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.
</section>
</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

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>
Federal Treasurer Wayne Swan has claimed the Coalition’s paid parental leave scheme would cause variable mortgage rates to rise.
Swan quotes new Treasury analysis showing the cost of the 1.5% company tax hike on banks and other mortgage lenders is nearly $4 billion over four years – reaching $1.1 billion in 2016-17.
“Mr Abbott's new tax will send standard variable mortgage rates up by 10 basis points, while business rates could rise by as much as 25 basis points,” says Swan.
“The big banks have put Mr Abbott on notice that they will pass on every dollar of his company tax hike by jacking up interest rates on mortgages and small business loans - everyone with a home loan or business loan will pay for Mr Abbott's PPL scheme.”
Swan labelled the tax “unfair and unaffordable” and said it would be “paid for out of the pockets of hard-working families and small businesses across Australia”.
“It's downright unfair to rip away $2,000 from new families on modest incomes and jack up their mortgage repayments just to put $75,000 straight into the bank accounts of millionaires.
“Under Labor, a family on a $300,000 mortgage is saving around $5,500 a year in repayments compared to the high interest rates the Liberals saddled them with when they left office,” he said.
The paid parental leave scheme is one of the key policies of the Coalition’s election manifesto.
It will pay mothers six months of their normal salary up to $75,000. 
Treasury estimates of cost of 1.5% company tax hike on entities involved in general lending and deposit taking
<table border="1" cellspacing="0" cellpadding="0" style="width: 470px;"><tbody>
<tr>
<td valign="top">
2013-14
</td>
<td valign="top">
2014-15
</td>
<td valign="top">
2015-16
</td>
<td valign="top">
2016-17
</td>
<td valign="top">
Total
</td>
</tr>
<tr>
<td valign="top">
$850m
</td>
<td valign="top">
$970m
</td>
<td valign="top">
$1030m
</td>
<td valign="top">
$1110m
</td>
<td valign="top">
3960
</td>
</tr>
</tbody></table>
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lschlesinger-FZcF9M3vE6

Coalition’s paid parental leave tax to push up mortgage rates: Wayne Swan

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The percentage of home owners a month or more behind on mortgage repayments lifted from 1.44% in December to 1.66% at the end of March, according to Moody’s Investors Services.
This was marginally above the 1.59% of borrowers 30 days or more behind in mortgage repayments in March 2012.
The increase was consistent across all mortgage providers, says Moody's.
The arrears rate for the major banks rose to 1.39% in March from 1.16% in December, while for the regional banks, it rose to 1.87% from 1.65%, and for non-authorized deposit-taking institutions (ADIs), it rose to 3.46% from 3.24%.
Despite the increase, Australian mortgage arrears rates are very low by international standards.
The US 30-plus days mortgage arrears rate was 6.21% in April, according to the First Look report prepared by Lender Processing Services.
The UK arrears rate was 2.5% in April, according to the Council of Mortgage Lenders.
Moody's  attributed the rise in the Australian mortgage arrears rate to seasonal factors, that is the fallout from higher discretional spending over the Christmas and New Year holiday period.
However, the increase in the arrears rate also lifted despite a cut in interest rates.
In December the RBA cut the cash rate by 25 basis points to 3% with most of this passed on to borrowers.
Moody’s expect the arrears rate to decrease in the second half of the year.
Borrowers will also be assisted by the May 25 basis point rate cut with most lenders passing this on in full.
Arrears rates improved among borrowers with lower credit ratings.
The low-doc arrears rate fell from a record high of 6.24% in January to 5.83% in March.
"Borrowers in low-doc deals provide little or, in the case of no-doc loans, no proof of income. Moody's considers that the higher delinquency rate of these loans can be explained by the cash flow volatility of the borrowers, who are typically self-employed," says Moody's.
"After excluding 100% low-doc deals, the prime 30-days plus arrears rate would have been much lower at 1.60% in March."
The non-conforming 30-days plus arrears rate rose to 7.85% in March from 7.39% in December, and was 85 basis points lower than March 2012 when it was 8.70%.
Moody’s figures are compiled based on the performance of securitised loans, that is loans packaged into residential mortgage-backed securities (RMBS) and sold to investors.
The worst performing 2004 vintage incurring 36 basis points of losses to date.
"To date, lenders mortgage insurance has covered the majority of these losses, with any residual covered by excess spread or by the lender," says Moody's.
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Small rise in home mortgage arrears rate in March blamed on Christmas holiday spending

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Two out of every five (40%) home loan enquiries to mortgage brokers Loan Market are now for a fixed-rate home loan product.
This follows the RBA cutting the cash rate to 2.75% on May 7 and lenders responding with fixed-rate cuts to interest rates below 5% including <a target="_blank" href="/news">Aussie Home Loans</a>, <a target="_blank" href="/news">RAMS</a>, <a target="_blank" href="/news">Westpac, St.George, Bank of Melbourne and BankSA</a>.
Loan Market spokesperson Paul Smith says that since the RBA rate cut, 40% of home owners have been looking into fixing their interest rate, which is the highest proportion since the start of 2013.

“There’s been a roller coaster of speculation when we’ll hit the bottom of the interest rate cycle and the latest RBA rate cut has caused lenders to drop their fixed rates even further as they expect the cash rate to drop again,” says Smith.

Smith says one of the interesting areas of movement in the past two weeks has been lenders moving the pricing of their three-year fixed rates more than their two-year rates.
Three-year fixed rate terms are the most popular followed by five-year fixed rate terms, according to mortgage comparison website, <a target="_blank" href="https://www.propertyobserver.com.au/news/monday-feb-25-feature-the-fix-is-on-for-bank-mortgage-rates-should-you-take-the-deal/2013022159504">Homeloanfinder.com.au</a>
“As lenders speculate where variable rates will bottom out, they’re going to find ways to attract and retain customers – fixed rate products are so competitive right now for this reason,” says Smith.

He says it is important for a borrower to consider the longer term implications of signing up for a fixed or variable rate and not to make a decision based on the interest rate alone.

“Fixed rates continue to be priced below variable rates and have been so for nearly 12 months now. It’s a trend that’s against the historical comparison of fixed and variable rates, which further adds to the unique situation interest rates are presently in.”
These are the lowest advertised variable and fixed mortgage rates based on listings on mortgage comparison websites<a target="_blank" rel="nofollow" href="https://www.ratecity.com.au/">ratecity.com.au</a>, <a target="_blank" rel="nofollow" href="https://mozo.com.au/">Mozo.com.au</a>,  <a target="_blank" rel="nofollow" href="https://www.infochoice.com.au/">infochoice.com.au</a> and <a rel="nofollow" href="https://www.homeloanfinder.com.au/">homeloanfinder.com.au</a> as of March 4:
Where the headline rate is the same, the lender with the lowest comparison rate gets preference.
Lowest variable rate offerings:
<table width="470" cellpadding="0" cellspacing="0" border="1"><tbody>
<tr>
<td width="127" valign="top">
Provider
</td>
<td width="129" valign="top">
Loan name
</td>
<td width="98" valign="top">
Rate
</td>
<td width="116" valign="top">
Comparison rate*
</td>
</tr>
<tr>
<td width="127" valign="top">
State Custodians
</td>
<td width="129" valign="top">
State Custodians Peak Performance Offset Home Loan
</td>
<td width="98" valign="top">
4.74%
</td>
<td width="116" valign="top">
5.11%
</td>
</tr>
<tr>
<td width="127" valign="top">
Loans.com.au
</td>
<td width="129" valign="top">
Blackboard special – purchases only
</td>
<td width="98" valign="top">
4.75%
</td>
<td width="116" valign="top">
4.77%
</td>
</tr>
<tr>
<td width="127" valign="top">
UBank
</td>
<td width="129" valign="top">
UHomeloan – refinance only
</td>
<td width="98" valign="top">
4.87%
</td>
<td width="116" valign="top">
4.87%
</td>
</tr>
</tbody></table>
Lowest one-year fixed-rate offerings
<table width="470" cellpadding="0" cellspacing="0" border="1"><tbody>
<tr>
<td width="137" valign="top">
Provider
</td>
<td width="123" valign="top">
Loan name
</td>
<td width="95" valign="top">
Rate
</td>
<td width="114" valign="top">
Comparison rate*
</td>
</tr>
<tr>
<td width="137" valign="top">
Greater Building Society
</td>
<td width="123" valign="top">
Ultimate Home Loan Package
</td>
<td width="95" valign="top">
4.74%
</td>
<td width="114" valign="top">
5.51%
</td>
</tr>
<tr>
<td width="137" valign="top">
UBank
</td>
<td width="123" valign="top">
UHomeloan – refinance only
</td>
<td width="95" valign="top">
4.83%
</td>
<td width="114" valign="top">
5.12%
</td>
</tr>
<tr>
<td width="137" valign="top">
iMortgage.com.au
</td>
<td width="123" valign="top">
iMortgage Fusion 75
 
</td>
<td width="95" valign="top">
4.84%
</td>
<td width="114" valign="top">
5.08%
</td>
</tr>
</tbody></table>
Lowest three-year fixed-rate offerings
<table width="470" cellpadding="0" cellspacing="0" border="1"><tbody>
<tr>
<td width="133" valign="top">
Provider
</td>
<td width="133" valign="top">
Loan name
</td>
<td width="97" valign="top">
Rate
</td>
<td width="108" valign="top">
Comparison rate*
</td>
</tr>
<tr>
<td width="133" valign="top">
iMortgage.com.au
</td>
<td width="133" valign="top">
iMortgage Fusion 75
 
</td>
<td width="97" valign="top">
4.94%
</td>
<td width="108" valign="top">
5.16%
</td>
</tr>
<tr>
<td width="133" valign="top">
Loans.com.au
</td>
<td width="133" valign="top">
Dream Loan Express Fixed
</td>
<td width="97" valign="top">
4.99%
</td>
<td width="108" valign="top">
4.93%
</td>
</tr>
<tr>
<td width="133" valign="top">
Aussie
</td>
<td width="133" valign="top">
Aussie Select Basic Fixed Rate
</td>
<td width="97" valign="top">
4.99%
</td>
<td width="108" valign="top">
5.22%
</td>
</tr>
</tbody></table>
*A comparison rate includes both the interest rate and the fees and charges relating to a loan, combined into a single percentage figure.
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Cheapest fixed and variable offerings: mortgage brokers record spike in fixed-rate home loan enquiries

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Mortgage lender RAMS has cut its one-year fixed home loan rate by four basis points to 4.95% p.a. and its three-year fixed home loan rate by 10 basis points from 5.09% to a low 4.99% p.a.
The new rates take effect from tomorrow (May 28).
It follows less than two weeks since RAMS <a href="/news">last cut its fixed rates</a> following the RBA May cash rate cut, with its two-year fixed home loan also falling to 4.99%.
“These interest rate cuts to our fixed home loan rate further demonstrates our commitment at RAMS to bringing Australians a better deal. RAMS continues to offer some of the most competitive and attractive fixed home loan rates on the market to help everyday Australians into homes," said RAMS chief executive Melos Sulicich.
“Fixing your interest rate could be a smart option allowing customers to lock in certainty of monthly repayments. Another option to consider is splitting your home loan between fixed and variable interest rates to make the best of both worlds,” he said.
<table border="1" cellspacing="0" cellpadding="0"><tbody>
<tr>
<td width="106" valign="top"></td>
<td width="106" colspan="2" valign="top">One year</td>
<td width="106" colspan="2" valign="top">Two year</td>
<td width="106" colspan="2" valign="top">Three year</td>
<td width="106" colspan="2" valign="top">Four year</td>
<td width="106" valign="top">Five year</td>
</tr>
<tr>
<td width="106" valign="top">
New Rate 
</td>
<td width="106" colspan="2" valign="top">
4.95% 
</td>
<td width="106" colspan="2" valign="top">
4.99%
</td>
<td width="106" colspan="2" valign="top">
4.99% 
</td>
<td width="106" colspan="2" valign="top">
5.39%
</td>
<td width="106" valign="top">
5.45%
</td>
</tr>
<tr>
<td width="106" valign="top">
Comparison Rate* 
</td>
<td width="106" colspan="2" valign="top">
6.07% 
</td>
<td width="106" colspan="2" valign="top">
5.98%
</td>
<td width="106" colspan="2" valign="top">
5.91% 
</td>
<td width="106" colspan="2" valign="top">
5.98%
</td>
<td width="106" valign="top">
5.97%
</td>
</tr>
</tbody></table>
Source: RAMS
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RAMS cuts three-year fixed-rates to 4.99%

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Westpac chief economist Bill Evans and AMP Capital chief economist Shane Oliver are the only two economists out of 21 surveyed by Bloomberg last week who expect a rate cut on June 4.
The other 19 economists surveyed by Bloomberg expect the RBA to leave the cash rate unchanged at 2.75%.
Bill Evans was the first economist to tip the RBA to begin its easing cycle in November 2011 and was also the first to forecast that the cash rate would fall to 2.75%, doing so <a target="_blank" href="https://www.propertyobserver.com.au/news/rba-to-cut-rates-by-25-basis-points-next-week-with-three-more-to-come-taking-cash-rate-to-reach-275-by-year-end-westpac/2012053154924">back in May last year.</a>
He expects the cash rate to bottom out at 2% sometime in the March quarter of next year.
Another economist tipping a rate cut in June – but not included in the latest Bloomberg survey - is Macquarie Group chief economist Richard Gibbs, who said so at a recent Mortgage Choice state conference in WA.
Looking ahead, the Commonwealth, NAB and ANZ all expect one more rate cut this year to take the cash rate to 2.5%.
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All economists – bar Westpac’s Bill Evans and AMP’s Shane Oliver - favour RBA cash rate hold in June: Bloomberg survey

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The proportion of Australian taxpayers that have become landlords has more than doubled since negative gearing was re-introduced  in September 1987 with a surge in those who claimed losses on their investments from 1999 onwards, according to analysis of ATO figures by MacroBusiness.
The negative gearing tax break for property investing was briefly abolished between 1985 and 1987 by the Hawke government, before being hastily reintroduced.
"Australia has morphed into a nation of landlords. In 1989-90, 696,000 taxpayers – 7.2% of the total – reported net rental income to the Australian Taxation Office (ATO). But in 2010-11, 1,811,000 did – 14.2% of total taxpayers," writes MacroBusiness's Leith van Onselen.
The surge in property investing from 1999 coincided with the ability of investors to minimise their tax bills via negative gearing, combined with easier access to credit – more lenders, a diversity of lending products, growth of mortgage broking - and the halving of Capital Gains Tax (CGT) in 1999 by the Howard government.
Recently, both the Coalition and the incumbent Labor government said they had <a target="_blank" href="/news">no plans to remove negative gearing</a>.
The graph below documents the rise in the proportion of taxpayers who are landlords (blue line) since 1979, with a steep rise occurring from around 1989 onwards.
The red line shows the proportion of landlords who negatively gear their investments has risen from around 6% in 1999 to in excess of 9% in 2011.  
<img height="280" width="470" src="/images/stories/2013/macrobusiness_chart_1.jpg" alt="macrobusiness_chart_1">
The recently published 2010-2011 <a href="https://www.propertyobserver.com.au/landlords/two-thirds-of-property-investments-negatively-geared-ato-figures/2013043060891">ATO annual report</a> revealed that around two-thirds of 1,811,174 property investors - 1,213,597 taxpayers – claimed losses on their investment properties for the 2010-11 tax year up from 1,110,290 who claimed losses in the 2009-10 tax year.
The average loss recorded for negatively-geared property investors was $10,947 in 2010-11, up from $9,132 in 2009-10.
The highest proportion of tax payers claiming rental deductions are those earning between $37,000 and $80,000 per year, making up more than a third of all negatively-geared property investors.
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Landlord numbers have doubled since negative gearing reintroduced in 1987

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A pilot program to assist senior Australians to downsize their home without affecting the age pension will be welcomed by some retirees but the vast majority will be disappointed by the limitations of the scheme, as they want to stay where they are rather than sell and move away.
From July 1 2014, those claiming the age pension and who have lived in their current home for at least 25 years, can downsize and invest the additional funds, capped at $200000, in a special account. The funds invested and any interest earned will be exempt from asset and income testing for up to 10 years.
Although we welcome any initiative that is intended to improve choice for senior Australians seeking to access their housing wealth in order to fund their retirement, the appeal of the Government’s Housing Help for Older Australians’ pilot is likely to be somewhat limited as it does not address the overwhelming desire of retirees to remain in their homes.
The Australian Bureau of Statistics reports that 75% of Australians aged 65-74 and 82% of those aged 75 and over own their home outright. According to the Australian Institute of Health &amp; Welfare, outright homeowners are more likely to intend to age in place and exhibit the highest levels of satisfaction with their housing.
The key challenge for retirees seeking to improve their standard of living is to release some of their home equity wealth without selling their home and then having to move away from established and supportive social networks.
Domacom has emerged as the first provider of long awaited "Second Generation" Equity Release products, which will improve the range of equity release strategies available to the so-called, Asset Rich but Cash Poor retirees who have previously had little choice beyond bank-funded Reverse Mortgages. Compounding the problem, the number of Reverse Mortgage providers has fallen dramatically since the Global Financial Crisis. 
The MoneySmart website hosted by the Australian Securities and Investment Commission suggests that using home equity may be suitable if “you need a lump sum for home maintenance or renovations so you can stay in your home” but warns that “using your home equity is a big step”. ASIC also advises consumers to work out whether the benefits outweigh the risks and always seek financial advice before making a decision.  
Domacom has taken an important decision introduce a mandatory requirement that clients obtain both financial and legal advice, in order to increase consumer protection.
Given that home ownership represents about 70% of Australians’ personal wealth and that the number of Australians aged 65 and over is predicted to double by 2031, home equity release options are likely to stay on the agenda for government policy developers regardless of the 2013 election outcome.
Arthur Naoumidis is chief executive of <a target="_blank" href="https://www.domacom.com.au/">Domacom</a>
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anaoumidis-yKSh9uwLbM

Seniors downsizing pilot program to be welcomed by some but not all: Arthur Naoumidis

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The Reserve Bank has noted strengthening conditions in the housing market, but it remains worried about demand for home loans, says Westpac chief economist Bill Evans.
Evans said the primary reason for the rate cut in May was a “surprise low print for inflation in the March quarter” as well as a “downbeat assessment of business conditions”.
But, he says the RBA board also “takes considerable notice of credit growth” qualifying its statement that housing loan approvals are improving with the comment that “credit growth remains subdued to date” along modest growth in business debt.
“This failure of credit growth to support optimism around the housing market is a very important observation,” says Evans.
“It is repeated in the final paragraph of the ‘Considerations for Monetary Policy’ section and provides an important condition which the Bank is likely to require before it declares victory in its objective of boosting the housing market.
“We have seen other comments from Bank officials pointing out that any sustained boost to housing activity and house prices would need to be supported by a marked improvement in credit growth.
“Of course to date this improvement has been missing mainly because existing borrowers continue to pay down debt,” says Evans.
Evans is sticking with his expectation, post the May rate cut, that the cash rate will fall to 2%, as well as a June rate cut, but with some degree of uncertainty on the timing.
“We were also sufficiently encouraged, particularly around the Governor's statement that implied there was more scope to ease policy, to expect a follow-up move in June
“Accordingly, while we are confident about our medium term view that the cash rate will eventually reach 2%, the choice of a June or later date for the next move is highly subjective.
“We are comfortable to reserve any decision to push back that call until we see Australian dollar and capital expenditure evidence over the next week," he says.
The government’s capital expenditure plans are to be released on May 30, which Evans says are “so important for the bank's overall plan to rebalance investment towards non-mining activities".
Evans is tipping a cash rate of 2% by the March quarter of 2014.
ANZ economist Justin Fabo has a 25 basis point rate cut “pencilled in” for later this year.
“Combined with our subdued outlook for overall business investment, however, and an expectation that the currency is likely to remain elevated for a while yet, our view is that the cash rate is still more likely than not to be lowered a little further,” he says.
CommSec economist Savanth Sebastian says the RBA has “made it clear that it is not done cutting rates” though it is unlikely that multiple rate cuts are on the cards.
“Certainly with inflation well contained and expected to be within the target 2% to 3%band over the next couple of years policymakers can rest easy while maintaining an easing bias,” he said.
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Subdued home loan growth a worry for RBA with 2% cash rate still on the cards: Westpac’s Bill Evans

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The Coalition currently has no plans to remove negative gearing tax breaks used by a third of Australian property investors if it wins power in September.
Even if removing negative gearing were recommended as part of a broader White Paper tax review, it would only seek a mandate to change tax rules as part of a second term election campaign.
A story on thewest.com.au claiming shadow treasurer Joe Hockey would review negative gearing tax breaks for property investors as part of an incoming Coalition government tax review, has been rubbished by his spokesperson, Tony Ritchie, who is demanding a retraction.
“Tony Abbott was clear last Thursday night, saying if a Coalition Government is elected it 'will consult with the community to produce a comprehensive white paper on tax reform'.
“'We’ll finish the job that the Henry review started and this government squibbed. We want taxes that are lower, simpler and fairer and will take proposals for further tax reform to the following election.'
“Mr Hockey nor the Coalition has identified any particular tax that will be reviewed.
“If the White Paper makes recommendations the Australian public will be asked to give a second term Coalition a mandate before any taxation reform is undertaken.
“There could be no fairer or transparent system,” said Ritchie.
At the same time incumbent federal treasurer Wayne Swan has ruled out making any changes to negative gearing telling reporters in Adelaide today the government had “ruled out any change to the existing arrangements" in its response to the Henry report.
The recently published <a target="_blank" href="https://www.propertyobserver.com.au/landlords/two-thirds-of-property-investments-negatively-geared-ato-figures/2013043060891">ATO annual report</a> revealed that around two-thirds of Australia’s 1,811,174 property investors - 1,213,597 taxpayers –  using negative gearing provisions to claim losses on their investment properties for the 2010-11 tax year up from 1,110,290 who claimed losses in the 2009-10 tax year.
The average loss recorded for negatively-geared property investors was $10,947 in 2010-11, up from $9,132 in 2009-10.
<a href="/news">Investment adviser Scott Pape</a> stirred up a hornet's nest of responses from readers when he suggested that the government didn't have the "ticker" to remove negative gearing tax breaks.
Now he can add a likely Coalition government to his list.
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No plans for Labor or Coalition governments to abolish negative gearing 

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Westpac will offer new borrowers a one-year fixed-rate home loan of 4.79% from today, among the lowest home loan rates available in Australia.
Its state-based subsidiary banks St.George, Bank of Melbourne and BankSA have also cut their fixed-rate home loans below 5%.
Bank of Melbourne today announced cuts to its 1, 3, 4 and 5-year fixed rate home loans, including a three-year fixed rate of 4.95% per annum for packaged home loan customers.
BankSA has cut fixed home loan rates for one, three, four and five-year terms, with the three-year fixed-rate being cut by 34 basis points to 4.95% per annum.
St.George has announced that it will cut its fixed home loan rate for 1, 3, 4 and 5 years, effective May 21 for a limited time.
St.George’s new fixed rates under the Advantage package are 4.99% p.a. for 1 year, 4.95%p.a. for 3 years and 5.49% p.a. for 4 and 5 years. St.George’s 2 year fixed rate remains at4.99% p.a.
Westpac briefly offered a two year fixed-rate home loan at 4.99% in February and March.
The new 4.79% Westpac rate is available for customers who take out a packaged home loan and borrow in excess of $150,000 and includes a 65 basis point discount off its standard advertised one year fixed-rate home loan.
The decision to offer a 4.79% fixed-rate follows the release of interim results this month, which showed nearly a quarter (24%) of Westpac customers fixed their home loan rate in the six months to March 31.
This was up from just 13% in the previous six month period.
Westpac also offers a reduction of 100 basis points off its current headline standard variable rate of 6.26% on mortgages over $500,000, 90 basis points on mortgages between $250,000 and $500,000 and a discount of 70 basis points on loans over $150,000.
Figures from RateCity.com.au have the proportion of fixed-rate home loans at 18.45%, the highest in five years. 
</body></html>

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