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

Joel Robinson

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

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

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

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

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

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

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

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

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

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

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

NAB bring forward first RBA cut to February 2025

<html><body>
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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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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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.
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