/images/stories/2012/09/bradmanst.jpg">
The property is expected to command rent of at least $900 per week, or $4,050 per month.
Providing a 10% deposit and borrowing $494,000 on a 25-year principal and interest loan with a 6.25% interest rate would mean monthly mortgage repayments of around $3,300 per month.
Yet another example is 8 Goolagong Crescent (pictured below), also a four-bedroom, two-level house being sold by Marie Plahn of Moranbah Real Estate, where the price has been reduced by $100,000 to a negotiable $690,000.
<img src="/images/stories/2012/09/goolagong.jpg">
Plahn says the property can command weekly rent of $1,200 per week  or $5,400 per month.
Providing a 10% deposit and borrowing $621,000 on a 25-year principal and interest loan on a 6.25% rate would mean monthly mortgage repayments of around $4,100 per month.
To come up with its calculations RP Data compared the cost of a mortgage vs the cost of renting in four different ways: 1, Principal and interest loan on a variable mortgage rate; 2. Interest-only loan on a variable mortgage rate; 3. Principal and interest loan on a three-year fixed mortgage rate; and 4. Interest-only loan on a three year fixed mortgage rate.
The comparison does not take into consideration stamp duty, associated buying costs and strata fees, where applicable.
The data contains both units and houses, but in most suburbs on the list it is cheaper to rent a unit than buy one. 
Click to enlarge
<a title="Click to enlarge" href="/images/stories/2012/08/rpsept34.gif" rel="shadowbox"><img src="/images/stories/2012/08/rpsept34thumb.gif"></a>
<a href="https://www.myrp.com.au/buyorrent" target="_blank">For the full list of all suburbs,  </a><a href="https://www.myrp.com.au/buyorrent" target="_blank">visit RP Data's website.</a>
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Mining darling Moranbah tops list of regional Queensland towns where it is cheaper to buy than rent: RP Data

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Moranbah, the heart of coal mining activity in Queensland's Bowen Basin region, was recently added to a list of WA and Queensland mining towns deemed by Westpac to be risky “single-industry” towns.
This means that investors will find it harder to get loans to purchase investment properties in Moranbah, with the bank deeming the town to have a potentially unsustainable housing market.
Its inclusion comes shortly before RP Data calculations that placed <a href="/news">Moranbah top of a list of regional Queensland towns where it is cheaper – by an average of $4,000 – to buy a house than rent.</a>
However, Westpac will now discount rental income listed as security on investor mortgage applications by 40%, taking into account the risk of rising vacancies.
“An application with security in a single industry town will have all rental income assessed at 60%,” says the bank in a note to mortgage brokers.
The new requirement is in addition to the rule that a 30% deposit is required in these postcodes for property to avoid the added burden of lenders mortgage insurance (LMI) – well above the usual 20% deposit requirement.
The policy changes apply to two investment loans – Westpac’s variable rate Equity Access Loan (EAL) and its fixed rate Investment Property Loan (IPL).
Westpac spokesperson Danny Johns told Property Observer recently the decision to add Moranbah and other mining towns to the list is due to concerns that in these locations the mining boom is driving house prices and rental yields to relatively unsustainable levels.
As an example, he says house prices have jumped 44% in Moranbah with yields at 13.5%, with property valuers telling Westpac that these figures are not sustainable.
Other towns added to the list recently include another Queensland coal mining town Dysart in the Isaac region south of Moranbah and Port Hedland and the East Pilbara region.
The full list of new towns included on Westpac’s list of “single-industry” postcodes are in Queensland:
• <a href="/news">Blackwater </a>(4714)
• <a href="/news">Moranbah </a>(4744)
• <a href="/news">Dysart </a>(4745)
• <a href="/news">Middlemount </a>and <a href="/news">May Downs</a> in the Isaac region (4746)
And in Western Australia:
• <a href="/news">Roebourne </a>(including <a href="/news">Karratha</a>, <a href="/news">Baynton</a>, <a href="/news">Bulgarra</a> and <a href="/news">Pegs Creek</a>, 6714)
• <a href="/news">Port Hedland</a> (including <a href="/news">South Hedland</a>, 6721)
• <a href="/news">East Pilbara</a> (6753)
Real Estate Institute of WA president David Airey says the changes probably reflect a view from within the bank that “housing prices and rental returns in particular, in places like Karratha, Port Hedland, South Hedland and Newman are unsustainable”.
“The state government is anxious to address affordability in the Pilbara, and while this won’t happen overnight it’s clear that housing demands will be better met over the next few years.”
Airey says Westpac has the right to “calibrate its business model as it sees fit”.
“But it would be a pity if the result meant that investors were less inclined to supply much needed housing in the state’s northwest. In some ways it’s a catch-22 situation,” he adds.
Real Estate Institute of Queensland (REIQ) chief executive Anton Kardash says lending criteria for remote areas has been restricted for some time, given these areas are often reliant on single industries for employment.
“Investors in these areas need to be aware that lenders will require a larger deposit dependent on the element of risk lenders attribute to buying property in a specific region.”
Jane Slack-Smith, director at Investors Choice Mortgages, says the change in policies indicate that Westpac is less keen to lend in mining locations.
“The bank is discounting rental income to allow for vacancies,” she tells Property Observer.
Slack-Smith says Westpac is implementing these changes in places like Karratha despite her clients being able to ask rent of $2,000 per week over a five-year lease.
“Some lenders will take 100% of rental income, but Westpac only takes 60% of income.”
“Some lenders don’t have postcode restrictions,” she says.
For advice on navigating hotspots, download our free eBook: <a href="https://www.propertyobserver.com.au/ebooks/free-ebook-tools-for-getting-through-the-hotspot-tipping-maze" target="_blank">Tools for Getting Through the Hotspot Maze.</a>
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Moranbah and Port Hedland unsustainable 'single-industry' mining boom hotspots: Westpac 

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The Commonwealth Bank will cut interest rates on new one-, three-, four- and five-year fixed-rate home boans by up to 0.4 percentage points per annum from September 7.
The benchmark three-year fixed rate mortgage will reduce by 10 basis points from 5.84% to 5.74%.
This latest rate cut means the bank's fixed rate mortgages are now at their lowest levels for almost three years, with the four- and five-year products the lowest they have been in over nine years.   
The new interest rates will be available to new customers, or customers looking to switch from variable to fixed rate home loans.
"This latest fixed-rate home loan interest rate reduction is great news for new customers looking to lock in their mortgages, offering them some certainty in the upcoming years," said Michael Cant, executive general manager of retail products and customers at the Commonwealth Bank. 
<table cellpadding="0" cellspacing="0" border="0" style="width: 450px;"><tbody>
<tr>
<td valign="top" width="134">
 
</td>
<td valign="top" width="134">
One Year
</td>
<td valign="top" width="134">
Three Years
</td>
<td valign="top" width="134">
Four Years
</td>
<td valign="top" width="134">
Five Years
</td>
</tr>
<tr>
<td valign="top" width="134">
CBA (current*)
</td>
<td valign="top" width="134">
5.84%
</td>
<td valign="top" width="134">
5.84%
</td>
<td valign="top" width="134">
6.44%
</td>
<td valign="top" width="134">
6.54%
</td>
</tr>
<tr>
<td valign="top" width="134">
CBA (new*)
</td>
<td valign="top" width="134">
5.74%
</td>
<td valign="top" width="134">
5.74%
</td>
<td valign="top" width="134">
6.14%
</td>
<td valign="top" width="134">
6.14%
</td>
</tr>
<tr>
<td valign="top" width="134">
Change
</td>
<td valign="top" width="134">
-0.10%
</td>
<td valign="top" width="134">
-0.10%
</td>
<td valign="top" width="134">
-0.30%
</td>
<td valign="top" width="134">
-0.40%
</td>
</tr>
</tbody></table>
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Commonwealth Bank cuts fixed rate mortgage offerings

<a href="https://www.apartments.com.au/developments/broadbeach-qld-4218">Broadbeach</a> offers plenty of reasons to live vertically, but moving from a substantial family home into an apartment can expose the compromises of high-density living. Privacy, room for guests and usable living space tend to matter more when an apartment is intended as a permanent home rather than an occasional coastal base.

A typical residential floor at <a href="https://www.apartments.com.au/new-apartments/the-eveleigh-broadbeach-7-9-surf-parade-broadbeach-qld-4218">The Eveleigh</a>, on Surf Parade,&nbsp;contains just four apartments. The 94-residence development by <a href="https://www.apartments.com.au/developers/hirsch-faigen">Hirsch &amp; Faigen</a> is predominantly made up of expansive three-bedroom homes, with a limited collection of half-floor penthouses above.

Across the apartment floors, <a href="https://www.apartments.com.au/architects/rothelowman">Rothelowman</a> has used the relatively limited number of residences to give each home greater access to natural light and outlook. Living spaces extend towards full-height glazing, while a series of bay windows frame selected views across the Pacific Ocean, city and hinterland rather than treating the building edge as a continuous wall of glass.

&nbsp;

[smartcode_project:default project_id=149670 project_image_fid=360965]

“The apartment floors deliver a collection of homes that embrace controlled outlook via a series of bay windows deliberately framing moments of view,” Rothelowman Director Kim Lowman said.

From outside, those projecting forms contribute to the tower’s faceted profile. Strong horizontal and vertical elements establish its proportions, while the changing position of the sun alters the light, shadow and reflection across the façade throughout the day.

The same attention moves inside the apartments, where the material palette combines warm timber, natural stone, metallic detailing and softer curved forms. Kitchens sit within the main living zone, with stone island benches, integrated joinery and European appliances, before the living areas extend towards the glazing and the outlook.

&nbsp;

[smartcode_project:default project_id=149670 project_image_fid=360981]

Three genuine bedrooms provide room to accommodate family and guests, while two secure car spaces and storage address some of the practical considerations that can become more noticeable when moving from a larger home. Feedback from the display suite has centred on the warmth and restraint of the interiors, with buyers commenting that the residences feel like homes rather than conventional coastal apartments.

A limited collection of half-floor penthouses occupies the upper levels, increasing the scale of the living spaces and adding private balconies and elevated finishes. From this position, the outlook extends between the ocean and hinterland.

Outside the private residences, The Eveleigh separates its shared spaces between the podium and rooftop. The podium is centred on wellness, with subtropical landscaping surrounding a swimming pool and pool terrace, yoga garden, private gymnasium, sauna and hot and cold plunge facilities. Landscaped retreats and pavilions provide additional places to sit away from the main recreation areas.

&nbsp;

[smartcode_project:default project_id=149670 project_image_fid=360966]

Higher in the building, a rooftop pavilion and private dining suite sit alongside resident lounge, barbecue and outdoor dining areas, opening towards panoramic views across the ocean, city and hinterland.

“Buyers are no longer just looking for an apartment, but a lifestyle where they can relax, reset, and enjoy a balanced way of living,” Hirsch &amp; Faigen Director of Sales Matt George said.

Interest to date has come from established owner-occupiers and interstate lifestyle purchasers, including buyers planning a future move to the Gold Coast. Many are coming from larger homes and want to reduce ongoing maintenance without giving up space for family and guests, privacy, two car spaces or the ability to entertain at home.

&nbsp;

[smartcode_project:default project_id=149670 project_image_fid=360969]

Much of that daily life can also take place beyond the building without requiring a drive. Kurrawa Beach and Pratten Park are an easy walk from Surf Parade, while Pacific Fair, Oracle Boulevard, The Oasis, restaurants, cafés, entertainment and public transport are also within walking distance.

The Eveleigh is Hirsch &amp; Faigen's fourth Gold Coast development since entering the market in 2021, following The Hemingway at Palm Beach, The Emerson at Kirra and Yves at Mermaid Beach. Each of the preceding projects sold out before completion.

“Broadbeach had been on our radar throughout our time operating on the Gold Coast,” the developer said. “Following our projects in Palm Beach, Kirra and Mermaid Beach, Broadbeach represented the natural next step for the business.”

The Surf Parade site brought together proximity to the beach, protected coastal outlooks and walkability to dining, shopping and recreation. Hirsch &amp; Faigen also identified the street as an emerging premium residential address, with enough separation from Broadbeach's busier destinations to retain a quieter environment at home.

The Eveleigh is now under construction by Maxcon, with completion forecast for mid-2028. Three-bedroom residences are currently available from $2.87 million.

[smartcode_project_cta:default project_id=149670]

Joel Robinson

The Eveleigh brings house-like apartments to Broadbeach

A long-stalled Campbelltown development site is back in play, with new plans for 139 apartments set to supersede a mixed-use scheme approved almost a decade ago but never built.

The new proposal for 28 Cordeaux Street would deliver 116 market and 23 affordable apartments in a part 14-storey building, bringing a substantial new project into a Campbelltown market where new apartment supply remains limited.

Plans have been filed over the 3,092 sqm corner site at Moore-Oxley Street, around 600 metres from Campbelltown Railway Station and the city-centre retail core.

The site already carries a mixed-use residential approval dating to 2016. Doroch Architects has now been engaged on a larger replacement scheme, which is progressing as a State Significant Development Application following a Housing Delivery Authority determination in August 2025.

The apartment mix comprises 39 one-bedroom, 72 two-bedroom and 28 three-bedroom residences. Two-bedroom apartments make up just over half of the project, while three-bedroom homes account for 20 per cent.

<img alt="First look: New 139-apartment plans revive long-stalled Campbelltown city centre site" data-entity-type="file" data-entity-uuid="136dd5b9-3791-4da6-9e31-76f533f5b4de" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Campbelltown%20da2.png?VersionId=LgOSy9nwf5u.MGswBBwaGGxuX8QpHSl_" />

Of the 139 apartments, 23 will be delivered as affordable housing under the in-fill affordable housing provisions of the Housing SEPP. The affordable component represents 15 per cent of the residential gross floor area and will be managed by a registered Community Housing Provider.

Doroch has sought to break the scale of the building into two distinct elements, with a masonry podium of around four storeys establishing the street edge before the residential tower steps back above.

The corner position has shaped that approach. Cordeaux Street faces toward the commercial and civic centre, while Moore-Oxley Street leads into the lower-scale residential neighbourhood to the south, and the design verification report describes the site as "bridging the commercial core to the north and established residential areas to the south."

The podium will be expressed predominantly in face brick, while the upper levels shift to brushed and grooved concrete cladding with darker metal detailing. Recessed sections, deep balcony edges and landscaping break down the upper form, with an approximately 11.8-metre setback to the northern boundary addressing the adjoining St Peters Anglican School.

<img alt="First look: New 139-apartment plans revive long-stalled Campbelltown city centre site" data-entity-type="file" data-entity-uuid="c8b3d2d3-c561-4bfc-a5d9-a68c0c10dac1" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Campbelltown%20da1.png?VersionId=AeAEyJU02Gk2k5noUj2StziCvdQ7fW4B" />

Campbelltown has been starved of new residential developments in the last decade.

The only other notable development set to come to market this year is ALAND's Queen Square, a mixed-use precinct on over two hectares that will comprise apartments above a vibrant ground-level retail and hospitality dining precinct.

First look: New 139-apartment plans revive long-stalled Campbelltown city centre site

First Look: Sherlock Construction pitches apartments for low-rise Deception Bay

Queensland builder-developer MAYD has revealed the first look at its major North Kirra beachfront development, lodging amended plans that reduce the number of apartments and increase the proportion of larger residences.

The project is planned across a substantial 4,742 sqm amalgamated site spanning seven lots at <a href="https://www.apartments.com.au/new-apartments/2-6-pacific-parade-bilinga-qld-4225">2-6 Pacific Parade</a> and 27-33 Golden Four Drive in Bilin​ga, directly opposite Nor​th Kirra Beach.

<a href="https://www.apartments.com.au/developers/mayd-group">MAYD</a> secured the site for $32.5 million in 2025, in what was one of the Gold Coast's largest property transactions of the year.

The development will be delivered across two stages, with the first stage carrying an estimated gross realisation value of around $360 million.

The latest amendments seek to reduce the overall apartment count and shift the project further toward the owner-occupier market, with larger residences designed for buyers wanting considerably more space than traditionally offered in a beachfront apartment.

The residential mix will include townhomes, oversized two-bedroom apartments, substantial three-bedroom residences and four-bedroom homes.

MAYD has appointed Cera Stribley to lead the architecture and interiors, with the Melbourne-based design practice drawing on the beachfront setting through a series of ocean-facing terraces and heavily landscaped balconies.

Strong horizontal forms and curved balconies will define the exterior, with subtropical landscaping integrated throughout the building to soften the built form and increase the connection between the residences and the beachfront.

The project will also include an extensive collection of resident wellness and lifestyle facilities, continuing the broader shift across the Gold Coast's luxury apartment market toward larger homes supported by resort-style amenity.

<img alt="MAYD" data-entity-type="file" data-entity-uuid="d1bcbb05-e659-4b47-8bd4-1e595315e2ad" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-08-27%20at%202.05.03%E2%80%AFPM.png?VersionId=jj0XEud1X1DuLt7_KyElhjMdZGOXmLHP" />

MAYD Founder Todd Mould said North Kirra was increasingly appealing to buyers attracted to the more established, lower-density character of the southern Gold Coast.

"North Kirra presents one of the most compelling luxury residential opportunities currently emerging in Australia, combining absolute beachfront with the character and authenticity that buyers are increasingly seeking, and the same sense of tight-knit community that defined Burleigh and Currumbin perhaps 10 or 15 years ago," Mould said.

"With Gold Coast Airport on its doorstep, it also offers a level of accessibility that broadens its appeal across almost every market demographic."

The project comes as the southern Gold Coast continues to attract an increasing share of high-end apartment development and buyer activity.

Kirra in particular has emerged as one of the region's more tightly held beachfront markets, with its relatively low-density character, established surf and hospitality scene and proximity to Gold Coast Airport differentiating it from the higher-density markets further north.

Mould said those characteristics had informed the approach MAYD and Cera Stribley had taken to the project.

"We've worked closely with Cera Stribley to create a vision that is deeply connected to its surroundings," he said.

"Inspired by the coastline itself, the architecture has been shaped around space, privacy and resort-style living, creating a collection of homes that reflects the next generation of luxury on the southern Gold Coast."

MOTIV Managing Director Carly Cottam, who has been appointed to market the project, said buyer attention had continued to move south along the Gold Coast.

"Purchasers who may once have defaulted to Broadbeach, Main Beach or Surfers Paradise are increasingly recognising the value of a genuine beachfront location that offers lower density, strong amenity and a more established sense of community," Cottam said.

"Kirra has a powerful combination of growing demand and genuine scarcity. Beachfront supply is inherently constrained, the area remains relatively low density, and buyers are increasingly placing a premium on locations that feel established, uncrowded and authentic rather than heavily developed."

Cottam said the proximity to Gold Coast Airport was also proving increasingly important for interstate and second-home buyers.

"Being minutes from Gold Coast Airport makes it particularly compelling for interstate buyers, frequent travellers and second-home purchasers who can access an authentic coastal lifestyle almost immediately after stepping off a flight."

The acquisition takes MAYD's active development portfolio to more than $500 million, with the North Kirra project representing one of its largest undertakings to date.

MAYD is targeting an early 2027 launch.

First look at MAYD's North Kirra mixed-use precinct

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Castle Hill, the longtime hub of the Hills District, has been one of the major beneficiaries of Sydney's Metro expansion, with improved connectivity helping drive continued population growth, development and buyer demand across the Hills District.

But despite that growth, the suburb has seen relatively few major new apartment projects brought to market over the past 18 months.

Hills District developer Reve Group is looking to fill that gap with <a href="https://www.apartments.com.au/new-apartments/nova-r-ve-castle-hill-2-garthowen-crescent-castle-hill-nsw-2154">Nova Rêve</a>, a major new mixed-use precinct on the corner of Garthowen Crescent and Old Castle Hill Road, a short walk from Castle Hill Metro Station and Castle Towers.

[smartcode_project:default project_id=152737 project_image_fid=377679]

The project will comprise three residential towers alongside a hotel, restaurants, cafes and a skybar, more than 1,600 sqm of ground-floor retail and almost an acre of landscaped gardens.

It represents the largest project undertaken by Reve Group, the development arm of the Kassis family, which has been building across the Hills District for more than 30 years through Kassis Homes.

[smartcode_project:default project_id=152737 project_image_fid=377675]

Nova Rêve also represents a significant step up from the family's first apartment development, Grand Rêve, which was delivered nearby on Garthowen Crescent.

Grand Rêve introduced larger, house-like apartment layouts and premium inclusions including Wolf and Sub-Zero appliances to the Castle Hill market.

Nova Rêve takes that approach to a precinct scale, combining the residential component with hospitality, retail and substantial public and resident landscaping.

[smartcode_project:default project_id=152737 project_image_fid=377685]

Reve Group Managing Director Sam Kassis said the project reflected the family's three decades of building in the Hills, which has evolved from trophy homes on quarter-acre blocks to larger-scale apartment development.

"Grand Rêve was our first apartment project here and it showed us what this pocket of Castle Hill could be. Nova Rêve is the refinement of that idea: not just apartments, but a place the whole suburb can use," Kassis said.

A key part of that approach is the hotel, which has been designed to operate as an amenity for the wider Castle Hill community rather than solely hotel guests.

It will include restaurants, cafes, skybars and all-day dining, alongside conference and event facilities catering to business functions, community groups and private events.

At ground level, more than 1,600 sqm of shops and cafes will open onto the surrounding streets and landscaped areas.

Almost an acre of gardens designed by Land and Form Studios will run through the precinct, incorporating pathways, seating, barbecue areas and children's play spaces.

[smartcode_project:default project_id=152737 project_image_fid=377680]

Reve Group's Romio Georges said creating an active ground plane had been central to the planning of Nova Rêve.

"There are gardens with pathways, barbecues, seating and play areas, shops and cafes opening onto the street, and a hotel with restaurants and a skybar that anyone in Castle Hill can walk into," Georges said.

The project's elevated position on one of Sydney's highest ridgelines will also provide apartments with outlooks toward the Sydney skyline, surrounding parkland and the Blue Mountains.

More than 80 per cent of the apartments will occupy corner positions, with Turner responsible for both the architecture and interiors.

&nbsp;

[smartcode_project_cta:default project_id=152737]

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Larry Schlesinger

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