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

Joel Robinson

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

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

Lowe Living unveils Middle Park apartment development

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

DVB Projects to launch second Broadbeach apartment tower as demolition commences

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

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

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

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

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

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>
There’s a distinct feeling of déjà vu in the air, with non-bank lending pioneers Mark Bouris and John Symond both launching campaigns urging borrowers to consider alternatives to the major banks following the interest rate increases of the last few days.
On Sunday night Aussie kicked off its new advertising campaign fronted for the first time in five years by chairman and founder John Symond.
In the new campaign, which runs with the tagline “It’s smart to ask”, Symond urges consumers and borrowers to question and challenge their current financial providers, specifically banks, in an effort to review and choose a financial product or service.


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<script type="text/javascript">brightcove.createExperiences();</script>The new ad kicks off with Symond asking: “Is your current home loan the right one for you today? It’s smart to ask, the fact is things are more competitive today, you can save thousands but you need to make the right choice.”
He then goes on to say: “You could ask your bank, but would they tell you if a competitor had a better product? We will.”
Yellow Brick Road’s Mark Bouris, who famously competed with John Symond when he built up non-bank lender Wizard in the late 1990s and early 2000s (until selling it to GE Money for $500 million in 2005), has also gone on the offensive against the major banks.
Speaking on Eddie Maguire’s Triple M breakfast radio show today, Bouris said the banks had given smaller lenders like Yellow Brick Road and others “such an opening”.
“If this was AFL or rugby league I would be kicking goals or scoring tries,” he said, perhaps harping back to the days when Wizard sponsored both the NSW State of Origin side and Collingwood Football Club.
“The bottom line is my interest rate is 6.83% and the banks’ is 7.36% and that over 25 or 30 years you could save $40,000.
“If that’s not the most compelling reason to shop around and look for a better deal, I don’t know what is.
“There are small banks, there are credit unions, there are non-bank lenders like my business, Yellow Brick Road, offering better deals then the big four banks,” he said.
Bouris says the problem is that all anyone ever talks about is the big four banks.
“We are all doing them a big favour by talking about the big four… There are other places to go to.”
Bouris says it’s no harder to get a loan from a credit union, building society or non-bank lender than it is from a major bank if you qualify for it.
Bouris admitted that funding costs for new lending had risen but said this game was about averaging and smoothing out your costs, not just passing them on to your customers.
<a target="_blank" href="https://www.propertyobserver.com.au/finance/our-banks-are-too-big-to-fail-too-few-to-be-competitive-mark-bouris-and-christopher-joye/2012020853307">Along with Yellow Brick Road director Christopher Joye</a>, Mark Bouris has taken his campaign against the major banks online and in the print media, warning that the financial system is more at risk by being reliant on four $50 billion banks. Bouris and Joye suggest Australia would be better off with 10 banks worth $20 billion, “each small enough to fail without causing widespread damage”.
Competition between Bouris and Symond for mortgage customers reached its zenith in about 2003 when Aussie was writing about $600 million a month in new mortgages and Wizard had a mortgage book worth about $6.5 billion and about 300 franchise offices.
Aussie Home Loans acquired the Wizard franchise network from GE Money in 2008 during the height of the GFC for an undisclosed sum believed to be a fraction of what GE spent on buying it from Bouris in 2005.
Just before Aussie acquired Wizard, the Commonwealth Bank acquired a third of Aussie for about $70 million.
In 2002 Aussie changed its business model from a non-bank lender offering Macquarie Bank-backed loans through its PUMA program to that of a mortgage broker offering a range of loans from different lenders including the major banks.
In 1995 Symond was the face of Aussie Home Loans, kicking off its famous “We’ll Save You” ad campaign with the question: “You work hard for your money, so why give it to the banks?”
“I want you to ring your bank and demand a better deal… If they won’t come to the party, ring us.”
Yellow Brick Road remains a non-bank lender and receives its wholesale funding from Gateway Credit Union.
 
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lschlesinger-FZcF9M3vE6

Mortgage wars Groundhog Day: Mark Bouris and John Symond turn back the clock as they take on the banks

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A surge in home loan traffic on financial products comparison website RateCity.com.au suggests that more borrowers will refinance their mortgage in the wake of banks pushing up their mortgage rates independently of the RBA. 
Home loans as a share of RateCity’s website traffic has increased by nearly 50% in the first two weeks of February compared with the whole month of January a spokesperson has told Property Observer. 
“Overall traffic to the site has increased by 25% comparing last four months [February 2012, January 2012, December 2011 and November 2011] to the four months prior – and this growth is obviously understated because of Christmas holidays,” she says.
The RBA cut interest rates in November 2011 and December 2011, with most lenders passing on the full rate cut to borrowers.
 The pick-up in home loan traffic follows a see-saw month for borrowers, beginning with expectations that the RBA would cut interest rates by 0.25% on February 7 and ending with the major banks stinging customers with rate rises. 
Yesterday <a target="_blank" href="/news">NAB became the last of the major banks to lift its rates</a> outside of the RBA cycle, lifting its variable mortgage rate by 0.09% following increases of 0.06% by<a target="_blank" href="/news"> ANZ, and 0.1% by Westpac</a> and the<a target="_blank" href="/news"> Commonwealth Bank</a>.
{module What do you intend to do given the current interest rate fluctuations?}
{module Have you changed lenders in the last six years?}
 
 
 
 
</body></html>

More borrowers will refinance their mortgages in wake of bank rate rises: RateCity

<html><body>
Before you purchase your next commercial property, you need to take some advice on which purchasing vehicle is right for you — because it's definitely not “one size fits all”.
The Australian Tax Office is quite happy for you to arrange your affairs so as to minimise the tax you pay. In other words, it is quite legal for you to avoid tax — you simply cannot evade it.
Income tax and capital gains tax are clearly two important issues to consider when arranging your property investments, and so, too, is GST.
But tax planning is not the only factor to consider. There are other commercial concerns that you should also address, depending on your circumstances. Apart from ensuring your overall flexibility, you also need to be able to:
<ul>
<li>admit partners down the track;</li>
<li>allow one or more individuals to sell out when desired;</li>
<li>cope with future tax changes;</li>
<li>handle a marriage breakdown;</li>
<li>cope with the death of one or more individuals;</li>
<li>pass on the investments to future generations; and</li>
<li>take advantage of the new superannuation provisions.</li>
</ul>
If you haven't already done so, you need to give careful thought to these matters in choosing the best investment "vehicle" for your next purchase.
From a tax viewpoint, which vehicle is best for you?
The simplest way to answer this question is to fully review the advantages and disadvantages of the commonly recommended tax structures and decide which best suit your circumstances. Those possible structures (investment vehicles) include:
<ul>
<li>Company</li>
<li>Fixed trust (commonly referred to as a unit trust)</li>
<li>Partnership, or joint venture</li>
</ul>
Depending upon your particular situation, there will be one vehicle better suited to your needs. And it is vital for you to determine that before you finalise the contract of sale for your next purchase.
You may prefer to obtain advice from your accountant. Alternatively, most competent legal firms will have a taxation division, which can provide you with that advice.
And this is always my preference — because there is then less chance of something being able to "slip through the cracks".
Generally, the discussion about the most appropriate investment vehicle takes only about  15 to 20 minutes with a tax adviser.
However, the real advantage comes from being able to dovetail the formation of that vehicle with the conveyancing aspects of the contract itself — because everything is now happening in-house.
Bottom line: You are able to leave that initial meeting with the comfort of knowing the transaction will now be documented in the most tax-effective manner.
Plus, it will also provide you with the greatest flexibility down the track; and you now have one fewer thing to follow up in the process.
Chris Lang is an advisor to commercial property investors and gives keynote speeches and regular seminars on the best way to invest in commercial property. He maintains a blog, <a target="_blank" title="Chris Lang's blog" href="https://his-best.biz/">his-best.biz</a>, which he updates regularly about the best way to get the most out of your commercial property investment.
 
 
 
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chrislang-EQKojcgJPV

How to choose the right investment vehicle for your commercial property investment

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The NSW government’s decision to restrict first-home buyer stamp duty concessions to new homes or vacant land from January 1, 2012 helped drive a seasonally adjusted 3.8% increase in mortgage lending in December and a 7% increase in first-home buyer mortgages, according to December ABS housing finance data.
The number of commitments for owner-occupied housing finance rose 2.3% over December.
First-home buyer mortgages are up 38% since mid-2011, while finance to upgraders was broadly flat in the month and over the last six months.
Dylan Eades, economic analyst at ANZ, describes the headline number as “encouraging” but urges caution because it was “most likely boosted by the bring-forward of NSW activity ahead of the removal of the first-home buyer stamp duty concessions”. 
The end to the stamp duty concession also boosted NSW mortgage commitments, which rose by 6.1% in December and are 11% higher over the past two months. 
“Given that much of this growth has been driven by first home buyers, we are anticipating a mild retracement in NSW activity at the beginning of 2012,” says Eades.
New lending to owner-occupiers excluding refinancing rose 8.7% in the final quarter to be 4.6% higher through the year.
“Recall that it was a weak start to the 2011 year, on the back of the RBA's November 2010 rate hike and flood disruptions,” commented Westpac economist Andrew Hanlon. <img src="/images/stories/westpacfeb14.gif"> 
Hanlon also noted that NSW outperformed the market with mortgage commitments up 23% for the half year “as stamp duty changes to take effect from January 2012 triggered a bring-forward”.
Fixed-interest loans for investment purposes increased 7.5% during December to $7.1 billion following a 2.7% increase in November.
However, Hanlon says this type of financing can be volatile and notes that “the investor market was relatively subdued throughout 2011, with finance up just 1.8% for the year, against the backdrop of generally softer house prices”.
On a seasonally adjusted basis, demand for owner-occupier mortgages in Queensland was up 6.9% in the month, following a 2% rise, but still ended the 2011 year down by 1%. Victoria and WA reported a 1.3% gain, while SA and Tasmania reported falls.
Master Builders Australia describes the increase in housing finance in December as a positive sign but says it needs to be sustained.
“The key finance indicator released today by the ABS shows that demand for new dwellings is showing early signs of a pick-up in response to the interest rate cuts in November and December last year,” says Peter Jones, MBA chief economist.
“Loans for construction of dwellings and purchase of new dwellings, combined, were up 2.1% in December, and there was an encouraging lift in investment-related construction loans.”
“Finance commitments remain weak by historical standards, but the housing market is beginning to pick itself off the floor as the bring-forward effect of the government’s boost scheme fades and first-home buyers respond to lower interest rates and more affordable house prices.”
 
 
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First-home buyer mortgages up in December thanks to December NSW stamp duty deadline

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The National Australia Bank has increased its standard variable home loan interest rate by 0.09% to 7.31% pa.

It's still the lowest, albeit narrowly, of the major banks, <a target="_blank" href="/news">all of which</a> have now<a target="_blank" href="/news"> increased their interest rates </a>since last Tuesday’s Reserve Bank meeting. It takes effect February 20.

Lisa Gray, the group executive, says NAB has had the lowest rate of the major banks for 32 months and had committed to maintaining the lowest of the major banks through 2012. 

“These decisions are never taken lightly.

“We know that current economic uncertainty is impacting on our customers, which is why last week we made the commitment to maintain the lowest SVR of any of the major banks throughout 2012. 

“However, the state of the European and UK economies is having a serious impact on funding costs," she says.

“As recently as last week NAB acquired $1.5 billion of new funding on the domestic bond market at a premium that is around 70 basis points higher than the last equivalent issue just 8 months ago,” Gray says.
 
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jchancellor-FAypfDUnLy

NAB, the last and still narrowly the cheapest, puts up its standard variable rates by nine basis points

<html><body>
CBA is the latest lender to announce an increase in its variable mortgage rates independently of the RBA, pushing up its residential variable home loan by 0.1 percentage points per year to 7.41% per annum from February 20 following Bendigo Bank lifting rates by 0.15% earlier in the day to 7.4%% effective February 21.
The decision follows ANZ and Westpac pushing up their interest rates by 0.06% and 0.1% and Bank of Queensland committing to keep its rates unchanged until at least the outcome of the next RBA meeting.
Here’s a rundown of the standard variable rates on offer from Australian banks, starting with the cheapest:
6.94%
The standard variable bank rate that Heritage Bank is currently charging its customers.
7.20%
The standard variable bank rate that BankWest is currently charging its customers.
7.22%
The standard variable bank rate that ING Direct is currently charging its customers
7.24%
The standard variable bank rate that HSBC is currently charging its customers.
7.30%
The standard variable bank rate that Bank of Melbourne/St.George is currently charging its customers.
7.31%
The standard variable rate that NAB will charge its customers from February 20 after lifting rates by 0.09%. 
7.33%
The standard variable bank rate that Suncorp is currently charging its customers.
7.36%
The new standard variable bank rate ANZ will charge its customers from February 17 after lifting rates by 0.06%.
7.36%
The standard variable bank rate Bank of Queensland will charge its customers until at least the next RBA meeting on March 6, the bank has pledged.
7.41%
The new standard variable bank rate the Commonwealth Bank will charge its customers from February 20 after lifting rates by 0.1%.
7.45%
The new standard variable bank rate Bendigo and Adelaide Bank will charge its customers from February 21 after lifting rates by 0.15%.
7.46%
The new standard variable bank rate Westpac will charge its customers from February 20 after lifting rates by 0.1%.
 
*All rates as announced on February 13.
</body></html>

Standard variable mortgage guide as CommBank, NAB and Bendigo lift rates

<html><body>
The decision to keep official interest rates on hold last week means the economy is looking strong in the opinion of the Reserve Bank economists.
While most of the metrics considered by the Reserve Bank – European sovereign debt, the US economy, Chinese growth – are out of our control, the consequence of changing interest rates impacts on everything we do.
When we wait for the RBA’s decision on the cash rate at the start of each month, we tend to convince ourselves that interest rates are the only thing that counts in a home loan. But a mortgage is not only about price; there are also features and service, either of which can be as important as price.
I’ve written recently about mortgage pricing, pointing out that the big four banks have 90% of all new mortgages, yet their mortgage rates are around one percentage point higher than many of the non-banks and credit unions’ home loans.
And when it comes to features there are lenders who still won’t let you pay fortnightly, won’t let you access 100% offset on the loan account and won’t allow redraws on your excess mortgage payments.
So, price and features differ in the mortgage market, but it’s service that may be the most important.
Borrowing to buy property is a long-term commitment and is the largest debt most people will ever take on. Most borrowers admit they need advice, guidance and management. They need service.
When I was young, loan managers at the banks formed relationships with the people they approved: they visited customers at their homes; they came over to say hello when they saw you at the club; they gave advice and they contacted you personally if the loan was in arrears.
I’m not claiming that this was a golden era of customer service: banks themselves thought it prudent for loan managers to stay close to borrowers, to know their customers, to be proactive when someone lost a job or there was a matrimonial break-up.
When the 1990s started and hundreds of bank branches were being shut down, we were sold on a new version of the bank-customer dynamic. We were told that relationships were inefficient and the new era was about transactions.
If you look at all the advances in banking in the past 25 years, most of them are concerned with transactions: ATMs, phone banking, internet banking, iPhone apps. And we love it.
But what about service?
Back in the ‘90s, my business offered mortgages about one percentage point lower than the banks’, and we worked on having the best standard variable rate mortgage in the market, with redraw facilities, weekly and fortnightly payments, etc.
But the interesting part was the service. Originally, some high-paid American banking consultants advised us to build an electronic, distributed banking model, which essentially meant no branches but lots of call centre and internet access.
Guess what? The borrowers wanted service. They wanted a branch on a high street, where a manager took an interest in their circumstances and was part of the community. They wanted advice, guidance and management.
We started building branches, we trained loan managers who became their own small business owners and we ensured that the mortgage was not simply a transaction or a product: it was a relationship in which both the lender and the borrower were invested.
By 2003, the non-bank lenders had taken 15% of the Australian mortgage market, from a standing start in 1995.
And it wasn’t only the non-banks proving that Australians wanted to talk to experts about their mortgages. We have also seen the rise of mortgage brokers since the mid-1990s as borrowers sought out an actual person to give guidance.
Brokers now account for around 43% of all new mortgages in this country.
So now, even in a time when technology is king, service is still at the centre of the proposition for Yellow Brick Road.
I think it’s OK for Australians to feel uncomfortable with the transaction-based mortgage approach and to start demanding that they deal with a loan manager they can see, a face they can recognise and an expert they can be guided by.
Service has not died out. Ask someone who’s really happy with their mortgage: nine times out of 10 they’ll have a relationship with their lender.
Good service with your mortgage is still available, but if you want it you have to make a choice.
Mark Bouris is executive chairman of <a target="_blank" href="https://www.ybr.com.au/">Yellow Brick Road</a>, a financial services company offering home loans, financial planning, accounting and tax, and insurance.
This article first appeared in News Ltd. newspapers
 
 
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mbouris-tauSvXGAM2

Service counts when finding a mortgage broker: Mark Bouris

<html><body>
Fairfax columnist Michael Pascoe described it as a “cute way” the big four banks have seemingly taken turns at being the first to move their mortgage rates by less than a Reserve Bank rate cut – or to increase their rates by more than an RBA rate rise or to just raise them outright.
“It’s so cute that a cynic might wonder if it's staged,” Pascoe added.
Property Observer charts the decision leaders:
<img src="/images/stories/dec2009.jpg">
Westpac raises its standard variable mortgage rate by 45 basis points after the RBA increased the cash rate by just 25. The other banks followed by lower amounts, so Westpac’s Gail Kelly copped most of the attention. Little did we know that Kelly had shown her confidence in the Sydney property market just a month earlier when she spent a record $8.95 million on her Terrey Hills acreage property, albeit without any mortgage.
 
<hr>
 
<img src="/images/stories/nov2010.jpg">
The Commonwealth Bank announced a 45-point hike after the RBA's Melbourne Cup Day 25-point increase.  The others followed a little later and a little lower, leaving then CBA chief executive Ralph Norris to cop most the attention.
 
<hr>
<img src="/images/stories/nov2011.jpg"> 
The National Australia Bank passed on just 20 points of the RBA's 25-basis point cut.
 
<hr>
<img src="/images/stories/feb2012.jpg"> 
ANZ led the way with a six-point increase last Friday afternoon, followed by Westpac's 10-point effort at sunset, which suggests Gail Kelly’s recent safari trip in South Africa has emboldened her.
</body></html>

Big four taking turns on interest rate rises

<html><body>
Recently released 2012 NSW land tax rates suggest unwary NSW landowners are at greater risk of becoming taxable for the first time and obliged to lodge registrations by the March 31 deadline.
Paul Anderson, a property law partner with TurksLegal, says this year’s 2.3% uplift in the tax-free threshold followed a six-year period of more modest rises around the 2% mark.
“This means many more landowners may find themselves with the nasty surprise of a land tax liability for the first time in 2012 as a thinning threshold leaves them more exposed.
“In contrast, the threshold rises from 2001 to 2004 were substantially higher, ranging from a low of 6.8% to a high of 21.5%.”
The 2012 tax-free threshold is $396,000 – up $9,000 on the year before and on trend with the low increases since 2006.
<a href="https://www.propertyobserver.com.au/tax/nsw-land-tax-threshold-increases-0.2-after-a-1.77-across-the-board-gain/2011110352183" target="_blank">It was released last October</a>, with the individual land tax assessments over the past month.
“While this reflects an overall softening in the property market, it’s no longer safe for landowners to assume the threshold will provide a secure buffer,” Anderson says.
“Given the resilience of property values in some parts of NSW, there’s no doubt that some landowners who were previously exempt may suddenly creep into the taxable category.
“First-time land taxpayers who fail to register on time may be subject to penalties and interest so it’s important to understand when their obligations are triggered,” Anderson says.
As a general rule NSW landowners are likely to have to pay land tax on any property they own other than their principal place of residence.
Exemptions also apply for land zoned rural or non-urban, which is primarily used for primary production, and land used primarily for boarding houses and low-cost accommodation within a five-kilometre radius from the Sydney GPO.
New taxpayers must lodge a registration form with the Office of State Revenue (OSR) by March 31, 2012.
The OSR will then issue them with a notice of assessment spelling out land tax liability for the year.
“If they were registered in a previous year, they will automatically receive an assessment between January and March,” Anderson says.
For 2012, the land tax rate is $100 plus 1.6% of the landowner’s total NSW land holdings as at the end of 2011, in excess of the $396,000 threshold.
High-value properties are subject to a higher rate of 2% on the portion of the property’s value exceeding a ‘premium’ threshold of $2,421,000.
“If you disagree with a land tax assessment, you can lodge an objection with the OSR but you will need to act fast and get it in within 60 days,” Anderson says.
“However, if you have no objections you should be aware you have the option of receiving a 1.5% by paying your full tax liability prior to the first instalment date.
“If you’re not sufficiently cashed up to take advantage of the discount, then your fallback is to pay in the usual way, in three instalments on the dates specified in your assessment,” Anderson adds.
TurksLegal is a law firm with offices in Sydney and Melbourne, established in 1981, and currently with 24 partners and over 100 staff.
Yearly increases in NSW land tax-free thresholds
 
<table cellpadding="0" cellspacing="0" border="0" style="width: 282px;"><tbody>
<tr>
<td valign="bottom" nowrap width="95">
Year
</td>
<td valign="bottom" nowrap width="88">
Index
</td>
<td valign="bottom" nowrap width="100">
Increase (%)
</td>
</tr>
<tr>
<td valign="bottom" nowrap width="95">
2012
</td>
<td valign="bottom" nowrap width="88">
$396,000
</td>
<td valign="bottom" nowrap width="100">
2.3
</td>
</tr>
<tr>
<td valign="bottom" nowrap width="95">
2011
</td>
<td valign="bottom" nowrap width="88">
$387,000
</td>
<td valign="bottom" nowrap width="100">
2.9
</td>
</tr>
<tr>
<td valign="bottom" nowrap width="95">
2010
</td>
<td valign="bottom" nowrap width="88">
$376,000
</td>
<td valign="bottom" nowrap width="100">
2.2
</td>
</tr>
<tr>
<td valign="bottom" width="95">
2009
</td>
<td valign="bottom" width="88">
$368,000
</td>
<td valign="bottom" nowrap width="100">
4.5
</td>
</tr>
<tr>
<td valign="bottom" width="95">
2007
</td>
<td valign="bottom" width="88">
$352,000
</td>
<td valign="bottom" nowrap width="100">
0.0
</td>
</tr>
<tr>
<td valign="bottom" width="95">
2006
</td>
<td valign="bottom" width="88">
$352,000
</td>
<td valign="bottom" nowrap width="100">
0.0
</td>
</tr>
<tr>
<td valign="bottom" nowrap width="95">
2005
</td>
<td valign="bottom" colspan="2" width="188">
No threshold for land tax
 
</td>
</tr>
<tr>
<td valign="bottom" width="95">
2004
</td>
<td valign="bottom" width="88">
$317,000
</td>
<td valign="bottom" nowrap width="100">
21.5
</td>
</tr>
<tr>
<td valign="bottom" width="95">
2003
</td>
<td valign="bottom" width="88">
$261,000
</td>
<td valign="bottom" nowrap width="100">
18.6
</td>
</tr>
<tr>
<td valign="bottom" width="95">
2002
</td>
<td valign="bottom" width="88">
$220,000
</td>
<td valign="bottom" nowrap width="100">
7.3
</td>
</tr>
<tr>
<td valign="bottom" width="95">
2001
</td>
<td valign="bottom" width="88">
$205,000
</td>
<td valign="bottom" nowrap width="100">
6.8
</td>
</tr>
</tbody></table>
 
 
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Complacent NSW landowners at risk of land tax shock

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So, ANZ has gone and done it, raising its standard variable home loan rate independently of the Reserve Bank. It is a significant development in banking, albeit a very small and tentative one.
ANZ had been expected, after the second rate review under its new policy of considering rate movements on the second Friday of every month, to either do nothing or add 10 to 15 basis points to its key home loan rate. Instead it added a modest six basis points to, deliberately one assumes, line its rate up with Westpac, which has had the most expensive standard variable home loan rate of the majors. 
That may help defuse or at least reduce the intensity of criticism that would have been harsher if ANZ had set a new benchmark. The bank could be accused of wimping it, given how noisy it has been about the funding pressures that have been intensifying for the major banks. Tactically, however, it was in an awkward position. This month was one of the handful where the RBA board meeting falls in the second week of the month – in the same week as the ANZ review. Most of the time ANZ would have 10 days to consider the RBA’s decision and probably at least a week to see how its main competitors had responded before it made its own decision. Instead, to the delight of the other majors, with the RBA sitting on its hands, ANZ not only had to make an independent decision but one that could leave it alone and exposed for nearly a month, drawing the ire of the federal treasurer and other bank critics in the meantime. It has tried to make itself as small a target as possible. It shouldn’t have had to. This morning, well before ANZ took its baby step into its brave new world of independent rate-setting, the RBA released its latest statement on monetary policy. In it it makes an unequivocal case for bank rate rises. It says the spreads on bank debt are now "significantly higher than they were in the middle of last year" and that there has been a "step-up in the banks’ overall cost of funding relative to the cash rate." In its more detailed commentary it noted increases in the spreads on term deposits, on wholesale funding and in the cost of the foreign exchange hedging the banks undertake when they borrow offshore – all the banks’ sources of funding have become more expensive relative to its own cash rate. ANZ should have cut and pasted those comments into its own announcement, just in case Wayne Swan et al missed them. The reality is that the spreads on their borrowings, whether term deposits or wholesale funds, have been blowing out and exerting pressure on their margins. The National Australia Bank quarterly update this week showed it had lost about nine basis points of margin relative to the second half of last year. As noted previously, the majors are almost certainly writing new home loans at an initial loss relative to their incremental cost of funds. ANZ and NAB are the two majors that have been growing their home loans books at rates above the overall system growth, with ANZ growing its share at a greater rate than NAB. That would be intensifying the funding pressure. ANZ could therefore have easily made the case for a rate increase of at least 10 basis points or more, although its new policy does give it the flexibility to move the rate, in either direction, regularly at its own discretion and therefore it has the ability to lift it with a series of movements, each small enough not to ignite real fury among its customers and the politicians. Today’s move was a small one for the customers concerned but a major leap for the bank and potential for the system as the banks try to signal and explain to customers that the RBA’s cash rate influences only a part of its funding rather than determining its actual cost relative to benchmark rates.
This article originally appeared on <a href="https://www.businessspectator.com.au/" target="_blank">Business Spectator</a>.
 
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