<a href="https://www.apartments.com.au/developers/far-east-consortium">Far East Consortium</a> is preparing to commence construction on <a href="https://www.apartments.com.au/new-apartments/640-bourke-street-melbourne-640-bourke-street-melbourne-vic-3000">640 Bourke Street</a> this October, marking the next milestone for the Melbourne CBD development and its higher-end Eliza Collection.

Spanning levels 44 to 68 of the 68-storey <a href="https://www.apartments.com.au/architects/rothelowman">Rothelowman</a>-designed tower, the Eliza Collection has been conceived as a lower-density offering within the broader development, with only five apartments on each floor, dedicated lift access and a collection of resident spaces reserved exclusively for Eliza Collection residents.

The Eliza Collection forms part of Far East Consortium's broader move toward larger-format residences at 640 Bourke Street, where the number of apartments was reduced from earlier plans as apartment sizes increased.

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"What it's meant for 640 Bourke is we've actually reduced the number of apartments. We've increased the overall size of the apartments. We don't have any studios in here, and what that does for a project is it elevates it," Far East Consortium Director of Sales and Marketing Lauren Sheldon said.

Rothelowman Associate Jun Chang said the design process provided an opportunity to create more generous floorplans.

"We were given the opportunity to be more generous. The apartments became bigger and squarer than any other apartments which had been designed in the CBD before that."

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That thinking carries through to the Eliza Collection, where the residences have been designed around the space and functionality associated with a larger home, but positioned high above the centre of Melbourne.

Kitchens are equipped with Gaggenau appliances, a butler's pantry, temperature-controlled wine cabinet and sculptural pendant lighting, while engineered timber flooring, stone and porcelain finishes and custom cabinetry feature throughout the broader interiors.

Privacy and security are another point of distinction. Eliza Collection residents have dedicated lift access, while 640 Bourke Street will provide concierge services and secure resident parking. Short-stay accommodation, including Airbnb, will not be permitted within the development.

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Eliza Collection residents will also have exclusive access to selected amenity spaces across levels one and three of the restored Eliza Tinsley building. These include the Salon with grand piano, an art therapy room, private dining rooms and treatment rooms.

They sit within more than 3,000 sqm of amenity planned across 640 Bourke Street, alongside facilities including a pool, gym, whisky lounge and further social and wellness spaces.

The Eliza Tinsley building itself is central to the wider project's identity. Rather than treating the existing Eliza Tinsley façade as a separate element, Rothelowman used it as a starting point for the architecture of the new tower, with the historic building to accommodate the project's gallery and lobby.

"It's a significant asset and wants to be celebrated and experienced by all residents every single time they go in and out of the building," Rothelowman Principal Stuart Marsland said.

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The tower will rise behind the retained heritage building at 640 Bourke Street, placing residents within walking distance of Southern Cross Station, Flagstaff Gardens, Queen Victoria Market and the Docklands waterfront.

With construction scheduled to begin in October, Far East Consortium has established an onsite display gallery at 640 Bourke Street, including fully built apartments that allow the project's layouts, materials and finishes to be inspected at full scale.

A fully built Eliza Collection apartment is also available to view at the display suite by appointment ahead of the planned October construction commencement.

Eligible purchasers who buy before construction commences can secure the full available off-the-plan stamp duty savings, subject to eligibility and applicable conditions.

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Joel Robinson

Far East Consortium brings Eliza Collection to 640 Bourke Street ahead of October construction start

By the time S&amp;S Projects began planning <a href="https://www.apartments.com.au/new-apartments/radia-rainbow-bay-271-boundary-street-coolangatta-qld-4225">Radia</a>, the developer already had three Rainbow Bay projects from which to draw.

Flow, Awaken and Esprit had given <a href="https://www.apartments.com.au/developers/ss-projects">S&amp;S Projects</a> experience developing in the southern Gold Coast enclave, as well as buyer feedback that could be carried into its fourth project, a boutique collection of 38 residences at 271 Boundary Street.

“We have experienced a lot of success in this location and as this was our fourth building we had taken all of the learnings and buyer feedback from previous projects to arrive at a design and apartment mix that we believe had captured all of that experience and remained a true S&amp;S Project in its design and amenity,” the developer said.

That experience has translated into a collection of two, three, four and five-bedroom residences including two penthouses positioned on an elevated corner in Rainbow Bay, where the site opens to multiple coastal view corridors and the area's distinctive north-facing bay.

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S&amp;S Projects says the Boundary Street site took years to assemble, having previously comprised six units, a house and a duplex. The developer worked individually with the existing owners to bring the properties together after an earlier attempt to sell the site had been complicated by the number of parties involved.

“We are constantly looking for properties that meet our brand standards of location, views, and sites that are rare with unique aspects that we can develop to maximise the lifestyle of residents who live in our buildings,” S&amp;S Projects said.

The Boundary Street site gave <a href="https://www.apartments.com.au/architects/cottee-parker-architects">Cottee Parker</a> a different set of conditions to work with.&nbsp;

“Our design brief was to design a building that took advantage of its unique elevated corner siting offering a range of spectacular view corridor opportunities,” Cottee Parker said.

“The design had to reinforce the strong brand pillars of S&amp;S which are quality, luxury and superior resident amenity.”

[smartcode_project:default project_id=140491 project_image_fid=284543]

Cottee Parker responded with a sculptural floorplate and strong horizontal banding, with continuous balconies and landscaped planters wrapping the building. Operable screens along the balcony edges allow residents to manage light and shade while creating an additional layer of pattern across the facade.

The tower rises above a heavily landscaped podium incorporating the entry lobby and recreational level, while the broader architectural expression takes cues from Rainbow Bay's coastal environment through its organic forms and light material palette.

Cottee Parker says the design has also been developed to complement S&amp;S Projects’ three previous Rainbow Bay developments while retaining its own architectural identity.

Inside, the residences continue that coastal response through two interior schemes centred on warm timbers and neutral tones, alongside patterned natural stone and fluted detailing.

Floor-to-ceiling sliding glass doors connect open-plan living areas to wraparound balconies, while natural stone is used across benchtops, splashbacks and bathroom walls. Specifications also include light-washed timber flooring, gas fireplaces, integrated bar and wine fridges, freestanding stone baths and 100 per cent wool carpet.

[smartcode_project:default project_id=140491 project_image_fid=284559]

Cottee Parker Director Sandra Brown said the intention was to create an architectural response closely connected to its surroundings.

“Imagine architecture that breathes with the rhythm of nature, where every curve and line flows seamlessly – creating spaces that dance with the elements, where sunlight kisses every surface and the gentle sea breeze fills every space,” Brown said.

The lessons S&amp;S Projects carried into Radia also extend to its resident amenity, with a substantial collection of shared facilities planned for just 38 residences.

A dedicated Residents Club will include a lap pool and spa, gymnasium, ice bath, sauna, steam room and hot rocks sauna. A residents' lounge, private dining room, outdoor dining and barbecue area and business centre are also planned, along with storage and dedicated surfboard and beach lockers.

S&amp;S Projects Founding Director Paul Gedoun said the facilities were also designed around the project's Rainbow Bay setting.

“Each amenity is designed to capitalise on the lifestyle of Rainbow Bay, ensuring residents can enjoy the relaxed coastal experience the enclave is famous for,” Gedoun said.

[smartcode_project:default project_id=140491 project_image_fid=284555]

<a href="https://www.apartments.com.au/project-marketer/pezet-matheson">Pezet Matheson</a> says purchasers to date have predominantly included local downsizers, interstate lifestyle investors and families, alongside a strong contingent of repeat S&amp;S purchasers.&nbsp;

According to the project sales team, feedback has centred on the natural stone and joinery, generous floorplans, natural light and the ability for residences to capture views in multiple directions. The completed Flow, Awaken and Esprit developments have also provided prospective purchasers with an existing reference point for S&amp;S Projects' delivery in Rainbow Bay.

There has also been interest from high-profile surfers and people connected to the surf community, with the elevated building providing outlooks towards several of the area's recognised surf breaks.

Radia continues S&amp;S Projects' concentration of development in a tightly held part of the southern Gold Coast, close to Rainbow Bay Beach, Snapper Rocks, Duranbah Beach, Greenmount Beach and the Tweed River. The neighbourhood also includes a growing collection of hospitality venues, while Coolangatta Airport provides connections beyond the southern Gold Coast.

Hutchinson Builders is now delivering Radia, continuing the project from early works privately funded by S&amp;S Projects. The $250 million development is expected to reach completion in the third quarter of 2027.

“With our history in Rainbow Bay, we have been fortunate to be heavily involved in how the development landscape has unfolded and this project slides into the property landscape comfortably and will feel like it was always there,” the developer said.

[smartcode_project_cta:default project_id=140491]

How three Rainbow Bay projects shaped S&S Projects' fourth, Radia

Nearly 40 years after <a href="https://www.apartments.com.au/developers/sheida-group">The Sheida Group</a> began working on the northern Gold Coast, the family-owned developer is continuing its involvement in Hope Island with Marina Point Apartments, where apartment scale has been a central part of the development.

Across the 235-apartment waterfront community, the developer has prioritised larger floorplans, substantial open space and marina access, responding to a purchaser base that has predominantly comprised local owner-occupiers and downsizers moving from larger homes.

"Having already delivered Anchorage nearby, we also understood this particular market and how people live here," developer Rick Sheida said.

"<a href="https://www.apartments.com.au/new-apartments/marina-point-apartments-hope-island-66-view-line-terrace-hope-island-qld-4212">Marina Point&nbsp;Apartments</a> gave us the opportunity to build on those lessons and create the next evolution of our work in Hope Island."

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The Sheida Group acquired the Marina Point land around 2018. Its appeal, Sheida says, went beyond having a waterfront address.

"What attracted us was not simply that the site was waterfront, but the way it meets the water," he said.

"It sits at the junction of broad waterways, creating long sightlines, changing views and a sense of movement throughout the day. Its shape also allowed us to orient the buildings outward, improve privacy between residences and make better use of natural light and breezes."

The buildings have subsequently been positioned around the perimeter of the site, allowing most apartments to take in water views while others look across the resort amenity or hinterland. Once all four buildings are complete, approximately one hectare of the site is expected to remain as open space.

The waterfront also provides the potential for up to 50 marina berths, with berths ranging from 15 to 24 metres and options designed to accommodate wider vessels including catamarans. Access from the marina to the Gold Coast Seaway is bridge-free.

[smartcode_project:default project_id=136992 project_image_fid=293149]

The developer says purchasers to date have predominantly been owner-occupiers and downsizers from <a href="https://www.apartments.com.au/new-apartments/marina-point-apartments-hope-island-66-view-line-terrace-hope-island-qld-4212">Hope Island</a> and elsewhere on the Gold Coast, generally aged between 45 and 70. Many have sold larger family homes or properties requiring significant upkeep.

That purchaser profile informed a design brief centred on retaining the space and functionality of a larger home within an apartment format.

"Many of our buyers are coming from large, well-appointed homes in Sanctuary Cove and the surrounding area," the project team said.

"They are accustomed to generous spaces and thoughtful design, so it was important that the apartments delivered the same sense of comfort and functionality.

"Every room needed to feel well proportioned, every space needed a clear purpose and nothing could feel compromised."

Residences range from 139 sqm through to 319 sqm penthouses, with two car spaces provided to apartments and three to penthouses. Minimum 2.7-metre ceilings, floor-to-ceiling glazing, entertainer's kitchens with butler's pantries, substantial storage and balconies ranging from 18 sqm to 37 sqm further reflect the emphasis on space.

One purchaser from Sanctuary Cove has taken the concept further, combining two of Marina Point's largest apartments to create a 552 sqm residence with raked ceilings reaching up to 4.5 metres.

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With Building 1 now complete, the developer is also seeing its original design assumptions tested against purchaser feedback.

Three completed display residences allow prospective purchasers to compare apartment sizes, layouts, finishes and outlooks in person. The sales team says one of the most consistent responses has been to the scale of the apartments, with visitors describing them as feeling more like homes than conventional apartments.

The first stage of resident amenity is also operational, including a 25-metre heated lap pool, Technogym-equipped gym, infrared sauna, golf simulator and yoga room. Future facilities are set to include a resort-style pool and spa, waterfront barbecue area and a residents' lounge with a library, fireplace, pool table, kitchen and bar.

Rather than treating the four buildings independently, the design brief called for a complete waterfront neighbourhood, balancing private residences with landscaping, open space, marina access and shared amenity.

[smartcode_project:default project_id=136992 project_image_fid=293152]

For Sheida, Marina Point Apartments is ultimately an extension of the developer's longer-term involvement in Hope Island and its view of how the suburb is evolving.

"We were equally interested in the long-term future of Hope Island," he said.

"Its position between Brisbane and the central Gold Coast gives residents access to both, while improving transport connections are making the northern Gold Coast increasingly attractive as a permanent place to live."

Hope Island Marketplace is 1.3 kilometres from Marina Point, while Sanctuary Cove and Paradise Point are within six kilometres. Links Hope Island, The Pines and The Palms golf courses are also nearby, and the new Hope Island train station is under construction around five kilometres from the development.

Building 2 is under construction, with completion scheduled for 2027.

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Marina Point Apartments continues The Sheida Group's 40-year Hope Island story

Sydney-based fund manager and developer EG is seeking to turn part of the former Roche pharmaceutical campus in Cromer into a 130-home residential community, introducing a mix of low-rise apartments, townhouses and duplexes to the tightly held Northern Beaches market.

The SJB-designed masterplan has been prepared for the 3.2-hectare site at <a href="https://www.apartments.com.au/new-apartments/100-south-creek-road-cromer-nsw-2099">100 South Creek Road</a>, part of the former Roche landholding that EG acquired for $55 million in 2017 through its Yield Plus Infrastructure Fund No. 2.

EG is proposing what SJB describes as a new "urban village" set within the site's significant existing tree canopy.

<img alt="Cromer" data-entity-type="file" data-entity-uuid="482c9a58-49f1-4c53-a12e-aaa02336229f" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-08-24%20at%2011.20.57%E2%80%AFAM.png?VersionId=hZP8_XfPnfNq500dbcjlpVwYU1ebhF9_" />

Around three hectares of the site is considered developable, with the balance incorporating a riparian corridor that would be rehabilitated and revegetated as part of the proposal.

The indicative masterplan comprises approximately 72 apartments in low-rise residential buildings and another 58 townhouses and duplexes.

The apartment component would include around five one-bedroom, 37 two-bedroom and 30 three-bedroom residences, while the townhouse and duplex component would be spread across several different housing typologies. The overall scheme would deliver around 19,500 sqm of gross floor area at an FSR of 0.6:1.

Parking for the apartment component is currently estimated at around 112 resident spaces and 14 visitor spaces, while the townhouse and duplex component would have 116 resident and 12 visitor spaces.

A significant part of the masterplan revolves around retaining the established landscape character of the former Roche campus.

SJB's plans show heavily treed setbacks along both Campbell Avenue and South Creek Road, a centrally located collection of significant native and exotic trees retained as communal open space, and the regeneration of the northern bushland area.

The existing creek corridor along the site's western edge would also be rehabilitated and revegetated, creating additional separation between the new homes and the neighbouring Northern Beaches Business Park.

A heritage-listed cottage and its garden setting would be retained and restored, with SJB flagging its potential adaptive reuse as communal space.

The proposal also includes new communal recreation areas, pedestrian connections to Campbell Avenue and South Creek Road, and a contribution toward improvements to the adjoining Michele Reserve.

Vehicular access would be restricted to South Creek Road, with no vehicle entry proposed from Campbell Avenue. The main internal road would largely follow the site's existing driveway to minimise the impact on established trees.

SJB said residential redevelopment presented an opportunity to retain the majority of the site's heritage-listed mature trees while delivering a broader range of housing types than typically seen across the Northern Beaches.

"The site being 3.27 hectares in area represents one of the largest vacant sites in common ownership in the Cromer and Dee Why area capable of residential renewal," SJB noted in the masterplan.

The architect said the proposal would particularly target housing diversity through townhouses and other "missing middle" typologies suitable for singles, young families, downsizers and retirees.

<img alt="Cromer" data-entity-type="file" data-entity-uuid="e3f5d841-8491-427e-8ada-c70d3d03d6bc" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-08-24%20at%2011.21.02%E2%80%AFAM.png?VersionId=xTV7r.q8lrTzC9vKzMS9zMbjm9wKwhgm" />

The site emerged following the subdivision of the former Roche campus into eastern and western parcels.

EG has already transformed the western portion into the Northern Beaches Business Park, which incorporates heritage-listed office space, modern warehouses and indoor recreation facilities.

The proposed residential community, referred to as Cromer East in SJB's plans, adjoins established housing to the north, east and south-east, while the business park sits beyond the creek corridor to the west.

It is also within 250 metres of Pittwater House School and Northern Beaches Secondary College, while bus stops within a three-to-five-minute walk provide connections to Dee Why, Brookvale and express services to the Sydney CBD. Cromer Park and the South Creek open space corridor are also nearby.

EG acquired the broader 7.5-hectare former Roche campus in 2017 for $55 million through its Yield Plus Infrastructure Fund No. 2. The campus at the time comprised more than 25,000 sqm of industrial and office buildings set within landscaped grounds.

The current residential site represents the eastern portion of that original holding.

EG's investment strategy for the fund has centred on acquiring income-producing real estate with longer-term rezoning and repositioning potential, particularly assets benefiting from infrastructure and changing land-use patterns.

EG also has an established residential track record across Sydney, including Bosco in Five Dock, Tempo in Drummoyne, The Flour Mill in Summer Hill and Pindari in Randwick.

The developer says it has delivered more than 1,000 homes to date, with a further 3,000-plus residences across its development pipeline.

First look: EG plans 130 apartments on former Roche pharmaceutical campus in Cromer

<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;

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

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>
<div id="story-description">
Reserve Bank of Australia chief Philip Lowe said borrowers should “prepare for higher interest rates.”
</div>
Dr Lowe said its “more likely” that interest rates will “go up than down”, in response to a question at a business forum in Perth yesterday.
Dr Lowe said he noted that markets are pricing that interest rates will go up than down.
“I’d agree with that. The second is that it’s some time before an interest rate rise will occur and I’d also agree with that.
"More likely it will go up but it’s not for some time,” Dr Lowe said.
“People should prepare for higher interest rates. They’re rising globally and if things work out well here over time — I’m not saying when — we’d expect higher rates here.
"In my view that would be a positive development for the economy.”
He noted there are scenarios where interest rates would have to be cut.
“People don’t like hearing this but we’d all be better off if the next interest rate move is up rather than down,” he said.
In a speech titled “The Next Chapter,” the RBA governor said caution will need to exhibited by the RBA as soaring household debt levels will require policy makers to act carefully.
The RBA Governor Philip Lowe addressed how Australia deals with the higher level of household debt and higher housing prices, especially in a world of more normal interest rates.
It is likely that higher levels of household debt change household spending patterns, he noted.
"Having increased their borrowing, households are less inclined to let consumption growth run ahead of growth in incomes for too long.
"Higher levels of debt also mean that household spending could be quite sensitive to increases in interest rates, something the Reserve Bank will be paying close attention to.
"To date, households have been coping reasonably well with the higher debt levels," he said.
He noted the aggregate debt-to-income ratio has trended higher, but the ratio of interest payments to income is not particularly high, given the low level of interest rates (Graph 8).
Housing loan arrears remain low, although they have increased a little recently, especially in Western Australia.
<a href="https://www.propertyobserver.com.au/images/2017/09/22/sp-gov-2017-09-21-graph8.gif" target="_blank">Click to enlarge</a>
<div class="image-graph">
<div class="title">Graph 8</div>
<img src="https://www.urban.com.au/images/2017/09/22/sp-gov-2017-09-21-graph8.gif" alt="">
</div>
Over recent times, one issue that the Reserve Bank has focused on is the build-up of medium-term risks from growth in household debt persistently outpacing that in household income.
"Our concern has been that, in this environment, a small shock could turn into a more serious correction as households seek to repair their balance sheets.
"We have been working with APRA through the Council of Financial Regulators to address this risk.
"The various measures are having a positive impact in improving the resilience of household balance sheets."
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j.ballantyne1990-6AQqhLzZaK

RBA Governor says more likely rates go up than down

<html><body>
ANZ has forecast that the Reserve Bank will turn hawkish and raise rates twice next year.
Earlier, another Big Four bank, NAB said the central bank could raise rates twice next year from an earlier view of no hikes.
ANZ's new forecast was based on a more positive view of the domestic economy with both growth and inflation picking up, with unemployment rate expected to fall to 5.3 per cent by the end of 2017.
"In sum our outlook for 2018 is a touch more positive than before, reflecting a stronger outlook for non-mining business investment, the strength in public sector spending [not only in the infrastructure space] and a shallower dip in residential construction than previously expected," ANZ's head of Australian economics David Plank wrote in a note to clients, according to ABC news.
According to the ANZ, the real cash rate — the rate adjusted for inflation — was already negative and if growth accelerates and inflation picks up as expected, it will become even more negative and unnecessarily stimulatory.
"[The] RBA has progressively shifted to a hawkish outlook," Plank said.
NAB had echoed the same sentiment, saying GDP expectations have been revised up, unemployment revised down and consequently inflation moves up as well.
NAB's head of global research Peter Jolly noted the most confident thing he could say about the bank's change in forecast was it would not be the last.
"The big deal here is that having been on a declining trend since 2011, for the first time, NAB is now saying we have seen a turning point for Australia's interest rate cycle," Jolly said
However, the top two — Commonwealth Bank and Westpac, are staying pat on their forecasts, with CBA predicting one rise in the fourth quarter next year while Westpac sticking to a hold right through 2018.
In fact, Westpac chief economist Bill Evans said he does not share the optimism of either the other banks or the RBA about the economy.
"I think the RBA believes it will be raising rates next year," Evans said.
"They are very optimistic on growth, they believe they will see strong income growth."
But Evans thinks the RBA is wrong.
He recently wrote that “Westpac expects that concerns with weak income growth weighing on consumer spending and eventually the jobs market will dominate the policy debate in 2018”.
“The sustained application of macro-prudential policies is likely to continue to ease conditions in housing markets precluding any need for the Bank to raise rates next year.”
ANZ's David Plank concedes household consumption will remain relatively subdued, even if income growth picks up.
The bigger risk to his two-hike theory would be the on-going appreciation of the Australian dollar.
"Likewise, evidence that core inflation or wages are slowing again would rule out a rate hike in 2018."
</body></html>

jonathanchancellor-7SQnKwU6yx

ANZ joins NAB in predicting RBA rate hikes in 2018

<html><body>
DIY real estate agency buyMyplace Group announced it has entered into arrangements with a financial services group to offer up to six months’ interest-free credit to help customers prepare their home for sale or in covering their sale or moving costs. 
The two products being introduced through through its tie-up with subsidiaries of the FlexiGroup Limited are: 
<ul>
<li>Oxipay, a buy now and pay over time finance solution. Customers will be able to use Oxipay to upgrade their buyMyplace package or cover other costs such as conveyancing or property inspections over four instalments. </li>
<li>Up to six months’ interest free on purchases of $250 or more via the Lombard 180 card. The facility will allow buyMyplace customers to manage pre-sale expenses such as small renovations, landscaping and other home improvements which may in- crease their sale price, as well as post sale costs, such as moving or costs associated with their next property purchase.</li>
</ul>
The arrangement is in line with buyMyplace’s aim to become a one-stop property shop, according to its CEO Paul Heath.
“We want to give vendors the best outcome when it comes to the sale of their property and a smooth transition to their next home,” said Heath. 
“House prices are increasing and by giving vendors an interest free option to make improvements to the property they have for sale, or even enabling a renovation to their next home, we can create a better outcome while reducing some of the stress in moving.” 
Heath said that buyMyplace would not profit out of this arrangement as it will not earn any commissions nor pass on any merchant fees to its customers. 
<a href="https://buymyplace.com.au/" target="_blank">BuyMyplace</a> follows a fixed fee Purplebricks-style operating model. Heath said earlier that vendors would save more than $15,000 in agent commissions through its model.
CEO of FlexiGroup, a top 200 ASX company, Symon Brewis-Weston welcomed the partnership, saying: “It is exciting to be working with leading DIY commission free real estate compa- ny, buyMyplace, to provide its vendors greater convenience as well as an easy transition between properties. 
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prateek24-ezbwHMbNAk

DIY real estate agency buyMyplace partners with FlexiGroup arm to offer interest-free credit to sellers

<html><body>
The proportion of Australian residential mortgages more than 30 days in arrears rose to 1.62% in May 2017, the highest rate in five years, according to Moody's Investors Service.
The ratings agency further said that delinquencies would continue to increase through 2017 due to the weak economies of mining-dependent states.
Even on a year-on-year basis, the figure was higher than 1.50% in May 2016.
“We expect delinquencies to continue to increase through the remainder of 2017, as weaker conditions in states reliant on the mining industry, high underemployment, and less favourable housing market and income dynamics will continue to drive the rate higher", says Alena Chen, a Moody's senior analyst.
The mining downturn had dampened growth in resource-reliant states: Western Australia, the Northern Territory and Queensland.
“We expect this situation will weigh on mortgage performance for some time,” added Chen.
Higher delinquencies raise the risk of mortgage defaults and are therefore credit negative for Australian residential mortgage backed securities (RMBS), says the latest report titled RMBS - Australia: Mortgage delinquency map: Home loan arrears rise to five-year high.
While mortgage delinquencies rose to record highs in Western Australia, the Northern Territory and South Australia, they declined in New South Wales and Victoria, and fell slightly from record high levels in Tasmania.
<a href="https://www.propertyobserver.com.au/images/2017/09/19/Moodys1.png" target="_blank">Click to enlarge</a>
<img src="https://www.urban.com.au/images/2017/09/19/Moodys1.png" alt="">
<a href="https://www.propertyobserver.com.au/images/2017/09/19/Moodys2.png" target="_blank">Click to enlarge</a>
<img src="https://www.urban.com.au/images/2017/09/19/Moodys2.png" alt="">
They were also up in Queensland and the Australian Capital Territory over the year to May 2017, Moody’s said.
In a previous assessment, Moody's had said that mortgage delinquencies hit record highs in Western Australia, South Australia and the Northern Territory and increased nationwide over the year to November 2016.
"Regions with exposure to the resource and mining sectors dominated the  list of areas with the highest delinquencies in May 2017. Eight of the 10 regions with the highest 30+ delinquency rates were in either Western Australia or Queensland, and many of these regions are exposed to industries directly or indirectly related to mining and resources," said Chen.
The ten regions with the lowest mortgage delinquencies in Australia in May 2017 were all in Sydney and Melbourne, where housing market and economic conditions were the most supportive for mortgage borrowers.
The Western Australian economy is heavily reliant on the resources sector and growth has slowed over the past three years, following the end of the mining boom. 
Western Australia's final demand (a measure of domestic economic growth that excludes exports) fell sharply by 8% over the year to March 2017 owing to lower business investment.
"With Australia's two core housing markets, we note that prices in Sydney and Melbourne rose 12.37% and 15.93% respectively over the year to July 2017, and 11.08% and 11.52% over the year to May 2017. Rising house prices have supported mortgage performance in these states, giving borrowers at risk of, or already in arrears, the option to sell their properties quickly for a good price to repay their loans," says Chen.
"However, as house prices continue rising without a corresponding increase in incomes to pay for the more expensive houses, housing affordability decreases and the risk of delinquencies and defaults rises," adds Chen.
Moody's further noted that Australia's financial regulators have introduced a range of measures to improve the quality of lending, curtail mortgage risk, and reduce overall household debt.
So, while aggregate house prices have continued to rise, other metrics like home sales and sales-to-new-listings ratios are softening, signaling a cooling in the housing market.
Persistently high underemployment will also constrain economic performance and wage growth, adversely affecting mortgage performance.
While Australia's unemployment rate was 5.60% in August 2017 and has remained below 6% since January 2016, its underemployment rate is much higher, averaging 8.57% Australia-wide in August 2017.
Underemployment results in lower income and reduced capacity to make mortgage repayments, increasing the risk of delinquencies and defaults.
 
 
</body></html>

Australian residential mortgage arrears at 5-year high, will rise further: Moody's

<html><body><div>
People's Choice Credit Union’s conservative policy of not lending to buyers of apartments in high-density developments more than six storeys high will prove right if there is a property market downturn, according to its chief executive.
Steve Laidlaw, CEO of Australia's second-largest credit union, said the ban on lending for high-density apartments had cost the group business in the boom times, but would ultimately be a big plus.
"There is a bigger credit risk when it comes to high-density apartment living," he said on Monday, The Australian Financial Review reported.
Laidlaw’s statement came during the results announcement. 
People's Choice Credit Union increased its home loan book by about 8 per cent to $6.3 billion in the 12 months ended June 30, 2017, with owner-occupier loans making up 81 per cent and investors 19 per cent. It has 47 branches. Loans to customers in Victoria make up about 9 per cent of the residential lending book.
The group’s net profit after tax slipped 7.98 per cent to $33.1 million for 2016-17, with net interest margins falling as customers shifted to lower rate package products in a highly competitive market. Laidlaw said net interest margins were expected to stabilise in 2017-18.
The credit union has been expanding in Victoria from its traditional base of South Australia and the Northern Territory. 
On the risks of a downturn, Laidlaw said that he didn't think there would be a short-term slide in the apartment market in Australia, but if a downturn did happen, it would likely start with the high-density apartment market."
"Our risks to that space are pretty well mitigated," he said. "We've always been pretty conservative."
However, he expects residential property prices to remain strong and isn't predicting a price slide. 
Laidlaw expects the next movement in official interest rates from the Reserve Bank of Australia to be up, but borrowers have plenty of breathing space. 
"I think the next move is up. We probably think around mid next year at this point in time," he said.
According to him, the RBA will only raise rates in small increments and that most home loan customers across the financial services industry had built in sufficient buffers in the loans to still be able to service them in a higher rate environment.
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Ban on loans for high rise apartments right choice, says credit union CEO  

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Nearly one in three Australians have fixed rate mortgages, according to the latest data from broker Mortgage Choice.
Fixed rate home loans accounted for 31.05% of all loans written throughout the month of August, up from 29.63% in July.
“Fixed rate demand is now at its highest level since December 2013, when fixed rate home loans accounted for 33.06% of all loans written,” Mortgage Choice chief executive officer John Flavell said. 
He added that the growing popularity of fixed rate mortgages was not a surprise because a number of lenders have recently been cutting their interest rates on some fixed rate products. 
“As a result, fixed rate home loans are now very competitively priced, which has made them more attractive to homeowners who are looking for repayment security.” 
Across the country, fixed rate demand was strongest in Queensland, with this type of home loan accounting for 35.48% of all loans written throughout the month of August, up from 28.08% last month. 
South Australia and New South Wales followed, with fixed rate loans accounting for 34.40% and 33.66% respectively.  
Variable rate home loans, specifically ongoing discount products, remained the most popular product with borrowers across the country. 
In Australia, ongoing discount home loans accounted for 40.7% of all mortgages written in the month of August. 
Looking ahead, Flavell said it remained to be seen what would happen with fixed rate demand. 
“We are now in the spring selling season and we are starting to see a lot of rate competition between Australia’s lenders. 
“Over the past couple of weeks, we have seen lenders trim the interest rates across their fixed and variable home loan products, which is great news for anyone looking to buy a property, refinance or upgrade. 
 
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One in three Australians opting for fixed home loans: Mortgage Choice

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<div class="domain-article-share-panel is-top" data-sticky-id="0">A NSW Supreme Court case finished on Tuesday, only a day into its scheduled five days, when 11 would be off-the-plan unit buyers at a Surry Hills block, were offered a confidential cash sum in addition to the refund of their deposits to walk away from their purchases.</div>
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<div class="domain-article-share-panel is-top" data-sticky-id="0">The case involved a 22-unit block, Short Lane Apartments, at 352 Bourke Street, who put down their deposits in late 2013 after marketing by CBRE Residential.</div>
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<div class="domain-article-share-panel is-top" data-sticky-id="0"><img src="https://www.urban.com.au/images/2017/09/13/Screen%20Shot%202017-09-13%20at%2010.22.34%20AM.png" alt="" width="611" height="360"></div>
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<div class="domain-article-share-panel is-top" data-sticky-id="0">The project still appears under <a href="https://www.propertyobserver.com.au/https://www.cbresi.com.au/success-stories/short-lane-surry-hills/70" target="_blank">success stories</a> on the CBRE website.</div>
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<div class="domain-article-share-panel is-top" data-sticky-id="0"><a href="https://1pt.com.au/showcase/shortlane/" target="_blank">All 22 apartments</a> were sold within the first half hour of the opening day "with prices escalating rapidly as demand showed no sign of waning."</div>
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<div class="in-content-ad">It was a landmark court case under new “sunset clawback” laws designed to ensure new apartment developers could not unfairly tear up sales contracts so they can make more money on delayed property sales.</div>
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<div class="in-content-ad"><img src="https://www.urban.com.au/images/2017/09/13/Screen%20Shot%202017-09-13%20at%2010.25.58%20AM.png" alt=""></div>
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The developer was taking some of his apartment buyers to court after they refused to allow him to tear up their sales contracts following construction delays, in the first legal test of the “sunset clawback” laws.
The developer-builder Kanaan Kanaan accused some of his buyers as "being greedy about it." 
The case in NSW Supreme Court was seen as a major test of laws designed to protect consumers buying new apartments.
However final negotiations for a settlement began only after acting Justice Arthur Emmett wondered aloud in the courtroom whether the new laws gave him the power to order a result with a sum of money to be paid by the developer. 
The court heard that, instead of the projected 15 months to complete the project, it had taken more than 52 months. 
The potential owner-occupiers and investors bought into the building in 2013 but the apartment weren’t finished by October 30, 2016, the date by which time the so-called “sunset clause” was triggered, which enables either the developer, or the purchaser, to cancel the sale and rescind the contracts if the building was not finished by its proposed completion date, noted Fairfax Media. 
In late 2015, legislation was introduced in the Parliament to protect buyers against developers intentionally delaying completion then rescinding contracts in order to cash in on rising property prices. Under the new laws, the developer has to justify his actions.
<img src="https://www.urban.com.au/images/2017/09/13/Screen%20Shot%202017-09-13%20at%2010.27.47%20AM.png" alt="">
Developer-builder Kanaan Kanaan, of Komplete Constructions, wrote to the buyers of units in his six-level Short Lane building at 352 Bourke Street five days before the cut-off date to tell them he would be rescinding their contracts and refunding their deposits.
If the developer wishes to rescind a contract, he must first seek permission from the purchaser to go through with the termination, under the laws championed by the then NSW Minister for Innovation and Better Regulation Victor Dominello.
If the buyer does not agree, then the developer can apply to the NSW Supreme Court for permission to allow the rescissions to take effect.
Acting Justice Arthur Emmett in the Equity Division of the court was told that Kanaan had been hampered by a number of problems, delays and postponements which made it impossible for him to complete the Woods Bagot-designed apartments in time. 
Instead of the 15 month target, more than 52 months went by since the Development Application was approved.
“There were major delaying events that made it impossible to complete the project despite his best endeavours,” his barrister Ian Roberts told the court. “These events postdate the sales contracts.”
It is understood the eight buyers who have refused the developer permission to rescind – three others agreed and four more agreed with an extra payment – will be arguing that cancellation of their contracts will mean the developer will make a windfall because of the “extraordinary rise in the value of Sydney property” in the interim.
They will be alleging that the delays were only due to poor management, a succession of applications to council, and an appeal to the Land and Environment Court.
The purchasers allege that the changes would increase the value of only the parts of the building, such as the retail lots and the four top floor apartments, that the developer retained.
But Roberts said the delays were beyond Kanaan’s control. Among them was an electrical kiosk substation that wouldn’t have enough room to be accessed when the building went up. After a number of discussions and applications, that was removed.
That meant, however, more space was freed up for retail lots at the base of the building, so consent was then sought for those and a redesign commissioned. There was also an application to add an additional floor to the building that was turned down by the NSW Land and Environmental Court in April 2016.
Consent was granted for a rooftop garden in September 2016 for the exclusive use of the developers’ top-floor apartments. Finally, there were delays in the delivery of windows and in procuring the difficult designed form at the top of the building.
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Slow developer settles court case after taking 11 apartment buyers to court under 'sunset clawback' laws

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Westpac’s dispute with the markets regulator over lending practices has brought into focus the limitations of indexes for assessing mortgage applications.
The Australian Securities and Investments Commission had launched civil proceedings earlier this year against the second largest mortgage lender alleging that between December 2011 and March 2015 Westpac failed to properly assess whether borrowers could meet their repayment obligations before entering into home loan contracts.
The bank has denied the claims.
ASIC alleges that Westpac relied on an index, University of Melbourne's Household Expenditure Measure (HEM), to help determine how much to lend to would-be borrowers.
In court filings, ASIC said the HEM benchmark was based on "conservative" estimates of household expenditure”, according to The Australian Financial Review.
The benchmark "represents only an estimate of what Australian families consume" and "was not compiled by reference to expenditure data collected during the relevant period", it said. 
Westpac relied on HEM benchmarks based on data from 2009-10 to assess borrowers for loans that were issued between December 2011 and March 2015, it said adding that the bank only "scaled" the benchmark to account for the location of applicants, number of dependents and marital status. It should have taken into account the total household income, net wealth decile, savings pattern and number of credit cards per household, according to the ASIC.
The National Credit Act provides consumer protections to ensure that credit providers make reasonable inquiries about a borrower's financial situation and assess whether a loan contract will be unsuitable for the borrowers.
Westpac said the court action did not concern any current lending policies or practices.
The bank has defended the HEM benchmark as an "objective measure that does not depend on the quality of a consumer's estimation of their expenses ... [and] excludes discretionary non-basic expenses that a consumer could reduce to meet their commitments without substantial hardship".
Westpac head of consumer banking, George Frazis, has said earlier its assessment processes are comprehensive and take into account a customer’s specific circumstances, including income and expenditure, previous repayments' history and the overall customer relationship.
The bank did not rely solely on the HEM benchmark, Frazis said in a statement in March after the case went to court in March.
"In our experience this survey is a useful input into our loan assessment process, in combination with our understanding of customers' circumstances."
ASIC's statement of claim describes the circumstances of seven loans.
Westpac has previously said all borrowers are up to date with their repayments.
Regulators, include APRA, have been clamping down on banks’ lending practices in recent months to cool the property markets on the East Coast.
Of the major banks, Westpac has the largest proportion of loans made on interest-only terms, reflecting a book weighted towards property investors.
It also asked mortgage brokers to grill clients on why they want an interest-only loan.
Bright Corporate Law principal David Jacobson told the AFR benchmarks like HEM were widely used.
"But they have moved in the last few years to be a cross-check against declared individual expenses rather than a standard default amount to be used as a substitute for getting that information," he said. "In other words, if the information obtained shows declared expenses are lower than the benchmark then the lender needs to get more information.
"But if the declared expenses are higher than the benchmark, lenders calculate affordability on the declared expenses, subject to any other queries or inconsistencies." 
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Westpac, ASIC court battle over responsible lending heats up

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The former Principal of Sherwin Financial Planners Pty Ltd and Chairman of Wickham Securities Ltd has today pleaded guilty to 25 charges brought by ASIC, arising out of the collapse of his financial planning business.
Bradley Thomas Sherwin, 62, of Everton Hills, Queensland, appeared in the Brisbane District Court, and pleaded guilty to:
<ul>
<li>twenty four counts of dishonestly causing a detriment between May 2009 and December 2012 to the value of nearly $10 million to a number of clients of Sherwin Financial Planners; and</li>
<li>one count of dishonestly breaching his duties as a director of Wickham Securities Limited between June 2010 and October 2010.</li>
</ul>
Mr Sherwin will be sentenced on 14 November 2017.  Mr Sherwin did not apply for bail and was remanded in custody.
The Commonwealth Director of Public Prosecutions is prosecuting the matter.
Wickham Securities collapsed in December 2012, owing more than $27 million to approximately 300 debenture holders. 
Sherwin Financial Planners and other companies of which Mr Sherwin was a director collapsed in January 2013, owing more than $30 million to clients of Sherwin Financial Planners.
In May 2016, ASIC permanently banned Mr Sherwin from providing financial services.
In September 2016, the former Chief Executive Officer of Wickham Securities, Garth Peter Robertson, was sentenced to 5 years imprisonment after pleading guilty to various charged brought by ASIC, including fraud.
In June 2013, ASIC cancelled the registration of the auditor of Wickham Securities, Brian Kingston, after forming the view he failed to carry out or perform adequately and properly the duties of an auditor.
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Principal of Sherwin Financial Planners pleads guilty to fraud

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GUET OBSERVER
The RBA kept its cash rate at 1.50 percent, as expected. 
The short statement was very similar to the previous month, with identical language on the AUD, for instance. The most notable change was on the labour market, where the central bank stated that ‘stronger conditions ... should see some lift in wages growth over time’. 
This was in addition to the comment, retained from last month, that the current low rate of wage growth is ‘likely to continue for a while yet’. 
The RBA seems to be in a holding pattern, content that further cuts are not needed but waiting for evidence of a lift in inflation and wages growth before considering hikes. We expect stronger wages growth and underlying inflation to come through over the next few quarters and for the RBA to begin lifting the cash rate in Q1 2018. 
Facts 
The RBA kept its cash rate at 1.50%, as expected by all 27 economists in the Bloomberg survey. 
Implications 
Australian economic data continue to look positive, with strong employment growth, surveyed business conditions at the highest level in nearly a decade, commodity prices boosting export earnings, and (at last) signs of a material lift in non-mining business investment. Against that backdrop, the RBA clearly has increased confidence that lower rates will not be needed. The RBA Governor himself stated recently that the next move is more likely to be up than down. 
At the same time, the RBA has deemed that higher rates are not needed yet, particularly as underlying inflation remains below target and wages growth is subdued. 
However, the recent run of strong employment data may point to an improving outlook for wage growth and in one of the only changes to the statement today, the RBA noted that 'stronger conditions in the labour market should see some lift in wages growth over time'. But the RBA will want to see firm evidence of this happening before rate hikes are seriously considered. 
The next couple wage and inflation data prints will be key. We expect both wages growth and inflation to climb from here, albeit only modestly. If history is a good guide, the recent lift in corporate profitability should filter through to some wages growth. 
This year's minimum wage decision, which saw a bigger increase than last year, should also contribute to higher wages growth in H2 2017. 
By early 2018, we expect GDP growth to be above trend, the unemployment rate to be even closer to full employment, underlying inflation to be well past its trough, and back in the 2 to 3% target band, and wages growth to be edging higher. With this backdrop we expect the RBA to be lifting its cash rate in early 2018. 
<a href="https://www.about.hsbc.com.au/hsbc-in-australia/management-team" target="_blank">PAUL BLOXHAM</a> IS CHIEF ECONOMIST (AUSTRALIA AND NEW ZEALAND) FOR HSBC.
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