Lewis Land's latest apartment release within its <a href="https://www.apartments.com.au/new-apartments/harbour-shores-biggera-waters-564-oxley-drive-biggera-waters-qld-4216">Harbour Shores</a> masterplan is targeting one of the Gold Coast's fastest-growing buyer groups, with almost a third of apartments at Solis priced below $1 million.

The seven-storey building at Biggera Waters will comprise 91 apartments, including 24 one-bedroom residences starting from $778,000, a price point Lewis Land says is aimed squarely at first home buyers struggling to enter the Gold Coast market.

<img alt="Harbour Shires" data-entity-type="file" data-entity-uuid="e7486e37-22f6-4c92-b212-9b0622070b8f" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-07-08%20at%209.09.34%E2%80%AFAM.png?VersionId=W8MJwJUCf6HkIyl_EVSksnd.QI6MZryY" />

<a href="https://www.apartments.com.au/developers/lewis-land-group">Lewis Land</a> Head of Development Michael Long said the developer deliberately allocated a significant proportion of the project to more affordable apartment types.

"First home buyers have been priced out of many parts of the Gold Coast, and we saw a clear opportunity to address this and play our part in a longer-term housing solution," Long said.

"That's why 24 of the 91 apartments being delivered at Solis have been designed and priced for the city's next generation of homeowners, quality one-bedroom apartments, half of which include an additional multipurpose room to maximise space and flexibility.

"This approach places 30 per cent of apartments in Solis under $1 million, and with close proximity to Harbour Town's future light rail extension connecting residents to the city's major employment and knowledge hubs, it's a win for buyers looking to secure their first property."

<img alt="Sores" data-entity-type="file" data-entity-uuid="550526d3-73ba-4710-9739-c5f4294a30ef" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-07-08%20at%209.09.29%E2%80%AFAM.png?VersionId=cQQdXHt9wS0UXwZEm5Py5bH_3kAmzyhu" />

Designed by BDA Architecture, Solis will deliver a mix of one, two and three-bedroom apartments, with residences ranging up to 232 sqm. Apartments feature generous balconies and contemporary finishes, while residents will have access to Harbour Shores' lagoon pool, clubhouse, tennis court, gym, yoga studio and sauna.

The focus on first home buyers resonated with purchaser Holly Humphreys, who said she and her boyfriend spent more than a year searching for their first property before shifting their attention from houses to apartments.

"We fell in love with the first house we bid on and got our hopes up, but after repeated knockbacks we learned not to get too attached," Humphreys said.

"We offered at the high end of price guides, but sales kept going even higher. That's where we really struggled and we needed to re-evaluate our budget and our expectations. Standalone houses were off the table, and we pivoted to apartments and townhouses."

Humphreys said it was encouraging to see developers recognising the growing demand from first home buyers.

"There's a growing number of young buyers looking to enter the market earlier because they understand that getting in now can make a real difference as prices continue to rise," she said.

"It's fantastic to see a developer recognise this and then actively take measures to deliver an apartment with us in mind."

Solis is the first development planned within the second stage of the Harbour Shores masterplan, with early works expected to commence in September 2026.

[smartcode_project_cta:default project_id=113271]

Joel Robinson

Lewis Land targets first home buyers at latest Harbour Shores release, Solis

Luxury apartment developer Abadeen has recorded $19.25 million in apartment sales across two of its Lower North Shore developments in the lead-up to the end of the financial year, headlined by the sale of a $6.75 million penthouse at <a href="https://www.apartments.com.au/buildings/koyo-crows-nest-5-rodborough-avenue-crows-nest-nsw-2065">KOYO in Crows Nest.</a>

The transactions also included the sale of a newly completed three-bedroom apartment at <a href="https://www.apartments.com.au/buildings/park-residences-cremorne-2-sutherland-street-cremorne-nsw-2090">Park Residences in Cremorne</a> for $6.35 million, with the residence selling shortly after the project's first public inspections following completion.

The sales come as completed, owner-occupier-focused apartments continue to attract strong demand across Sydney's Lower North Shore, particularly from buyers looking for certainty and immediate occupancy.

The penthouse at KOYO spans 491 sqm across a single level and was designed by architect Koichi Takada. The development is one of Abadeen's flagship boutique projects in Crows Nest.

[smartcode_project:default project_id=108800 project_image_fid=370093]

Abadeen Executive Chairman and Founder Justin Brown said buyer activity lifted noticeably in the lead-up to the end of the financial year.

"We saw a clear increase in enquiry levels, inspection numbers and buyer engagement across our completed projects leading into the end of the financial year," Brown said.

"Buyers have become far more decisive over the past six months. The combination of improving confidence, limited supply and the ability to physically inspect completed residences is creating strong competition for premium apartments in the best locations."

Brown says the&nbsp;response to Park Residences following completion has been particularly strong.

"Buyers want certainty and are responding positively to the opportunity to walk through a finished product, inspect the quality firsthand and move in immediately," Brown suggested.

"Projects such as Park Residences and KOYO demonstrate that when the product is exceptional and the location is irreplaceable, buyers are prepared to act quickly."

[smartcode_project:default project_id=114246 project_image_fid=370116]

Abadeen CEO Joe Tack said quality continued to differentiate projects in the current market.

"Today's buyers are incredibly discerning," Tack said.

"They are seeking larger floorplans, premium finishes, walkability, lifestyle amenity and confidence in the developer delivering the project. Well-designed boutique developments continue to outperform because they offer something genuinely difficult to replace.

"The enquiry we are seeing across our completed and recently completed Lower North Shore portfolio is very encouraging, and we expect this momentum to continue into spring."

The sales follow increased enquiry across Abadeen's Lower North Shore portfolio which also includes <a href="https://www.apartments.com.au/buildings/northcote-collective-naremburn-2-northcote-street-naremburn-nsw-2065">Northcote Collective in Naremburn</a> which also completed recently.

KOYO penthouse headlines Abadeen's $19.25 million EOFY sales flurry

The City of Sydney has approved plans for <a href="https://www.apartments.com.au/developers/billbergia">Billbergia Group</a> and Metrics Credit Partners’ $3.5 billion Castlereagh Place project in the heart of the Sydney CBD

The towers will be among the tallest in <a href="https://www.apartments.com.au/developments/sydney-nsw-2000">Sydney</a>'s CBD, with more floors than any other residential tower in the city.&nbsp;

The 6,000 sqm site was acquired by the joint venture partners in 2024. It is the largest amalgamated land parcel in the Sydney CBD and comprises eight individual sites fronting Castlereagh, Pitt and Liverpool Streets.&nbsp;

<a href="https://www.apartments.com.au/new-apartments/castlereagh-place-sydney-324-348-pitt-street-sydney-nsw-2000">Castlereagh Place</a> will transform an underutilised city block into a landmark mixed-use destination, anchored by two 82-storey towers comprising 607 luxury residences above an 8-level podium housing a 209-room luxury hotel. A 1,000 square metre civic park on ground level features a curated mix of food, beverage and retail.

The plans have been refined over the past year to rebalance the residential and hotel offering, and reconfigure the retail footprint to create a stronger, more dynamic dining experience.

A three-level flagship building on the prominent corner of Pitt and Liverpool Streets will be the gateway to the Castlereagh Place lifestyle precinct. Set to become a Sydney icon, the building is capable of housing multiple hospitality venues.

“Castlereagh Place is designed to be the City's next great urban oasis - an energetic mixed-use precinct that pulses with life, day and night,"&nbsp;said Joseph Kinsella, Group Director of Billbergia.

"It will bring the vibrancy of places like Barangaroo and Darling Quarter into a more accessible, central destination at the very heart of Sydney."

Kinsella said the project will build on&nbsp;Sydney’s growing laneway culture with the City’s largest network of new activated lanes - an expanded, next-generation take on precincts like Angel Place, Palings Lane and Ash Street in Wynyard.

[smartcode_project:default project_id=134477 project_image_fid=374401]

Castlereagh Place has been designed by architects <a href="https://www.apartments.com.au/architects/fjc-studio">fjcstudio</a> in collaboration with Trias Studio, Aileen Sage and Polly Harbison Design, joint winners of an international design competition in 2018.&nbsp;

Signature design elements from the original scheme remain unchanged, while the public domain has been significantly enhanced, delivering 60 per cent more open-to-sky space.

Pedestrian access will also be enhanced through new laneways linking Pitt, Liverpool and Castlereagh Streets, drawing people into a new civic park with outdoor seating, landscaping and integrated public art.

With activated laneways supported by strong hospitality offerings, Castlereagh Place is tipped to become a vibrant new dining destination in the heart of Sydney’s CBD.

It marks the largest undertaking to date for the Billbergia and Metrics Credit Partners partnership. Together they are developing other underutilised Sydney sites into mixed-use precincts, including the $2.2 billion Concord Central and the $1.3 billion Chatswood Grand Residences.

Metrics Managing Partner and Group CEO Andrew Lockhart said Castlereagh Place is a landmark project that will redefine Sydney’s skyline.

"As the tallest residential high-rise development, the revitalised site will offer panoramic views across the CBD and surrounds. We are excited to partner with Billbergia to reinvigorate an underutilised site and create a sophisticated and contemporary mixed-use offering situated in the heart of Sydney.”

Total apartments within the towers have increased to 607 dwellings, with a focus on larger floorplans. Aligned to growing market demand, Castlereagh Place now comprises 299 three-plus-bedroom apartments, 198 two-bedroom units and 110 one-bedroom configurations.

[smartcode_project:default project_id=134477 project_image_fid=374402]

Resident amenities will include an exclusive residents club containing a gym, rooftop pool, dining rooms, co-working spaces, library, golf simulator, games room, cinema room, and access to an exclusive concierge service. There will be around 500 basement car spaces below the towers.

The development will also include a state-of-the-art wellness centre, set to feature a bathhouse with magnesium pools, hot/cold plunge pools and premium amenities.

&nbsp;

According to fjcstudio, the towers will feature distinctive yet elegant architectural design reflecting Sydney’s geometry and urban character, with a network of through-site links and intimate public spaces activating the streetscape.

"Castlereagh Place is a city-making project of significant scale and ambition," said Richard Francis-Jones, Design Director at fjcstudio.

"It will create a rich urban complex of public open spaces, landscaped gardens, and vibrant laneways. Defining these new public spaces and the important streetscape of Castlereagh Street is a sequence of fine-grained, diverse retail and hotel architecture designed in collaboration with Aileen Sage, Polly Harbison Design and Trias.

“Rising above the tree-lined, human-scale streetscape are two slender residential towers that will transform the city skyline and look towards the Harbour, Hyde Park, and the Royal Botanic Garden.”

Demolition and early construction works have commenced onsite at Castlereagh Place.

[smartcode_project_cta:default project_id=134477]

Billbergia, Metrics, approved for $3.5 billion Sydney skyscrapers

International developer&nbsp;<a href="https://www.apartments.com.au/developers/spg-land">SPG Land</a> is preparing to re-launch its long-awaited $1.5 billion <a href="https://www.apartments.com.au/new-apartments/paradiso-place-surfers-paradise-103-ferny-avenue-surfers-paradise-qld-4217">Paradiso Place</a> development at Budds Beach, bringing a new price point to the Surfers Paradise apartment market.

The developer will release one-bedroom apartments from $825,000 and two-bedroom apartments from $1.24 million in the three-tower development.

According to Urbis, the starting price for the two-bedroom apartments is more than $400,000 below the weighted average sale price for comparable two-bedroom apartments in Surfers Paradise during 2025, which was pinned at $1.7 million.

&nbsp;

Urbis reported quarterly average sale prices for new two-bedroom, two-bathroom apartments ranged from around $1.2 million to $1.7 million throughout 2025, peaking in the December quarter.

[smartcode_project:default project_id=106566 project_image_fid=185853]

Paradiso Place is now moving into its formal sales campaign, with a limited early-release opportunity available ahead of the public launch.

The development will comprise 845 apartments across three towers rising 40, 41 and 44 storeys from a 1.15-hectare site spanning an entire city block. The towers will sit above a new retail precinct.

"Paradiso Place represents a rare opportunity in today's market, offering premium apartments at a price point that is significantly more competitive than anything else currently available," SPG Land Sales Director Brad McMahon said.

"When you look at comparable new developments across Surfers Paradise, Main Beach and the Southern Beaches precinct, buyers are typically paying hundreds of thousands more for a similar product.

"The scale of this project and the developer-builder construction model allows us to unlock efficiencies that smaller developments simply cannot achieve. We are passing those benefits directly to buyers, while still delivering a five-star residential experience with an unmatched lifestyle."

[smartcode_project:default project_id=106566 project_image_fid=374280]

Each of the three towers designed by Rothelowman will have its own podium, connected by an elevated skybridge network to create a beachside village for residents. The resident amenity has been designed to rival a five-star hotel, with private dining rooms, resident lounges and entertainment spaces.

McMahon said the pricing strategy was a deliberate response to the current market.

"What Paradiso Place offers is a unique balance, genuine value within a premium market. Buyers are not compromising on quality, design or amenity, they are gaining access to it at a more competitive price point at a time when prices across the Gold Coast continue to reach new highs."

[smartcode_project:default project_id=106566 project_image_fid=362498]

Located around 100 metres from the beach and within walking distance of the Surfers Paradise North light rail station, Paradiso Place occupies one of the Gold Coast's most tightly held beachfront precincts.

Construction is continuing to progress, with eight of the project's 112 foundation piles now complete. Excavation has also commenced on the first diaphragm wall panel, with the first concrete poured on 15 June, marking a key milestone in the project's early works program.

[smartcode_project_cta:default project_id=106566]

SPG Land launches $1.5 billion Paradiso Place at attractive price point

Luxury developer-builder <a href="https://www.apartments.com.au/developers/lowe-living">Lowe Living</a> has achieved a new Victorian benchmark for an off-the-plan apartment, with the sale of two penthouses at its ultra-exclusive Maison Savoy development in Brighton.

The two penthouses achieved a combined sale rate of $49,926 per sqm. Both transactions eclipsed the previous identified Victorian off-the-plan price-per-square-metre benchmark, set by the 449 sqm apartment at Como Toorak, which sold at $46,659 per sqm.

[smartcode_project:default project_id=140818 project_image_fid=366473]

<a href="https://www.apartments.com.au/new-apartments/maison-savoy-brighton-150-esplanade-brighton-vic-3186">Maison Savoy</a>, Lowe Living's redevelopment of the former Brighton Savoy Hotel on absolute beachfront land at 150 The Esplanade, Brighton, has gained significant momentum since launching just eight weeks ago. Around 30 per cent of the project's 19 residences have already been secured, generating approximately $45 million in sales.

"Securing two of the three penthouse sales at this stage, within eight weeks of launching to market speaks to the confidence our clients place in Lowe Living," Lowe Living co-founder Emma Lowe said.

"They know we'll be with them through every stage of the journey, and that assurance is something we've worked hard to earn and never take for granted."

[smartcode_project:default project_id=140818 project_image_fid=366474]

Lowe said Maison Savoy was conceived as a genuine alternative to a prestige Brighton home, combining house-scale proportions with the convenience, security and lock-up-and-leave appeal of apartment living.

Lowe Living co-founder Tim Lowe said the early sales success demonstrated the resilience of Melbourne's prestige market and highlighted the growing demand for house-sized apartments among ultra-high-net-worth buyers.

"The Melbourne market has definitely been tested in recent years, with interest rates and global economic factors all creating a period of uncertainty across the real estate sector. The sales success at Maison Savoy however demonstrates that confidence remains exceptionally strong at the top end of the market.

"The prestige market is being driven by long-term lifestyle decisions rather than short-term market sentiment, which continues to create a level of certainty that befits an absolute beachfront property in a blue-chip location like Brighton.

"Brighton's fundamentals remain among the strongest in Melbourne, with limited new supply, enduring demand from an overwhelmingly local owner-occupier market, and a rare combination of beachfront amenity and proximity to the CBD."

[smartcode_project:default project_id=140818 project_image_fid=374378]

According to Cotality, Brighton remains one of Melbourne's most tightly held prestige suburbs, with an average ownership tenure of 15.3 years for houses and 12.3 years for units, while more than 73 per cent of homes are owner-occupied.

Tim Lowe said selling two of the project's three penthouses so early in the campaign was an uncommon result.

"This sales result is a reflection of quality and understanding the local market. It's incredibly rare to transact the penthouses so early in a sales campaign in any project so to have sold two of the three penthouses at Maison Savoy so soon after launch, all in-house without any external sales agency appointed, is reflective of our careful consideration of our buyers' needs and lifestyle.

"This is knowledge that is accumulated not just from data and demographic analysis, but via a deeply embedded understanding of how this type of buyer wants to live and feel in their home. We pride ourselves on getting to know our clients personally, and over the last 10 years we have been able to refine our product offering by talking one-on-one with our clients about their design and floorplan preferences.

"Being a fully integrated developer-builder with an in-house design and sales team allows us to lead every part of the process and ensure the highest quality of product and service at every touchpoint. It's a really important part of our DNA and the recent sales success at Maison Savoy indicates that our clients and purchasers are resonating with this point of difference.

"It reinforces that demand remains strong for thoughtfully designed residences that offer rarity, lifestyle and long-term value in tightly held locations, which ultimately validates Maison Savoy's positioning as creating a new benchmark for house-scale, wellness-led apartment living on Brighton's beachfront."

&nbsp;

[smartcode_project:default project_id=140818 project_image_fid=366480]

The residences at Maison Savoy start from 295 sqm, with most enjoying uninterrupted views across Port Phillip Bay. The project sits moments from the Brighton Bathing Boxes, Royal Brighton Yacht Club, Middle Brighton Baths and Church Street's retail and dining precinct.

A key feature of the development is its private residents-only bathhouse, curated by the founder of Aurora Spa &amp; Bathhouse and modelled on traditional European bathing rituals and the award-winning Sorrento bathhouse.

The wellness offering includes a hydrotherapy pool, salt room, sauna, steam room, cold plunge pool, foot activation zone and a Vichy rainfall bed, one of only a handful in Australia. Residents will also have access to a Technogym studio, lounge spaces and a dedicated concierge service offering everything from morning coffee delivery and restaurant bookings to dry cleaning and home coordination.

"Wellness-led design has become a defining factor for luxury buyers," Emma Lowe said.

"Purchasers increasingly value homes that enhance wellbeing through thoughtful design, private amenity, privacy and liveability."

The penthouse purchasers are now undertaking a bespoke customisation process curated personally by architect Pete Kennon and the Lowe Living team, one of the developer's signature service offerings.

Construction on the $160 million transformation of the former Brighton Savoy Hotel site commenced last month, with completion expected in early 2028. The project has secured funding from NAB alongside development partner Monark.

Just one penthouse remains available, along with a limited number of two and three-bedroom residences starting from $3.75 million.

Lowe Living currently has eight projects on the market across Melbourne and recently celebrated its 10th anniversary, having grown a $1 billion development pipeline alongside a $350 million construction pipeline.

&nbsp;

[smartcode_project_cta:default project_id=140818]

Lowe Living set new Melbourne off the plan apartment record

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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Credit Union Australia (CUA), the nation’s biggest customer-owned lender, has cut its three-year fixed-rate home loan rate by five basis points to 6.34%, bringing it under the four major banks. 
The CUA’s three-year fixed-rate home loan is now 31basis points lower than the average of the Big Four’s equivalent three-year fixed-rate home loan products. 
It was recently voted a top three favourite home in the Mozo People’s Choice Awards 2011. 
“Given the current uncertainty in the market, Australians looking for stability and security around their mortgage repayments may find fixing their loan for a longer-term period of three years a good option,” says Andrew Hadley, CUA’s group GM for strategy and marketing.
Comparing fixed-rate home loans
<table border="1" cellspacing="0" cellpadding="0" width="429"><tbody>
<tr>
<td width="34%">
 
</td>
<td width="33%">
3 Year Fixed Rate 
</td>
<td width="33%">
Comparison Rate 
</td>
</tr>
<tr>
<td width="34%">
CUA
</td>
<td width="33%">
6.34%
</td>
<td width="33%">
7.02%
</td>
</tr>
<tr>
<td width="34%">
ANZ
</td>
<td width="33%">
6.59%
</td>
<td width="33%">
7.52%
</td>
</tr>
<tr>
<td width="34%">
Westpac
</td>
<td width="33%">
6.64%*
</td>
<td width="33%">
7.63%*
</td>
</tr>
<tr>
<td width="34%">
NAB
</td>
<td width="33%">
6.64%
</td>
<td width="33%">
7.49%
</td>
</tr>
<tr>
<td width="34%">
CBA
</td>
<td width="33%">
6.74%
</td>
<td width="33%">
7.62%
</td>
</tr>
</tbody></table>
Source: CUA, correct as of September 29, 2011 *Non-packaged rate
<a target="_blank" href="/news">Westpac</a>, <a target="_blank" href="/news">St George</a> and <a target="_blank" href="/news">The Greater Union Society</a> also cut their fixed rates this week.</body></html>

lschlesinger-FZcF9M3vE6

CUA undercuts major banks with fixed rate cut

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St George Bank has joined the fixed-rate cutting party, trimming its rates for the fifth time in three months.
 
The bank has cut its three-year fixed home loan rate by 0.15 to 6.39% per annum as well as trimming its two-year fixed home loan rate by 0.05% to 6.39% for its Advantage Package customers. 
It follows parent bank <a href="/news">Westpac cutting its fixed rates </a>earlier this week. <a href="/news">The Greater Building Society </a>also cut its rates earlier this week.
St George Bank chief executive Rob Chapman says today’s decrease means the bank has cut its three-year fixed home loan rate by 0.9% per annum since it began cutting fixed rates in July this year. 
The Advantage Package includes a home loan, credit card, and transaction account. 
Chapman says a fixed rate mortgage offers “the reassurance of repayments locked in for a fixed period” 
According to RateCity’s Damian Smith <a href="/news">cashed-up banks will continue to cut fixed rates</a> in an effort to stimulate first home buyer interest and lock borrowers in for longer periods of time.
</body></html>

St George joins Westpac in cutting fixed rates

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Ahead of the October Tax Forum, The Housing Industry Association has demanded drastic measures at both federal and state levels to cut housing taxes.



The industry body points to research by the Centre for International Economics that has found that residential building is the second most heavily taxed sector in Australia in relative terms (after retailing), with the average tax burden estimated at around 31% of the value of output compared with an economy-wide average of 24.4%.



New housing contributes more than twice as much in government taxation revenues (2.8%) as it does in value added to the economy (1.2%).



Sydney home buyers are feeling the brunt of the tax burden, paying an estimated 44% or $268,000 of the purchase price in taxes, followed by Melbourne buyers (38%, $184,000) and Brisbane (36%, $191,000) buyers. 
<img src="/images/stories/hiasept291.gif">
About 40% of the tax bill is made up of what the CIE classifies as “hidden and ambiguous taxes” including the “excessive portion” of infrastructure charges and the cost of meeting “overly stringent” minimum energy efficient ratings. 
Direct taxes – stamp duty, land taxes and GST – make up 28% of the tax bill while indirect taxes – taxes on resources: capital, labour and land – account for 32%. 
Stamp duty, which is levied at a state level, is deemed the most inefficient tax, according to the CIE report, which estimates that cutting stamp duty by $500 million would create a $738 million benefit to consumers and up to a $51 million benefit to producers.
<img src="/images/stories/hiasept292.gif">
Overall, the CIE report say policy action to remove or significantly housing taxes will “pay big dividends in terms of improved efficiency, faster growth and increased housing supply”. 
“It’s time to recognise and act on the fact that the tax burden on new housing in Australia is excessive,” says HIA managing director Shane Goodwin. 
“We’ve got to the point where the tax on a median new Sydney home is over $260,000, and it’s clear the type of impact this is having in terms of decreased affordability and constrained housing supply.” 
According to the HIA, the tax forum presents an opportunity for the Gillard government to put in place the foundation for a strong taxation reform agenda that will not only boost productivity and growth, but can help address policy issues such as Australia’s large and growing housing affordability problem.
</body></html>

HIA demands tax relief for new housing ahead of tax summit

<html><body>
Banks will continue to trim their fixed-rate mortgages, but by smaller margins, according to RateCity CEO Damian Smith. 
“There are more rate cuts to come, but in the absence of an RBA rate cut, it would be hard to see them coming down as fast as they have since the start of August,” he tells Property Observer. 
Smith says although banks won’t admit it, they are “awash with cash right now”. 
“Term deposit rates are declining far more than banks have budgeted for. They are looking to get this money off their books,” he says. 
Smith says banks are also trying to kick-start the first-home buyer market, which according to RateCity research is down $11 billion compared with 12 months ago. 
“Banks don’t have too many other tools available to them right now. They can’t cut variable rates because that will affect all customers and they don’t want to crazy on LVRs because they don’t want to take on bad customers,” he says. 
Furthermore, the ban on exit fees has made fixed-rate loans more attractive to lenders, as it allows them to lock borrowers in for a longer period of time. 
About 70% of lenders that RateCity compares on its website have cut their fixed rates, the most recent being <a target="_blank" href="/news">Westpac </a>and <a target="_blank" href="/news">The Greater Building Society</a>. 
On average the benchmark three-year fixed rate has fallen from about 7.28% to 6.7% 
RateCity’s fixed interest home loan rates over the past 12 months 
<div style="text-align: left;" align="center">
<table cellpadding="0" cellspacing="0" border="0" style="width: 470px;"><tbody>
<tr>
<td nowrap width="20%">
Date
</td>
<td nowrap width="30%">
Average 1-year fixed
</td>
<td nowrap width="24%">
Average 3-year fixed
</td>
</tr>
<tr>
<td nowrap width="20%">
October 2010
</td>
<td nowrap width="30%" style="text-align: center;">
6.97%
</td>
<td nowrap width="24%" style="text-align: center;">
7.40%
</td>
</tr>
<tr>
<td nowrap width="20%">
November 2010
</td>
<td nowrap width="30%">
7.03%
</td>
<td nowrap width="24%">
7.44%
</td>
</tr>
<tr>
<td nowrap width="20%">
December 2010
</td>
<td nowrap width="30%">
7.10%
</td>
<td nowrap width="24%">
7.43%
</td>
</tr>
<tr>
<td nowrap width="20%">
January 2011
</td>
<td nowrap width="30%">
7.10%
</td>
<td nowrap width="24%">
7.43%
</td>
</tr>
<tr>
<td nowrap width="20%">
February 2011
</td>
<td nowrap width="30%">
7.10%
</td>
<td nowrap width="24%">
7.45%
</td>
</tr>
<tr>
<td nowrap width="20%">
March 2011
</td>
<td nowrap width="30%">
7.10%
</td>
<td nowrap width="24%">
7.48%
</td>
</tr>
<tr>
<td nowrap width="20%">
April 2011
</td>
<td nowrap width="30%">
7.05%
</td>
<td nowrap width="24%">
7.38%
</td>
</tr>
<tr>
<td nowrap width="20%">
May 2011
</td>
<td nowrap width="30%">
7.09%
</td>
<td nowrap width="24%">
7.41%
</td>
</tr>
<tr>
<td nowrap width="20%">
June 2011
</td>
<td nowrap width="30%">
7.08%
</td>
<td nowrap width="24%">
7.42%
</td>
</tr>
<tr>
<td nowrap width="20%">
July 2011
</td>
<td nowrap width="30%">
7.09%
</td>
<td nowrap width="24%">
7.38%
</td>
</tr>
<tr>
<td nowrap width="20%">
August 2011
</td>
<td nowrap width="30%">
7.03%
</td>
<td nowrap width="24%">
7.28%
</td>
</tr>
<tr>
<td nowrap width="20%" style="text-align: center;">
September 2011
</td>
<td nowrap width="30%" style="text-align: center;">
6.69%
</td>
<td nowrap width="24%" style="text-align: center;">
6.70%
</td>
</tr>
</tbody></table>
</div>
The above rates were collected at the 1st of each month, except September 2011 figures, which are correct as at September 28. Source: RateCity.
 
Smith says the possibility of a rate cut by the RBA is now much stronger than it was six weeks ago.
Besides the advertised rate cuts, Smith also confirmed earlier reports that borrowers of good standing are able to negotiate discounts of more than 1% with some of the lenders.
“If someone like the CBA directly acquired a client, they could get their variable rate reduced from around 7.7% to something like 6.5%,” he says.
</body></html>

Cashed-up banks will continue to cut fixed-rate mortgages: RateCity

<html><body>
Some 28 of Australia’s 65 regions are now considered to have high mortgage delinquency, with non-mining unemployment hurting regional home owners.
Moody's Investors Service says the ability of Australian home owners to keep up with their mortgage payments has declined over the past year.
“Mortgage performance has shown a material deterioration," says Arthur Karabatsos, a Moody's vice-president.
Between March 2010 and June 2011, the national delinquency rate rose from 1.36% to 1.67%, given an especially poor performance in the regions.
"Of Australia's 65 regions, those performing very poorly, that is, with more than 2.5% delinquencies, increased to 11 from two, and those performing poorly increased to 17 from five," says Karabatsos.
Moody’s classified 11 regions as performing very poorly, with six from New South Wales, four from Queensland and one from Western Australia.
"NSW remains the worst-performing state overall, with six of its regions performing very poorly," Karabatsos says.
But the biggest declines in mortgage performance have been experienced in Queensland and WA, the two states that have been the biggest beneficiaries of Australia's ongoing mining boom, the report says.
“Previously all Queensland regions performed satisfactorily or better, but now four regions are performing very poorly.
“And before only one of WA's seven regions was performing poorly and now it is four performing poorly and one very poorly,” says Karabatsos.
"This apparent paradox is partly explained by the fact that non-mining jobs still account for most of the employment in both states, and such sectors lag the mining sector in growth.
“For example, the strong Australian dollar has weakened the tourism industry, which accounts for more than 5% of employment in Queensland," Karabatsos says.
"Overall, mining accounts for just 1.8% of employment in Australia, and then 2.4% in Queensland and 7.1% in WA.
“Now QLD's tourism-dependent Gold Coast region not only has Australia's third worst mortgage performance with 3.11% delinquencies, but also contributes the most delinquent loans outright, with 6.9% of such loans in Australia located in the region," adds Karabatsos.
"And, previously, while all of Victoria's regions were satisfactory or better, two now perform poorly.
“By comparison, South Australia is the best-performing state, with all of its regions performing satisfactorily," says Karabatsos.
<img src="/images/stories/moodys2.gif">
Source: Moody's
The report shows that the worst performing postcode is in WA – postcode 6168 encompassing suburbs such as Rockingham, Hillman, Garden Island and Peron some 30 kilometres south of Perth –  which has a delinquency level of 5.31%, more than three times the national average of 1.67%, as calculated by Moody's.
</body></html>

jchancellor-FAypfDUnLy

Non-mining unemployment hurting regional mortgage repayments: Moody's

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Borrowers might consider holding off taking out fixed-rate mortgages as further cuts may be in the pipeline, according to Channel 9 finance expert Ross Greenwood.
Speaking during his regular Today Show segment, he said fixed-rate mortgages could get even cheaper.
According to Greenwood there is probably a window of opportunity between now and the end of the year to lock in at cheaper fixed rates and it may not be today.
He says banks have access to cheaper funding and are able to pass this on to borrowers.
Mortgage broker The Loan Market Group says enquiries for fixed-rate loans have increased to 30% of all enquiries from virtually “non-existent” levels at the start of the year.
Loan Market chief operating officer Dean Rushton tells Property Observer it is seeing “lenders acting quite aggressively with fixed rates”.
“It’s basically routine now to see a new weekly leader in fixed rate pricing. It will likely remain a competitive product for the next several months as the banks seem to be determined to battle it out in this space,” Rushton says.
“With the prospect of a rate rise still a few months away we’ll continue to see the major banks competing for fixed rate products.”
Yesterday <a target="_blank" title="Westpac cuts mortgage rates" href="/news">Westpac cut its one- and three-year fixed-rate mortgages</a>, a day after the<a target="_blank" title="Greater Building " href="/news"> Greater Building Society cut its fixed rates</a> under those of some of the major banks.
Westpac is offering a three-year fixed-rate mortgage rate of 6.44% while the Greater is offering a rate of 6.35%.
Currently the cheapest three-year fixed- and variable-rate mortgages as listed by mortgage comparison website RateCity.com.au are:
<table cellpadding="0" cellspacing="0" border="1" style="width: 470px;"><tbody>
<tr>
<td valign="top" colspan="2" width="295">
Three-year fixed rate
</td>
<td valign="top" colspan="2" width="321">
Variable
</td>
</tr>
<tr>
<td valign="top" width="147">
AMP
</td>
<td valign="top" width="147">
6.29%
</td>
<td valign="top" width="158">
Illawarra Home Loans
</td>
<td valign="top" width="164">
6.68%
</td>
</tr>
<tr>
<td valign="top" width="147">
ME Bank
</td>
<td valign="top" width="147">
6.35%
</td>
<td valign="top" width="158">
Loans.com.au
</td>
<td valign="top" width="164">
6.69%
</td>
</tr>
<tr>
<td valign="top" width="147">
ECU Australia
</td>
<td valign="top" width="147">
6.35%
</td>
<td valign="top" width="158">
Newcastle Permanent
</td>
<td valign="top" width="164">
6.74%
</td>
</tr>
</tbody></table>
Source RateCity.com.au
Mortgage broker Mortgage Choice says there has been a significant increase in the percentage borrowers taking out fixed-rate mortgages, with the proportion rising from 3.67% in September 2010 to just over 14% in August.
Spokeswoman Kristy Sheppard says every interest rate reduction brought out by a major bank puts pressure on the other lenders to re-examine their rates.
“I hope rates continue falling to historic lows, for borrowers' sakes. We'll simply have to wait and see if this happens,” she says.
Fixed-rate loans as a % of our new loan approvals
<img src="/images/stories/mcsept28.gif">
Source: Mortgage Choice
According to mortgage comparison website RateCity.com.au, about 70% of lenders have cut their fixed rates recently.</body></html>

Fixed-rage mortgages could get even cheaper: Ross Greenwood

<html><body>
Westpac is the latest lender to cut its fixed mortgage rates.
The bank has cut the three-year fixed rate on its Premier Advantage Package by 15 basis points to 6.44% per annum.
In addition, Westpac has also cut one and two-year fixed-rate loans by 20 basis points to 6.49% for customers taking out the Premier Advantage Package.
The new rates apply for loans of at least $150,000.
As part of its spring promotion, Westpac is also offering a 0.8% per annum off the variable rate on a new variable rate home loan of at least $500,000 for customers that qualify for the Premier Advantage Package.
Yesterday, the <a target="_blank" href="/news">Greater Building Society cut its one-year fixed-rate mortgage</a> to 5.94% and also reduced its three-year fixed home loan rate to 6.35% per annum.
</body></html>

Westpac cuts fixed mortgage rates

<html><body>
If the Commonwealth Bank thought no one would notice it raising interest rates on Melbourne Cup Day last year, a new survey has given it a harsh reality check.
Almost a year on borrowers continue to vent their anger, rating the bank the worst home loan provider out of over 200 providers, following a survey of 23,000 Australians by finance comparison and reviews site Mozo.
The decision to push up rates by 0.45% (almost double the official RBA increase of 0.25%) as the nation stopped to watch the famous rate was described at the time by federal Treasurer Wayne Swan as “cynical”.
Commonwealth Bank customers surveyed by Mozo gave the bank a dismal home loans rating of 5.9 out of 10, down from 6.7 in 2010.
The major banks topped the list of worst home loan provider with CBA followed Westpac (6.2/10) and NAB (6.4/10).
The CBA’s overall satisfaction rating fell to 6.8 below that of bitter rival NAB, which improved from 6.9 to 7.1, the best of the major banks.
The Mozo survey is likely to prickle the nose of incoming CBA chief executive Ian Narev, who takes over the reins from Ralph Norris on December 1.
Last year Norris lost $7 million in pay after the CBA dropped to the bottom of the benchmark Roy Morgan customer satisfaction ratings.  
The Greater Building Society, <a target="_blank" href="/news">which yesterday cut its fixed mortgage rates</a>, and ME Bank were voted best home loan provider and runner-up respectively, with the two providers trading places on last year’s inaugural standings.
Customers praised both institutions for choosing not to raise home loan rates above last November’s official cash rate increase, awarding home loan ratings of 9.4 and 8.8 out of 10 respectively.
ING Direct was voted Australia’s Best Bank for the second year running for its consistently competitive online savings, everyday banking and mortgage products. Australia’s favourite bank also picked up Best Bank Accounts and Most Trusted Bank awards.
Australia’s mutual societies increased their average overall satisfaction rating from 8.1 in 2010 to 8.2 in 2011 against a backdrop of declining satisfaction in banking providers overall. Customers rated mutual societies better than the banks on the key measures of service, trust, price and features, and equal to the Big 4 for convenience.
Rohan Gamble, managing director of mozo.com.au, says customer satisfaction is driven by actions not marketing.
“The NAB’s axing of penalty fees, ING Direct’s consistently competitive interest rates and the Greater’s commitment to people before profits have made them the big winners in customer satisfaction.”
 
Australia’s Best Banking Providers                        Australia’s Worst Banking Providers
1. Greater Building Society                  9.2                      1. GE Money                   4.3
2. Victoria Teachers Credit Union    9.1                      2. Citibank                       4.4
3. ING Direct                                              8.9                      3. Homeside                    4.8
4. Police Credit                                          8.7                     4. American Express      5.6
5. QANTAS Staff Credit Union            8.6                      5. Aussie                          6.2
</body></html>

CBA customers still smarting over Melbourne Cup rate rise

<html><body>
Loan-to-value ratios are continuing to increase but mortgage arrears aren’t becoming a problem yet, the Reserve Bank of Australia says in its latest Financial Stability Review report.
But mortgage experts say while loan-to-valuation ratios are continuing to increase and banks are becoming more lenient with regard to lending practices, arrears aren’t becoming a problem and consumers are well placed to handle debt.
The RBA report noted that although the share of new loans with loan-to-valuation ratios of above 90% has fallen “significantly” over the past few years, “it has edged up over the past year as competition in the mortgage market has intensified”.
While banks dropped their LVRs during the financial crisis, they are starting to creep up again. ANZ has LVRs at 90% for new borrowers, and 95% for existing borrowers, while customers at NAB, Commonwealth and Westpac are also able to access a 95% rate.
However, the RBA also found that while loans made before 2009 are causing the recent uptick in arrears, the current state of mortgages is sustainable.
“Despite the increase over the first half of 2011, the overall mortgage arrears rate in Australia is still low by international standards, and the bulk of housing loans in arrears are well collateralised,” the RBA says.
“Moreover … there are a number of reasons why mortgage arrears are unlikely to rise as much as they have in some other countries. Not least is the more favourable macroeconomic environment in Australia.”
Fitch structured finance associate director James Zanesi says it is true that higher LVRs are associated with higher arrears and defaults, but overall he agrees with the RBA.
“I would say the main driver in terms of likelihood of default is the LVR. It is logical to say that if you have an LVR of 70%, and an LVR of 90%, the 90% mortgage holder is more likely to default, which is proven by historical data.”
However, Zanesi says it is too difficult to make sweeping statements regarding LVRs, saying instead the mortgage market performs differently based on location and differences between metropolitan areas need to be taken into account.
“If one of a few lenders increase LVRs, they don’t all jump the same way. It’s also not a short-term impact, so you wouldn’t see results of raising LVRs for quite some time,” Zanesi says.
“Arrears rose in the first quarter, but there are not as dramatic as in other jurisdictions such as the United States. Relatively, our arrears and defaults rate is fine.”
This article originally appeared on <a target="_blank" title="SmartCompany" href="https://www.smartcompany.com.au/property/20110926-property-loan-to-value-ratios-rising-but-economy-well-placed-to-handle-debt-rba-report-finds">SmartCompany</a>.
</body></html>

cknowlton-QnEa6ntUYP

Property loan-to-valuation ratio rising but economy well place to handle debt: RBA

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Household savings rates are at levels last seen in the mid-1980s as more borrowers look to pay off their mortgage debt sooner, the RBA says. 
After trending up since the mid-2000s, the household saving rate rose further over the past year, reaching 10.5% of disposable income in the June 2011 quarter, according to the RBA’s latest Financial Stability Review.
<img src="/images/stories/savings.gif"> 
Over this time, many borrowers have continued to make “substantial excess principal repayments, even as higher interest rates have raised required interest – and thus total – repayments”.
<img src="/images/stories/housingequity.gif">
“The average excess repayment is currently equivalent to around three-quarters of the scheduled total (principal plus interest) repayment. Consistent with this tendency to pay debt ahead of schedule, surveys have shown that a high share of households consider repaying debt to be the wisest place for savings,” the RBA says. 
“Households that make excess repayments on their home loans generally build up buffers that they can draw down in the future if required. This should be regarded as a positive development for the resilience of the sector.”
<img src="/images/stories/mortgagerepayments.gif">
The RBA noted a substantial slowdown in the pace of household credit growth declining 4.5% in annualised terms over the six months to July.
Annualised growth in housing credit eased from 6.7% over the six months to January 2011 to 5.2% over the six months to July 2011. 
Growth rates of both owner-occupier and investor housing debt have moderated so far this year. The flow of new borrowing has also moderated, with the value of monthly housing loan approvals.
 
The RBA says recent surveys suggest the uptick in mortgage refinancing since early 2011 reflects households switching to cheaper loans – amid increased competition in the mortgage market – and consolidating debt, rather than taking out larger loans. As debt accumulation has slowed in recent years, the rate of housing equity injection has increased. 
Besides making excess mortgage repayments, net repayments on credit cards have picked up in recent months.
<img src="/images/stories/debtbytype.gif">
</body></html>

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