<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

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Property investors and pundits may be forgiven for thinking new AFG data showing an increase in the number of new home loan inquiries is a good sign for the sector, but a new site designed to help home owners in financial trouble has put the brakes on any celebration.

The site, <a target="_blank" href="https://doingittough.info/">doingittough.info</a>, was developed and now operated by the Australian Bankers' Association, and allows home owners who are experiencing financial difficulty to contact their banks and figure out ways of obtaining some financial assistance.
But despite the connotations of releasing such a site in the current economic environment, ABA chief Steve Munchenberg says the site isn't a commentary on whether the European crisis could impact home lending, as some economist have predicted.
Instead, he says the website is a response to home owners who feel they don't have the ability to continue paying their mortgage when they actually have numerous options available.
"Back at the beginning of the year, with the floods, and then cyclone Yasi, we were able to go public then and highlight the fact that people could talk to their bank and get a quick release for a period of time to get them through some difficulties."
"We've seen other parts of the economy doing it a bit tough. And there is a reluctance on the part of some people to tell their bank they are going through hard times."
"I think people have given us a lot more credit for foresight than we should take."
The website itself offers tests for financial strength, along with information on what you can do when struggling through financial difficulty, and how you can apply for hardship provisions.
Munchenberg says the website isn't a commentary on arrears or defaults, which he points out is quite low. Instead, he says it's about dealing with people who don't feel they have any other option.
"When we have people in financial difficulty, they don't instinctively think to contact the bank. But the reality is the bank has a bunch of programs in place to help people in those situations."
"We would rather find out if you're under pressure early to make sure we can all work through that, rather than have people hide that fact and then get into a state where it's much harder to pay it all back."
However, despite the insistence that the site is not a warning, data shows Australians are spending more of their income on mortgage payments, even as prices have slowed. Real estate groups such as the Real Estate Institute of Australia believe this to be a serious problem.
<a href="/news">But new figures from AFG paint a different picture for the market</a>. The country's biggest mortgage broker recorded an 18.4% increase in mortgages processed in November, altogether worth $2.9 billion.
Investors took up 40% of mortgages, with the company saying it was most likely spurred on by the Cup Day interest rate cut.
The figure was the highest since March 2009, on a monthly basis. Fixed rate loans fell to just 17.2%, with stand variable loans taking a 63.1% share. The average size of all mortgages rose to $396,000 from $395,000.
But while the figures may suggest the market is on the verge of booming, auction clearance rates present another story. In both Sydney and Melbourne, sales have remained in line with results from the past three months.
In Melbourne, the Real Estate Institute of Victoria recorded a 55% rate, slightly up on last week but down from the 60% recorded this time last year. Chief executive Enzo Raimondo said for the fifth week in a row "there has been no substantive change in the level of demand".
It expects that trend to continue through the end of the year, even during next week when 900 auctions are expected.
Sydney recorded a 52% clearance rate, while Brisbane and Adelaide recorded rates of 20% and 36.8% respectively.
This article originally appeared on <a href="https://www.smartcompany.com.au/index.php" target="_blank">SmartCompany.</a>
 
 
<h1 class="contentheading2" style="font-family: arial, verdana, helvetica; line-height: 26px; color: #0096c4;"></h1>
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pmcstafford-pr9eMARWoN

Mortgage enquiries on the rise, but banking lobby group launches mortgage stress website

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November mortgage figures released by mortgage broker AFG show a resurgence in loans taken out by property investors as part of an overall jump in processed mortgage applications following the RBA cutting interest rates on November 2. 
The figures, which come out about six weeks ahead of official ABS housing finance data and are strongly indicative of where the market is heading, show an 18.4% increase in mortgages processed by AFG brokers. 
Property investors accounting for almost two out of every five mortgages sold in November (38.4%) – an all-time record for the AFG Mortgage Index. 
Investors were especially active in New South Wales (44.6%) and Victoria (39.8%), but also strong in Queensland (37.7%), Western Australia (32.1%) and South Australia (30.0%).
Refinancing activity remained virtually unchanged, accounting for 37.8% of all loans written. 
First-home buyers dropping to 15.8% of the market compared to 16.4% recorded in October, but are still well above the 12.2% recorded in November 2010. 
AFG, whose mortgage brokers account for about one in 10 mortgages written in Australia, processed $2.9 billion of mortgages in November, its highest such figure since March 2009. 
Mortgage growth was particularly strong in Victoria, where mortgages processed leaped 26.7% and Queensland (20.8%). Elsewhere, growth was recorded in NSW (16.4%), WA (15.8%) and SA (8.7%). 
Mark Hewitt, general manager of sales and operations at AFG, says that while November is seasonally a strong month for mortgages, “the rate cut has certainly stimulated demand”. 
“We’re experiencing the paradox that weaker global economic conditions and lower rates, is good news for Australian property buyers – at least for now. It’s significant that investors and first home buyers are leading the action,” he says. 
“Many had been fearful that we were locked into a scenario of constant rate hikes. The November rate cut proved to be a real a turning point and the outlook is very different now.” 
The major banks accounted for 80.4% of all mortgages written by AFG brokers, up from 78.9% written in October.
 
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lschlesinger-FZcF9M3vE6

AFG mortgage approvals at 33-month high as investors return to the market 

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Mortgage broking agency Smartline and well-known Western Australia brand The Mortgage Gallery have announced a merger as a result of industry consolidation that is pushing more mid-tier companies to chase scale or risk becoming irrelevant.

The two companies announced the merger yesterday, with the new entity to have 240 franchise owners settling $4 billion in loans ever year, with a combined book of over $17 billion.
John Bignell, director of the 20-year old Mortgage Gallery franchise, says the business has been contemplating several changes within the industry that favour large businesses over more mid-tier operators.
"We're a private company that has obviously enjoyed its independence, but we've been seeing a lot of market change. The gap between large brokers, say the top 10, and the boutique operators is becoming considerable."
"It makes you question your relevance in terms of lenders and your place in the market. That was a consideration for us, and you also have to wonder whether you've taken the business as far as you could."
Smartline executive director Joe Sirianni agrees, saying in order for businesses to grow and compete they must build scale.
"The nature of this industry dictates that you're either very small and boutique, or you're large and have some scale. Staying in-between is a hard position sometimes, and we're talking about being a sustainable business over a long period of time."
Smartline was founded in 1999, has over 200 franchisees and has won a number of franchising awards in its time. The Mortgage Gallery is a smaller company, but is a distinctly strong brand in Western Australia where it has a notable presence in regional areas.
Bignell says Mortgage Gallery was very careful to look at each opportunity it had in order to grow, and agreed that Smartline provided a good mixture of scale and culture.
"We wanted to know what each business stood for, how they went about doing business, and we liked the operation at Smartline more than any other."
"We wanted to get involved where we knew the senior management and we wanted to have an understanding of what our needs and expectations would be going forward."
Right now, Sirianni says the businesses may eventually come under one brand. However, he notes this will need to come up for periodic review.
"The objective over the long-term is to use one brand, and we'll continue to review that. But the Mortgage Gallery is a very strong brand in Western Australia and it'd be silly of us not to utilise that."
This article orginally appeared on <a target="_blank" href="https://www.smartcompany.com.au/index.php">SmartCompany</a>.
 
 
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cknowlton-QnEa6ntUYP

Mortgage brokers Mortgage Gallery and Smartline to merge

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A decision by the Reserve Bank to cut interest rates next week or at a future date is likely to have the strongest impact on NSW home buyers, according to a consumer survey by Mortgage Choice. 
A third of NSW consumers say they are would be “more likely” to buy a house if there were further drops in the interest rate, significantly higher than the national average of 26%. 
An interest rate cut would spur on 29% of Victorian to consider dipping their toes into the property market, with Western Australians’ sensitivity also tracking above the national average at 27% of consumers. 
Queenslanders and South Australians are the least sensitive to interest rate cuts, with just 21% of them saying they would be more likely to buy if the cash rate fell. 
The survey of over 1,000 consumers was carried out after the 25-basis-point interest rate cut on November 2. 
Alongside their pent-up appetite to buy property should interest rates fall, nearly two-thirds of NSW consumers (64%) believe property is a safer investment than shares, registering the biggest improvement in sentiment towards property over the last 12 month (up 7%) across the five states surveyed.
“With ongoing financial volatility here and overseas, New South Wales respondents are increasingly viewing property as a safer haven than shares. It is interesting to see the impact rising rental costs are having on people’s decision to take the leap into the property market,” says Mortgage Choice acting head of consumer of corporate affairs Belinda Williamson. 
A similar proportion of Victorians believe property is a better investment than shares (64%, up from 3% in 2010) just ahead of WA consumers (63%, down 1%). 
Sentiment towards property over shares increased by 5% among Queenslanders to 61% while South Australia registered a 1% fall with 61% of the state’s consumers preferring property over shares. 
Nationally, property has become more appealing in the ongoing financial turmoil with 63% of the more than 1,000 consumers surveyed by Mortgage Choice believing it to be a safer investment than shares, compared to 59% in 20101. 
NSW consumers are also the most optimistic about the economy, although confidence levels have dropped to 59% saying they were"fairly confident" or "very confident" about the economy, compared with 76% who said the same in 2010. 
Nationally, 56% of consumers were "fairly confident" or "very confident" about the economy versus 75% in 2010 with South Australians the most gloomy, with just over half of respondents (51%) feeling confident about the outlook. 
Other key findings from the national survey:
 
<ul>
<li>
Rental squeeze: 86% feel the rental squeeze is having an effect on property prices in their state. </li>
</ul>
<ul>
<li>
Property prices: 30% believe Australian property prices will increase over the next 12 months, 28% believe they will decrease, 26% believe prices will remain stable and 16% don’t know. gen Ys were the most adamant about property price rises, followed by gen Xers and baby boomers.</li>
</ul>
 
<ul>
<li>
The property purchase process: When asked how well informed respondents were about the property purchase process, 17% were "well informed", 34% "know the essentials", 35% have "some idea" and 14% have "no idea".  
</li>
</ul>
 
<ul>
<li>
The switch to fixed: 79% of mortgage holders will consider switching to a fixed term loan only when lenders’ fixed rates fall below 5.75%. </li>
</ul>
<ul>
<li>
Mortgage buffer: 67% of mortgage holders have only two months’ wages or less as a buffer in their mortgage. </li>
</ul>
<ul>
<li>
Using a mortgage broker: 64% of all respondents will consider using a mortgage broker in the future</li>
</ul>
 
 
<ul></ul>
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A third of NSW consumers more likely to buy housing if rates fall further: Mortgage Choice

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Demand for mortgages from property investors has tracked significantly below that of owner-occupiers over the past three months, Westpac has highlighted following the release of October credit statistics by the Reserve Bank. 
Westpac senior economist Andrew Hanlon says the current three-month pace of investor credit growth is just 4.1% annualised compared with 6.1% for owner-occupiers. 
“Weakness of the investor market is notable,” he says.
<img src="/images/stories/creditgrowth.gif">
Source: Westpac
He also expressed surprise that housing credit advanced by just 0.4% in October, down from growth of 0.5% in September, with overall credit growth for October at just 0.2%. 
“New lending, housing finance, has improved a little of late… The RBA cut rates in November. This points to some improvement ahead,” he says. 
“That said, housing finance remains at a relatively low level and housing credit growth is weak by historical standards.” 
Over the past 12 months housing credit growth has moderated to 5.7% currently from 7.4% a year ago, while personal credit has weakened (-1.4% from +2.2%) and business has credit stabilised (+0.7% following -3.0%). 
“Recall that for June 2011, the rise in housing credit of 0.35% was the weakest (nominal) monthly rise in the history of the series (back to 1976), with the exception of just July 1984. This highlights the headwinds facing the sector.” 
CBA economist James McIntyre noted that while total housing credit remains 5.7% higher than a year ago, this growth is the weakest in the 34 years of available data. 
“Overall growth in household credit (housing plus other personal) is growing at a 4.8% annual pace, well below growth in household incomes,” he says. 
Hanlon says further rate cuts (Westpac is forecasting another 75 basis points to be shaved off the cash rate over the next 12 months) will provide some relief to the housing market. 
“That points to a firming of general economic conditions and credit growth from around mid-2012,” he says.
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Owner-occupier mortgage demand outpaces demand from investors: Westpac

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A return of first-home buyers to the market will revitalise the housing markets in all capitals except Melbourne in 2012, according to Angie Zigomanis, senior manager of residential property at BIS Shrapnel.
Zigomanis <a target="_blank" href="https://www.propertyobserver.com.au/residential/first-home-buyers-to-drive-2012-housing-price-recovery-bis-shrapnel-s-angie-zigomanis/2011112252494/Page-1">says there are about 130,000 potential first-home buyers nationwide in any given year</a>. He says government incentives such as the first-home buyer’s boost and stamp duty concessions encourage potential first-home buyers to accelerate their decision to enter the market but does not create more demand from this market segment.
He notes after government incentives end the number of first-home buyers entering the market decreases as the segment normalises back to its underlying level.
About 190,000 first-home buyers entered the market in 2009 as a result of this accelerated demand, and Zigomanis says that the slowdown in this market segment in 2010 and 2011 was a result of first-home buyer interest returning to its underlying level.
He points to <a target="_blank" href="/news">figures showing that first-home buyer lending enquiries have started to pick up</a> as part of a trend that he says will cause prices to rise in all capitals except Melbourne in 2012 as a result of this interest “trickling up” across all market sectors.
“First-home buyers represent a key driver of the residential market, underpinning demand for entry-level dwellings, which in turn creates increased demand across the market,” Zigomanis says.
However, he expects Melbourne prices to remain largely flat in 2012, as supply is set to outpace demand in the Victorian capital as a number of large residential projects are completed next year.
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First-home buyers will drive housing recovery in all markets but Melbourne next year: BIS Shrapnel's Angie Zigomanis

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While the major banks still dominate the lending landscape, accounting for about 80% of all mortgages written in Australia, second-tier lenders can compete and in some cases do better than their big rivals by focusing on specific markets and playing to their strengths. 
This has been starkly revealed in the release of AFG’s inaugural first Competition Index, which shows that Suncorp wrote an impressive 14.9% of all first-home buyer loans in October, nearly double that of NAB (7.7%) and higher than ANZ (12.5%). 
Suncorp’s share of the first-home buyer market was almost triple its overall market share of 5.1% captured in October, up from just 3.1% in November 2010.
The proportion of the market seized by Suncorp is significant, since AFG’s network of brokers account for around 10% of all home loans written in Australia, so the index can be viewed as something of a barometer of consumer confidence (in this case first-home buyer confidence) in lending institutions.
It is also significant when you consider that Suncorp has a mortgage book of about $30 billion (with about $21 billion of this lent to owner occupiers), small in comparison to NAB’s $170 billion book ($121 billion lent to owner occupiers) and ANZ’s $160 billion book ($115 billion lent to owner occupiers). 
The strong showing of Suncorp in the first-home buyer space was noted by AFG’s head of operations, Mark Hewitt, who says the mortgage market has become a lot more competitive in recent months. 
“Suncorp have adapted their deposit requirements to assist First Home Buyers, in particular construction loans, and the results speak for themselves,” he says. 
The Queensland-based bank was not the only smaller lender to demonstrate it can compete with the bigger brands in the first home buyer segment, capturing 5.9% of the market, not far behind heavyweights Westpac (6.5%) and its subsidiary St George (6.4%).
Not only does the index show the ability of a smaller lender to compete, but it also shows that being big and having access to millions of advertising dollars does not guarantee success in key markets. 
In the first-home buyer space, the NAB brand was a resounding flop in October, capturing a pitiful 1.4% of the market. The bank had better success with its Homeside product, a product sold exclusively through brokers, capturing a more respectable 6.3% of the market. 
If the bigger banks wish to capture more of the first home buyer market, the performance of Homeside versus the NAB brand suggests reaching out to the broker channel in a more meaningful way may help increase the flow of business.
Perhaps NAB should follow ING Direct and Suncorp’s lead, which have both built up strong ties with the broker community. 
ING Direct recently announced that it was increasing its broker distribution team in the lead up to 2012, with new appointments geared to improve service and relationships with the third party channel while Suncorp recently appointed St. George’s former broker chief, Steven Heavey, as its head of intermediaries. 
Overall, second tier lenders accounted for 27.9% of the first home buyer market in October, a higher proportion than their overall market share of around 20%. 
This is significant given expectations by the likes of <a target="_blank" href="https://www.propertyobserver.com.au/residential/first-home-buyers-to-drive-2012-housing-price-recovery-bis-shrapnel-s-angie-zigomanis/2011112252494">BIS Shrapnel’s Angie Zigomanis</a>, who forecasts first home buyers to drive the housing recovery in 2012. 
Ten biggest lenders to first home buyers in October (non-majors in red) 
<table style="width: 470px;" border="1" cellspacing="0" cellpadding="0"><tbody>
<tr>
<td width="308" valign="top">
Lender
</td>
<td width="308" valign="top">
Market share
</td>
</tr>
<tr>
<td width="308" valign="top">
Commonwealth Bank
</td>
<td width="308" valign="top">
26.6%
</td>
</tr>
<tr>
<td width="308" valign="top">
Suncorp
</td>
<td width="308" valign="top">
14.9%
</td>
</tr>
<tr>
<td width="308" valign="top">
ANZ
</td>
<td width="308" valign="top">
12.5%
</td>
</tr>
<tr>
<td width="308" valign="top">
BankWest
</td>
<td width="308" valign="top">
10.2%
</td>
</tr>
<tr>
<td width="308" valign="top">
Westpac
</td>
<td width="308" valign="top">
6.5%
</td>
</tr>
<tr>
<td width="308" valign="top">
St.George
</td>
<td width="308" valign="top">
6.4%
</td>
</tr>
<tr>
<td width="308" valign="top">
Homeside (NAB broker brand)
</td>
<td width="308" valign="top">
6.3%
</td>
</tr>
<tr>
<td width="308" valign="top">
ING Direct
</td>
<td width="308" valign="top">
5.9%
</td>
</tr>
<tr>
<td width="308" valign="top">
Citibank
</td>
<td width="308" valign="top">
2.9%
</td>
</tr>
<tr>
<td width="308" valign="top">
AFG mortgage
</td>
<td width="308" valign="top">
2.1%
</td>
</tr>
</tbody></table>
Source: AFG
 
The strongest player in the first home buyer segment in October was the Commonwealth Bank, which in combination with subsidiary BankWest accounted for more than a third (36.8%) of all first-home buyer loans processed by AFG brokers. 
Overall the ANZ brand captured the great share of the mortgage market accounting for a 20.1% of all loans written in October by AFG brokers, followed by CBA at 18.7% and Westpac at 13.7%.
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Suncorp demonstrates smaller banks can compete with the majors

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Two out of five mortgage holders say it is still too hard to switch home loan providers, despite the ban on mortgage exit fees on variable loans being in place for almost five months, a poll by Galaxy Research has found.
While the poll found that more than half (54%) of Australian mortgage are unhappy with their current home loan, the vast majority of these (38%) consider it too hard to switch their home loan, despite knowing they could be in a better financial position as a result of switching providers.
Still, the results of the survey suggest lenders have a significant pool of dissatisfied mortgage holders who are ripe for changing lenders with the survey finding that 17% of borrowers are so dissatisfied that they plan to change their lender.
The survey was carried out in the two weeks following the RBA announced its 0.25% interest rate cut on November 2 on behalf of SwitchUp, a new online mortgage application service.
Galaxy polled more than 1,000 Australians in both capital cities and non-capital city areas. The respondents were aged 25 to 64, and all had either bought property in the last two years or intended to buy property in the next two years.
Jega Rajan, CEO of SwitchUp, says it is disappointed that only 46% of current mortgage holders are happy with their current loan.
“It’s a real shame that so few people are satisfied with their home loan, we’d like that to be higher. We want the Australian people to have enough clear information about the loan products available to make confident financial decisions,” he says.
SwitchUp claims to offer home loan comparison that go beyond just an interest rate including information about account features and fees and whether or not the consumer is eligible for the loan.
On July 1 the government banned mortgage exit fees, which can be as high as $7,000, on variable rate mortgages.
 
 
 
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More than half of mortgage holders unhappy with lenders, but most find switching too hard

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Refund Home Loans franchisees may be able to continue to run their businesses under any owner that emerges, according to Steve Wright, executive director of the Franchise Council of Australia.
While unwilling to comment on the matter in detail due to “reports of a possible legal action,” Wright says it is worth noting that in many cases of voluntary administration “the franchisee networks can have opportunity to continue their business, though possibly under a changed ownership”.
“We have seen this occur in the past and understand the administrator is working on this possibility, and this is the advice we would provide to franchisees,” he says.
“The administrator has statutory obligations, under ASIC supervision, which require it to act in the interests of creditors. In this case, this should work directly to the benefit of franchisees in the network even though at this stage we cannot be sure of the final outcome.”
Refund Home Loans is a member of the Franchise Council.
The business, which collapsed in October, <a target="_blank" href="https://www.propertyobserver.com.au/showcase/wayne-ormond-s-refund-home-loans-owes-creditors-millions-as-relations-with-franchisees-turn-sour/2011111652384">owes 119 creditors a combined $9.7 million</a>.
Creditors include franchisees, mortgage broking training provider Intellitrain and law firm DLA Piper.
A second creditors’ meeting is due to take place in December, when the fate of the company will be decided.
It is understood that a number of parties have expressed interest in buying the business, including other mortgage broking businesses.
Property Observer has been unable to reach founder Wayne Ormond for comment.
 
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Franchise Council holds out hope for Refund franchisees

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Increased competition between lenders, access to cheaper funds and a drop in overall lending volumes mean now is an ideal time for borrowers to negotiate with lenders – but not for long.
Competition and ability to negotiate means the discounts currently on offer are well worth investigating.
First-home buyers are likely to benefit from lower interest rates and discounts on application fees, while investors and existing borrowers would do well to speak with their lenders to renegotiate rates.
Borrowers looking to finance a renovation or consolidate debt can also take advantage of these specials and lenders’ willingness to negotiate.
Likewise, if you’re not satisfied with your current lender, now may be the time to shop around and investigate other opportunities.
As an added incentive for borrowers considering refinancing, some lenders are offering to cover the cost to switch.
Depending on personal circumstances and requirements, most discounts were tiered – meaning the more you borrow, the bigger the discounts.
However, that doesn’t mean that you should “over reach” on your borrowings for the sake of a lower rate and potentially put your financial security at risk.
Interest rates are constantly in a state of flux and while they’re presently quite low, it’s important to take potential future rate increases into account.
Even though the lenders are willing to talk and the rate offers appear competitive, you may actually be better off postponing a proposed purchase to fully investigate the property market or save more deposit.
Regardless, it’s always worthwhile to investigate opportunities – and your mortgage adviser can do all the legwork on your behalf.
To borrowers who might have put their property purchasing plans on hold in recent times, I suggest revisiting plans in light of lenders’ interest in securing your business.
Take a good look at your financial position and if you are ready to proceed then now is a good time to put your plans into action as these savings won’t continue for much longer.
Borrowers have more chance of negotiating a better deal with lenders if they had their “financial house in order”.
If you’re serious about negotiating with your lender, it’s important to demonstrate a good financial track record, which will include things like having a savings plan, being up-to-date on bill payments and that you’ve resisted signing up for additional debt.
This is increasingly important as more and more of your repayment history is being recorded on your personal credit file which is carefully scrutinised by lenders.
Lenders look at the credit limit on your credit cards as a liability you may have in the future, even if you don’t currently owe a cent.
Regardless of your personal situation, now was a good time to speak with your mortgage adviser to review your lending and negotiate the best deals on your behalf.
Chris Acret is managing director of<a href="https://www.smartline.com.au/" target="_blank"> Smartline Personal Mortgage Advisers</a> and has been involved with mortgage broking for almost 20 years.
 
 
 
 
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