<a href="https://www.apartments.com.au/developers/s-p-setia">SP Setia</a> has lodged plans for a $750 million, three-tower mixed-use precinct that would complete the long-running redevelopment of Carlton's former Carlton United Breweries site.

The proposal at <a href="https://www.apartments.com.au/new-apartments/185-195-queensberry-street-carlton-vic-3053">46-78 Bouverie Street and 185-195 Queensberry Street</a> spans a 6,468 sqm site, the last remaining undeveloped parcels within the former brewery's 2007 masterplan.

Designed by <a href="https://www.apartments.com.au/architects/cox-architecture">COX Architecture</a>, the development will comprise two purpose-built student accommodation towers and a third build-to-sell apartment tower above a shared commercial podium and basement.

Across the three towers, SP Setia is proposing 606 build-to-sell apartments and 1,499 student accommodation units containing 2,009 beds.

The apartments will sit in the tallest tower, which will rise nearly 200m and 55 storeys. It will become&nbsp;one of the more substantial new build-to-sell apartment projects at the northern edge of Melbourne's CBD.

The apartment mix is weighted toward smaller inner-city product, with 188 studios, 206 one-bedroom apartments, 192 two-bedroom apartments and 20 three-bedroom apartments

<img alt="First look: SP Setia plans three-tower finale for Carlton’s former CUB precinct" data-entity-type="file" data-entity-uuid="8271bc87-1b0a-41b7-ac73-a425ee375261" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/3_2.png?VersionId=G4lw23o90B1boX4k4dj7rdz2ZEajS9wy" />

Part of the precinct will be a large-scale&nbsp;3,684 sqm supermarket and a further 2,198 sqm of speciality retail, creating close to 5,900 sqm of new commercial space within the precinct.

But one of the biggest components of the proposal is what sits between the buildings.

Around 4,650 sqm, or roughly 72 per cent of the site, will be publicly accessible open space, incorporating plazas, pedestrian connections, landscaped laneways and retail spill-out areas.

The ground plane is intended to finally complete pedestrian connections envisaged when the CUB masterplan was first approved nearly two decades ago, stitching together Victoria Street, Queensberry Street, Bouverie Street and Swanston Street through the former brewery precinct.

Urbis said the development would "complete the CUB precinct", with the public realm providing important north-south and east-west connections through what is currently the final undeveloped portion of the masterplanned site.

SP Setia is also exploring a new linear park within the Bouverie Street road reserve, with the concept to be developed further with the City of Melbourne through the planning process.

The proposal is being pursued through the Victorian Government's Development Facilitation Program under Clause 53.23 for significant residential development with affordable housing.

The planning report acknowledges the proposed heights exceed those contemplated under the original Comprehensive Development Plan and masterplan, but argues the built-form context has changed considerably over the past two decades.

Urbis said the three towers would instead create a stepped transition between Carlton and the Hoddle Grid, rising progressively from the 94.1-metre Tower One along the Queensberry Street edge to the 199.44-metre Tower Three closer to the established CBD-scale buildings to the south.

<img alt="SP Setia" data-entity-type="file" data-entity-uuid="e885a07a-592c-40fc-bf82-e6dbaf32da54" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-08-21%20at%208.52.24%E2%80%AFAM.png?VersionId=7s_ErUkSKAdY1mAWp3GRZgMNCGtwhk5m" />

SP Setia plans to deliver the development across three stages.

Stage One would deliver the basement, podium and retail areas for the entire precinct alongside the first student tower. Tower Two would follow in Stage Two, before the 606-apartment Tower Three is delivered as the final stage.

If approved and delivered, the project would close out a redevelopment process that has been underway since the former brewery masterplan was approved in 2007, adding more than 2,600 student beds and apartments to a precinct already home to Swanston Central, the Barak Building, RMIT Design Hub and several large student accommodation developments.

&nbsp;

&nbsp;

Joel Robinson

SP Setia plans three-tower finale for Carlton’s former CUB precinct

Melbourne developer Lowe Living is seeking to add to its growing bayside apartment pipeline, filing plans for a boutique eight-residence development in tightly held Middle Park.

Lowe Living, which has built much of its development portfolio across Melbourne's affluent bayside and south-east suburbs, is behind the plans for the 730 sqm site at <a href="https://www.apartments.com.au/new-apartments/123-125-erskine-street-middle-park-vic-3206">123-125 Erskine Street</a>, just off Armstrong Street and within the Armstrong Street Neighbourhood Activity Centre.

The developer is seeking approval for a five-storey residential building above two basement levels, with just eight large-format apartments and 18 car spaces.

“This is a deliberately very different proposition for us,"&nbsp;Tim Lowe, Co-Founder of Lowe Living, said.

"Eight residences is exceptionally boutique, but that's precisely what this site calls for.

“There is a strong community in Middle Park and the surrounding suburbs who have spent decades building a life here. They no longer want the maintenance of a large period home, but they aren't prepared to compromise on space, quality or location. We think there is a real opportunity to capture that hyper local market. A site like this rarely comes to market.”

<img alt="Lowe " data-entity-type="file" data-entity-uuid="875fe572-0f14-4d90-9e11-55b28dd07731" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-08-21%20at%208.42.49%E2%80%AFAM.png?VersionId=GDNQRv9BfpR9r1zkZ5UDyUM4ZvpIksut" />

The low-density proposal has been designed by Cera Stribley and is being progressed through the Victorian Government's Great Design Fast Track pathway, having already secured eligibility from the Minister for Planning.

The Office of the Victorian Government Architect supported its eligibility after finding the proposal demonstrated consistency with the program's seven design principles, while the project's financial feasibility has also been independently confirmed by Invest Victoria.

The project is targeting the downsizer market, with the planning documents describing the homes as larger-format residences and noting the two penthouses could otherwise have been configured as four separate apartments.

<img alt="Lowe 2" data-entity-type="file" data-entity-uuid="60ab0987-2da6-4175-adac-315dcf6053c6" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-08-21%20at%208.43.15%E2%80%AFAM.png?VersionId=bOCPH0B2MFwlmaRW.TTCF9TzyifgVoQI" />

The site has dual frontage to Erskine Street and Canterbury Place and currently comprises a collection of commercial buildings used as offices, including a former heritage bakehouse, a former stable, a later gabled addition and a central courtyard.

It sits within the Commercial 1 Zone and the Armstrong Street Commercial Precinct heritage overlay, with the existing property classified as a contributory heritage place.

Heritage has subsequently played a significant role in Cera Stribley's design.

The front section of the former bakehouse facing Erskine Street will be retained, including its return walls, street-facing hipped roof and chimneys, while the Erskine Street façade and part of the western return wall of the former stable will also be incorporated into the new development.

Levels four and five will be set back five metres from the retained stable façade, while bricks removed through demolition are proposed to be salvaged and reused within the new building where possible.

<img alt="Lowe 3" data-entity-type="file" data-entity-uuid="e97927a9-a2de-4a0f-83b6-65451238abfa" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-08-21%20at%208.43.06%E2%80%AFAM.png?VersionId=VR44AChLrX9q1XPB9GvVQV.ALXXbe4gC" />

Rather than presenting as a single five-storey building to Erskine Street, Cera Stribley has broken the development into a series of distinct forms.

A three-storey infill element will sit between the retained bakehouse and stable façades, with the upper levels recessed behind the heritage fabric. Canterbury Place will similarly feature two three-storey podium forms, separated by a central pedestrian accessway, before the upper two levels step back from the street.

A pedestrian through-link will run through the centre of the project between Erskine Street and Canterbury Place, creating entrances from both sides of the site and introducing landscaping and communal areas through the ground plane.

Landscape architect Acre has designed planting across the ground level, private terraces and upper levels, including a feature canopy tree at level three and integrated planting and arbours across the level four terraces. Five existing Erskine Street trees are proposed to be retained.

Sustainability is also a significant component of the Great Design Fast Track application. The apartments are targeting an average eight-star NatHERS rating, with no residence below 6.5 stars, while the project has achieved a 75 per cent BESS score. Seven of the eight apartments are designed for cross-ventilation, with the remaining residence using mechanically assisted natural ventilation.

The plans also incorporate an 8kWp rooftop solar system, a 5,000-litre rainwater tank and infrastructure allowing future electric vehicle charging for every residence.

Lowe has a strong portfolio across Melbourne's blue-chip suburbs. They recently launched <a href="https://www.apartments.com.au/new-apartments/jardin-house-by-lowe-living-camberwell-335-camberwell-road-camberwell-vic-3124">Jardin House by Lowe Living</a> in Camberwell, their first development in the Stonnington LGA.

Lowe Living unveils Middle Park apartment development

Article summary

<ul data-end="888" data-start="289">
	<li data-end="442" data-section-id="8tsh6o" data-start="289">DVB Projects is preparing to launch its second Gold Coast apartment development, with demolition now underway at 137 Old Burleigh Road, Broadbeach.</li>
	<li data-end="573" data-section-id="1nyxl3e" data-start="443">The 34-level tower will comprise just 49 ultra-luxury residences, including half-floor, full-floor and penthouse apartments.</li>
	<li data-end="717" data-section-id="oiyimj" data-start="574">The launch follows strong demand at DVB's nearby Sea Glass project, which is more than 50 per cent sold and currently under construction.</li>
	<li data-end="888" data-section-id="epk9o9" data-start="718">The development adds to the transformation of Old Burleigh Road, with premium beachfront apartment projects continuing to reshape the tightly held Broadbeach strip.</li>
</ul>

<a href="https://www.apartments.com.au/developers/dvb-projects">DVB Projects</a> is preparing to launch its second Gold Coast apartment development, with demolition now underway on the Broadbeach site as the Sydney developer moves closer to bringing the ultra-luxury project to market.

The 34-level tower at <a href="https://www.apartments.com.au/new-apartments/137-old-burleigh-road-broadbeach-qld-4218">137 Old Burleigh Road</a> will comprise just 49 residences, ranging from half-floor apartments through to full-floor homes and a penthouse. The launch follows the strong sales performance of DVB's nearby Sea Glass development. More than half of the apartments at Sea Glass, on the other side of Broadbeach, have been snapped up, well ahead of its late 2027 completion

<img alt="DVB Projects to commence demolition on $320m Broadbeach luxury tower" data-entity-type="file" data-entity-uuid="2944b4be-c84e-4b54-8dc1-c712e76704c0" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/E02_Exterior_Street%20Level%20Entrance.jpg?VersionId=YoNig7pRdrE3HCue7sUj78LzJteeQf3H" />

The start of demolition at 137 Old Burleigh Road signals DVB Projects’ underlying confidence in the Gold Coast’s luxury beachside apartment sector.

“We see the Gold Coast as one of the most compelling lifestyle markets in Australia, particularly at the premium end where demand continues to deepen,” said Dean Brown, Managing Director of DVB.&nbsp;

“This project has been carefully designed to respond to that demand - delivering large-format residences with a level of quality, privacy and amenity that is still relatively rare in the apartment market on the beachside."

Brown says the site itself is "exceptional."

"Old Burleigh Road is one of the most tightly held beachfront strips, and opportunities to deliver a project of this scale and calibre in this location are extremely limited.”

<img alt="DVB Projects to commence demolition on $320m Broadbeach luxury tower" data-entity-type="file" data-entity-uuid="398f377a-c037-455e-9250-0c5e0d84c35b" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/I12_FF%20Balcony.jpg?VersionId=NwOiRWGMubR1c8wthuEfggklcja7al9." />

The project will comprise 40 half-floor residences of approximately 260 sqm, alongside eight full-floor residences spanning around 524 sqm.

A single penthouse will crown the building, featuring a private pool, barbecue area, indoor gym and dedicated entertaining spaces.

Residents will have access to a resort-style suite of amenities, including a 20-metre pool with daybeds, a gymnasium, hot and cold plunge pools, a sauna, and private residents’ lounge and dining facilities.

<img alt="DVB Projects to commence demolition on $320m Broadbeach luxury tower" data-entity-type="file" data-entity-uuid="d1642bb0-9a66-4427-a022-dfc0988c6287" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/A02_Pool%20to%20View.jpg?VersionId=c0IXPyn_Gp_Kn3XCwzMrqIVkAdCEwVXP" />

Sales agent Todd Matheson, of <a href="https://www.apartments.com.au/project-marketer/pezet-matheson">Pezet Matheson</a>, which is marketing both 137 Old Burleigh Road and Sea Glass, said 137 Old Burleigh Road would address a clear gap in the market for genuine luxury products.

“There are very few opportunities on the Gold Coast where buyers can secure a residence of this size and quality in a new building,” Matheson said.

“What we’re seeing is a growing cohort of downsizers and interstate buyers who still want space - they’re not willing to compromise on living area, entertaining or finishes.

“This project has been designed with that buyer in mind. It offers the scale of a home, combined with the convenience and security of apartment living, in one of the coast’s most desirable positions.”

<img alt="DVB Projects to commence demolition on $320m Broadbeach luxury tower" data-entity-type="file" data-entity-uuid="59aae0ca-5639-4320-8aca-d0bf60f48e43" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/E01_Exterior%20Hero.jpg?VersionId=DS8Zfy2WtgUEtdfe0TEUuf1W1GfcZq8S" />

Located on a 1,156 sqm site one block from the beachfront, the development will replace an ageing walk-up building and is expected to contribute to the ongoing transformation of the Old Burleigh Road strip into one of the Gold Coast’s most prestigious residential corridors.

With the development moving into the delivery phase, 137 Old Burleigh Road is slated to hit the market later this year.

[smartcode_project_cta:default project_id=145141]

DVB Projects to launch second Broadbeach apartment tower as demolition commences

<a data-end="327" data-is-only-node="" data-start="250" href="https://www.apartments.com.au/developers/norus-projects" rel="noopener" target="_new">Norus Developments</a> has lodged plans for a new apartment development in Clayton that would add further momentum to the suburb's emerging Green Street corridor.

Plans have been lodged for the consolidated site at <a href="https://www.apartments.com.au/new-apartments/1359-1365-centre-road-clayton-vic-3168">1359-1365 Centre Road</a>, where Norus is seeking approval for 218 apartments across a 12-storey apartment building designed by <a href="https://www.apartments.com.au/architects/life-architecture-and-urban-design">Life Architecture</a>.

The proposal sits within the Clayton Major Activity Centre at the threshold of the planned Green Street corridor, a landscaped pedestrian connection intended to improve links through the precinct towards Clayton Railway Station.

The development would replace the site's existing collection of low-scale residential and commercial buildings with a single consolidated building, introducing significantly greater housing density to this part of Centre Road.

A retail tenancy is proposed at ground level to activate the Centre Road frontage, accompanied by transparent street interfaces and landscaping intended to create a more pedestrian-focused edge to the development.

<img alt="First look: Norus Developments plans landscape-led apartment project for Clayton’s emerging Green Street" data-entity-type="file" data-entity-uuid="0a5a763a-d9e9-4253-af2f-88008de27ebf" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Clayton%20a.png?VersionId=S2WJJbat1XVkZwB9SnYtygirXgWHiklX" />

The building has been designed with stepped massing and upper-level setbacks to manage its transition towards surrounding residential properties. The planning report describes the approach as one that integrates the building into the landscape rather than treating landscaping as a secondary element.

"A strong landscape and public realm strategy underpins the proposal," Urbis states in the planning report.

"Public benefits include an affordable housing contribution, a new pocket park, generous landscaped setbacks, deep soil planting and integrated Water Sensitive Urban Design."

The report adds that these elements are intended to create "a permeable, pedestrian-focused ground plane that enhances walkability, supports urban cooling and reinforces the emerging Green Street character."

Biophilic and passive design principles extend through the residential levels, with planting, daylight, natural ventilation and views towards landscaped areas forming part of the amenity strategy.

Parking would be concentrated away from the public realm, with 145 car spaces proposed from the rear laneway rather than dominating the Centre Road frontage.

The proposal follows an extensive pre-application process with the City of Monash. Three formal meetings were held between the project team and Council from December 2025 to March 2026, with the scheme evolving through several concept iterations before the current design was lodged.

The project arrives as Clayton prepares for substantial change around its established activity centre and the wider Suburban Rail Loop precinct. Its position on Centre Road places the development within an existing concentration of shops, services and public transport, while the Green Street connection is intended to strengthen pedestrian access towards Clayton Railway Station.

First look: Norus plans landscape-led apartment project for Clayton’s emerging Green Street

<a href="https://www.apartments.com.au/developers/gardner-vaughan-group">Gardner Vaughan Group</a> has officially commenced construction on Bronze on Chevron, celebrating the sod turning of its first-ever Gold Coast development and marking a significant milestone in the company's continued expansion across South East Queensland.&nbsp;

Following the successful delivery of premium residential developments throughout Brisbane and the Sunshine Coast, <a href="https://www.apartments.com.au/new-apartments/bronze-on-chevron-8-mawarra-street-chevron-island-qld-4217">Bronze on Chevron</a> represents Gardner Vaughan Group's entry into the Gold Coast market. Bronze will deliver 119 one, two, three and four-bedroom apartments above two ground-level retail tenancies.

[smartcode_project:default project_id=107520 project_image_fid=367193]

The recent sod turning ceremony was attended by Deputy Mayor Mark Hammel, President of the Surfers Paradise Surf Life Saving Club, Cassandra Sedgman, project consultants, purchasers, project partners and invited guests to celebrate the commencement of construction.&nbsp;

Gardner Vaughan Group Chief Executive Officer Simon Betteridge said Bronze on Chevron represented an exciting new chapter for the business.&nbsp;

"We've spent almost four decades building homes that respond to the way people want to live, and we're excited to bring that experience to <a href="https://www.apartments.com.au/developments/chevron-island-qld-4217">Chevron Island</a>," Betteridge said.

"Bronze on Chevron is particularly significant because it marks Gardner Vaughan Group's first development on the Gold Coast following many successful projects across Brisbane and the Sunshine Coast."

[smartcode_project:default project_id=107520 project_image_fid=367183]

Betteridge said the ground breaking is a proud moment for the&nbsp;team and their purchasers, who can now see their future homes beginning to take shape.&nbsp;

"As both developer and builder, we're able to oversee every aspect of the project from design through to construction, ensuring the quality and attention to detail Gardner Vaughan Group has become renowned for."&nbsp;

Designed by acclaimed architectural practice <a href="https://www.apartments.com.au/architects/cottee-parker-architects">Cottee Parker</a>, Bronze on Chevron has been thoughtfully designed to complement Chevron Island's evolving streetscape while embracing its relaxed coastal lifestyle.

The development will offer generous residences with refined interiors, premium finishes and resort-style amenities, with completion anticipated in early 2029.&nbsp;

[smartcode_project_cta:default project_id=107520]

The development will offer generous residences with refined interiors, premium finishes and resort-style amenities, with completion anticipated in early 2029

Gardner Vaughan Group breaks ground on first Gold Coast development, Bronze on Chevron

Sydney’s property market is known for high prices, competitive bidding, and mounting pressure on first home buyers. But change is on the horizon.

From late 2025, eligible first home buyers in New South Wales will have access to a new federal government initiative aimed at addressing affordability: the Help to Buy Scheme.&nbsp;

<h2>What is the Help to Buy Scheme?</h2>

The program introduces a shared equity model intended to reduce the upfront cost of entering the property market, particularly in high-demand urban areas such as Sydney.

The scheme operates under a shared ownership structure in which the federal government takes an equity stake of up to 40 per cent for new homes, or 30 per cent for existing dwellings. This arrangement allows eligible buyers to significantly reduce their loan size and avoid the added cost of Lenders Mortgage Insurance (LMI).

Under this model, purchasers can enter the property market with as little as a two per cent deposit, well below the traditional 10 to 20 per cent usually required. The government’s contribution is not a loan but a co-ownership stake in the property. As such, there is no interest or rent charged on its portion.

Because the government’s equity combined with the buyer’s deposit typically meets or exceeds the 20 per cent threshold, LMI does not apply. The remaining balance, generally between 60 and 70 per cent of the property’s value, is financed through a standard home loan with a participating lender.

The government's equity in the property remains in place until the buyer chooses to repay it voluntarily or until the property is sold. Buyers can buy back the government’s share over time, in increments of at least five per cent, depending on their financial situation.

There is no fixed repayment timeline, but the amount to be repaid will be based on the property's market value at the time of repayment, not the original purchase price.

<h2>How do you qualify for the&nbsp;Help to Buy Scheme?</h2>

To qualify for the Help to Buy Scheme, applicants must meet the following conditions:

<ul>
	<li>Be an Australian citizen at least 18 years of age.</li>
	<li>Be a first-home buyer who does not currently own property.</li>
	<li>Intend to live in the property as their primary residence.</li>
	<li>Earn less than $100,000 per year for individuals, or $160,000 for couples.</li>
	<li>Purchase a property within the regional price caps, currently $950,000 in Sydney, though this is expected to rise to approximately $1.3 million ahead of the program’s launch.</li>
</ul>

While the Help to Buy Scheme does not solve affordability challenges across the board, it does offer a more accessible pathway for a defined segment of the market, particularly younger buyers with moderate incomes who have been priced out of traditional lending routes.

The scheme is expected to commence in NSW in late 2025, as part of a national rollout.

Under the new model, purchasers can enter the property market with as little as a two per cent deposit, well below the traditional 10 to 20 per cent usually required

Help to Buy Scheme: What first home buyers in NSW need to know

The First Home Owners Grant (FHOG) is a government initiative designed to help eligible first-time home buyers by offering financial assistance towards the purchase or construction of a new home.

While the FHOG is a nationwide program, it is administered separately by each state and territory, meaning the eligibility criteria, grant amounts, and property requirements can vary depending on your location. This means that the amount available and the conditions attached to the grant will differ, so it is important to check the specific guidelines for your state or territory.

It’s important to note that the FHOG is just one of several incentives available to first home buyers. In most states and territories, the grant is not linked to stamp duty exemptions or concessions, with the exception of the Australian Capital Territory (ACT). The FHOG is typically a one-off payment, reducing the overall cost of purchasing or building a new home before any stamp duty concessions are applied.

Below, we provide a breakdown of the First Home Owner Grants available across Australia, outlining the specific details for each state and territory.

<h2>New South Wales First Home Owner Grant</h2>

First Home Owner Grant: Offers a $10,000 grant for new homes valued up to $600,000. For land purchases and owner-builders, the threshold extends to $750,000.

Stamp Duty Benefits: Provides full stamp duty exemption for homes valued up to $800,000, with concessions available for properties up to $1 million.

<h2>Victoria South Wales First Home Owner Grant</h2>

First Home Owner Grant: Provides a $10,000 grant for first-home buyers purchasing or building new homes valued up to $750,000.

Stamp Duty Benefits: Offers full stamp duty exemption for properties up to $600,000, with concessions available up to $750,000.

<h2>Queensland First Home Owner Grant</h2>

First Home Owner Grant: Offers $30,000 for contracts signed between 20 November 2023 and 30 June 2025. The FHOG applies to new homes valued up to $750,000.

Stamp Duty Concessions: Provides additional concessions for properties valued up to $800,000.

<h2>Western Australia First Home Owner Grant</h2>

&nbsp;

First Home Owner Grant: Offers a $10,000 grant for new homes valued up to $750,000 in the southern regions and up to $1 million in the northern regions.

Stamp Duty Concessions: Available for homes valued up to $600,000 for transactions entered into on or after 9 May 2024.

<h2>Australian Capital Territory First Home Owner Grant</h2>

First Home Owner Grant: Replaced by the Home Buyer Concession Scheme, offering full stamp duty concessions for eligible buyers.

<h2>South Australia First Home Owner Grant</h2>

First Home Owner Grant: Provides up to $15,000 for new homes, including houses, apartments, and townhouses. As of 6 June 2024, there is no property value cap for eligibility.

Stamp Duty Relief: Available for new homes and vacant land purchases.

<h2>Tasmania First Home Owner Grant</h2>

First Home Owner Grant: Offers a $10,000 grant for new homes and off the plan purchases.

Stamp Duty Exemption: Between 18 February 2024 and 30 June 2026, first home buyers of established homes valued up to $750,000 receive a full exemption on property transfer duty.

<h2>Northern Territory First Home Owner Grant</h2>

First Home Owner Grant: The Northern Territory provides a $10,000 grant for new homes only. Additional government grants and concessions are available for first home buyers.

Stamp Duty Exemption: The only stamp duty exemption available to property buyers is the House and Land Package Exemption (HLPE).

Eligibility criteria and application processes differ across states. Prospective buyers should refer to their respective state revenue offices for full details on grant availability, conditions, and additional concessions.

Every First Home Owner Grant for new property by state

In the ever-evolving landscape of sustainable architecture and environmentally conscious design, systems and ratings in place can help determine the energy efficiency of residential buildings in Australia.

Australia has multiple building rating systems that evaluate energy efficiency and sustainability in existing and new building designs.

Some systems assess individual building components, while others provide an overall rating for the entire structure.

A rating system ensures that homes are comfortable and energy-efficient, whether you are buying, renovating, or building.

NatHERS (Nationwide House Energy Rating Scheme) is a common way for new homes to meet energy efficiency requirements.

As new developments continue to shape the urban environment, understanding NatHERS ratings becomes essential for developers and homeowners. This article delves into the concept of NatHERS ratings, their significance, and how they contribute to creating energy-efficient homes.

<h2>What is NatHERS?</h2>

NatHERS is a national initiative implemented by the Australian government to promote energy efficiency in residential buildings. The scheme aims to provide a standardised method for assessing the thermal performance of homes, considering factors such as insulation, orientation, ventilation, and building materials.&nbsp;

NatHERS ratings are the most common way new homes meet the National Construction Code's (NCC's) minimum energy efficiency requirements.&nbsp;

NatHERS assessments provide thermal and whole-home ratings for new homes, townhouses, and apartments.

The rating helps evaluate the energy performance of buildings, guides homeowners and developers to make informed decisions about the energy efficiency of their properties, and encourages the construction of more sustainable, comfortable, and cost-effective homes.

<h2>How NatHERS Ratings Work</h2>

NatHERS ratings are determined through four accredited software tools (AccuRate, BERS Pro, FirstRate5, HERO) using a calculation engine CSIRO developed to predict building temperature based on various factors.

The tools can model complex effects of building mass, insulation, window size, and other elements.

The outcome is a star rating that reflects the building's overall thermal efficiency, indicating how well it can maintain a comfortable indoor temperature without excessive reliance on heating or cooling systems.

The star rating scale ranges from 0 to 10, with a 6-star rating being the minimum requirement for compliance with the National Construction Code (NCC).&nbsp;

Achieving a higher star rating demonstrates a commitment to energy efficiency and sustainability, as the building is better equipped to minimise its environmental impact and reduce long-term energy costs.

Anyone can use NatHERS tools, but accredited assessors can provide certified ratings and professional advice.

<h2>Benefits of Higher NatHERS Ratings</h2>

Energy Efficiency: Buildings with higher NatHERS ratings are more energy-efficient, requiring less heating and cooling energy. This reduces the structure's carbon footprint and lowers occupants' energy bills.

Cost Savings: Homes with higher NatHERS ratings are generally more energy-efficient, resulting in reduced energy consumption for heating and cooling. This translates to lower energy bills for homeowners, making sustainable living environmentally friendly and economically viable in the long run.

Environmental Impact: Lower energy consumption directly translates to a reduced environmental impact. Buildings with higher NatHERS ratings contribute to the overall goal of mitigating climate change by lowering greenhouse gas emissions associated with heating and cooling systems.

Improved Comfort: Buildings with high NatHERS ratings offer better thermal comfort to occupants. Proper insulation, well-designed ventilation, and optimal orientation maintain a consistent and comfortable indoor temperature, providing occupants with a more enjoyable and healthier space.

Market Value and Desirability: Higher NatHERS ratings can enhance the market value of a property. As energy efficiency becomes a more significant consideration for homebuyers, a well-rated building may attract a premium price and stand out in the real estate market.

Compliance with Building Codes: NatHERS ratings are a vital component of the National Construction Code (NCC), and compliance with these ratings is often a mandatory requirement for new developments. Local councils and planning authorities may set minimum energy efficiency standards that must be met to obtain development approval.

The Nationwide House Energy Rating Scheme (NatHERS) is a crucial initiative shaping the future of energy-efficient, resilient, and cost-effective homes. With its recent upgrades, NatHERS has evolved into a world-leading tool for the building sector, supporting the global commitment to achieving net-zero emissions by 2050.

Staff Writer

What is a NatHERS rating in new off the plan apartment developments?

Mixed-use developments have gained significant popularity across Australia in recent years due to their unique blend of residential, commercial, and recreational spaces.

Unlike traditional single-purpose developments, mixed-use projects offer a harmonious integration of various functions within a single locale.

Residential units seamlessly coexist with commercial establishments, retail outlets, dining venues, entertainment hubs, and recreational facilities, with the combination not only enhances convenience but also fosters a vibrant lifestyle and a sense of community.

<h3>Convenience and accessibility</h3>

Mixed-use developments are designed with convenience in mind. They often integrate residential units with commercial spaces, retail outlets, restaurants, and recreational facilities, creating a self-contained community.

[smartcode_project:default project_id=114215 project_image_fid=204874]

The proximity allows residents to enjoy the convenience of having essential amenities and services within walking distance. Whether it's grabbing a cup of coffee, going grocery shopping, or accessing healthcare services, everything is conveniently located, saving residents time and effort.

<h3>Vibrant lifestyle and community</h3>

One of the major advantages of mixed-use developments is the vibrant lifestyle they offer. With a diverse range of amenities and communal spaces, residents have ample opportunities to interact, socialise, and build a sense of community.

[smartcode_project:default project_id=107714 project_image_fid=214122]

The presence of parks, community centres, and shared spaces fosters a lively atmosphere, encouraging residents to engage in various activities and events. The vibrant lifestyle within these developments creates a unique sense of belonging and camaraderie among the residents.

<h3>Potential for higher rental yields and property value appreciation</h3>

Mixed-use developments tend to attract a broad range of tenants and buyers due to their versatile nature. This high demand can result in higher rental yields for investors and potentially lead to property value appreciation over time.

[smartcode_project:default project_id=139989 project_image_fid=212887]

The integration of commercial and retail spaces attracts businesses, which can provide a stable rental income stream. Additionally, the popularity of mixed-use developments often drives up property values, making them a potentially lucrative investment in the long term.

<h3>Enhanced security and maintenance</h3>

Mixed-use developments typically have comprehensive security measures in place. With controlled access points, CCTV surveillance, and professional security staff, residents can enjoy enhanced safety and peace of mind.

[smartcode_project:default project_id=108019 project_image_fid=212658]

Additionally, these developments often have dedicated maintenance teams responsible for the upkeep of common areas, landscaping, and infrastructure. This ensures that the overall appearance and functionality of the development are well-maintained, creating a pleasant living environment for residents.

<h3>Live-work-play balance</h3>

One of the key attractions of mixed-use developments is the ability to achieve a desirable live-work-play balance. The integration of residential and commercial spaces allows residents to live closer to their workplaces, reducing commuting time and improving work-life balance.

The proximity to various amenities and recreational facilities encourages an active and healthy lifestyle. Residents can easily access fitness centres, parks, restaurants, and entertainment options, all within the same development, leading to a more fulfilling and convenient way of life.

alisonwarters@gmail.com

The top five reasons to buy in a mixed-use development

When buying a property, everyone needs to be aware of the additional costs that come as part of the buying process.

Often the largest outlay, after the deposit which goes to the bank, is stamp duty.

<h2 style="line-height: 1.38;">What is Stamp Duty?</h2>

Stamp duty is an extra tax to pay the government when you buy land, a property, and other certain assets.

It happens when the legal ownership is transferred. It can also be known as property transfer duty or transfer duty.

<iframe allow="accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture" allowfullscreen="" frameborder="0" height="415" src="https://www.youtube.com/embed/C32BWkB5--c" title="YouTube video player" width="660"></iframe>

<h2>Who pays Stamp Duty?</h2>

In some circumstances, you may get an exemption. For some states, you won’t have to pay for stamp duty if you are a first home buyer or a pensioner for houses under a particular price. There are also stamp duty concessions, where you may be entitled to a discount.

<h2>How much does Stamp Duty cost?</h2>

Each state has different rules which affect how much you need to pay. These rules can affect the rate you pay, and the timeframe you will need to pay in. Before you buy land or a property, make sure you check the up-to-date information for your state’s stamp duty.

You can use a free stamp duty calculator online to see approximately how much you’ll need to pay. Find out if you’re eligible for an exemption by enquiring on a project via Urban!

Overall, the stamp duty you need to pay will depend on:

<ul>
	<li aria-level="1">How much your land/property is worth</li>
	<li aria-level="1">Where your land/property is located</li>
	<li aria-level="1">What type of land/property it is</li>
</ul>

Want to find out more? <a href="https://www.youtube.com/@UrbanAustralia?utm_source=YouTube&amp;utm_medium=Video&amp;utm_campaign=Subscribe&amp;utm_id=Subscribe">Subscribe to our YouTube channel</a> for more property videos.

Ellen Walker

Off-the-plan property explained: What is stamp duty?

National Australia Bank (NAB) has brought forward the timing of the first RBA cash rate cut by three months.

NAB is now expecting a cut in February, in line with ANZ and Westpac, having initially thought a cut wouldn't come until May.

Commonwealth Bank, the nation's largest lender, still thinks the first cut will come in December.

NAB changed its call following the August monthly inflation figures that were released at the end of September, showing it had dropped to 2.7 per cent.

"The risk has been skewed to a first cut earlier in 2025, and today’s change acknowledges the balance of risks has likely shifted sufficiently for the RBA to feel comfortable cutting a little sooner than we earlier expected," NAB noted in its latest update.

They added that the cadence of the cuts may be faster than its central profile.

"Domestic inflation pressures are cooling, but only gradually, and we continue to expect the conditions for a cut will not be in place this year.

NAB believes the easing cycle will end at 3.1 per cent by early 2026, which is five cuts from the current 4.35 per cent cash rate.&nbsp;

CBA also thinks 3.1 per cent will mark the end of the cutting cycle, while Westpac is forecasting 3.35 per cent, and ANZ is the most pessimistic at 3.6 per cent, which would be just three interest rate cuts.

<h2>What would a rate cut in February look like for borrowers?</h2>

According to&nbsp;<a data-saferedirecturl="https://www.google.com/url?q=https://link.mediaoutreach.meltwater.com/ls/click?upn%3Du001.IVvjJ-2BPT0A8C3VxtqKc6e3bj5hBuw27WFEYqovsYs7kPsgFulYrdOzeP8gI7CybJOya3_RgrM7qq-2BfK-2FtAHeRBLv5Qrb-2Bii5fzjLeKcP4w-2FkNgJPXygpiRhVUan3WV3QEggcf617UC8Z60RjQJZAqx7PiO7FtVJQSn0D46Zc3iTVP0kAhTTzG51cPpa5hrqz1OkSA-2BiXAxUajQ686MTtiseWBIdMdknd83aB7cOVgXlVTeHCGf3-2BcMHwfvI8TYlkUovqEhn4dj0KXf2eJGpb9-2BBv20hPXdLlPP9yD7DvFFDBM5yrTqxvcCiMfAsW1onD-2FcriL628eYdhNQE7bwzYrxcOYnmaYfRhGl-2FEHQ6eK2uQcLxs6Cbu6Dx0bYvpi5A6enmxMWU5TkcRYrP6Z8GbXZYtc5qSoKu6eWFBQR9K7fsjXwHMmby3D3X6Yx-2BxcDcdRruTG&amp;source=gmail&amp;ust=1727774368149000&amp;usg=AOvVaw2vK2ujS77CHs9VRvSSXzLC" href="https://link.mediaoutreach.meltwater.com/ls/click?upn=u001.IVvjJ-2BPT0A8C3VxtqKc6e3bj5hBuw27WFEYqovsYs7kPsgFulYrdOzeP8gI7CybJOya3_RgrM7qq-2BfK-2FtAHeRBLv5Qrb-2Bii5fzjLeKcP4w-2FkNgJPXygpiRhVUan3WV3QEggcf617UC8Z60RjQJZAqx7PiO7FtVJQSn0D46Zc3iTVP0kAhTTzG51cPpa5hrqz1OkSA-2BiXAxUajQ686MTtiseWBIdMdknd83aB7cOVgXlVTeHCGf3-2BcMHwfvI8TYlkUovqEhn4dj0KXf2eJGpb9-2BBv20hPXdLlPP9yD7DvFFDBM5yrTqxvcCiMfAsW1onD-2FcriL628eYdhNQE7bwzYrxcOYnmaYfRhGl-2FEHQ6eK2uQcLxs6Cbu6Dx0bYvpi5A6enmxMWU5TkcRYrP6Z8GbXZYtc5qSoKu6eWFBQR9K7fsjXwHMmby3D3X6Yx-2BxcDcdRruTG" target="_blank">Canstar</a>, if there is a cut in February, a borrower with a $600,000 loan today and 25 years remaining would see their monthly repayments drop by $92.&nbsp;

<table border="1" cellpadding="0" cellspacing="0">
	<tbody>
		<tr>
			<td colspan="3">
			Impact of 0.25% pt cut in February 2025
			</td>
		</tr>
		<tr>
			<td>
			Current loan size
			</td>
			<td>
			Drop in monthly repayment
			</td>
			<td>
			New monthly repayment
			</td>
		</tr>
		<tr>
			<td>
			$600,000
			</td>
			<td>
			-$92
			</td>
			<td>
			$3,907
			</td>
		</tr>
		<tr>
			<td>
			$750,000
			</td>
			<td>
			-$114
			</td>
			<td>
			$4,884
			</td>
		</tr>
		<tr>
			<td>
			$1M
			</td>
			<td>
			-$153
			</td>
			<td>
			$6,512
			</td>
		</tr>
		<tr>
			<td colspan="3">
			Source:&nbsp;<a data-saferedirecturl="https://www.google.com/url?q=https://link.mediaoutreach.meltwater.com/ls/click?upn%3Du001.xWMOP9hChsvn-2BC9O-2FebBihXIZ4cEzbiuENdxm-2Bx3-2FYEEgYMhZlKWNj5Zzy1YZ56RuASD_RgrM7qq-2BfK-2FtAHeRBLv5Qrb-2Bii5fzjLeKcP4w-2FkNgJPXygpiRhVUan3WV3QEggcf617UC8Z60RjQJZAqx7PiO7FtVJQSn0D46Zc3iTVP0kAhTTzG51cPpa5hrqz1OkSA-2BiXAxUajQ686MTtiseWBIdMdknd83aB7cOVgXlVTeHCGf3-2BcMHwfvI8TYlkUovqEhn4dj0KXf2eJGpb9-2BBv20v2akwr6-2BqLyRrlEgkJ4J-2BCCyY0x189xEHZA4Ylf8c7ChBqNIkhmftZzoFuZKFn43pw3oJVg2o1gumrpdA-2B7MB-2FBtmL2rFCI-2FXORATQHySCLVOMg7Vywv-2BqnnQUAtDz6XkvpwxdHFXh70VwKazzhJsICilEYOvP4ju0sIfi5g6TL&amp;source=gmail&amp;ust=1727774368149000&amp;usg=AOvVaw2qVnp6oqATgqDUi2Frm22q" href="https://link.mediaoutreach.meltwater.com/ls/click?upn=u001.xWMOP9hChsvn-2BC9O-2FebBihXIZ4cEzbiuENdxm-2Bx3-2FYEEgYMhZlKWNj5Zzy1YZ56RuASD_RgrM7qq-2BfK-2FtAHeRBLv5Qrb-2Bii5fzjLeKcP4w-2FkNgJPXygpiRhVUan3WV3QEggcf617UC8Z60RjQJZAqx7PiO7FtVJQSn0D46Zc3iTVP0kAhTTzG51cPpa5hrqz1OkSA-2BiXAxUajQ686MTtiseWBIdMdknd83aB7cOVgXlVTeHCGf3-2BcMHwfvI8TYlkUovqEhn4dj0KXf2eJGpb9-2BBv20v2akwr6-2BqLyRrlEgkJ4J-2BCCyY0x189xEHZA4Ylf8c7ChBqNIkhmftZzoFuZKFn43pw3oJVg2o1gumrpdA-2B7MB-2FBtmL2rFCI-2FXORATQHySCLVOMg7Vywv-2BqnnQUAtDz6XkvpwxdHFXh70VwKazzhJsICilEYOvP4ju0sIfi5g6TL" target="_blank">www.canstar.com.au</a>. Starting rate is the RBA existing average owner-occupier variable rate of 6.36%. Assumes banks pass the cash rate cut on in full the month after the meeting.
			</td>
		</tr>
	</tbody>
</table>

Canstar Data Insights Director, Sally Tindall, says if core inflation continues to track in the right direction, or unemployment starts to accelerate significantly, we could well see a cash rate cut as early as February of next year.

“All four big banks now believe the RBA will be ready to cut the cash rate in just over four months’ time, if not before, in the case of CBA.

“However, the outlook for both inflation and unemployment is still highly uncertain. A couple of wobbly sets of inflation data could see the RBA holding for longer, particularly if unemployment remains relatively steady."

&nbsp;

Commonwealth Bank, the nation's largest lender, still thinks the first cut will come in December.

NAB bring forward first RBA cut to February 2025

<html><body>
The battle for fixed-rate borrowers continues with NAB cutting its one-, two- and three-year fixed rate mortgages.
The bank’s one year fixed-rate product has been cut by 15 basis points to 6.34%, bringing it under that of its major bank rivals but still higher than <a target="_blank" href="/news">Greater Building Society’s one-year rate</a>.
Commonwealth Bank’s one-year fixed rate is 6.38%, followed by ANZ on 6.39% and <a target="_blank" href="/news">Westpac on 6.49%</a>.
NAB has also cut its two-year and three-year fixed-rate products by 10 basis points to 6.39% and 6.34% respectively.
NAB’s rate cuts follow September figures put out by AFG showing <a target="_blank" href="/news">a big jump in fixed rate mortgages processed by its brokers</a>.
About 16.6% of all new home loans processed by AFG brokers in September were fixed-rate products, compared with 9.4% in August.
Yesterday, NAB’s head of business lending Joseph Healey claimed <a target="_blank" href="/news">the bank was feeling no ill effects from consistently cutting its mortgage rates.</a>
NAB executive general manager of consumer product solutions John Salamito points to the latest Reserve Bank of Australia figures that show that NAB continued to grow its home lending above average market growth for the 20th month in a row.
He also turned up the heat on its big four rivals.
“NAB has offered the lowest standard variable interest rate amongst the major banks for more than two years, as well as continuing to offer competitive fixed rates,” he says.
“Our latest adjustments to fixed rates reflect current markets and our commitment to offering customers competitive rates.”
</body></html>

lschlesinger-FZcF9M3vE6

NAB undercuts big rivals on one-year fixed rates

<html><body>
The almost constant stream of lenders cutting fixed mortgage rates have struck a chord with borrowers, with AFG recording a big jump in fixed-rate mortgages processed over September. 
Around 16.6% of all new home loans processed by AFG brokers in September were fixed-rate products, compared with 9.4% the month before, and even lower figures for most of 2011. 
The uptick was strongest in New South Wales and Western Australia. 
“In September we have seen very aggressive competition, with lenders cutting their fixed-rate offers. The combination of more realistic property prices, attractive financing options, and lack of confidence in the share market seems to be coaxing first-home buyers and investors back into some markets,” says Mark Hewitt, general manager of sales and operations at AFG. 
According to mortgage comparison website Ratecity.com.au, 70% of lenders, including<a target="_blank" href="/news"> St George</a>, <a target="_blank" href="/news">Westpac</a>, <a target="_blank" href="/news">Greater Building Society</a>, <a target="_blank" href="/news">Credit Union Australia</a> and <a target="_blank" href="/news">ING</a>, have cut their fixed mortgage rates recently. 
The benchmark average three-year fixed mortgage rate has dropped from 7.43% in January to 6.7% in September, according to Ratecity.com.au research. 
Besides an uptick in fixed rate borrowers, the AFG Mortgage Index also shows a strong return of first home buyers in New South Wales, Western Australia and to an extent Queensland during September. 
While the national figure of 15.7% of first-home buyers is in line with the long-term average, in NSW first-home buyers accounted for 18.9% of the market, in WA 17.4% and in QLD 15.8%. 
First-home buying activity was more subdued in Victoria (13.3%) and South Australia (10%). 
Overall sales volume for September was up 12.8% compared with September 2010, with refinancing comprising 38% of loans processed.
</body></html>

Jump in demand for fixed-rate mortgages in September as lenders fight to be lowest

<html><body>
NAB’s cut-throat mortgage discount battle with its major bank competitors, which began with its “Break up” campaign on February 15, is helping its overall business, according to its head of business banking.
Rather than hurt its overall business profitability as some claim, Joseph Healy says it is having quite the opposite effect. He claims the mortgage wars have had a “halo effect”.
Healey tells the Australian Financial Review the bank’s business customers are impressed by its “bold” personal banking strategy.
“It has been a marvellous help to differentiate NAB in the marketplace.”
Earlier this month, JP Morgan banking analyst Scott Manning said bank mortgage discounts were about as competitive as they could get “prior to diluting group returns”. 
Manning says banks are currently offering average discounts of 90 basis points off standard variable rate products and anecdotally 1.15% on larger loans. 
“We would consider discounts in excess of 120 basis points off a standard variable product originated via the branch network as uneconomic, or discounts in excess of 90 basis points via [mortgage] brokers [as uneconomic],” Manning says. 
The major banks have been seeking to steal mortgage market share from each other during a period of weak overall credit growth. 
Despite NAB’s “break up” campaign, its share of the mortgage market remains well below that of the CBA and Westpac. 
Estimates by the Royal Bank of Scotland put NAB’s market share of outstanding home loans at 15% compared with Commonwealth Bank’s 27% and Westpac’s 25%. ANZ has the smallest market share of the Big Four at 14%. 
According to August figures put out by the RBA last week, housing credit increased by 0.4% over August, the weakest pace since July 2009 and following an increase of only 0.5% over July 2011. 
Over the year to August, housing credit is up just 5.8%.
</body></html>

NAB says mortgage wars a boon to business

<html><body>
Participants at this week’s Canberra Tax Forum should look at developing a “package” approach to reforming housing tax in which “the federal government supports state governments in reforming their systems”, according to Miranda Stewart, co-director of taxation studies at the Melbourne Law School at the University of Melbourne.
Stewart calls the current taxation system a “complex mess of federal, state and local taxes, exemptions and concessions” in an article for academic commentary website www.theconversation.edu.au.
“The combination of our capital gains tax 50% discount, the ability to negatively gear investment in rental property as a deduction in the income tax, state stamp duties and poorly designed land taxes causes a biased investment housing market that contributes to Australia’s lack of affordable housing,” she says.
Executive director of the Australian Housing and Urban Research Institute Ian Winter agrees, saying<a href="https://www.propertyobserver.com.au/residential/housing-academic-says-landed-gentry-destroying-fair-go/2011092851716" target="_blank"> the current tax system favours property investors (or the “landed gentry”)</a>. 
Ahead of the start of the Tax Forum tomorrow, Stewart says reforms to improve the taxation of housing would fix some of the worst problems in state tax systems, and would make income tax fairer and more neutral in its treatment of different kinds of income and investment.
“A tax reform that rebalances the system to tax housing assets more neutrally and fairly can make a significant contribution to improving housing fairness, efficiency and affordability,” she says.
Her recommendations include:
<ul>
<li>adopting a 40% discount on net savings income where investors would “net off their income and gains on investments, against expenses and losses on those investments”</li>
<li>retaining the 50% capital gains discount and the ability to “negatively gear” interest for rental housing investments that are developed in the National Rental Affordability Scheme</li>
<li>reforming land taxes to improve valuation rules and rate structures. Land taxes would usually be lower on apartments than on houses, supporting city planning goals and affordable rental housing.</li>
<li>abolishing stamp duties.  Land tax to be reformed so that it applies to all real estate, including the main residence, at a low flat rate.</li>
<li>designing tax concessions in the new land tax, so that people without sufficient cash flow, such as pensioners, can delay payment until sale of their house</li>
</ul>
</body></html>

Academic calls on Canberra to fix housing tax 'mess'

<html><body>
A heated battle is brewing between Lachlan Harris, founder of the One Big Switch mortgage campaign, and mortgage broker AFG.
AFG, which counts about 2,000 brokers on its books, has slammed the Choice-backed quasi-mortgage broking offering for not having any major lenders on board after email offers finally started reaching subscribers inboxes <a target="_blank" title="One Big Wait for One Big Switch" href="/news">six weeks after the registration process closed</a>.
Mark Hewitt, general manager for sales and operations at AFG, says it does not have a problem with “the concept of helping consumers get the best possible deal in the market” but says the problem for consumers is that “One Big Switch has failed to attract any major lenders to its panel”. 
“The proposition would be laughable if they weren’t putting people’s property on the line. And are they called One Big Switch or Big Bank Switch – judging from their own website, they don’t seem to know,” he adds. 
Harris has hit back strongly, telling Property Observer he stands behind the five non-bank lenders who have signed on to date and is “astounded” by the AFG attack.
“I cannot believe AFG think it’s their job to attack the quality of non-bank lenders in Australia,” he says. “They need to reflect and take a long and hard look at themselves.
“First people said it could not be done and now that we have done it, they are saying they don’t like our lenders.
“We have five lenders on board and we are very happy with who we have so far,” Harris says.
Property Observer can confirm lenders who have signed on include FirstMac, Resimac and MortgageEzy.
Discounted variable rate offers range from 6.69% to 6.85%, with the cheapest offering coming from Hemisphere Financial Solutions, a 0.25% discount for the life of the loan.
MortgagePort offering is a 0.24% discount off its three-year fixed-rate loan to 6.35% as well as $500 cash back.
The cheapest advertised variable rate product on mortgage comparison website Ratecity.com.au is 6.58% from loans.com.au, the online brand of FirstMac, while the cheapest three-year fixed rate is 6.29% offered by AMP.
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One big barney: Lachlan Harris defends One Big Switch after AFG attack

<html><body>
Mortgage arrears are on the rise, with 28 of Australia’s 65 regions now considered to have high mortgage delinquency. 
According to Moody's, <a href="/news">Queensland and WA have been the hardest hit</a>, with NSW not far behind. 
The five worst postcodes for mortgage arrears in NSW are:
2766 (Eastern Creek, Rooty Hill)
2761 (Colebee, Dean Park, Glendenning, Glendenning DC, Hassall Grove, Oakhurst, Plumpton)
2760 (Colyton, Oxley Park, St Marys)
2753 (Agnes Banks, Bowen Mountain, Grose Vale, Grose Wold, Hobartville, Londonderry, RIchmond, RIchmond Lowlands, Yarramundi)
2262 (Blue Haven, Budgewoi, Buff Point, Doyalson, Halekulani, San Remo)
 
The five worst postcodes for mortgage arrears in Queensland are: 
4655 (Booral, Bunya Creek, Craignish, Dundowran, Eli Waters, Ghost Hill, Great Sandy Strait, Happy Valley, Hervey Bay, Kawungan, Kingfisher Bay, Nikenbah, Point Vernon, River Heads, Scarness, Sunshine Acres, Susan RIver, Takura, Toogoom, Torquay, Urangan, Urraween, Walieburn, Walligan, Wodunna)
4575 (Birtinya, Bokarina, Buddina, Kawana Waters, Minyama, Parrearra, Warana Warana Beach, Wurtulla)
4567 (Castaways Beach, Little Cove, Noosa Heads, Sunrise Beach, Sunshine Beach)
4217 (Benowa, Bundall, Chevrol Island, Gold Coast, Isle Of Capri, Main Beach, Paradise Island, Sorrento, Surfers Paradise, The Spit)
4213 (Austinville, Bonogin, Mudgeeraba, Springbook, Tallai, Worongary)
 
The three worst postcodes for mortgage arrears in WA are:
6168 (Cooloongup, Garden Island, Hillman, Peron, Rockingham)
6167 (Anketell, Bertram, Calista, Casuarina, Kwinana Beach, Mandogalup, Medina, Orelia, Parmelia, Postsans, The Spectacles, Wandi) 
6172 (Port Kennedy)
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po-LsXgBTHBmX

The worst five postcodes for mortgage arrears in NSW and Queensland

<html><body>
The battle to lock in fixed rate mortgage customers continues to heat up with online bank ING Direct reducing its three-year fixed-rate mortgage below the offerings of the major banks.
The online bank has cut its three-year fixed-rate home loan to 6.29%, below that of Westpac, St George as well as Greater Building Society and Credit Union Australia (CUA) who have all cut their fixed rates in the last seven days.
The bank has also cut its four- and five-year rates to 6.59% and 6.69% respectively.
ING Direct executive director of delivery Lisa Claes says the cuts are aimed at the bank maintaining its “competitive position in what is a very active market for fixed rate loans".
"Historically customers would need to pay a premium for a fixed loan. Currently that is not the case. We haven't seen such a difference between the variable rate and long-term fixed rates for some time.”
<a target="_blank" href="/news"> St George’s is offering its three-year fixed-rate mortgage at 6.39%</a>, while parent bank <a target="_blank" href="/news">Westpac is offering a rate of 6.44%</a>.
Commonwealth Bank’s three-year fixed rate stands at 6.59%, as does NAB’s online offering UBank.
<a target="_blank" href="/news">CUA is offering a rate of 6.34%</a> while the<a target="_blank" href="/news"> Greater is offering a three-year rate of 6.35%</a>.
The new ING Direct three-year fixed rate matches the rate offered on AMP Select Package Residential 3 Year Fixed, currently the cheapest fixed rate product offering according to comparison website <a target="_blank" href="/news">Ratecity.com.au</a>.
</body></html>

ING slices fixed rates to undercut all competitors

<html><body>
The Rockingham property market is not in distress, but showing some signs of struggle, according to recent sales data and observations from mortgage brokers and estate agents.
According to Moody’s latest mortgage delinquency report for post code 6168, comprising the suburbs of <a href="/news">Rockingham</a>, <a href="/news">Cooloongup</a>, <a href="/news">Garden Island</a>, <a href="/news">Hillman </a>and <a href="/news">Peron</a>, has a 30-day-plus mortgage delinquency rate of 5.31%, three times the national average of 1.67%.
Borrowers living in the post code are also the most heavily geared, with loan-to-value ratios of 86.5% on an average loan balance of about $172,000.
The neighbouring postcode 6167 (encompassing suburbs such as Bertram, Kwinana Beach and Parmelia) rated fifth with 5% of borrowers 30 days or more delinquent.
Joe Desousa, principal of Aussie Home Loans in Rockingham, says he has not noticed any higher rates of delinquencies and says refinancing work is easier than it has been for the last two years.
He says if the 5% arrears figure were for 90-day-plus delinquencies that would be cause for concern.
“A borrower being 30 days in arrears means they have missed just one payment, which could just be due a problem with a direct debit as happened with one of my clients today,” he tells Property Observer.
Val Pagett, a Mortgage Choice broker in Port Kennedy, Secret Harbour and Warnbro, has a different story to tell and says some borrowers are “struggling like crazy” due to falling property values at the lower end of town.
“People are getting into strife because when they try to consolidate their debts, they find the values of their homes have declined so they have no equity,” she says.
“Some homes in Rockingham and Warnbro have dropped $60,000 to $70,000 in value.”
According to Pagett, properties values are coming down by mortgagee sales in the area.
Realestate.com.au lists just under 2,000 properties for sale in postcode 6168, with five listed as mortgagee sales. A key word search using the word “reduced” brings up 65 listings.
Recent sales suggest houses and apartments located near the ocean have sold at or below their original listings prices.
According to RP Data a one-bedroom apartment on Rockingham Beach Road listed at $475,000 in early May sold two weeks later for $410,000.  It last sold in 2004 for $330,000.
A three-bedroom apartment on the same street sold for $940,000 in February having been listed for sale at $1.25 million in January 2009. It last sold for $745,000 in May 2004.
A little further away from the beach, a three-bedroom house on Seawind Drive sold for $447,500 in May just above its listing range of $445,000 to $465,000 in March 2010.
Land is also selling cheaply.
A 291-square-metre plot of land just one street from Cockburn Sound sold for $375,000 in April, having been listed in February for $425,000
James Eaves from the Mortgage Gallery in Rockingham says he was shocked to read about the high arrears rate.
He says many borrowers fly in and fly out of the area and earn healthy incomes working on the mines.
“It’s a blue-collar area, the average loan size is around the $400,000 mark,” he says.
According to Eaves, those in trouble might be borrowers who bought at the height of the boom and are trying to sell at the bottom of the market.
Estate agent Jim Baker from LJ Hooker Rockingham says from his point of view the market has not softened drastically.
“Properties in the right location, well presented and at the right price are moving. I have sold three this month,” he says.
He says the primary appeal of Rockingham is its beaches and recreational opportunities.
“Investors are popping their heads out,” he says, with demand for rental properties coming from the nearby naval base.
He also notes a lot of “fly in, fly out” renters who work in Port Headland but set their families up in Rockingham.
“Rents in Port Headland can be $1,000 a week. In Rockingham $400 gets you a three-bedroom house.”
Roger Moorhouse, co-owner of Fruit Property, describes the market as fairly “tight and tough” but says houses do sell if priced correctly. He has dealt with a few mortgagee sales but says they equate to less than 1% of sales and the percentage has not increased.
Recent figures suggest the WA market as a whole is struggling.
According to the latest WA Supreme Court statistics, there has been a 28% increase in the number of homes repossessed in the last financial year – 1,242, or more than three per day – compared with the same period a year ago.
A report by RP Data says recent property price declines have largely contributed to the state's high level of negative and low equity.
<a href="/news">Moody’s </a>does not provide 90-day-plus arrears data.
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The most delinquent town in Australia says it's not that bad

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You need to consider selling your home if:
1. You cannot afford your loan repayments
2. You will be unable to afford your loan repayments for some years to come
You need to make this decision as early as possible because it is better to sell your home yourself rather than have the lender sell the home for you. You are more likely to get a better price for your home and avoid lots of legal costs if you sell your own home.
The decision whether to sell your home is most difficult when:
1. You are unemployed and trying to get a job, or
2. You are ill and trying to get well but you just don’t know when you will be well, or
3. You are waiting for a compensation payment.
In these situations you are hoping that you can make the loan repayments soon but you just don’t know when this will happen. The difficulty is that as time goes on things are going to get worse and you will get further and further behind on your loan repayments and incur lots of extra interest.
In these circumstances, it is recommended that you:
1. Make a repayment arrangement with the lender for up to six months;
2. If by the end of the six months you still cannot make the loan repayments you should put your home on the market;
3. Go back to the lender and negotiate a further arrangement on the basis you are selling your home.
Remember: If you get a job, get well or get a large lump sum of money before your home sells you still have the option of trying to negotiate a further arrangement on the basis you can now pay the loan (as long as the lender does not have a court judgment).
Important: You should file in an independent external dispute resolution scheme (EDR) if:
<ul>
<li>you are unable to make a repayment arrangement with the lender or</li>
<li>the lender is threatening to commence legal action or</li>
<li>the lender has issued you with a statement of claim but has not obtained a court judgment</li>
</ul>
When do I have to make a decision?
You need to make a decision to sell your home as early as possible but preferably before the lender commences any legal proceedings. It is never too late to ask for time to sell, but the lender is less likely to agree later in the enforcement process and enforcement costs will be added to your loan as the legal proceedings progress.
You need to give yourself as much time as possible to sell your home and get a good price for it.
I’ve decided to sell my home, what do I do now?
Step 1
You need to place your home on the market. You need to price the home realistically so that it will sell but for the best price possible. If you are using a real estate agent you should explain what time frame you need to sell the home within. This will usually be under six months but could be under three months depending on what arrangement you make with your lender.
Step 2
You need to give copies of evidence that you are selling your home to the lender. This evidence should include (where available):
(a) Copy of the contract with your real estate agent
(b) Evidence of advertising of your home
(c) Front page of the contract of sale
(d) Marketing plan
Step 3
Negotiate a repayment arrangement on the grounds of financial hardship with your lender. See Fact Sheet: <a href="https://www.cclcnsw.org.au/fact-sheets/financial-hardship-3/financial-hardship/">Financial Hardship</a> and <a href="https://www.cclcnsw.org.au/sample-letters/request-for-hardship-variation/">Sample Letter: Financial Hardship</a>.
You are negotiating the arrangement on the basis that:
(a) You are in financial hardship
(b) You can make regular repayments of what you can afford until the home is sold
(c) You have a reasonable time to exchange contracts for the sale of your home (ask for six months, but you may need to consider agreeing to three to four months).
(d) When the home is sold your loan will be repaid. 
Step 4 
If the lender:
(a) Will not agree to the proposed variation, or
(b) Threatens legal action, or
(c) Commences legal action
You need to consider filing in EDR and get advice.
What if my home is worth less than the amount of my loan?
If you think your home may be worth less than the amount you owe on your home loan, get legal advice.
For the 20 worst-performing suburbs for mortgage arrears, click <a target="_blank" href="/news">here</a>.
<a target="_blank" title="cclsnsw" href="https://www.cclcnsw.org.au/">Consumer Credit Legal Centre NSW</a> is a community legal centre specialising in financial services, particularly matters and policy issues related to consumer credit, banking and debt recovery.
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What to do if you are in mortgage stress

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The latest mortgage arrears report by Fitch suggests smaller lenders and non-banks are doing as good a job as the major banks in managing their mortgage risk. 
The Fitch Dinkum 30+ Days RMBS Index (the Dinkum 30+) decreased to 1.69% in the second quarter of 2011 (from 1.79% in the first quarter). 
Over the same period <a target="_blank" href="/news">Moody’s calculated the national mortgage delinquency rate for 30 days plus rose</a> from 1.36% to 1.67%, attributing this increase to weaknesses in the non-mining job sectors of the economy. 
Residential mortgage-backed securities (RMBS) are a means for lenders to raise funds by selling bundles of loans to investors.
Major RMBS issuers include FirstMac, Challenger, Macquarie Bank’s PUMA fund, Resimac and Liberty Financial.
The percentage of borrowers more than 30 days behind on their mortgage repayments decreased in the second quarter of the year but remains at historically high levels, according to the latest Fitch Dinkum Index.
The index measures the performance of mortgages backed by residential mortgage backed securities (RMBS) – a means of funding loans outside of bank deposits.
<img src="/images/stories/fitchsept27.gif">
The benchmark Fitch Dinkum 30+ Days RMBS Index (the Dinkum 30+) decreased to 1.69% in the second quarter of 2011 (from 1.79% in the first quarter).
The 0.1% decline was in line with forecasts, as the variables which negatively affected households during the first quarter of the year – increasing interest rates, natural disasters, seasonal spending – tailed off.
According to Fitch, 30+ days arrears have stabilised as a result of the RBA leaving the cash rate unchanged at 4.75% since November last year.
“The stable mortgage rates over the second quarter of 2011 have allowed households to slightly adjust to the challenges which hampered mortgage performance during the first quarter, such as increasing interest rates, natural disasters, and seasonal Christmas spending,” says James Zanesi, associate director in Fitch’s Structured Finance team.
“Mortgage performance is also expected to continue its stabilisation through the third quarter of 2011 as the effect of Christmas spending continues to pass through, borrowers affected by natural disasters in the first quarter continue to cure their delinquency status and households adjust their spending to the increases in mortgage rates over the last two years,” he adds.
The biggest threat to the performance of the mortgage market in the long term is the increasing cost of living, together with potentially higher levels of mortgage rates. 
Fitch believes the current unemployment rate is not a concern for arrears in 2011.
Other key findings over the second quarter of 2011:
<ul>
<li>Borrowers that take out low-doc loans, primarily those self-employed, employed) remain under pressure despite 30+ days delinquency rates decreased to 6.55% from 6.74% in the first quarter of the year. </li>
</ul>
<ul>
<li>Arrears rates for non-conforming borrowers low-doc borrowers (loans for borrowers with poor credit history) decreased by 1.05% to 15.83%. </li>
</ul>
<ul>
<li>The percentage of loans 30 to 59 days in arrears decreased by 8 basis points to 0.71%. Fitch expects this trend to continue, although eventual monetary policy decisions and the increased cost of living may potentially elevate mortgage arrears for longer. The percentage of loans 60-89 in arrears decreased to by 3 basis points to 0.31%.  As is the case for the Dinkum 30, the stabilisation of household expenditure has positively affected 60-89 days arrears. Fitch does not expect volatility in the 60-89 days delinquencies bucket in the long term. </li>
</ul>
<ul>
<li>The percentage of loans more than 90 days in arrears increased marginally (1 basis point) to 0.66% but is still below the 0.72% peak reached in December 2008 (following the liquidity crunch). In the current scenario of relatively flat house prices, a strong economy and stable employment, it is very unlikely 90+ days delinquencies will reach a new peak.</li>
</ul>
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