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

Joel Robinson

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

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

Lowe Living unveils Middle Park apartment development

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

DVB Projects to launch second Broadbeach apartment tower as demolition commences

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

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

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

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

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

National Australia Bank (NAB) has brought forward the timing of the first RBA cash rate cut by three months.

NAB is now expecting a cut in February, in line with ANZ and Westpac, having initially thought a cut wouldn't come until May.

Commonwealth Bank, the nation's largest lender, still thinks the first cut will come in December.

NAB changed its call following the August monthly inflation figures that were released at the end of September, showing it had dropped to 2.7 per cent.

"The risk has been skewed to a first cut earlier in 2025, and today’s change acknowledges the balance of risks has likely shifted sufficiently for the RBA to feel comfortable cutting a little sooner than we earlier expected," NAB noted in its latest update.

They added that the cadence of the cuts may be faster than its central profile.

"Domestic inflation pressures are cooling, but only gradually, and we continue to expect the conditions for a cut will not be in place this year.

NAB believes the easing cycle will end at 3.1 per cent by early 2026, which is five cuts from the current 4.35 per cent cash rate.&nbsp;

CBA also thinks 3.1 per cent will mark the end of the cutting cycle, while Westpac is forecasting 3.35 per cent, and ANZ is the most pessimistic at 3.6 per cent, which would be just three interest rate cuts.

<h2>What would a rate cut in February look like for borrowers?</h2>

According to&nbsp;<a data-saferedirecturl="https://www.google.com/url?q=https://link.mediaoutreach.meltwater.com/ls/click?upn%3Du001.IVvjJ-2BPT0A8C3VxtqKc6e3bj5hBuw27WFEYqovsYs7kPsgFulYrdOzeP8gI7CybJOya3_RgrM7qq-2BfK-2FtAHeRBLv5Qrb-2Bii5fzjLeKcP4w-2FkNgJPXygpiRhVUan3WV3QEggcf617UC8Z60RjQJZAqx7PiO7FtVJQSn0D46Zc3iTVP0kAhTTzG51cPpa5hrqz1OkSA-2BiXAxUajQ686MTtiseWBIdMdknd83aB7cOVgXlVTeHCGf3-2BcMHwfvI8TYlkUovqEhn4dj0KXf2eJGpb9-2BBv20hPXdLlPP9yD7DvFFDBM5yrTqxvcCiMfAsW1onD-2FcriL628eYdhNQE7bwzYrxcOYnmaYfRhGl-2FEHQ6eK2uQcLxs6Cbu6Dx0bYvpi5A6enmxMWU5TkcRYrP6Z8GbXZYtc5qSoKu6eWFBQR9K7fsjXwHMmby3D3X6Yx-2BxcDcdRruTG&amp;source=gmail&amp;ust=1727774368149000&amp;usg=AOvVaw2vK2ujS77CHs9VRvSSXzLC" href="https://link.mediaoutreach.meltwater.com/ls/click?upn=u001.IVvjJ-2BPT0A8C3VxtqKc6e3bj5hBuw27WFEYqovsYs7kPsgFulYrdOzeP8gI7CybJOya3_RgrM7qq-2BfK-2FtAHeRBLv5Qrb-2Bii5fzjLeKcP4w-2FkNgJPXygpiRhVUan3WV3QEggcf617UC8Z60RjQJZAqx7PiO7FtVJQSn0D46Zc3iTVP0kAhTTzG51cPpa5hrqz1OkSA-2BiXAxUajQ686MTtiseWBIdMdknd83aB7cOVgXlVTeHCGf3-2BcMHwfvI8TYlkUovqEhn4dj0KXf2eJGpb9-2BBv20hPXdLlPP9yD7DvFFDBM5yrTqxvcCiMfAsW1onD-2FcriL628eYdhNQE7bwzYrxcOYnmaYfRhGl-2FEHQ6eK2uQcLxs6Cbu6Dx0bYvpi5A6enmxMWU5TkcRYrP6Z8GbXZYtc5qSoKu6eWFBQR9K7fsjXwHMmby3D3X6Yx-2BxcDcdRruTG" target="_blank">Canstar</a>, if there is a cut in February, a borrower with a $600,000 loan today and 25 years remaining would see their monthly repayments drop by $92.&nbsp;

<table border="1" cellpadding="0" cellspacing="0">
	<tbody>
		<tr>
			<td colspan="3">
			Impact of 0.25% pt cut in February 2025
			</td>
		</tr>
		<tr>
			<td>
			Current loan size
			</td>
			<td>
			Drop in monthly repayment
			</td>
			<td>
			New monthly repayment
			</td>
		</tr>
		<tr>
			<td>
			$600,000
			</td>
			<td>
			-$92
			</td>
			<td>
			$3,907
			</td>
		</tr>
		<tr>
			<td>
			$750,000
			</td>
			<td>
			-$114
			</td>
			<td>
			$4,884
			</td>
		</tr>
		<tr>
			<td>
			$1M
			</td>
			<td>
			-$153
			</td>
			<td>
			$6,512
			</td>
		</tr>
		<tr>
			<td colspan="3">
			Source:&nbsp;<a data-saferedirecturl="https://www.google.com/url?q=https://link.mediaoutreach.meltwater.com/ls/click?upn%3Du001.xWMOP9hChsvn-2BC9O-2FebBihXIZ4cEzbiuENdxm-2Bx3-2FYEEgYMhZlKWNj5Zzy1YZ56RuASD_RgrM7qq-2BfK-2FtAHeRBLv5Qrb-2Bii5fzjLeKcP4w-2FkNgJPXygpiRhVUan3WV3QEggcf617UC8Z60RjQJZAqx7PiO7FtVJQSn0D46Zc3iTVP0kAhTTzG51cPpa5hrqz1OkSA-2BiXAxUajQ686MTtiseWBIdMdknd83aB7cOVgXlVTeHCGf3-2BcMHwfvI8TYlkUovqEhn4dj0KXf2eJGpb9-2BBv20v2akwr6-2BqLyRrlEgkJ4J-2BCCyY0x189xEHZA4Ylf8c7ChBqNIkhmftZzoFuZKFn43pw3oJVg2o1gumrpdA-2B7MB-2FBtmL2rFCI-2FXORATQHySCLVOMg7Vywv-2BqnnQUAtDz6XkvpwxdHFXh70VwKazzhJsICilEYOvP4ju0sIfi5g6TL&amp;source=gmail&amp;ust=1727774368149000&amp;usg=AOvVaw2qVnp6oqATgqDUi2Frm22q" href="https://link.mediaoutreach.meltwater.com/ls/click?upn=u001.xWMOP9hChsvn-2BC9O-2FebBihXIZ4cEzbiuENdxm-2Bx3-2FYEEgYMhZlKWNj5Zzy1YZ56RuASD_RgrM7qq-2BfK-2FtAHeRBLv5Qrb-2Bii5fzjLeKcP4w-2FkNgJPXygpiRhVUan3WV3QEggcf617UC8Z60RjQJZAqx7PiO7FtVJQSn0D46Zc3iTVP0kAhTTzG51cPpa5hrqz1OkSA-2BiXAxUajQ686MTtiseWBIdMdknd83aB7cOVgXlVTeHCGf3-2BcMHwfvI8TYlkUovqEhn4dj0KXf2eJGpb9-2BBv20v2akwr6-2BqLyRrlEgkJ4J-2BCCyY0x189xEHZA4Ylf8c7ChBqNIkhmftZzoFuZKFn43pw3oJVg2o1gumrpdA-2B7MB-2FBtmL2rFCI-2FXORATQHySCLVOMg7Vywv-2BqnnQUAtDz6XkvpwxdHFXh70VwKazzhJsICilEYOvP4ju0sIfi5g6TL" target="_blank">www.canstar.com.au</a>. Starting rate is the RBA existing average owner-occupier variable rate of 6.36%. Assumes banks pass the cash rate cut on in full the month after the meeting.
			</td>
		</tr>
	</tbody>
</table>

Canstar Data Insights Director, Sally Tindall, says if core inflation continues to track in the right direction, or unemployment starts to accelerate significantly, we could well see a cash rate cut as early as February of next year.

“All four big banks now believe the RBA will be ready to cut the cash rate in just over four months’ time, if not before, in the case of CBA.

“However, the outlook for both inflation and unemployment is still highly uncertain. A couple of wobbly sets of inflation data could see the RBA holding for longer, particularly if unemployment remains relatively steady."

&nbsp;

Commonwealth Bank, the nation's largest lender, still thinks the first cut will come in December.

NAB bring forward first RBA cut to February 2025

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Resi Mortgage Corporation CEO Lisa Montgomery has expressed concern at the current mortgage war going on between the country’s four biggest banks for borrowers’ business with its focus solely on the cheapest rate.
“It is all about rate… All the rhetoric including from the government is about rate. It’s commoditising the service and sending a bad message to borrowers,” Montgomery says.
“I shudder for the borrower. The rate is important but it is not the only loan criteria. What value is being placed on offering guidance and support? Maybe there is a better way to structure your loan so you pay less overall?”
According to Montgomery, if the banks continue to push their interest rates above all else, they will create an oligopoly, since none of the other lenders can compete on this criteria alone.
Resi lends via its franchised stores on the eastern seaboard and Perth as well as through select broker groups.
Montgomery says the lender aims to offer a holistic service to borrowers, but struggles against the “white noise” of interest rate talk.
“Our aim is to help borrowers set goals and build wealth,” she says.
“We attempt to talk to about more than just the rate and compete on our service proposition.
“We aim to have an ongoing relationship with the customer.”
One the back of the CBA campaign, Jane Slack-Smith of Your Property Success warns investors they should always read the terms and conditions before signing any new deal.
“They say they’ll beat any advertised rate but many of my clients have actually been able to negotiate better than what’s advertised at the moment,” she says.
Kristy Sheppard of Mortgage Choice says smaller banks shouldn’t be forgotten either.
“Often they’re fighting even harder for market share and sometimes they’re more likely to offer affordable deals or better specials within their deals,” she says.
“If you already have a home loan and you’re looking to switch, there are a range of switching options, where you can have up to $1000 paid by the lender you’re looking to switch to.”
Sheppard advises approaching a lender with your head held high.
“Because the housing market is so subdued and housing finance commitments are at a 30-year low, lenders are really jostling to retain loans,” she says.
“It’s a terrific market to be in, if you’re looking for a new home loan.”
Official ABS lending finance statistics for July revealed that banks continue to outpace non-banks on the provision of mortgage finance.
On a seasonally-adjusted basis, the number of owner occupier mortgages financed by increased by 1.2% while those financed by non-banks fell by 2.8% over the same period.
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lschlesinger-FZcF9M3vE6

Mortgage wars not always good for borrowers: Resi

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The mortgage discount war being waged between the major banks is reaching a point where it is starting to eat into their bottom lines, according to a banking analyst.
JP Morgan analyst Scott Manning says the average discounts offered on standard variable mortgage rates has jumped from 0.7% to 0.9% over the past 12 months.
According to Manning, mortgages discounted by 0.9% are not profitable if sold through a mortgage broker and loss making above a discount of 1.2% if sold through a branch.
Banks pay brokers upfront commissions of about 0.5% of the loan amount and monthly trail payments of around 0.15%.
Mortgage brokers recommend about a third of all loans written by the major banks with the CBA the most dominant player in the broker space, accounting for 32% of all third-party loans, according to August analysis by mortgage software group Stargate.
“We estimate that current pricing is about as competitive as it can get prior to diluting group returns,” Manning says in a note to clients.
Commonwealth Bank is offering new clients who take out loans through an accredited mortgage broker discounts off 1.02% off its advertised standard variable rate provided they pay a deposit of 20% and borrow more than $500,000 the Australian Financial Review reports.
The discount takes CBA’s effective mortgage rate to 6.79% matching that of NAB’s UBank offer.
The battle for mortgage business is being led by CBA, which is offering to beat the advertised mortgage rate of its big four competitors for the month of September.
The bank is looking to regain market share lost to NAB and ANZ since the start of 2010.
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Banks sacrificing profit for mortgage holder growth

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Property investors who use their self-managed super funds to borrow and acquire real estate will need to ensure they fully understand their obligations and comply with the letter of the law, says the Australian Tax Office.
The warning has come from the very top of the industry, with ATO superannuation assistant commissioner Stuart Forsyth saying the forthcoming year will be a “big year” for regulation and compliance.
“We are acquiring new powers to prevent breaches of legislation,” Forsyth said during his keynote speech at the Institute of Chartered Accountants’ National SMSF Conference in Melbourne today.
“There will be minimum adverse impacts on people who do the right thing. “
Property investors who set up new DIY funds will receive particularly close attention (about 60,000 new SMSF funds register with the tax office each year), with ignorance of the rules and obligations unlikely to curry much favour with the ATO.
Areas that will receive special focus from the ATO will include breaching contribution caps and illegal early release of funds.
“One SMSF trustee has been sent to jail for long-term breaches and failure to lodge,” Forsyth says.
“You need a blooming good reason not to lodge.”
Speaking as part of the panel discussion following Forsyth’s address, Professor Gordon Cooper, principal of accountants Cooper &amp; Co, accused the ATO of being “ridiculous and draconian” in how it deals with breaches of contribution caps.
He gave the example of a client who was issued with a $70,000 due to being $10 over her contribution cap. Cooper was only able to get the assessment waived due his client being ill and being poorly advised.
“If she were not ill, she would most likely have had to pay the $70,000,” he says.
Also part of the discussion, Liz Westover, head of superannuation at the ICA, advised trustees to engage with the tax office rather than bury their heads in the sand – “that way you have a much better chance of a favourable outcome”.
The ATO is considering devising an online course that would be required for trustees.
The ATO has provided a list of <a href="https://www.propertyobserver.com.au/news/fifteen-ways-to-add-property-to-your-smsf/2011091651578" target="_blank">acceptable ways for SMSFs to invest in property</a>. For more on the rules regarding self-managed super funds and property, see our e-book 16 questions self-managed super fund trustees should ask before investing in property.
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SMSF trustees must be very vigilant concerning tax: ATO

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Consumer group Choice has no plans to launch a mortgage broking service, according to chief spokesman Christopher Zinn.
“We are not getting into mortgage broking, but we are looking at the possibility of financial advice,” Zinn has told Property Observer.
“We are interested in entering a number of markets where there is room for consumer benefit.
“We believe there is a great need for a trusted independent brand which can deliver cost-effective, reliable financial advice.
“Our role is to steer people in the right direction to make the right decisions. This might not mean doing it ourselves, but partnering with providers.”
Zinn says Choice can only earn remuneration which is conflict of interest free and “product-neutral”.
Zinn clarified Choice’s future plans following a confusing and erroneous report in the Australian Financial Review that said Choice was planning to offer financial advice and take on the mortgage broking industry.
Licensed mortgage brokers are not allowed to provide financial advice but can only recommend credit products.
Choice has already ventured into a quasi-mortgage broking space via its One Big Switch campaign in partnership with Lachlan Harris, former press advisor to Kevin Rudd.
<a target="_blank" href="/news"> The scheme aims to source better home loan offers for about 40,000 borrowers who have signed up but has to date not made any offers</a>.</body></html>

Choice denies plans to offer mortgage broking

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Reports that the major banks are unwilling to finance loans for properties that qualify for the government’s national rental affordability scheme (NRAS) are exaggerated, according to specialist providers.
Paul Thewlis, managing director of Onyx, which sells, finances and provides legal services for properties that qualify for the NRAS scheme, says the information contained in a leaked building blacklist document are a “distortion”. “This information is a year out of date,” he says.
The<a target="_self" href="https://www.propertyobserver.com.au/news/bank-s-blacklist-bans-finance-for-373-buildings/2011091251504"> document leaked to the Fairfax press</a> dates back to “late 2010” and highlights the major banks’ alleged reluctance to finance NRAS properties, with The Age reporting that “most other banks have also refused to finance investors or buyers for NRAS properties, apart from St George, which accepts borrowers for one project in Queensland”.
Charity group Mission Australia <a target="_blank" href="/news">slammed the bank's purported reluctance to lend to purchasers of some NRAS buildings</a>. According to Thewlis, two of the major lenders – NAB and Westpac (including its subsidiaries RAMS and St George/Bank of Melbourne) – along with other financiers including Adelaide Bank, Firstmac and The Rock Building Society provide NRAS financing.
“In August last year, Westpac said no. Now they have the most extensive policy in relation to NRAS,” he says. 
In March this year, Westpac sent a note to mortgage brokers notifying them the bank was expanding the number of approved NRAS property management consortiums from one in Queensland to six, comprising three more in Queensland and two in Western Australia. 
Previously, the bank would only approve loans for properties managed by the Queensland Affordable Housing Consortium. 
“The banks are gradually getting on board with NRAS. The finance industry is conservative. They want to fund NRAS deals, but because they don’t know much about it they believe it’s something to worry about,” he says. 
Jo Brown from NRAS Real Estate based in Sydney agrees with Thewlis that the banks are getting on board with financing. 
She says the two banks that currently do not provided NRAS financing – ANZ and the Commonwealth Bank – are working on entering the space. 
“They don’t have NRAS policies yet, but they are working on them,” she says. 
Brown says buyers of NRAS properties are “normal investors” who seek properties with neutral or positive cash flow in good areas. 
“Tenants are meticulous and really treasure their properties. They are less work than normal tenants,” she says. 
Mortgage broker and realtor Tim O’Shea’s experience with the major banks on NRAS deals has not been as fruitful as Onyx or NRAS Real Estate. 
O’Shea, who is principal at the Da Vinci Property Group based in Runaway Bay, Queensland, says in his experience Westpac (and subsidiary brands RAMS and St George) is the only major bank to provide NRAS financing. 
A Westpac NRAS policy document dated September 2010 says the bank requires a 30% deposit from borrowers unless the loan comes with lenders mortgage insurance, which then raises the maximum loan-to-valuation to 87%. 
The bank does not take into account tax incentives associated with the NRAS when determining serviceability assessments. 
O’Shea says penalising NRAS borrowers with high deposit requirements makes no sense. 
“It’s a very backward approach. The chances of the property being vacant are nil given the discounted rents,” he says. 
O’Shea says his discussions with the Commonwealth Bank suggest it is keen to get involved in NRAS financing and is looking to develop a policy. 
A spokesperson for NAB confirmed the bank does “finance individuals to purchase properties built under the federal government's NRAS”. 
A spokesperson for ANZ says: "We currently do not finance investment properties built under the federal government's National Affordability Rental Scheme, but we’re currently looking at ways we can support government initiatives to house low-income earners."
Property Observer is awaiting responses from Commonwealth Bank.</body></html>

More banks lending to properties in NRAS affordability scheme

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The reluctance by the major banks to lend on apartment developments creates opportunities for “speciality lenders” to step in prudently, according to Mortgage Choice spokeswoman Kristy Sheppard.
Speaking to Property Observer following the leaking of <a href="https://www.propertyobserver.com.au/news/bank-s-blacklist-bans-finance-for-373-buildings/2011091251504" target="_blank">a major bank blacklist of 373 apartment projects</a> that one unnamed bank will not lend against, Sheppard says providing finance where other banks decline is an area a number of lenders can leverage to build their market share.
“Some already are,” she says. “For example, speciality lenders and others who provide ‘alternative verification lending’ often scrutinise a borrower's situation more closely from an individual perspective while still abiding by serviceability rules and credit scoring systems.
“Obviously the balance of risk versus benefit has to be right for the lender and the customer in these circumstances too, but a less restrictive approach is taken when examining each deal,” she adds.
<a target="_blank" href="/news">Mortgage brokers have said that the existance of the blacklist makes their roles even more important.</a>
The most recent financial results for Mortgage Choice show that almost a third of its mortgages were arranged by banks outside the Big Four, with 10% of loans coming from non-bank lenders and building societies.
Lisa Montgomery, CEO of Resi Mortgages, says with borrowers now more cautious and lenders tightening criteria and reducing loan-to-value ratios on smaller apartments (between 40 and 60 square metres) there is “an appetite for all lenders to see if there is a deal”.
While the word “blacklist” evokes an emotion, Montgomery says it is prudent for the major banks to limit their exposure and risk on certain medium- and high-density projects.
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Building blacklist creates opportunity for specialist lenders: Mortgage brokers

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The Choice Big Bank Switch initiative has kept the 40,300 home loan borrowers prepared to consider refinancing waiting for the past four weeks without any indication of any discounted home loan offers.
“One Big Switch is in a process of negotiation with a number of Australian lenders and is trying to source home loan offers for registrants which offer a genuine group discount,” the registered borrowers were advised four weeks ago on August 17, shortly after registrations closed.
One Big Switch launched in Australia on July 31 with 10,000 consumers registered in the first 12 hours, and 40,000 registered in the first two weeks.
Registration for the Choice Big Bank Switch closed on August 14.
“We are working night and day to try and secure a discount, but the reality is these discussions could take several weeks; we will keep you in the loop the whole way,” an August 17 email advised.
“If One Big Switch is successful in its negotiations with lenders it will then be a matter for you to decide whether any of the group discounts are right for you, and for the individual lenders who may make discount offers to decide if you are eligible to take up any discount offer,” the only email sent said.
On August 29 One Big Switch tweeted: “Discussions with lenders going well.”
But much of its Twitter activity has been about other subjects, including power bill savings.
In late August One Big Switch suggested @OurBankingPower had been sending rude tweets, based on inaccurate assumptions.
Paul Hunyor and Lachlan Harris founded One Big Switch. Hunyor has worked in corporate finance, private equity, and management consulting, and is a graduate of Harvard University. Harris was the Senior Press Secretary to Kevin Rudd from 2006 to 2010.
"We are finalising offers now, but I can’t give a timeline," Harris told Property Observer today.
“We are currently getting all our ducks in a row. I should be able to tell you more early next week," Harris says.
Toby Brennan, Brendan O’Mahoney, and Kate Gauld are all senior members of the One Big Switch Team. Brennan and O’Mahoney both have extensive experience working in the finance and corporate sectors in Australia and overseas. Gauld has worked at several of Australia’s best-known not-for-profit organisations.
“We believe the power of group switching will be good for competition in the mortgage industry,” the website says.
“This increased competition is good for all lenders who want to compete for the business of switchers.”
One Big Switch is a for-profit business committed to helping Australian consumers pay less for their regular household bills. One Big Switch is an Australian Credit Licence holder and a registered member of the Credit Ombudsman Service.
One Big Switch makes no makes no representation that any registrants will be eligible for any special offer or other finance advertised on the website.
<a target="_self" href="https://www.propertyobserver.com.au/news/discount-mortgages-gain-ground-as-one-big-switch-passes-10000/2011080351011">The One Big Switch launch</a> was met with claims it was a <a target="_blank" href="https://www.propertyobserver.com.au/news/lachlan-harris-defends-one-big-switch-from-critics/2011080351018">gimmick by some commentators.</a>
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jchancellor-FAypfDUnLy

One big wait for One Big Switch 

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Though none of the major banks will own up to creating the leaked buildings “blacklist”, bloggers have urged the unnamed bank to publish the list of more than 370 buildings. 
Westpac says it does not have a blacklist but judges applications on a case-by-case scenario. 
The Commonwealth Bank says it has a “watchlist” of developments that require extra care for credit and valuations but does not have a blacklist of buildings it will not finance in Victoria or elsewhere. 
NAB says it does not have a blacklist and judges each case on its merits. 
ANZ also denied keeping a blacklist.
"We don't keep a blacklist of properties. Lending for property is assessed on a case-by-case basis and is dependent on a number of factors, including how the loan will be serviced, the level of equity the customer has, the value of the asset for which the loan is used, as well as the resale value of the property," a bank spokesperson says.
The general response from bloggers and those on Twitter has been extremely positive, with the banks complimented for their prudent approach and for making it harder for developers to sell dodgy projects. 
The<a href="https://www.propertyobserver.com.au/news/bank-s-blacklist-bans-finance-for-373-buildings/2011091251504?source=flicker1" title="Blacklist" target="_blank"> list of 373 apartment projects was leaked to The Age</a> by mortgage brokers, but the newspaper said it was unable to publish the list for legal reasons. <a target="_blank" href="/news">Mortgage brokers have said their services are more important than ever.</a> 
“It would be good if some public-spirited person would get hold of the bank lists and publish them so the hoi polloi would know what to avoid,” commented EDwardKelly on The Age’s website.
 
“The only problem I have with this approach is that the lists aren't publicly available. Sounds like a sensible approach to me, protects the consumer (but only if they aren't already locked in) as well as the bank, so why not go one step better and get the information out there for all to see so people don't get caught out?” commented another reader.
“What bothers me about this is the large number of people within the cone of silence that have access to this list and know not to go near the place, but there will still be real estate agents trying to sell the apartments to poor sods out there without this crucial info,” added another concerned reader.
Some of the blacklisted projects part of the government's National Rental Affordability Scheme, <a target="_blank" href="/news">which has drawn the ire of charity group Mission Australia.</a>
On Twitter, Steve Kenna from buyers and sellers agents The Real Estate Helpers said news of the list was “good information for agents selling apartments or buyers looking at buying one”.
Gemma from Sydney commented that it was about time that “shoddy developers were called out”. 
“Sure, people need housing and in their rush to secure a place will try and buy anything no matter how badly made or ugly. The banks are doing them a favour. But how to sort out the fact that only the wealthy can now live in the city? Everyone who works there or around there has to commute because they are being pushed further and further out,” she commented.
“Good on banks,” said a reader from Sydney.  “If you go to Pymble (in Sydney), there are so many new buildings just dumped along the Pacific Highway, while the traffic is getting worse and worse. Most of these new apartments are unaffordable.”
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Bank urged to publish building blacklist

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The spring selling season has been given a boost, with official ABS figures showing a 1.4% increase in the total value of owner-occupied housing commitments (excluding alterations and additions) on a seasonally adjusted basis for July.
This is the fourth straight month that demand for owner-occupier mortgages has risen, with the value of mortgages reaching $14.37 billion in July compared with $14.17 billion in June and $14.15 billion in May.
The banking sector accounted for more than 92% of all owner-occupier mortgage lending in July.
The value of renovation activity dropped marginally in July falling from a seasonally adjusted $389 million in June to $382 million.
The topsy-turvy demand for commercial finance continued with the value of total commercial finance commitments up 6.1% in July after a 6.1% fall in June.
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Owner-occupier mortgage value rises for fourth straight month

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The <a target="_blank" title="Bank blacklist" href="https://www.propertyobserver.com.au/news/bank-s-blacklist-bans-finance-for-373-buildings/2011091251504?source=flicker1">reported refusal by a major bank to provide financing for housing developed through the government's National Rental Affordability Scheme</a> has been slammed by charity group Mission Australia. 
“It would be a shame if this is true re: NRAS properties,” Mission Australia CEO Toby Hall has tweeted. 
A document leaked to The Age revealed that one of the four major banks will not provide financing to more than 300 apartment projects, including developments associated with the federal government's NRAS. 
The scheme aims to provide housing for low- and moderate-income households at least 20% below the prevailing market rates. 
Investors who buy properties that form part of the scheme receive tax-free incentives for 10 years, provided they continue to comply with conditions relating to tenant eligibility and rent discounts. 
Mission Australia provides a range of affordable and social rental housing for low-income households through its MA Housing Initiative, with rents charged at a 25% discount to market rates. 
The charity group manages 1,500 properties throughout Western Sydney, in the Mid North Coast of NSW, Footscray and Narre Warren in Victoria and in Hobart, Tasmania.
Under the NRAS scheme, the government plans to support up to 35,000 new dwellings in the years up to 2014-15, with a further 15,000 dwellings to be supported beyond 2014-15.
</body></html>

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