Malaysian developer <a href="https://www.apartments.com.au/developers/s-p-setia">SP Setia</a> is the latest to jump into St Leonards booming Transport Oriented Development precinct.

The developer, which has previously delivered Sapphire by the Gardens apartment development in Melbourne, identified the Atchison Street site in 2023. It filed a Scoping Report around 12 months ago, and now has revealed the designs for the new&nbsp;40-storey mixed-use tower.

The State Significant Development Application covers <a href="https://next-portal.urban.com.au/projects/14650/summary">20-22 Atchison Street</a>, a 1,374 sqm site positioned between St Leonards Station and the new Crows Nest Metro station.

Designed by <a href="https://www.apartments.com.au/architects/cox-architecture">COX Architecture</a>, the project would deliver 181 apartments, above a four-storey commercial podium, five basement levels, and new public domain works along Mitchell Street. The apartment mix comprises 35 one-bedroom apartments, 39 one-bedroom-plus-study apartments, 85 two-bedroom apartments, and 22 three-bedroom residences.

The proposal has been lodged as a shop-top housing development under the NSW Government’s TOD planning pathway, which allows increased density around key transport infrastructure. The site sits within the recently rezoned Crows Nest Accelerated TOD Precinct.

<img alt="First look: SP Setia targets St Leonards skyline with 40-storey TOD tower" data-entity-type="file" data-entity-uuid="b799673d-48e2-46b0-801a-0e33a9330100" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/atchinson%20site.png?VersionId=dPh0UfwfaHpbFL1R7H1cbZNbIW0CHbCC" />

SP Setia acquired the Atchison Street site as part of its continued expansion into the Australian apartment market. In comments made to City &amp; Country (The Edge Malaysia) in 2023, SP Setia President and CEO Datuk Choong Kai Wai described the acquisition as “a strategic move” aligned with the group’s post-pandemic market recovery strategy.

“Our target for this exceptional development is local and overseas buyers, including first-home buyers, downsizers and investors,” Choong said.

The tower has been designed as a slender vertical form rising from a mixed-use podium, with COX Architecture positioning the development as a response to the evolving St Leonards and Crows Nest skyline.

“The purpose of the project is to facilitate the delivery of high-quality housing at a strategically located site and deliver a built tower outcome that is consistent with the desired future character of St Leonards and aligns with the TOD controls,” the design report stated.

<img alt="First look: SP Setia targets St Leonards skyline with 40-storey TOD tower" data-entity-type="file" data-entity-uuid="b1a85eee-76f7-436c-a6da-73ba827b9b13" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/atchinson%20entry.png?VersionId=dA9jHGPMcm.dDbwk4QfxqWiY5bfh3UVt" />

The podium would incorporate retail uses fronting Atchison Street, commercial tenancies, landscaped communal areas, and pedestrian improvements along Mitchell Street. Vehicle access and loading would be consolidated via Atchison Lane.

Residents would have access to more than 665 sqm of communal indoor and outdoor spaces, while the development proposes 96 parking spaces across five basement levels.

The proposal also includes a commitment for 10 per cent of residential floor space to be allocated toward affordable housing through a monetary contribution.

COX said the tower form responds directly to the emerging high-density character of the precinct while seeking to maximise solar access, cross ventilation, and outlook from apartments.

<img alt="First look: SP Setia targets St Leonards skyline with 40-storey TOD tower" data-entity-type="file" data-entity-uuid="2163f85c-f63b-4be3-aafa-f8763976cec5" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Article%20Feature%20Image%20%28Grid%29_5.png?VersionId=WiAmtIKJ6.ZQ41EtYEQ1fol7AeorKBlL" />

“The building is orientated towards north,” the Apartment Design Guide compliance report noted, adding that the tower’s slim form was driven by the constrained inner-urban site dimensions.

The design also incorporates landscaped setbacks and communal open space at podium level, intended to soften the interface with surrounding streets and improve pedestrian amenity.

The project adds to a growing wave of redevelopment proposals reshaping St Leonards and Crows Nest following the opening of the Sydney Metro City line and the NSW Government’s push for higher-density housing around major transport nodes.

Last week Stockland filed plans just down the road. They want to build a <a href="https://www.apartments.com.au/new-apartments/601-pacific-highway-st-leonards-nsw-2065">52-storey tower on Pacific Highway</a>.

Read more:&nbsp;<a href="https://www.apartments.com.au/news/nsw/first-look-stockland-plans-52-storey-538-apartment-st-leonards-tower">First look: Stockland plans 52-storey, 538-apartment St Leonards tower&nbsp;</a>

Joel Robinson

First look: SP Setia targets St Leonards skyline with 40-storey TOD tower

<a href="https://www.apartments.com.au/developers/urban-property-group">Urban Property Group</a> has revealed plans for a new mixed-use tower at 10 Dangar Street, Wickham, advancing a proposal that would reshape the southern gateway to Newcastle’s city centre with one of the city’s tallest residential buildings.

The State Significant Development proposal, now on exhibition, seeks approval for a <a href="https://www.apartments.com.au/new-apartments/bowline-10-dangar-street-wickham-nsw-2293">43-storey tower</a> immediately adjacent to the Newcastle Interchange. The project would deliver around 200 apartments, including 42 affordable housing dwellings, alongside 99 co-living units, a 171-room hotel, retail space, and new public domain integrated through the site.

The scheme marks a significant escalation of plans previously approved for the site. Urban Property Group took over the prominent 2,904 sqm parcel, where excavation and demolition had already commenced under an earlier consent for a 14-storey mixed-use development.

<img alt="First look: Urban Property Group unveils Newcastle’s next supertower at Wickham interchange" data-entity-type="file" data-entity-uuid="58a96dd9-407f-4d20-86b4-94e4bfeef74b" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/wickham%20podium.png?VersionId=LGlf08pdFGAZDzvx_CXC4XakHNZRuEE0" />

Designed by <a href="https://www.apartments.com.au/architects/sjb-architects">SJB</a>, the tower has been conceived as a landmark transit-oriented development anchored to the Newcastle Interchange precinct. The proposal includes 245 build-to-sell apartments across a mix of one, two, and three-bedroom residences, as well as two penthouses. Fifteen apartments and one operational unit are earmarked for NDIS housing. The co-living component would add a further 99 units, while the podium would accommodate retail uses and hotel facilities.

SJB said the site presents “a valuable opportunity to anchor the precinct by setting the standard for design, active ground planes and character at the key southern gateway.”

The architecture responds directly to the site’s position beside major transport infrastructure and within one of Newcastle’s fastest-evolving urban renewal precincts. The tower form sits above a sculpted podium designed to frame new public spaces, including a through-site pedestrian link connecting Station Street to Hannell Street, landscaped plazas, and activated retail edges.

<img alt="First look: Urban Property Group unveils Newcastle’s next supertower at Wickham interchange" data-entity-type="file" data-entity-uuid="a7bd6ff0-f7db-4ce8-a6dc-ea56e72c6149" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/wickham%20lanne.png?VersionId=xzf39VADyhj7zBQY2I9fx9vI62u2tuSb" />

The design report describes the project as part of the broader transition of Wickham into “a vibrant, high-quality mixed-use urban precinct” that leverages proximity to the station, open space, and regional connectivity.

A detailed public art strategy has also been prepared for the development. The strategy positions the project as “a transit-oriented development of state significance at the gateway to Newcastle’s city centre” and outlines a series of integrated artworks responding to Newcastle’s industrial and transport heritage.

Creative Road’s curatorial framework for the project, titled Unveil, draws on “stratified surfaces, carved volumes, and light-filled apertures” while referencing Newcastle’s transformation from an industrial city into a contemporary education and technology hub.

<img alt="First look: Urban Property Group unveils Newcastle’s next supertower at Wickham interchange" data-entity-type="file" data-entity-uuid="77a882bb-14b1-4d28-99ff-9438e39508c0" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/wickham%20site.png?VersionId=cevgo_vN0eKPK78P8YcEu3mKPLkpFqE7" />

The proposal is being advanced through the NSW Housing Delivery Authority pathway after being declared State Significant Development in June 2025. The accompanying scoping report states the development aims to “maximise the site’s proximity to the Newcastle Interchange by delivering transit-oriented development” while increasing housing supply and affordable housing provision within the Newcastle LGA.

Urban Property Group’s plans align with the long-term strategic vision established under the Wickham Master Plan, which identified the interchange precinct as suitable for substantial uplift in height and density. The current proposal would significantly intensify that vision, positioning the tower among the tallest developments proposed for Newcastle.

The site sits immediately north of the Newcastle Interchange, bounded by Dangar Street, Hannell Street, and Charles Street. It is surrounded by a rapidly growing cluster of residential towers and mixed-use projects that have emerged following the completion of the light rail and transport interchange.

First look: Urban Property Group unveils Newcastle’s latest tower at Wickham interchange

Bottega House has completed settlement of a landmark riverfront site in Macquarie Street, St Lucia, representing its first major Brisbane development.&nbsp;

Positioned on the banks of the Brisbane River, the <a href="https://www.apartments.com.au/new-apartments/180-macquarie-street-st-lucia-qld-4067">premium site at 180 Macquarie Street</a> features uninterrupted river frontage in one of Brisbane’s most tightly held residential precincts.&nbsp;

The proposed development, currently under assessment with Brisbane City Council, has been designed by <a href="https://www.apartments.com.au/architects/plus-studio">Plus Studio</a> with interiors by <a href="https://www.apartments.com.au/interior-designers/mim-design">Mim Design</a> and will deliver a boutique collection of premium residences positioned specifically for owner occupiers and downsizers.&nbsp;

The residences are set to redefine luxury apartment living in the area, with a focus on architectural quality, refined finishes, landscape integration and elevated amenities including curated wellness facilities, resort-style pools and recreation spaces rarely seen in the local market.&nbsp;

Exclusive sales for the project will be led by Keenan &amp; Byrne, ahead of an anticipated launch later this year.&nbsp;

Bottega House Managing Director Nick Malloch said the project reflects the group’s ambition to deliver a highly curated residential offering within one of Brisbane’s most tightly held precincts.&nbsp;

“This is an incredibly rare riverfront opportunity and one we have approached with a long-term perspective,” Malloch said.&nbsp;

“Our vision from the outset was to create a boutique collection of residences that feel more like private homes than traditional apartments, with generous proportions, refined finishes and exceptional amenity throughout."

Malloch says there is a&nbsp;lack of premium owner-occupier stock of this quality in the market, particularly for downsizers wanting space, privacy and a true lifestyle offering without compromise.&nbsp;

"Demand is expected to be strong given the scarcity of premium riverfront opportunities of this nature within Brisbane’s inner-west."&nbsp;

Bottega House secures landmark riverfront site in St Lucia 

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The arrival of the first piling rig officially marks the commencement of construction at SIERA’s new beachside apartment development, Exhale, in Northcliffe.

<a href="https://www.apartments.com.au/new-apartments/exhale-surfers-paradise-8-enderley-avenue-surfers-paradise-qld-4217">Exhale</a>, a glass-encased tower featuring 54 large-scale apartments at 8 Enderley Avenue, is SIERA’s third Gold Coast development. It follows the recently completed PIPIS Bilinga beachfront project, which achieved suburb-record prices, and the soon-to-be-completed Chevron Island development, Tapestry.

[smartcode_project:default project_id=112661 project_image_fid=359603]

<a href="https://www.apartments.com.au/developers/siera">SIERA</a> Founder and Managing Director Brent Thompson said the arrival of the piling rig represented a significant milestone for the development, which is scheduled for completion in late 2028.

Over the next month, around 260 piles are expected to be installed as work progresses on the basement structure. The building is anticipated to rise above ground level early next year, before unveiling its sculptural glass curtain wall, developed in collaboration with specialist façade engineers.

“The façade was designed to maximise panoramic coastal views while creating a distinctive architectural identity,” Thompson said.

[smartcode_project:default project_id=112661 project_image_fid=355935]

Designed by BDA Architecture, Exhale will comprise just 54 two- and three-bedroom residences across 26 levels, a level of low-density living rarely delivered in this beachside pocket between Surfers Paradise and Broadbeach.

The project has been conceived as a resident-only building, with no short-stay accommodation permitted. SIERA says the model is intended to appeal to long-term owner-occupiers rather than transient holiday demand.

[smartcode_project:default project_id=112661 project_image_fid=361052]

Residences have been designed with large-format layouts and expansive glazing, with most apartments featuring more than 30 metres of glass frontage to maximise natural light and ocean views.

The amenity offering spans two levels and centres on wellness and lifestyle, including a heated magnesium pool, sauna, yoga and Pilates studio, gymnasium, private dining facilities, cinema lounge, and dedicated surfcraft storage.

[smartcode_project:default project_id=112661 project_image_fid=359607]

More than half of the apartments have already sold. SIERA has also opened a sales gallery for Exhale at its Chevron Island commercial premises, near its Tapestry tower and the site of its second Chevron Island apartment development, which is slated to launch in early 2027.
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</section>

[smartcode_project_cta:default project_id=112661]

SIERA kicks off construction at Northcliffe tower Exhale

Local Little Bay residents, along with buyers from premium postcodes across Sydney’s affluent Eastern Suburbs, have dominated purchases in developer-builder Urban Property Group’s first Eastern Suburbs apartment development, <a href="https://www.apartments.com.au/new-apartments/este-little-bay-jennifer-street-little-bay-nsw-2036">ESTE Little Bay</a>.

The $250 million coastal project, one of the first new developments in the area in several years, has proven particularly popular with downsizers, especially those from Coogee and Bondi. One Double Bay downsizer paid $4.7 million for a four-bedroom penthouse, setting a new local apartment price record in the process.

Buyers have been attracted to the combination of coastal tranquillity, premium design and amenity-rich neighbourhood living. The walkable village setting, along with proximity to three of Sydney’s leading golf courses, New South Wales Golf Club, St Michael’s Golf Club and The Coast Golf Club, has also been a key drawcard.

[smartcode_project:default project_id=112343 project_image_fid=352689]

Built across two low-rise buildings designed by <a href="https://www.apartments.com.au/architects/hill-thalis-architecture-urban-projects-pty-ltd">Hill Thalis</a> and set along a lush, landscaped green spine, designed by leading landscape architect <a href="https://www.apartments.com.au/landscape-architect/arcadia-landscape-architecture">Arcadia</a>, ESTE Little Bay offers a collection of one, two, three and four-bedroom residences with interiors by Richards Stanisich.

<a href="https://www.apartments.com.au/developers/urban-property-group">Urban Property Group</a> Sales Director, Tom McIvor said the response to ESTE has been "nothing short of extraordinary."

“Buyers have been quick to recognise ESTE as a rare opportunity to invest in a coastal sanctuary that offers both seclusion and connectivity to the heart of Sydney,” McIvor said.

[smartcode_project:default project_id=112343 project_image_fid=352687]

<a href="https://www.apartments.com.au/project-marketer/srm-residential">SRM Residential</a> Senior Director, <a href="https://www.apartments.com.au/project-marketer/srm-residential">Clayton Ross</a> said the local market has responded incredibly well, driven by ESTE’s exceptional location and the rarity it offers.

“We’ve seen strong interest from a variety of buyer groups, all of whom are drawn to the exclusivity and quality of the build and construction by the 4.5-star iCIRT-rated builder / developer, Urban Property Group. There’s truly nothing else like it along Sydney’s coastline.”

[smartcode_project:default project_id=112343 project_image_fid=352690]

The project also includes robust buyer protections, including Resilience Insurance’s Latent Defects Insurance, providing 10 years of structural cover, and an independent iCIRT-rating of the developer.

“The iCIRT-rating adds another layer of confidence,” Ross added. “Buyers see it as a safeguard for their investment and their lifestyle.” A highlight of ESTE’s offering is its exclusive wellness amenities, including a heated rooftop infinity pool and outdoor heated spa, a state-of-the-art Technogym fitness centre, and a sauna.

<a href="https://www.apartments.com.au/new-apartments/este-little-bay-jennifer-street-little-bay-nsw-2036">ESTE Little Bay</a> is topped out and is on track to complete towards the end of 2026, with residents moving in before Christmas.

[smartcode_project_cta:default project_id=112343]

Eastern Suburbs buyers snap up ESTE Little Bay apartments

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

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When buying a property – be it a detached dwelling or an <a href="/developments">off-the-plan</a> apartment, it’s essential to make sure you have your legal documents drawn up correctly. Which is why getting legal advice early in the process is so important. 

Here’s what a sound off-the-plan contract should include: 

<h2>A reasonable cooling-off period</h2>

The cooling-off period affords the buyer time to change their mind. Once this period ends, the buyer is legally bound to buy the property. 

In NSW, new legal protections (which came into effect in December 2019) give buyers a 10-business day cooling-off period. This period is longer than the usual five business days for most properties. Buyers who change their mind will forfeit 0.25% of the purchase price. The cooling-off period can be waived or shortened, but only if the buyer’s lawyer or <a href="/guides/a-new-step-by-step-home-buyer-checklist-for-2020-post-covid-19">conveyancer</a> provides a certificate to prove the buyer understands the consequences of varying the cooling-off period. This helps protect the buyer from exploitation. 

Make sure the cooling-off period in your contract is reasonable and in line with the legislation in your state. If the seller asks to shorten or waive it, give this a serious consideration first and talk to your lawyer or conveyancer about whether this is a good idea. 

<h2>The disclosure of key information by the developer</h2>

Your off-the-plan contract must include <a href="/news/everything-you-need-to-know-about-australias-25-000-homebuilder-grant-how-much-off-the-plan-homebuyers-could-save">key information about the project</a> such as proposed plans and specifications, a floor plan, a detailed list of fixtures and finishes, sunset clause dates, other conditional events, and draft by-laws.

Before signing the contract, ensure you have a thorough understanding of the plans and are satisfied with the level of disclosure. Make sure you have asked questions if you’re confused about anything listed in the plans. 

Remember that developers will almost always have a right to alter their plans, within reason, to complete the project. Make sure your conveyancer reviews the contract to make sure enough information has been disclosed and that only reasonable alterations are permitted. 

<h2>The ability to withdraw or be compensated if significant alterations take place</h2>

While the contract will require the property to be constructed in accordance with what is disclosed in the contract, developers usually have the right to alter things in certain circumstances. Those changes must be delivered at the same quality and must not materially prejudice the buyer. 

To mitigate the risk of the <a href="/news/why-is-design-important-is-bigger-better-a-developer-s-perspective">developer making alterations</a> which substantially change the quality of the project and disadvantage the buyer, the contract should be very clear on warranties and inclusions. It should also give the buyer the right to withdraw and have the deposit returned to them or claim compensation. 

In NSW, for contracts entered into from 1 December 2019, vendors must notify purchasers of changes outside of what was disclosed, and which will adversely affect the use or enjoyment of the lot being purchased. Make sure you seek legal advice on the rules in your state. 

<h2>Other things to consider:</h2>

Building/apartment defects 

Other parts of the contract that require <a href="/guides">close review</a> include how defects are treated. Ideally, it will be up to the developer to remedy defects prior to settlement. Your lawyer and conveyancer should review your contract to make sure you are protected. 

Deposits

You should also have a look at the rules in your state on who holds your <a href="/expert-insights/buying/build-your-deposits-to-grow-a-large-investment-portfolio">deposit</a>. In NSW, for example, deposits are held by the stakeholder (usually the real estate agent) and that money cannot be released to the developer before settlement. That protects the buyer in the event the developer becomes insolvent. 

Sunset clauses 

A <a href="/guides">sunset clause</a> provides a deadline whereby if the property has not been completed in time then the potential buyer’s deposit is refunded, and the contract is cancelled. The problem is that the clause has been exploited by developers who were delaying completion of projects in order to cancel contracts and re-sell properties at a higher price in a rising market. 

In NSW, new legislation has been introduced which requires that developers seek the buyers’ consent before ending contracts using the sunset clause. Alternatively, the developer will need to apply to the NSW Supreme Court to justify terminating the contracts. Seek advice from your lawyer or conveyancer on the sunset clause in your contract and the rules in your state. 

For both property investors and potential new homeowners, the <a href="/guides">concept of buying off-the-plan</a> is enticing due to its affordability and flexibility compared to buying an already existing property. However, it is important that you take all these considerations into account and seek legal/conveyancing advice before you sign the contract of your future home or investment property. 

Want to learn more about off-the-plan contracts? Leave a comment below.
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vivian_48447

Sign with confidence: How to ensure you have a sound off-the-plan contract

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If you're thinking of buying a brand new <a href="/new-apartments">apartment</a> or <a href="/new-townhouses">townhouse</a>, now is a better time than ever, thanks to the <a href="/news/everything-you-need-to-know-about-australias-25-000-homebuilder-grant-how-much-off-the-plan-homebuyers-could-save">$25,000 HomeBuilder Grant</a>.

To help you with your <a href="/developments">property search</a>, we've compiled a list of projects eligible for the subsidy. 

<h2>
1. <a href="/new-townhouses/carter-place-townhomes-cnr-barwon-heads-rd-central-blvd-armstrong-creek">CARTER PLACE TOWNHOUSES</a>
</h2>

<a href="/new-townhouses/carter-place-townhomes-cnr-barwon-heads-rd-central-blvd-armstrong-creek"><img alt="" height="1250" src="https://s3-ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/pictures/article-images/carter-place-townhomes-48-central-boulevard-armstrong-creek-5cd8fc8cc5047f60feaf389e8bc4495b.jpg" width="2500"></a>

48 Central Boulevard, Armstrong Creek VIC 3217

Townhomes starting from $429,000

<h2>
2. <a href="/buildings/bonbeach-townhomes-39-broadway-bonbeach">BONBEACH TOWNHOMES</a>
</h2>

<a href="/buildings/bonbeach-townhomes-39-broadway-bonbeach"><img alt="" height="900" src="https://s3-ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/pictures/article-images/bonbeach-townhomes-39-broadway-bonbeach-99142e4436418b5a981dc1cd6e049e45.jpg" width="1600"></a>

39 Broadway, Bonbeach VIC 3196

Townhomes starting from $740,000

<h2>
3. <a href="/new-apartments/20-24-heathmere-crescent-endeavour-hills-vic">HEATHMERE ON THE PARK</a>
</h2>

<a href="/new-apartments/20-24-heathmere-crescent-endeavour-hills-vic"><img alt="" height="1000" src="https://s3-ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/pictures/article-images/heathmere-on-the-park-20-24-heathmere-crescent-endeavour-hills-d5f1e2bde9597798d3e887e70e68a3b3.jpg" width="1500"></a>

20-24 Heathmere Crescent, Endeavour Hills VIC 3802

Townhomes starting from $640,000

<h2>
4. <a href="/buildings/1025-nepean-highway-moorabbin">1025 NEPEAN HIGHWAY</a>
</h2>

<a href="/buildings/1025-nepean-highway-moorabbin"><img alt="" height="2813" src="https://s3-ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/pictures/article-images/1-6-1025-nepean-highway-moorabbin-21bb7b9ad810df7606a7334b008ea9d3.jpg" width="5000"></a>

1-6/1025 Nepean Highway, Moorabbin, VIC 3189

Townhomes starting from $695,000

<h2>
5. <a href="/buildings/101-white-street-mordialloc">101 WHITE STREET</a>
</h2>

<a href="/buildings/101-white-street-mordialloc"><img alt="" height="2325" src="https://s3-ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/pictures/article-images/101-white-street-mordialloc-a2d20d4ed511592afa453815d9ea9053.jpg" width="5000"></a>

101-103 White Street, Mordialloc, VIC 3195

Townhomes starting from $697,000

<h2>
6. <a href="/new-townhouses/addison-walk-williams-landing">LINCOLN APARTMENTS</a>
</h2>

<a href="/new-townhouses/addison-walk-williams-landing"><img alt="" height="2348" src="https://s3-ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/pictures/article-images/lincoln-apartments-100-overton-road-williams-landing-20d4c1729870cf3b29f4b23f3d485a83.jpg" width="6000"></a>

100 Overton Road, Williams Landing VIC 3027

Apartments starting from $345,000

<h2>
7. <a href="/new-townhouses/st-a-1-griffiths-street-st-albans">ST A.</a>
</h2>

<a href="/new-townhouses/st-a-1-griffiths-street-st-albans"><img alt="" height="1505" src="https://s3-ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/pictures/article-images/sta-10-mckechnie-street-st-albans-1a3e4f01694c7a8e343fc7b8632e1c15.jpg" width="3000"></a>

10 McKechnie Street, St Albans VIC 3021

Townhomes starting from $549,000

<h2>
8. <a href="/new-townhouses/siding-avenue-45-siding-avenue-officer">SIDING AVENUE</a>
</h2>

<a href="/new-townhouses/siding-avenue-45-siding-avenue-officer" target="_blank"><img alt="" height="889" src="https://s3-ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/pictures/article-images/siding-avenue-45-siding-avenue-officer-2b93a0da1e45cf84a2fe8eb43d08abe9.jpg" width="1600"></a>

45 Siding Avenue, Officer VIC 3809

Townhomes starting from $484,900

<h2>
9. <a href="/buildings/ramley-residence-reservoir-2-6-ramleh-road-reservoir-vic-3073">RAMLEY RESIDENCE</a>
</h2>

<a href="/buildings/ramley-residence-reservoir-2-6-ramleh-road-reservoir-vic-3073"><img alt="" height="529" src="https://s3-ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/pictures/article-images/ramley-residence-2-6-ramleh-road-reservoir-4bebb8d0adae15abccaf799a0229845c.jpg" width="1180"></a>

2-6 Ramleh Road, Reservoir VIC 3073

Townhomes starting from $689,000

<h2>
10. <a href="/buildings/annette-hill-endeavour-hills-7-annette-court-endeavour-hills-vic-3802">ANNETTE HILL</a>
</h2>

<a href="/buildings/annette-hill-endeavour-hills-7-annette-court-endeavour-hills-vic-3802"><img alt="" height="2424" src="https://s3-ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/pictures/article-images/annette-hill-7-annette-court-endeavour-hills-9393e0f8186801d25a3b009a52f25feb.jpg" width="4000"></a>

7 Annette Court, Endeavour Hills, VIC 3802

Apartments starting from $555,000

<h2>
11. <a href="/buildings/stirling-230-230-princes-highway-beaconsfield">STIRLING 230</a>
</h2>

<a href="/buildings/stirling-230-230-princes-highway-beaconsfield"><img alt="" height="1067" src="https://s3-ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/pictures/article-images/stirling-230-230-princes-highway-beaconsfield-34ce5d58f7aff9cdf7bde3f0d3ba6c8d.jpg" width="4000"></a>

230 Princes Highway, Beaconsfield, VIC 3807

Townhomes starting from $529,999

<h2>
12. THE IVY
</h2>

<img alt="" height="619" src="https://s3-ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/pictures/article-images/the-ivy-corner-meander-road-and-emery-avenue-doreen-044a779721348586051f2f62a66d8fba.jpg" width="901">

Corner Meander Road and Emery Avenue, Doreen VIC 3754

Townhomes starting from $499,900

<h2>
13. <a href="/buildings/sea-sky-214-bay-road-sandringham">PAVILION GREEN</a>
</h2>

<a href="/buildings/sea-sky-214-bay-road-sandringham"><img alt="" height="1111" src="https://s3-ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/pictures/article-images/pavilion-green-216-bay-road-sandringham-c0fc553fac3fd443a1bd86f5be0f8815.jpg" width="2000"></a>

216 Bay Road, Sandringham VIC 3191

Apartments starting from $576,000

<h2>
14. <a href="/buildings/salt-townhomes-85-grossmans-road-torquay">SALT TOWNHOMES</a>
</h2>

<a href="/buildings/salt-townhomes-85-grossmans-road-torquay"><img alt="" height="2000" src="https://s3-ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/pictures/article-images/salt-townhomes-85-grossmans-road-torquay-c7f02c52e41ff3514e514ef866e093e3.jpeg" width="3000"></a>

85 Grossmans Road, Torquay VIC 3228

Townhomes starting from $639,000

<h2>
15. <a href="/buildings/222-torrens-road-renown-park">222 TORRENS ROAD</a>
</h2>

<a href="/buildings/222-torrens-road-renown-park"><img alt="" height="917" src="https://s3-ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/pictures/article-images/222-torrens-road-renown-park-0418ed0ea36f9eeba6015cb00baf7a74.png" width="641"></a>

222 Torrens Road, Renown Park SA 5008

Townhomes starting from $429,000

<h2>
16. <a href="/buildings/on-the-park-bowden-20-24-gibson-street-bowden">354 BOWDEN - STAGE 2</a>
</h2>

<a href="/buildings/on-the-park-bowden-20-24-gibson-street-bowden"><img alt="" height="2892" src="https://s3-ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/pictures/article-images/354-bowden-stage-2-20-24-gibson-street-bowden-e1eba2092dc2d48f8c48e2c30acce9b0.jpg" width="6745"></a>

20-24 Gibson Street, Bowden SA 5007

Apartments starting from $375,000

<h2>
17. <a href="/buildings/allure-chevron-island-1-northcliffe-terrace-surfers-paradise">ALLURE CHEVRON ISLAND</a>
</h2>

<a href="/buildings/allure-chevron-island-1-northcliffe-terrace-surfers-paradise"><img alt="" height="1406" src="https://s3-ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/pictures/article-images/allure-chevron-island-corner-burra-street-dalpura-street-chevron-island-7794740e024ec40d9fe9742bf104b1ca.jpg" width="3369"></a>

Corner Burra Street &amp; Dalpura Street, Chevron Island QLD 4217

Apartments starting from $495,950

<h2>18. <a href="/buildings/plaza-central-maroochydore-10-18-pikki-street-maroochydore">PLAZA CENTRAL MAROOCHYDORE</a></h2>

<a href="/buildings/plaza-central-maroochydore-10-18-pikki-street-maroochydore"><img alt="" height="2800" src="https://s3-ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/pictures/article-images/plaza-central-maroochydore-10-18-pikki-street-maroochydore-ee0498ba5b937cfe1f662117432d732e_0.jpg" width="4200"></a>

10-18 Pikki Street, Maroochydore QLD 4558

Apartments starting from $299,000

<h2>
19. <a href="/buildings/montaine-residences-1-5-main-street-mount-annan">MONTAINE RESIDENCES</a>
</h2>

<figure><a class="colorbox colorbox-insert-image" href="https://res.cloudinary.com/dz9xllyip/image/fetch/q_auto:good/https://s3-ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/pictures/article-images/1-5-main-street-mount-annan-b45620f9f330c0a196b38624bc39ca00.jpg" rel="gallery-all"><img alt="" class="image-article-full-width-580px" height="580" src="/s3/files/styles/article_full_width_580px/public/pictures/article-images/1-5-main-street-mount-annan-b45620f9f330c0a196b38624bc39ca00.jpg?itok=a06ob0Tx" width="580"></a></figure>1-5 Main Street, Mount Annan NSW 2567

<h2>
20. <a href="/buildings/kew-schofields-stage-1-rose-garden-23-27-schofields-road-schofields">KEW SCHOFIELDS</a>
</h2>

<a href="/buildings/kew-schofields-stage-1-rose-garden-23-27-schofields-road-schofields"><img alt="" height="1125" src="https://s3-ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/pictures/article-images/kew-schofields-23-27-schofields-road-schofields-a22ac95f9735b71a52863378df6a8e35.jpg" width="2000"></a>

23-27 Schofields Road, Schofields NSW 2762

Apartments starting from $410,000

Hurry, as there is only a limited selection of eligible homes available within each development. Request a call from a sales agent via Urban now for the opportunity to secure your dream home at a reduced price. 
</body></html>

Olivia Round

Buy now + save: 20 Urban listings eligible for the $25,000 HomeBuilder Grant

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If you’re a first home buyer at the moment, then you will have noticed the Governments, Federal and State, seem to just want to <a href="/expert-insights/buying/home-building-grant-to-benefit-affordable-areas-and-first-timers">throw money at you </a>to try and help you get into that first home.  You’ve got to love that.  Let’s have a brief look at what the offerings are and how they can assist.

There are essentially four different offers available:

<ol>
<li>First Home Buyer Duty Exemption or Concession</li>
	<li>First Home Owner Grant (FHOG)</li>
	<li>First Home Loan Deposit Scheme</li>
	<li>Homebuilder </li>
</ol>
Please note that I’m looking at this from a Victorian perspective, so things may be different in other states.

The first three apply only to first home buyers, while the fourth is applicable to anyone that meets the criteria.

The <a href="https://www.sro.vic.gov.au/fhbduty">First Home Buyer Duty Exemption or Concession</a> relates to the purchase of either a new or existing property as a first home to owner occupy and live in.  If you qualify for this and the property you purchase has a value of $600,000 or less (technically the ‘<a href="https://www.sro.vic.gov.au/dutiable-value#:~:text=Dutiable%20value%20is%20the%20price,market%20value%20of%20the%20property.">Dutiable Value</a>’ to be $600,000 or less) then you will receive the first home buyer duty exemption, or if the value is between $600,001 to $750,000 you will receive the first home buyer duty concession.  This relates to the stamp duty normally charged on the purchase transaction.  In the case of the exemption, you don’t pay any stamp duty, while in the case of the concession, you pay a reduced rate of the stamp duty.  

The <a href="http://www.firsthome.gov.au/">First Home Buyer Grant </a>is applicable only to new homes.  That is if you are building your own home, or are purchasing a home that is being offered for sale for the first time, as well as <a href="/new-apartments">off the plan </a>purchases.  In this instance, in Victoria, you can receive $10,000 or, if the property is in regional Victoria, $20,000.  The property involved, however, has to be valued at $750,000 or less.

The <a href="https://www.nhfic.gov.au/what-we-do/fhlds/">First Home Loan Deposit Scheme</a> is a little different in that its aimed to reduce the amount of funds contribution required by home loan applicants in order to pass the Bank's credit criteria to obtain the loan. How this works is that the Government pays the Lenders Mortgage Insurance (LMI) premium normally associated with borrowing over 80% of the properties value.  There are still certain criteria applicants must meet, property value again being one of them, but this time it is based on postcode, and the criteria now include your level of income as well.  Not all lenders are participating in this scheme either but if it works for you then you can save several thousand dollars on the LMI premium.  

<a href="https://treasury.gov.au/coronavirus/homebuilder">Homebuilder</a> is the latest offering from the Federal Government to help the construction industry during the current COVID-19 situation.  This sees a grant of $25,000 available to any eligible applicants ( not restricted to first home buyers ) to go towards either construction of a new home, including off the plan purchasers, or for a significant renovation of an existing home.  Again there are certain criteria applicants must meet, and for now, at least it appears to only be a short term offer.  Any build contract must be signed before the end of the year and construction must commence within three months of the date of the contract. 

In the case of the first three, all the eligibility criteria are determined prior to <a href="/guides">settlement</a> and so the applicable grant amounts can be factored into the equation so that the loan amount applied for is for the correct amount, however, the Homebuilder scheme is proving a bit more problematic in its current form for the Banks.  Only because final eligibility is determined based on if the construction starts within three months of the contract being signed.  Which means that at the time of loan application, we can’t be certain that the $25,000 will actually be received.  This requires that the initial loan applications will need to be assessed for the full amount. 

In addition, you may still be eligible for the FHOG if you or your spouse/partner purchased a property on or after the 1st of July 2000 and have not lived there as your home.

Additionally, to receive the FHOG at least one applicant must:

<ul>
<li>Must occupy the home as their principal place of residence (PPR) for at least 12 months, commencing within 12 months of settlement or completion of construction.</li>
	<li>Be aged 18 or over (discretionary).</li>
	<li>Be an Australian citizen or permanent resident.</li>
	<li>In the case of the purchase of a new home - as at the date on which the applicant/s become entitled to possession of the home under the contract, which generally occurs on the date of settlement.</li>
	<li>And finally, in the case of entering into a comprehensive building contract - as at the date on which the building is ready for occupation as a place of residence, which generally occurs when construction of the home is finished.</li>
</ul>
On a final note, trying to make sense of it all can be a little daunting so it is always a good idea to have an in-depth discussion with your lender or broker to make sure you fit the <a href="/expert-insights/buying/the-time-has-come-for-first-home-owners-to-join-the-property-ladder">eligibility criteria for some, or all of these offers </a>so you can take advantage of them while they are still available.
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How New Government Measures Might Help First Home Buyers Secure a Loan?

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As the Australian <a href="/expert-insights/buying/the-future-of-the-australian-property-market-post-covid-19-according-to-icd-propertys-sal-quah">property market </a>weathers a period of significant uncertainty, buyers are flocking to the affordable and desirable lifestyle offered in Melbourne’s western growth corridor, with the region setting a benchmark for community-focused living. 

North, West, South-east and Sunbury Growth Corridor Plans were introduced in 2012 by the <a href="https://vpa.vic.gov.au/wp-content/Assets/Files/GCP%20-%20Chapter%207%20Sunbury-Diggers%20Rest%20Corridor%20Plan.pdf">Victorian Planning Authority</a> to manage the growing population of the region. Each of these identified corridors aims to deliver affordable housing, employment, all-inclusive town centres, along with wide-open spaces that are expected to eventually accommodate close to half of Melbourne’s new housing. 

With the rest of the state forecasting a market downturn as a result of COVID-19, developers in Melbourne’s west are witnessing a resurgence of buyers who are eager to capitalise on low-interest rates and <a href="/news/everything-you-need-to-know-about-australias-25-000-homebuilder-grant-how-much-off-the-plan-homebuyers-could-save">government stimulus package</a>s. This <a href="/news/new-housing-development-aims-to-cater-to-significant-population-growth-anticipated-for-geelong">accelerated population growth</a> is expected to continue into the future with 22,100 residents expected to be added by 2031, representing growth of 15% per annum. 

[smartcode_project:default project_id=2772]

Securing homes and land for the future 

For the past decade, <a href="/developments/west-melbourne-vic-3003">Melbourne's west </a>has experienced remarkable population growth, with an additional 267,000 people moving into the area, representing a 38% increase. 

This area of Melbourne is consistently popular with the hard-working demographic. This includes individuals and families who are classified as essential service workers working within the health, logistics and construction sector and have remained the most financially secure during COVID-19. 

These buyers typically have their finances ready to go and are eager to start building, hence they tend to flock towards titled land as opposed to untitled which can take anywhere from 12 to 18 months to settle. 

Whilst first-home buyers are also active and still looking, they are spending more time researching and banks are taking a bit longer with finance approvals. On the other hand, there are still groups of buyers who are happy to buy <a href="/new-apartments">off the plan</a> now with a 5% deposit and then pay the rest at settlement in 12 months time. 

[smartcode_project:default project_id=27783]

Seeking a convenient lifestyle 

Buyers who opt to invest in the western growth corridor tend to place a greater emphasis on value - they actively seek out products that will provide them with more bang for their buck and master-planned communities tend to tick all the boxes. In addition, there has been a greater appetite for <a href="/new-townhouses">townhouses</a>, as more and more individuals shift away from traditional detached family homes. 

New home buyers are also seeking more than just value for money with owner-occupiers searching for a community that is designed for easy living away from the hustle and bustle of the city with space to grow and explore, such as wetlands and conservation areas. 

[smartcode_project:default project_id=27675]

Community connection 

Melbourne’s west is an up and coming area that is seeing families attracted by the space, investment into infrastructure and amenities.

Public transport links, walkability, thriving communities, and local community <a href="/news">development initiatives</a> are designed to foster a strong sense of community which is also appealing to first home buyers and those who are looking to build their forever home especially as people are spending more time in the suburb where they live. 

But this focus on community development requires investment and often does not come naturally, rather it is the responsibility of developers to implement such initiatives to encourage a strong sense of community to develop among residents. 

[smartcode_project:default project_id=7633]

It is becoming clearer than ever that buyers are expecting more than just a property. They are seeking a modern, fulfilling <a href="/news/lifestyle-choice-or-property-investment-not-an-either-or-equation">lifestyle</a> that provides value, convenience and a level of connection, and that is exactly what is on offer in Melbourne’s west, and why it remains one of the fastest-growing regions in Australia.
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Melbourne’s West: How the Growth Corridor is Defying the Property Market 

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If you’re confused about the <a href="/expert-insights/buying/4-reasons-to-have-faith-in-australia-s-property-market-for-the-long-run">Australian property market</a>, I don’t blame you.  

From some portrayals of the media, there’s nothing but doom and gloom, with talk that COVID-19 will burst Australia’s property ‘bubble’ and see property values tumble.

Others, however, argue that property investment remains a safe bet and will continue to be so for years to come.  

I’m in this camp. I firmly believe that there is still no better way to build wealth in Australia than through <a href="/guides/how-to-invest-in-property-in-2020-the-ultimate-guide">property investment</a>.  

Let me explain. 

There are a number of key factors that will continue to drive growth over the long-term. 

Scarcity of Supply and Growing Demand 

The value of anything is determined by its relative scarcity, and scarcity is fuelled by actual and perceived supply and demand. Where there is more demand than supply, the value of something is likely to rise. 

In Australia, a housing shortage will continue to drive the property market. Research from <a href="https://www.anz.com.au/personal/">ANZ</a> in 2016 revealed that Australia faces an estimated property shortage of more 250,000 dwellings, a deficit of 2.6% based on Australia’s housing stock of just under 10 million.  

Changing demographics 

Australians are living longer, and residing in smaller households. 

According to research from <a href="https://onlinelibrary.wiley.com/doi/10.1111/ajag.12113">Professor Graham Hugo</a>, average life expectancy has increased by more than 14 years (about 20%). Looking ahead, the ABS predicts that average life expectancy will be 92 for males and 95 for females by 2050. This means that people will need to be housed for much longer, putting more strain on housing availability. 

Since the mid-1960s, the household has also reduced from 3.4 to 2.4 persons. This 40% decrease is because Australians are choosing to remain single for longer, marrying, partnering and having children later in life, and unfortunately, divorce and separation continues to rise. For example, <a href="https://www.abs.gov.au/websitedbs/censushome.nsf/home/historicaldata?opendocument">ABS statistics from 1986 to 2006 r</a>evealed that one parent households rose by 120% and single households were up 80%.  

Population growth 

Australia has one of the <a href="/news/new-housing-development-aims-to-cater-to-significant-population-growth-anticipated-for-geelong">highest population growth rates</a> in the developed world. This is mostly due to our high immigration rate. 

And while there is a temporary hold on migration, once the borders are open this growth is set to continue as Australia continues to prove it is one of the safest and best places to live in the world. The ABS predicts that Australia’s population to rise to between 36.8 million and 48.3 million in 2061, reaching as high as 70 million by 2101.

Consider this simplified forecasting - Australia will have 16.5 million more people by 2061 and, based on the average household size of 2.4 persons, we’re looking at around 156,000 extra dwellings each year, on top of the existing national housing shortage of 250,000!

Is now a good time to buy property? 

History has repeatedly shown that property is very resilient to economic shocks as well as continues to hold its value and grow irrespective of <a href="/expert-insights/buying/covid-19-and-the-pathway-forward-for-property">unemployment levels</a> and negative economic growth. The after-effects of COVID-19 will be no different. 

In fact, current market conditions create a rare window of opportunity to secure <a href="/developments">good-quality properties </a>before the combined impact of continued share market volatility, historically low-interest rates and Australian dollar. In addition, massive government stimulus tips confidence and growing demand back into the property market including high-quality properties in scarce locations continue to rise in value. For smart investors, now is the time to pounce not to pause!

Of course, high-growth will not be across every city and region in Australia. It is expected that 70% of property market growth will come from the greater capital city regions of the eastern states: Queensland, New South Wales and Victoria. This will be driven by career opportunities (high employment), infrastructure investment and lifestyle needs. 

Property: ‘As safe as houses’

When it comes to property investment, it’s pretty clear that the numbers will continue to stack up. To emphasise the point, if the growth rates of property are equal to or even somewhat less than shares, the power of leverage will almost double your wealth creation compared to equities. 

Of course, before throwing yourself into the property market, make sure you do your <a href="/expert-insights/buying/how-to-research-an-off-the-plan-property-thoroughly-and-effectively">research</a>, seek advice from experts and put your own, personalised wealth plan in place. 
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Is Property Still a Good Investment? Find out why..

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2020 has been a year cloaked in an unscrupulous veil of uncertainty and fear. As Australians, we’ve endured horrific bushfires and the COVID-19 pandemic. It’s only fair to assume that one of the major markers of economic stability, the property market, would also take a substantial hit. However, whilst property prices and sales volumes have dropped, the market has proved itself to be extraordinarily resilient. 

According to data from <a href="https://www.corelogic.com.au/news/national-auction-market-preview-14-june">Core Logic,</a> the number of auctions scheduled in the week ending June 14 was roughly double the weekly average recorded in May which is a great incentive for those looking to enter the property market where values are not at the top of the market. With the <a href="/guides/how-to-navigate-australias-first-home-buyer-grants">first home buyer’s incentive </a>and interest rates at an all-time low, first home buyers are at a strategic advantage to purchase their first property.

First Home Buyers Scheme

The government is set to release another 10,000 scheme places for the next financial year from the 1st of July 2020. Generally, first home buyers need a 20% deposit to pay the lenders mortgage <a href="/news/two-key-lender-changes-you-need-to-know-about-before-you-get-your-loan">insurance</a> (LMI). Under this initiative, eligible applicants will only require a deposit of as little as 5% from participating lenders, with the bank guaranteeing up to 15% of the property’s value and waiving the LMI. 

Participating Lenders

Two of the big four banks, Commonwealth Bank and NAB are participants in the scheme, with 5000 spots allocated to the First Home Loan Deposit Scheme (FHLDS). A number of smaller banks are also involved in the initiative, including: Auswide, Bendigo Bank, Beyond Bank, CUA and Teachers Mutual Bank. 

Your lender will assess your eligibility according to your personal circumstances. These checks will include:

<ol>
<li role="presentation">An income test;</li>
	<li role="presentation">A priority property ownership test;</li>
	<li role="presentation">A minimum age test;</li>
	<li role="presentation">A deposit requirement;</li>
	<li role="presentation">A new owner-occupier requirement. </li>
</ol>
Getting your finances in order

Whilst many millennials dream of purchasing their first home, sometimes the smashed avocado toast is just too good to pass up. According to <a href="https://digitalfinanceanalytics.com/blog/tag/mortgage-rates/">Digital Finance Analytics</a>, over half of young families are experiencing mortgage stress, and these statistics were taken pre-COVID-19. 

It’s important that during these times that applicants become savvy savers and get their finances in order before proceeding with an application. This includes:

<ol>
<li role="presentation">Deposits saved and available;</li>
	<li role="presentation">Savings of an extra 5% to allow for moving expenses, stamp duty etc;</li>
	<li role="presentation">Emergency savings (at least 3 months worth);</li>
	<li role="presentation">Homebuilding insurance;</li>
	<li role="presentation">Affording repayments if interest rates increase, particularly now that they are at an all-time low. </li>
</ol>
Responsible Lending 

Following the Royal Commission, <a href="https://asic.gov.au/regulatory-resources/credit/responsible-lending/">ASIC's</a> new guidance on responsible lending creates a very specific set of criteria that lenders need to ascertain. 

If you’re an avid consumer of Netflix, Stan, <a href="/expert-insights/buying/how-your-uber-eats-and-afterpay-habits-could-derail-your-home-loan-application">UberEats</a> and Deliveroo your bank has the right to request a cancellation letter if you’re willing to give these up to cover your loan.

They may also ask if you’re willing to move your children from private to public school. Yes, this is not a joke. 

This means that it’s imperative to have your finances in order at least 12 months prior to lodging an application to avoid these issues. Whether it’s giving up Netflix or laying off the UberEats, these are new sacrifices you’ll have to make if entering the property market is your ultimate goal. 

Savvy Team

Determining <a href="/guides/how-to-buy-a-house-in-2021-a-guide-for-first-time-home-buyers">where to purchase</a> your first property is one of the most important and emotional financial decisions that you’ll make in your life. Equipping yourself with a team of experts that can help alleviate the stress and emotion that comes with such an important investment. 

An experienced <a href="/industry-news/how-are-real-estate-agents-assisting-during-the-covid-19-crisis">buyer’s agent</a> can provide unparalleled benefits to their client by maximising profit and yield on the purchase of your first property. For those who are time poor, a buyer’s agent has a wealth of knowledge and experience in researching properties to mitigate risk and maximise long-term profit, all while meeting your ideal property preferences and goals. 

The advice provided by a buyer’s agent allows you to avoid mistakes and disappointment. A good buyer’s agent will help in developing a clear and concise strategy backed by extensive research to purchase below fair market value. 

It’s important that prospective purchasers consider:

<ol>
<li role="presentation">Avoiding purchasing at the top end of the market;</li>
	<li role="presentation">Avoiding purchasing B or C grade assets;</li>
	<li role="presentation">Avoiding overpayment;</li>
	<li role="presentation">Avoiding purchasing in a low population area or a town relying solely on one industry sector. </li>
</ol>
Hence, contrary to other industries and economic sectors, there is certainly a silver lining for first home buyers looking to enter the property market in 2020. 
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Silver Lining for First Home Buyers Amidst the Pandemic 

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Australian interest rates are currently at <a href="https://tradingeconomics.com/australia/interest-rate">historically low levels</a>. This fact, along with the <a href="https://www.propertyobserver.com.au/https://www.abc.net.au/news/2020-04-14/imf-forecasts-big-coronavirus-growth-hit/12147818">economic uncertainty created by the coronavirus pandemic</a>, has left many wondering whether or not now is a good time to take out (or switch to) a fixed rate home loan. Fixed rate home loans are where your loan repayments will be charged at the same interest rate, usually for periods between 1 to 5 years.

There are both pros and cons of taking out a fixed rate home loan. 

Pros:

1. Your interest rate won’t go up if market rates increase 

This means that you’ll be charged less interest than a person with a variable rate home loan, giving you the opportunity to become <a href="/guides/how-to-secure-a-mortgage-free-lifestyle-sooner">mortgage-free sooner.</a> 

2. It can give you repayment certainty

Your repayments won’t change if market interest rates increase. A fixed rate loan can, therefore, be a good idea if your <a href="/expert-insights/buying/resetting-your-finances-during-covid-19-a-financial-coachs-guide">financial circumstances are likely to change</a>. For example, if you’re planning on starting a family or your job may be at risk due to the economic fallout of the coronavirus.

Cons:

1. Higher fees

A fixed rate home loan usually has higher fees than a variable-rate home loan.

2. Break fees

If you want to end your fixed rate home loan before the term expires, there will usually be ‘break fees’ involved. For example, a reason why you might want to end your fixed rate home loan is if you want to sell your home. Variable-rate loans, on the other hand, don’t have break fees.

3. Loan features and flexibility

Some fixed rate home loans limit your ability to make to do things such as:

<ul>
<li>making extra repayments</li>
	<li>
<a href="/news/the-difference-between-offset-and-redraw-mortgage-loans-that-are-right-for-you">redrawing money</a> on your home loan if you need to.</li>
</ul>
       However, variable-rate loans usually have more flexible features such as these.

Before you take out a fixed rate home loan, you should do all of the following:

1. Thoroughly research the market 

There are a huge number of home loan products and loan providers available in the Australian home loan market. If you don’t have time to research the market, you can use the services of a <a href="https://moneysmart.gov.au/home-loans/using-a-mortgage-broker">licensed mortgage broker</a>. 

In addition, if you are switching from a variable-rate home loan to a fixed-rate, it’s important that the benefits outweigh any costs. If you are unsure about this, you should obtain independent financial advice.

2. Understand the comparison interest rate

Lenders usually advertise two interest rates on their loan products: a nominal rate and a <a href="https://moneysmart.gov.au/glossary/comparison-rate">comparison rate</a>. The nominal rate is usually lower, but it doesn’t include the cost of loan fees and charges. The comparison rate, on the other hand, is higher but it does include the cost of most loan fees and charges. 

Always use the comparison rate when comparing loan products. Lenders in Australia are <a href="https://asic.gov.au/regulatory-resources/credit/credit-general-conduct-obligations/national-credit-code/">legally required to provide you with the comparison rate</a> before you take out a loan.

3. Negotiate loan fees and features

The Australian home loan market is highly competitive and lenders are always keen for new home loan business from applicants with good <a href="https://moneysmart.gov.au/managing-debt/credit-scores-and-credit-reports">credit ratings</a>. If you have a good credit history, you may be able to negotiate home loan fees and charges with lenders. 

There’s an old saying that ‘you don’t get what you deserve, you get what you negotiate’. If you don’t believe you have good negotiating skills, a mortgage broker can negotiate on your behalf.

 
It’s important to understand that paying off a home loan is a long-term financial commitment. Interest rates inevitably change over time and interest is the major cost associated with home loans. Even a small increase in interest rates can make a massive difference to the amount you’ll pay over the duration of a home loan. Hence, It is crucial that you consider the pros and cons of fixed rate home loans as well as their suitability for your current and future financial circumstances.

 
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Precautions You Should Take Before You Sign up For a Fixed Rate Home Loan

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Paying off your mortgage faster can help you to achieve financial security years ahead of time. Here are three simple strategies you can use to pay off your home sooner and become debt-free.

1. Halve your monthly repayments and make them fortnightly instead

If you are currently making monthly repayments on your home loan, switching to fortnightly can help you to afford to make an extra repayment each year. This is best demonstrated by using an example.

Example 1

According to the latest figures from the <a href="https://www.abs.gov.au/ausstats/abs@.nsf/0e5fa1cc95cd093c4a2568110007852b/d672cf4ebe195f15ca256e910077d9c2!OpenDocument">Australian Bureau of Statistics</a>, the average Australian mortgage is $384,700. If you were paying off that amount over a standard 25-year home loan term at an interest rate of 3%, your <a href="https://moneysmart.gov.au/home-loans/mortgage-calculator">monthly repayments would be $1,824</a>. You would hence make 12 monthly repayments each year (a total of $21,888).

However, if you divided your monthly repayment by two and paid $912 per fortnight instead, you would pay 26 fortnightly repayments per year which is a total of $23,712 per year. This equates to an extra monthly repayment of $1,814 per year (i.e. $23,712 less $21,288). 

The reason to explain the extra amount is that there are 26 fortnights per year compared to 12 months. There are also slightly more than 2 fortnights in every month of the year except February. Thus, over the course of the year, paying fortnightly adds up to an extra month’s worth of repayments. 

If these $912 fortnightly repayments were made on the $384,700 mortgage instead of monthly repayments of $1824, the loan would be paid off in 22 years and 3 months instead of 25. In other words, you would pay off your home 2 years and 9 months earlier. You would also save $22,845 in interest.  

2. Take out a mortgage offset facility 

A <a href="/news/the-difference-between-offset-and-redraw-mortgage-loans-that-are-right-for-you">mortgage offset facility</a> allows you to offset any interest you earn on another account from your home loan. 

Example 2

If you owe $300,000 on your home loan and you have $20,000 in an offset account for emergencies or other expenses, you will only be charged home loan interest on $280,000 (i.e. $300,000 less $20,000), rather than the full $300,000 that you owe on your home loan.

3. Refinance to a loan with a lower interest rate

It’s important to understand that even a small difference in home loan interest rates can make a big difference to how long it will take to repay your home loan. Again, this concept is best explained using an example.

Example 3

Let’s assume that you owe the average Australian mortgage amount of $384,700 and that your home loan provider is charging you an interest rate of 4% instead of the 3% that was charged in Example 1 earlier in this article.

If you were being charged 4%, your fortnightly home loan repayments over 25 years would be $1,015.50. 

However, if you refinanced to a home loan at a 3% interest rate and continued to pay the same $1,015.50 fortnightly amount, you would pay off your home in 19 years and 3 months instead. In other words, you would pay off your home 5 years and 9 months sooner simply by refinancing. You wouldn’t need to make any extra repayments to pay off your home loan faster.

It’s important to understand that there is usually a cost to refinancing. However, if the benefits outweigh the costs, then refinancing is a worthwhile financial decision. You should consider refinancing your home loan whenever your individual financial circumstances or market conditions change. Interest rates in Australia are currently at <a href="https://www.businessinsider.com.au/interest-rates-finances-2020-5">record lows</a> and it may be an ideal time to <a href="/expert-insights/buying/resetting-your-finances-during-covid-19-a-financial-coachs-guide">re-evaluate your finances</a> if your employment has been affected by the COVID-19 pandemic. 

The bottom line 
Paying off your home faster helps you to set up your <a href="/expert-insights/buying/resetting-your-finances-during-covid-19-a-financial-coachs-guide">financial future </a>and freedom. Although these are just three simple ways you can pay off your home sooner, you can find other ideas <a href="/guides/how-to-secure-a-mortgage-free-lifestyle-sooner">here</a>.
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How to Pay Off Your Mortgage Faster

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Buying a property can be a daunting, long and <a href="/guides/top-10-hidden-costs-of-buying-a-house-or-apartment-in-2021">complicated process,</a> even for seasoned buyers. It's helpful to know upfront what to expect, what needs to take place and when, to make sure your purchase is as seamless as possible. 

Here is a complete checklist of everything a buyer needs to tick off their list as part of a <a href="/expert-insights/buying/how-will-the-coronavirus-impact-australia-s-property-market">property purchase</a>. 

1. Do your research

Research the <a href="/developments">market and areas </a>in which to purchase. Consider what you’re looking for in a home or investment. What are the deal breakers? Review recent sales in areas you’re interested in.

If you’re a first home buyer, you may be eligible for the <a href="/guides/how-to-navigate-australias-first-home-buyer-grants">First Home Owner Grant </a>scheme (“FHOG scheme”). Look into any other grants or benefits you may be entitled to. 

2. Find out how much you can borrow

Speak to a mortgage broker or your bank to find out how much you can borrow. This will help narrow your search. Don’t forget to also factor in other costs like stamp duty, conveyancing fees, lenders mortgage insurance if applicable as well as moving costs. 

Getting pre-approval will usually help shorten the process once it comes time to secure finance for settlement. 

3. Inspect properties 

This is the point in time when you may find yourself at open houses every Saturday. This can be tedious, but necessary. Create a shortlist of properties online and visit those of interest. Make sure to ask agents questions about any properties you’re interested in. Inspect any properties you’re very interested in more than once if possible and necessary. 

4. Review the contract of sale

For those properties you’re interested in you should request the contract of sale from the agent. Once you have the contract of sale, it is time to engage your conveyancer. The seller's real estate agent or conveyancer generally prepares the contract of sale. The buyer’s conveyancer reviews the contract and negotiates any changes before the parties’ sign.

5. Conduct building and pest inspections

Most contracts are contingent on the satisfaction of certain conditions concerning <a href="/guides/home-inspection-checklist-step-by-step">building and pest inspections </a>as well as financing and a variety of property searches. The purchaser often orders and reviews the inspections whereas the buyer’s conveyancer typically orders and reviews the property searches. The buyer’s obligation is not fixed until all contract conditions are satisfied. 

6. Make an offer or bid at auction 

If the property is going to auction you can consider making an offer ahead of the auction if the seller is interested in offers. Speak to the agent for advice. 

If you want to be in the running at an auction, you must be ready to exchange contracts and complete the sale. That means you need to have all of your ducks in a row from <a href="/expert-insights/buying/assess-your-credit-files-long-before-applying-for-finance-for-your-dream-home">organising finance</a> to securing a conveyancer. To be able to <a href="/guides/tips-for-bidding-at-an-online-auction">bid at an auction</a> you will need to register as a bidder. The highest bidder will be the buyer, so long as the bid exceeds the reserve price. Contracts will be exchanged immediately. 

Alternatively, for a private sale, you can make an offer. If the offer is accepted, you will proceed to the exchange of contracts. 

7. Exchange of contracts

Once both parties have reviewed, signed and exchanged two copies of the contract, the buyer will pay a deposit. The buyer will usually have a “cooling off” period of five days following exchange, but this can be negotiated or waived. In this time the buyer may withdraw from the agreement, forfeiting the deposit but incurring no legal penalty. There is no cooling-off period when purchasing at auction.

Once contracts are exchanged the property will enter the settlement process which is usually about six weeks. The property will be yours once settlement is completed. 

8. Secure financing 

Now is the time to speak to your bank or mortgage broker about finalising your finance. Ensuring your finance is secured in time for settlement will ensure you avoid paying penalties. 

9. Visit the property one last time

Buyers should undertake a final inspection of the property in the presence of the seller’s agent as close to settlement as possible. The buyer should raise any issues as quickly as possible. 

10. Review the title one last time

Your conveyancer will review the title prior to settlement to make sure there are no new ownership interests or <a href="/guides">caveats</a> which will need to be lifted so that a change of ownership may occur. 

11. Sort out insurance 

Home insurance will cover the cost of repairs or damage to your property. Look into the rules in your state to understand at what point damage to the property becomes your responsibility. In some cases, this will be before settlement, so securing insurance in advance of settlement may make sense, especially if you have negotiated to occupy the home ahead of settlement. 

12. Settlement 

This is the big day. Buyer, seller and lender exchange legal documents and the remaining purchase price is paid. There may be final adjustments for taxes, rental fees and the release of existing mortgages. 

Your lender will notify relevant authorities of the change in ownership and lodge transfer documents with the Land Titles Office.

13. Get the keys!

The property is now yours! Given you most likely won’t attend settlement, you will need to organise to get the keys. Make sure you also have the codes for any security devices. 

The <a href="/guides/how-to-navigate-buying-property-during-the-covid-19-crisis">process of buying a property</a> is rarely completely smooth. Whether it be issues with finance or contract concerns, it is common for unexpected surprises to pop up. This is why it's critical to establish a great team around you including your conveyancer and mortgage broker to handle any issues and ensure settlement occurs by the deadline.
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A new (step by step) home buyer checklist for 2020 [Post-COVID 19]

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There’s no doubt that depreciation can make a <a href="/guides/property-depreciation-continues-to-maximise-cash-flow">significant difference </a>to any investor’s cash flow, but how does it work? 

What is property depreciation?

As a property gets older, its structure and assets wear out – they depreciate. The Australian Taxation Office (ATO) permits owners of income-producing properties to claim this depreciation as a tax deduction.

What can be claimed?

Depreciation is claimed under two categories, capital works and plant and equipment. 

Capital works deductions are claimed on the building’s structure and any permanently fixed assets. Common assets that are claimed under capital works include driveways, walls, basins and roofs. 

Plant and equipment deductions are claimed on assets that are considered to be easily removable or mechanical in nature. Some common examples of plant and equipment assets include air-conditioning units, blinds, hot water systems and flooring. 

How is depreciation calculated? 

<a href="/guides/how-to-invest-in-property-in-2020-the-ultimate-guide">Property investors</a> can claim capital works deductions at a rate of 2.5 per cent for up to forty years. Capital works deductions generally make up an average of 85 to 90 per cent of a total depreciation claim. 

Depreciation for plant and equipment assets differs from depreciation of capital works. These assets are generally depreciated based on their effective life through the diminishing value or prime cost method. 

The diminishing value method is the most commonly used method of depreciation for plant and equipment assets. Under this method, depreciation deductions are calculated as a percentage of the asset’s depreciable balance. This results in higher deductions in the earlier years of ownership. 

Alternatively, the prime cost method calculates depreciation as a percentage of the cost. When the prime cost method is used, deductions are not as high in initial years but are spread out over time and produce a more even claim each financial year. 

Claiming depreciation with the low-value pool or immediate write-off

Depreciation deductions on plant and equipment assets can be claimed sooner through the low-value pool or as an immediate write-off. 

The low-value pool allows qualifying assets to be depreciated at an accelerated rate. Assets in the pool can be claimed at a rate of 18% in the first year, and 37.5% each following year. 

There are two different ways that an asset can qualify for a low-value pool:

<ul>
<li>
Low-cost asset: Is a depreciable asset with an opening value of less than $1,000. </li>
	<li>
Low-value asset: Is a depreciable asset that has a written down value of less than $1,000. This means the asset’s value was more than $1,000 in the year of acquisition but the residual value of depreciation is now less than $1,000.</li>
</ul>
The immediate write-off is also available for eligible low-cost assets. For individual residential investors, qualifying assets that cost $300 or less can be claimed as an immediate write-off. 

Depreciation and renovations 

Significant depreciation deductions can be claimed before and after a renovation has been completed on an <a href="/guides/looking-to-buy-an-investment-property-top-3-things-you-must-do-online-first">investment property</a>. 

A process called scrapping allows property owners to claim deductions for the un-deducted value of removed assets in the year they were removed. To take advantage of scrapping, a depreciation schedule must be arranged both before and after the renovation takes place. 

How does property tax depreciation boost cash flow?

Property depreciation is a non-cash deduction that essentially reduces a property owner’s taxable income. This means they pay less tax each financial year without paying for any additional costs. 

To claim depreciation, a tax depreciation schedule completed by a specialist quantity surveyor is essential.

Estimating depreciation deductions before buying an investment property

Owning an investment property is a balancing act of income and expenses. When deciding whether to <a href="/new-apartments">buy an investment property,</a> investors should consider obtaining a depreciation estimate of the property they are looking to buy. 
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