Around 400 additional homes could be built at Southwark Grounds on Port Road, lifting total site capacity from 1300 to around 1700 dwellings.

A recently approved code amendment would allow apartment towers of up to 14 storeys in some areas of Renewal SA’s redevelopment of the former West End Brewery.

Renewal SA Acting Chief Executive Shane Wingard said he welcomed the code amendment, with the increase in heights and homes making a positive impact on the supply of high-quality, well-connected housing close to the city.

“By going higher across some parts of Southwark Grounds, we are adding a substantial number of very well-located homes with little impact on project delivery time or planned open space,” Mr Wingard said.

Since the project officially launched in 2025, Mr Wingard said more than 12,000 enquiries had been received about living at Southwark Grounds.

“The very strong early interest we’ve seen since homes were first released in the precinct reinforces our plans to create more housing opportunities,” he said.

The Southwark Grounds code amendment was launched in December last year, with community engagement undertaken over five weeks from January.

It proposed increasing maximum building heights from eight to 14 storeys on the eastern section of Southwark Grounds, and to 12 storeys across the remainder of the site, with minimum building heights ranging from two to four storeys.

The code amendment was implemented through an Early Commencement policy in late January, allowing developers to quickly explore the viability of increased height and housing yield while other planning processes continue.

One of the first developers delivering apartment sites have already finalised redesigns to increase the number of apartments following the code amendment.

Samaras’ development adjacent to the future Colonel Light Park is now planning to deliver 125 apartments across 11 storeys, significantly greater than original plans of around 50 apartments across four storeys.

The developer is also exploring the potential for additional affordable housing outcomes.

Most of the apartments at Southwark Grounds will be delivered within a master-planned precinct on a large parcel of land on the eastern portion of the site, covering around two-thirds of its 8.4 hectares.

Wingard said detailed precinct planning over the coming months may identify further opportunities to increase yield further that could see total apartment numbers at Southwark Grounds, exceed this number.

Affordable homes at Southwark Grounds will also see a net increase, with Renewal SA maintaining its commitment to a minimum of 20 per cent affordable housing across the development.

&nbsp;

&nbsp;

Civil works have begun across the site, with construction under way on the first new roads surrounding a townhouse precinct in the south‑west corner of Southwark Grounds. This includes Renewal SA’s 17 Founder’s Row homes, which are on track for completion by Christmas.

“We expect to have people living at Southwark Grounds by the end of the year, so delivering roads and public spaces for those residents is among our highest priorities.”

Construction of 40 townhouses off Anderson Street, known as West Village and being delivered by Contour, is forecast to begin in mid‑2026. Kolabb’s Anderson Lane development will follow shortly after, delivering a further 26 townhouses.

Southwark Grounds is a state government‑led urban renewal project now set to deliver around 1,700 homes over the next decade.

Homes will be supported by a supermarket, a range of retail and hospitality offerings anchored by a revitalised Walkerville Brew Tower, a childcare centre, car parking and well‑connected public spaces.

Joel Robinson

400 new homes planned for Adelaide's former West End Brewery site

Brisbane developer&nbsp;<a href="https://www.apartments.com.au/developers/cavcorp">Cavcorp</a> has lodged plans for a new mixed-use residential development at <a href="https://www.apartments.com.au/new-apartments/55-wyandra-street-teneriffe-qld-4005">55 Wyandra Street</a>, Teneriffe, anchored by an 85-metre public laneway designed to reconnect the suburb’s riverfront with the Gasworks precinct.

The buildings, known as Teneriffe House and Teneriffe Lane, would replace the existing Queensland Cotton head office site with a 15-storey residential tower transitioning to eight storeys toward Helen Street. The project has been designed by Plazibat Architects and lodged as a code assessable development application for 93 apartments across a 3,401 sqm mixed-use site within the Newstead and Teneriffe Waterfront neighbourhood plan.

Central to the scheme is the transformation of an existing service easement into a publicly accessible cross-block connection linking Wyandra and Helen Streets. Cavcorp says the new laneway will act as both a pedestrian shortcut and a landscaped civic space between the Teneriffe Riverwalk, ferry terminal, and Gasworks precinct.

<img alt="First Look: Cavcorp unveils Teneriffe House and Teneriffe Lane plans for landmark wellness tower in Teneriffe" data-entity-type="file" data-entity-uuid="26e7f058-b065-4de8-b13d-a2b8cb64dfcc" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/bldg.png?VersionId=sELS0ZKYi361oYipUa1BIKfe_.DLZoFV" />

“The revised proposal delivers a legacy public-realm cross-block link, permanently secured for community use, transforming an existing private easement into a safe, high-quality pedestrian connection between the Teneriffe heritage riverwalk and the Gasworks–Long Island precinct,” the planning report states.

The laneway will sit beneath a large subtropical loggia integrated into the podium levels of the development. The design incorporates deep landscaping, water gardens, lobby spaces, business lounges, and ground-floor apartments to create what Cavcorp describes as a climate-responsive “urban verandah.”

The tower itself has been designed as a slender form with recessed floorplates and curved translucent corners inspired by contemporary Japanese architecture. The building height aligns with the Commercial Road precinct controls, which permit towers up to 15 storeys within proximity to Longland Street.

<img alt="First Look: Cavcorp unveils Teneriffe House and Teneriffe Lane plans for landmark wellness tower in Teneriffe" data-entity-type="file" data-entity-uuid="a8a17d40-43b6-4718-b3fd-67676fcbb485" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/pers%202_1.png?VersionId=i3VwDtp5AmL_8InW7w4qRbDFEpb744Jt" />

The project will comprise a mix of larger-format apartments aimed at owner-occupiers, downsizers, and families. The proposed apartment mix includes 11 loggia apartments across the lower levels, 50 four-bedroom Sky-Terrace apartments from levels three to seven, and 32 Sky-Pool Homes occupying the upper tower levels. The Sky-Pool Homes will feature private thermal plunge pools integrated into oversized balconies.

According to the application, the apartments are intended to reinterpret the scale and character of Teneriffe’s woolstore conversions and Queensland homes within a vertical residential format.

“The sky-pool homes build on Cavcorp’s previous projects and introduce a distinct apartment typology to Teneriffe, informed by both local and international precedent and responding to an identified market demand for enhanced safety, space and amenity,” the planning submission notes.

A major focus of the proposal is its five-level wellness and lifestyle offering, extending from the basement through to the rooftop.

Amenities proposed include a rooftop Swim &amp; Racquet Club with a 25-metre Olympic lap pool and tennis court, coworking spaces and libraries, golf simulators, wine storage, concierge facilities, business lounges, pet wash areas, and rooftop longevity-focused wellness spaces with spas, outdoor fitness zones, and landscaped terraces.

<img alt="First Look: Cavcorp unveils Teneriffe House and Teneriffe Lane plans for landmark wellness tower in Teneriffe" data-entity-type="file" data-entity-uuid="944b352c-49b9-4247-a4c6-5967b4b69fda" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/amenity.png?VersionId=Ed_qKjAtMwFT.5gfl3jiA9QwdWxSMsaX" />

All parking will be concealed within basement levels accessed from Wyandra and Helen Streets. Cavcorp says the deep-basement engineering approach allows the entire ground plane to prioritise landscaping, pedestrian movement, and active frontage rather than vehicle infrastructure.

The development continues Cavcorp’s concentration in Newstead and Teneriffe, where the Brisbane developer has delivered a number of apartment projects including Lucent, Le Bain, and Luminare, as well as the Long Island Wellness Precinct nearby. Several of those projects have received national design and architecture awards, including recognition under Brisbane’s “Buildings that Breathe” program.

Cavcorp unveils wellness-focused Teneriffe House and Teneriffe Lane apartment buildings

Focus Group Investments has lodged plans for a new apartment development at <a href="https://www.apartments.com.au/new-apartments/64-70-hanover-street-fitzroy-vic-3065">64–70 Hanover Street</a> in Fitzroy, seeking to utilise the Victorian Government’s recently introduced Great Design Fast Track pathway to accelerate approvals for the project.

The proposal is among the latest developments to emerge through the state-led initiative, which was established to fast-track well-designed residential projects in activity centres and transport-connected inner-city locations. The pathway allows qualifying developments that meet elevated design and housing benchmarks to bypass traditional council planning timeframes and instead be assessed directly by the Department of Transport and Planning.

Designed by SJB, the development will comprise a mix of apartments above activated lower levels, with a strong focus on architectural articulation, landscaping, and communal amenity. The design response seeks to balance the industrial character of Richmond’s former warehouse precincts with a more contemporary residential form.

<img alt="First look: Focus Group Investments taps Victoria’s Great Design Fast Track for Richmond apartments" data-entity-type="file" data-entity-uuid="abea51cc-d85b-479e-9aef-a589f3b37ca7" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/ground.png?VersionId=e1Kf8EyPWwyiVumtqQ4rM5S4GpOR3CCz" />

Proposed are 63 new dwellings, a wide ranging mix of studio, one-, two-, and three-bedroom apartments, and townhouses and duplexes. They will be spread across a part-three, part-eight storey building.

The Planning and Urban Context Report by Tract says the development is of an "exemplary architectural standard" and has been carefully crafted by SJB Architects.

"Dwellings&nbsp;will benefit from excellent access to natural light, cross-ventilation opportunities and extensive communal space," the report noted.

The architectural material highlights the project’s integration of landscaped elements and communal spaces throughout the building. The proposal also incorporates sustainability initiatives aligned with the Victorian Government’s push for higher-performing apartment developments under the fast-track program.

The Great Design Fast Track was unveiled by the Victorian Government in 2024 as part of a broader housing supply strategy aimed at accelerating the delivery of new homes. Projects assessed through the pathway must demonstrate high-quality architecture, sustainability outcomes, and housing diversity while being located close to public transport and existing infrastructure.

<img alt="First look: Focus Group Investments taps Victoria’s Great Design Fast Track for Richmond apartments" data-entity-type="file" data-entity-uuid="afdbe834-8dc4-4a77-a943-ba07bc927348" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/site_11.png?VersionId=0J657j.TaChAZfp93wqJYBTqSsnREJx2" />

Focus Group, founder and led by Paul De Lutiis, is increasingly active across Melbourne’s inner suburbs, targeting well-connected urban renewal locations suited to medium and higher-density residential development. The Fitzroy proposal continues that strategy, leveraging the area’s strong transport links, established retail amenity, and proximity to the CBD.

Fitzroy has been one of the most popular spots for developers and buyers in recent years. The likes of PACE Development Group, SMA Projects, Crema Group and Chapter Group, currently selling projects in the suburb.

First look: Focus Group Investments taps Victoria’s Great Design Fast Track for Fitzroy apartments

The Gold Coast Planning Committee has supported the preliminary approval for the Benowa Gardens Urban Village project following an extensive community consultation and assessment process.

The proposal will now proceed to a full council vote on June 2.

The application sought approval for a masterplanned urban village on the existing Benowa Gardens Shopping Centre site, combining new housing, retail, dining, health and lifestyle amenities within a walkable, integrated precinct.&nbsp;

The proposed redevelopment includes around 413 apartments integrated above a revitalised mixed-use centre featuring a full-line supermarket of 4,000 sqm, 6,000 sqm of specialty retail and dining space across around 30 retailers, a 7,000 sqm health and wellness precinct, and roughly 9,630 sqm of office and medical suites.&nbsp;

<img alt="$1b Benowa Gardens Urban Village moves to Full Council following Planning Committee support" data-entity-type="file" data-entity-uuid="fb36ae47-80bc-45f0-9914-31b0c7b6007d" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/PR26576%20Ashmore%20Road%20C4%201121%20FI.jpg?VersionId=6mRKk2uU4r67TmTt39DKGUlvFRbTVqWa" />

The broader masterplan also includes very significant traffic and transport improvements, wide pedestrian walkways, upgraded pedestrian and cycle connections, and enhanced public areas designed to create a more connected and walkable community environment.&nbsp;

Centre owner Patrick Lu said the milestone reflected months of detailed planning, technical assessment and ongoing communication with local residents, businesses, schools and stakeholders.

“We appreciate the time, consideration and care Council officers and the Planning Committee have given this proposal throughout the assessment process,” Lu said.

“We also sincerely thank the local community for engaging with us, sharing feedback and participating in the consultation process over many months.

<img alt="$1b Benowa Gardens Urban Village moves to Full Council following Planning Committee support" data-entity-type="file" data-entity-uuid="32fd1fc3-d0e6-485f-ac57-9916c9bcb818" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/PR26576%20Ashmore%20Road%20C5%201121%20FI_2.jpg?VersionId=fz8qQKDBLQ7MyFRc856Zccfbh9nFwLOe" />

“We understand projects of this scale bring questions and concerns, which is why we have worked hard to listen carefully, provide information transparently and continue refining elements of the proposal where possible.

“Our vision has always been to create a well-designed, community-focused urban village that responds to the changing needs of the Gold Coast, while delivering improved amenity, housing diversity, healthcare access and local lifestyle benefits.

“This proposal is about creating a genuine live-work-play environment where residents can access everyday services, schools, healthcare, dining, shopping and green space within walking distance, while also supporting local jobs and economic activity.”

<img alt="$1b Benowa Gardens Urban Village moves to Full Council following Planning Committee support" data-entity-type="file" data-entity-uuid="50dfbd04-590e-4fc6-983b-766880947867" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Dining%20Day%20Time%20-%20High%20Resolution.jpg?VersionId=BP7ZoKJ0DdL_8iRkkC8VVx99moICV6kg" />

Lu said the proposal had evolved significantly through consultation and technical review, particularly around traffic, pedestrian and student safety and neighbourhood connectivity.&nbsp;

Melissa Griffin, Director at Urbis, said the recommendation recognised the strategic importance of delivering more housing and services within established urban areas already supported by infrastructure.

“This proposal represents the type of thoughtful, integrated growth that planning frameworks across South-East Queensland are encouraging,” Ms Griffin said.

“The project seeks to place housing, retail, healthcare and employment opportunities together in a highly accessible location close to schools, transport and existing services.

“Importantly, the process has involved significant technical assessment and community engagement to ensure local issues and feedback were properly considered throughout the planning pathway.”

$1 billion Benowa Gardens Urban Village heads to council vote following Planning Committee support

Surfers Paradise is officially set for its first new residential development with a 45-storey skybridge connecting the two towers.

John Camilleri’s Celestino Developments has been given the green light by the Gold Coast City Council to develop its major beachfront precinct across its huge 4,000 sqm oceanfront site at <a href="https://www.apartments.com.au/new-apartments/63-79-garfield-terrace-surfers-paradise-qld-4217">63–79 Garfield Terrace</a>, just five months after its <a href="https://www.apartments.com.au/news/qld/first-look-exclusive-billionaire-winx-breeder-s-bold-two-tower-surfers-paradise-play-with-45th-storey-skybridge">submission in late 2025</a>.

The approved scheme will deliver two towers rising 55 and 48 storeys, connected by a skybridge positioned on level 45 that will house a range of resident-only wellness and entertainment spaces.

In its notice of approval, the Gold Coast City Council said the&nbsp;proposed overall built form has been designed to complement the scale, intensity and protect the adjacent amenity and surrounding streets through the use of varied setbacks, site cover and architectural elements.

<img alt="First look exclusive: Billionaire Winx breeder’s bold two-tower Surfers Paradise play with 45th-storey skybridge" data-entity-type="" data-entity-uuid="" src="https://res.cloudinary.com/dz9xllyip/image/fetch/f_auto,c_limit,w_1440,q_75/https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/field/image/Screenshot%202025-12-30%20at%209.53.48%E2%80%AFAM.png?VersionId=ADyPJ_TFbJvSU9wZFOiCBnlPtgF7VWqW" />

Designed by <a href="https://www.apartments.com.au/architects/dbi">DBI</a>, the development will comprise 275 apartments across the two towers, including a mix of two-, three-, and four-bedroom residences, as well as several penthouses. The apartments will sit above a landscaped podium featuring more than 90 metres of beachfront pool frontage, private resident lawns, lounges, and wellness spaces.

DBI said the design draws heavily from the movement and form of the coastal environment, with curving balcony lines and sculpted façades intended to soften the scale of the towers while maximising ocean outlooks and passive shading outcomes.

“The project occupies a rare, uninterrupted oceanfront site and has been shaped by a design philosophy that merges architectural elegance with environmental responsiveness and a carefully curated lifestyle experience,” DBI said in planning documents submitted to the Gold Coast City Council.

The most distinctive element of the approved project is the skybridge linking the two towers at level 45. The elevated communal space is planned to include executive lounges, formal dining areas, wellness facilities, and panoramic ocean-facing outlooks.

“The skybridge enhances the identity of the development, promotes social interaction, and delivers a lifestyle experience not found elsewhere on the Gold Coast,” DBI said.

At podium level, residents will have access to a suite of resort-style amenities, including resident lounges, private dining rooms, a yoga lawn, gymnasium, plunge pools, and treatment spaces. The beachfront pool has been designed with separate lap, lounge, and children’s areas extending across the width of the site.

The project will also introduce new food and beverage offerings along the Enderley Avenue and Oceanway frontages, contributing additional activation to the beachfront precinct.

First look: Winx billionaire’s beachfront Surfers Paradise apartment development greenlit

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>
About 2,000 of the 40,000 mortgage holders who signed up for the One Big Switch campaign have entered into discussions with lenders about refinancing their mortgages, campaign founder Lachlan Harris has told Property Observer.
“It has been a great campaign and we’ve had a great response,” Harris says.
He says One Big Switch will launch more home loan offers before Christmas, which he promises will have the “sharpest rates in the market”.
Harris says feedback from lenders indicates that borrowers want to feel they are part of the experience of creating their mortgage products.
“People power is bringing about products that don’t exist anywhere else,” he says.
Harris says One Big Switch is currently in discussion with other lenders who are keen to join the campaign.
He has previously had to defend One Big Switch’s current panel of lenders after mortgage broker <a href="/news">AFG slammed the campaign for not attracting any major lenders</a>.
A recent One Big Switch tweet noted that the current panel of lenders includes non-banks Resimac and Firstmac, “funded by NAB” and MortgageEzy “funded by ING”.
One Big Switch next campaigns will target broadband and solar energy costs.
“If you have a house, you should not being the pay full rate on these services,” Harris says.
About 750 One Big Switch subscribers are in discussions with providers about switching their electricity providers.
 
</body></html>

lschlesinger-FZcF9M3vE6

One Big Switchers begin talking with mortgage lenders

<html><body>
New South Wales mortgage repossession rates were steady in the October quarter.
There were 751 applications between August and October, compared with 745 for the same period in 2010.
But the monthly rate is up slightly on 2010. There has been an average of 246 applications to the NSW Supreme Court per month this year, up from 213 in 2010.
The numbers aren’t a patch on the post-GFC 2009 levels, which had 318 applications per month.
The peak year for possession writs was in 2006, with 447 writs per month in the wake of the low-doc (low document) price boom that swept Sydney's outer-west.
The 2010 tally was the lowest since 2003.
The numbers include applications that were sought but not necessarily proceeded with as court orders.
 
 
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Number of NSW mortgage repossessions holds steady at low levels

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Mortgage brokers are not adequately checking the income of applicants, according to research by ASIC.
New licensing requirements and lending obligations were imposed on brokers with the introduction of The National Consumer Credit Protection Act 2009 (National Credit Act), which rolled out from July 2010 to January 2011.
While most brokers were adequately aware of these new responsible lending obligations there was “room for improvement”, a six-month review by ASIC found.
“We undertook this review to assess how the home loan industry was complying with the new responsible lending obligations in the early days of the regime,” ASIC Commissioner Peter Kell says.
“Loans promoted as low doc (low documentation) were a particular focus given the role these products played in the lead-up to the US sub-prime crisis and in equity stripping.”
ASIC found some brokers not verifying income claims by consumers and were simply taking applicants’ word.
“We observed files for home loans promoted as low doc where there was no evidence of any steps taken by the credit assistance provider to verify the consumer’s income,” the report found.
Some brokers failed to record details on what the consumers planned to do with the loans, details of their living expenses or how they would repay the loans.
“ASIC considers that the inquiries and verifications a credit licensee must make to satisfy their responsible lending obligations are scalable depending on the circumstances of the consumer. In some circumstances, fewer inquiries may be needed,” Kell says.
“This does not mean, however, that inquiries and verifications may be scaled down simply because of the label applied to a product, such as low doc”.
 
 
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Mortgage brokers lax on checking up on applicants: ASIC

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The Australian Competition and Consumer Commission has decided it will not oppose Commonwealth Bank’s proposed acquisition of Count Financial Ltd, which owns a 17% stake in mortgage broker Mortgage Choice.
CBA is the largest lender on Mortgage Choice's panel.
"The ACCC is satisfied that there is unlikely to be a substantial lessening of competition in any relevant market as a result of this proposed acquisition," ACCC chairman Rod Sims says.
The ACCC conducted a comprehensive review, including extensive market inquiries with participants in the financial planning, mortgage broking, banking, superannuation and insurance sectors.
"The ACCC noted that the acquisition would increase CBA's presence in the supply of financial planning services and mortgage referral services,” Sims says.
“This could potentially have reduced competition in the supply of these services and increased the ability of CBA to direct business to its upstream investment and mortgage related products.
“However, the ACCC was satisfied that CBA would continue to be constrained by a number of other significant financial planning dealer groups, mortgage broking firms and investment product providers," Sims adds.
With respect to the supply of life insurance and superannuation products, the ACCC concluded that the acquisition would not raise significant competition concerns in either of these sectors.
The ACCC noted that the acquisition would result in only limited market concentration and that CBA would continue to be constrained by alternative suppliers of superannuation and life insurance products.
<a href="/news">Commonwealth Bank will acquire financial planner Count Financial for $373 million, thereby acquiring Count’s 17% stake in Mortgage Choice.</a>
 
 
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ACCC gives CBA Count acquisition green light

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The Reserve Bank will need to cut interest rates a second time for the mortgage market to fully recover, says outgoing Commonwealth Bank CEO Ralph Norris.
Norris says mortgage lending increased in the lead-up to the RBA’s 0.25% cash rate cut on Melbourne Cup Day and further cuts would help encourage that trend.
Norris says while demand for loans is sluggish as consumer and business confidence remains shaky with the global economic slump, the home loan market is showing early signs of improvement.
“We are starting to see in this quarter that the mortgage market is a little more active,” he says.
“It is a little early to say if it is purely seasonal or if there is some impact from the recent rate reduction.
“But typically, we would expect that really to be supported by a second rate reduction to see a bounce [in the mortgage market].”
He stopped short of demanding these cuts, saying the governor of the Reserve Bank is “more than adequately qualified to make that those calls”.
The November 1 rate cut to 4.5% was the first reduction by the RBA since 2009.
 
 
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Second rate cut needed to help mortgage market: CBA's Ralph Norris

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The ability of the regional banks to access alternative sources of funding such as the recently opened covered bonds market is key to these lenders being able to compete with the major banks on mortgages and other lending products, according to a new report by KPMG.
Australia’s regional banks comprise Bendigo Bank, Adelaide Bank, Members Equity (ME) Bank, Suncorp and Bank of Queensland.
According to KPMG’s Regional Banks: 2011 Financial Institutions Performance Survey, these four banks remain a “viable alternative to the major banks” in the core markets of retail deposits and home and consumer lending, “producing strong numbers in terms of market share while also managing to increase profit before tax by 16.1%”.
“Market share has been strong and margins have remained tight, rising just three basis points to 1.64%,” says KPMG banking partner Martin McGrath.
However, McGrath says the major challenge for regionals remains accessing funding at a competitive price.
“The regionals have shown that they are a competitive force in the retail deposit market.  However, they are at a competitive disadvantage in wholesale markets, which impacts their interest margin.”
Regional along with non-bank lenders have been impacted by the demise of the once thriving residential mortgage-backed securities (RMBS) market, which provided a cheap source of wholesale funding before the advent of the GFC.
Covered bonds – prohibited in Australia until the government changed the legislation in October in a bid to help banks diversify their funding bases and increase competition in the retail banking market – offer a potentially positive alternative to retail deposits.
The debt securities reside on the balance sheet of the lender and are cheaper than RMBS because they have a higher credit rating.
“It remains to be seen how much uptake there will be by the regionals of covered bonds.  It is clear that the scale of the major banks gives them an advantage, but the advent of covered bonds opens a welcome alternative source of wholesale funding.” McGrath says.
ANZ is expected to raise up to $970 million through a covered bond issue in the US due to be finalised this week, while the other major banks are all holding investor roadshows in Europe and the US.
According to the KPMG report, a concern for shareholders in regional banks is the return on equity for the sector of 6.7% generated over the 2011 financial year.
The strongest performer in this regard was Bendigo and Adelaide banks, with a return on equity of 9%. Bank of Queensland is returning 8% and Members Equity 6.4%. Suncorp returned 3.2% in the 2011 financial year, but this result included non-core business divisions. Suncorp’s core banking unit return on equity would have been 15.6%.
Suncorp has the <a href="/news">biggest mortgage book of the four regional banks at close to $30 billion</a>.
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Regional banks rely on covered bonds to stay competitive

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Collapsed mortgage broking business Refund Home Loans owes 119 creditors a combined $9.7 million, minutes of the first creditors’ meeting held in Brisbane have revealed.

<p style="background-image: initial; background-attachment: initial; background-origin: initial; background-clip: initial; background-color: white; background-position: initial initial; background-repeat: initial initial;">Earlier reports said Refund was placed into voluntary administration owing $2.5 million. There has been no indication yet as to what the assets of the company are worth.

<p style="background-image: initial; background-attachment: initial; background-origin: initial; background-clip: initial; background-color: white; background-position: initial initial; background-repeat: initial initial;">Creditors include Refund Home Loans franchisees, law firm DLA Piper, mortgage broking training provider Intellitrain and WA-based Ourimbah Holdings Pty Ltd.

<p style="background-image: initial; background-attachment: initial; background-origin: initial; background-clip: initial; background-color: white; background-position: initial initial; background-repeat: initial initial;">At the meeting administrators said a second creditors' meeting was scheduled for November 16, but won approval from creditors for an extension of up to 45 days. 

<p style="background-image: initial; background-attachment: initial; background-origin: initial; background-clip: initial; background-color: white; background-position: initial initial; background-repeat: initial initial;">Mortgage industry newsletter MortgageMix.com.au reports that the once “amicable relations between [Refund founder] Wayne Ormond and Refund franchisees have soured quickly”.

<p style="background-image: initial; background-attachment: initial; background-origin: initial; background-clip: initial; background-color: white; background-position: initial initial; background-repeat: initial initial;">This follows reports that up to 50 franchisees now plan to take legal against the franchisor, serving the brokerage with breach of contract notifications just a month after Refund's original claim the relationship with its franchisees remained cordial.

<p style="background-image: initial; background-attachment: initial; background-origin: initial; background-clip: initial; background-color: white; background-position: initial initial; background-repeat: initial initial;">A source close to Ormond and the Refund business told Property Observer that top franchisees were urged at a creditors’ meeting on October 24 to continue to trade as normal in an effort to attract a buyer for the business.

<p style="background-image: initial; background-attachment: initial; background-origin: initial; background-clip: initial; background-color: white; background-position: initial initial; background-repeat: initial initial;">The size of the business – more than 350 franchisees – is one of its strong selling points and could prove attractive to a rival mortgage broking business looking to expand its distribution network.

<p style="background-image: initial; background-attachment: initial; background-origin: initial; background-clip: initial; background-color: white; background-position: initial initial; background-repeat: initial initial;">Before its collapse Refund was valued by Deloitte at between $40 million and $50 million. However, new ventures were being funded out of cash flow since being unable to obtain bank funding.

<p style="background-image: initial; background-attachment: initial; background-origin: initial; background-clip: initial; background-color: white; background-position: initial initial; background-repeat: initial initial;">Refund was placed into administration on October 14.

Property investment coach and mortgage broker Paul Giezekamp says the Refund Home Loans business is history.
Property Observer contacted Refund Home Loans and Ormond but has received no response. 
 
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Refund Home Loans owes creditors $9.7 million as relations with franchisees turn sour

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Westpac’s regional banks have made further cuts to their fixed-rate loans.
St George, BankSA and Bank of Melbourne have cut rates up to 26 basis points.
The cut takes the two-year fixed rate to 6.14%, and the three-year fixed rate to 6.24% for all three banks.
The new rates take effect from November 16.
St George's new general manager of mortgage broking, Clive Kirkpatrick, told Broker News Australia the bank had recorded strong demand for fixed-rate products.
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Westpac regionals cut fixed rates further

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Another round of fixed rate cuts looks likely with, St George tweeting that it will soon release “very competitive 2 and 3 Year Fixed Rates”.
<img src="/images/stories/stgeorge.gif">
Another round of fixed rate cuts looks likely with, St George tweeting that it will soon release “very competitive 2 and 3 Year Fixed Rates”.
The <a target="_blank" href="/news">bank last cut its fixed rates at the end of September</a>, reducing its three-year fixed-home loan rate by 0.15 points to 6.39% per annum as well as trimming its two-year fixed home loan rate by 0.05 points to 6.39% for its Advantage Package customers. Its basic two-year and three-year fixed rate loans carry a rate of 6.54%.
Expectations of more fixed-rate cuts follows the Reserve Bank’s decision to cut the official cash rate to 4.5% in November. <a target="_blank" href="/news">Most lenders passed on the full 25-basis-point cut to variable-rate customers.</a>
Major lenders such as Westpac believer a further 75 basis points will be trimmed off the official cash rate over the next 12 months, meaning lenders will have to continue to cut fixed rates to entice borrowers to opt for fixed products.
According to financial products comparison website RateCity.com.au, the average three-year fixed rate is now 6.61% compared with 7.43% at the start of the year.
Non-bank lender Homestar Finance currently offers the cheapest fixed-rate mortgage according to RateCity, with a three-year fixed loan at 6.15%.
The cheapest variable rate advertised on RateCity.com.au is 6.38% being offered by online lender Loans.com.au while the cheapest of the big four banks is NAB, which offers its standard variable mortgage at 7.47%.
Since the first of August this year, 90% of mortgage lenders have lowered some of their fixed rates, with some cutting fixed rate home loans by as much as 140 basis points in that time.
The <a target="_blank" href="/news">Commonwealth Bank was one of 36 lenders that cut their fixed rates in October</a>.
The Commonwealth Bank cut its five-year fixed rate by 85 basis points to 6.89% in October, the biggest fixed-rate cut of all the major banks.
All the major banks have cut their fixed rates by at least 50 basis points for spring, according to the mortgage comparison website.
 
 
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Fixed home loan rates set to be trimmed even further

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Mortgage broker Mortgage Choice should know by the end of the week whether it will be 17% owned by the Commonwealth Bank. 
The Australian Competition and Consumer Commission (ACCC) is expected to rule on Friday, November 17 whether to allow the Commonwealth Bank to acquire financial planner Count Financial for $373 million, thereby acquiring Count’s 17% stake in Mortgage Choice.
Other substantial shareholders in Mortgage Choice include founder Rodney Higgins, who has a 13% stake and investment firms Invesco Australia (7%), Paradice Investment Management (13%) and Renaissance Smaller Companies (5%). 
Following the bank announcing its intention to acquire Count, Mortgage Choice CEO Michael Russell said he expected the bank to offload its stake in the mortgage broker to allow the merger to go ahead. 
He told Australian Brokernews that a decision by the bank to keep its stake in Mortgage Choice would be met by “trepidation” by brokers. 
Concerns about a potential conflict could also surface since the Commonwealth Bank is one of the largest lenders on the Mortgage Choice panel. 
A report in the Australian Financial Review following the announced takeover said the bank would be willing to sell its stake in Mortgage Choice to ensure the deal is approved. 
The ACCC reportedly delayed its decision on the merger to allow time for a submission from Mortgage Choice. 
The Commonwealth Bank already has a stake in the mortgage broking sector, as it owns a third of Aussie Home Loans. 
Should the Count Financial acquisition get the nod from the ACCC, as is expected, the bank will also acquire Count Financial subsidiary Finconnect, a small provider of mortgage broking services.
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