<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

<html><body>
The expert knowledge of mortgage brokers has been highlighted after it has emerged that one of Australia’s big four banks will not provide funding on more than 300 residential projects. 
The bank, which has not been named, circulated a blacklist of apartment projects to mortgage brokers in late 2010, including 146 projects in Victoria, 100 in New South Wales and the ACT and a 127 in Queensland. 
Reasons for not providing mortgages include the type of building, the quality of construction or because of investors turning over units in the building too quickly. 
Mortgage Choice and the Mortgage and Finance Association of Australia have highlighted the value of the market knowledge of mortgage brokers, including being aware of lending restrictions and other pitfalls. 
“One key reason why over 40% of all new home loans in Australia are sourced through mortgage brokers is that they provide a service one lender cannot – a broad knowledge of our ever-changing market across a wide range of lenders,” says Mortgage Choice spokeswoman Kristy Sheppard. 
Phil Naylor, chief executive of the MFAA says an MFAA-approved broker “can save you time and money, provide you with greater choices and help you avoid pitfalls”. 
“Our brokers are also backed by industry education and an accreditation process, so you know you’re getting expert guidance,” he says. 
While she is unaware of the blacklist, Sheppard tells Property Observer she is aware of mortgage insurers refusing to insure home loans for units within buildings that they already have exposure to, once that exposure reaches a certain point. 
Mortgage brokers told The Age banks have an “exposure limit” and would stop financing loans in apartment complexes when between 15% and 25% of the total number of apartments had been financed by one lender.  The CBA says it keeps a ''watch list'' of developments that required extra care for credit and valuations, while NAB says it does not keep a blacklist and judges each application on its merits. Westpac and ANZ have not commented on whether they keep a “blacklist”. 
<a target="_blank" title="Blacklist" href="https://www.propertyobserver.com.au/news/bank-s-blacklist-bans-finance-for-373-buildings/2011091251504?source=flicker1">The blacklist </a>includes a development in Forster tagged with “No lending. Refer to credit hotline,” and one in Pymble, on Sydney’s North Shore, due to the developer having difficulty obtaining an occupation certificate. 
Blacklisted buildings in Melbourne include an office conversion into one-bedroom units on Flinders Street because its bedrooms had no windows and one on King Street, barred because its “poor location” made it ineligible for residential loans. 
Buyers’ agent Catherine Cashmore from JPP Buyer Advocates says anyone buying a blacklisted apartment without a “subject to finance” clause in the contract faces the risk on defaulting on the sale and losing their deposit. 
According to Michael Chan from Shape Home Loans the big four banks are growing more reluctant to finance apartments of less than 50 square metres due to the flood of smaller apartments coming onto the market in Melbourne.
</body></html>

lschlesinger-FZcF9M3vE6

Mortgage brokers help avoid blacklist finance knockbacks: Industry

<html><body>
One of the big four banks maintains a list of residential buildings for which it bars or severely restricts intending purchasers from obtaining finance.
The blacklist includes 373 east coast residential buildings, most of which are serviced apartments, resorts or student accommodation.
The list also includes projects in the federal government's National Rental Affordability Scheme.
The list includes 100 projects – both off the plan and completed – in NSW, 146 projects in Victoria, and 127 in Queensland.
A development in Forster on the NSW mid-coast was tagged “No lending. Refer to credit hotline” on the list.
A Melbourne office conversion into one-bedroom units was deemed unsuitable by the bank ''due to poor amenity'' – the bedrooms have no windows.
A Queensland project was barred because ''there are concerns the developer may not be able to complete the project, which may impact on the saleability of existing homes''.
The list also includes a resort southeast of the Melbourne near Western Port Bay.
The list of ''unacceptable'' buildings was obtained by The Age property editor Simon Johanson, having been circulated by one of the big four banks to mortgage brokers in late 2010.
The newspaper report doesn’t identify the bank or any of the buildings.
The article notes a denial from the NAB, which says NAB did not keep a list of buildings that the bank will not finance. “We look at every inquiry on its merits and make a decision on a case-by-case basis,'' a bank spokesperson says.
A CBA spokeswoman said while the bank had a ''watch list'' of developments that required extra care for credit and valuations, it did not have a blacklist of buildings it would not finance.
Westpac and ANZ were approached by the newspaper for comment but did not respond. Property Observer has also approached Westpac and ANZ but has received no response from ANZ.  
A spokeswoman for Westpac says the bank does not have a blacklist. 
“We have policies and procedures in place to assess applicants and scenarios and make decisions on a case-by-case basis,” she says.
The list indicated the unnamed bank barred financing for all developments associated with the federal government's National Rental Affordability Scheme, an initiative designed to boost housing for low-income earners around the country.
It has long been known that lenders often decline to provide finance for buyers of apartment buildings once they reach pre-set exposure limits, commonly when 15% to 25% of the total number of apartments have already been financed by the lender.
</body></html>

jchancellor-FAypfDUnLy

Bank's blacklist bans finance for 373 buildings

<html><body>
With an uptick in buyer activity expected in the spring selling season, the Commonwealth Bank says it will beat the advertised home loan rates of its three major bank competitors – ANZ, Westpac, NAB – until the end of September.
The offer from the Commonwealth Bank applies to advertised rates only and to customers who borrow a minimum of $100,000.
Its Home Loan Guarantee campaign runs until the end of September and is available for both new customers and existing customers who take out new borrowings of $100,000 or more.
It follows the bank cutting interest rates by up to 0.16% for its one- and three-year fixed-rate home loans last week and a raft of fixed rate cuts by other lenders over the past few months. 
“Throughout the traditional spring home buying season, Commonwealth Bank will be talking directly to customers to share with them tips on how to save money and reduce the term of their loans,” says Michael Cant, the bank’s executive general manager for retail products.
</body></html>

CBA says it will beat competitors' mortgage rates

<html><body>
There has been some reprieve for families in Western Australia and Victoria, with the percentage of income required to pay off their mortgages bucking the national trend and decreasing marginally over the June quarter.
The proportion of family income devoted to meeting average loan repayments in Victoria eased by 0.7% over the quarter from 35.9% to 35.2%, according to the latest REIA/Deposit Power Housing Affordability Report. 
Over the quarter, Victorian median weekly earnings increased by $18 while median mortgage repayments fell by $15 as the average loan size decreased from $315,000 to $312,000. 
<img src="/images/stories/reia.jpg">
In WA, the resources boom appears to be helping to ease housing affordability with weekly income rising by $50 a week compared with a $43 increase in median mortgage repayments. The average size of a WA mortgage increased from $299,000 to $304,000. 
The Northern Territory was the only other state or territory market where housing affordability improved, with the percentage of income required for mortgage repayments declining from 23.2% to 22.8% as the average loan size fell from $291,000 to $288,000. 
Nationally, housing affordability deteriorated once again in the June quarter, with mortgage repayments as percentage of family income increasing 0.4% to 34.6%, taking affordability back to levels last seen 12 months ago. It followed a 1.1% “short-lived” reprieve in the March quarter. 
State by state round-up 
<ul>
<li>NSW maintained its 15-year history as Australia’s least affordable state or territory in which to buy a home in Australia.  It recorded the largest decline in housing affordability in the June quarter, with the proportion of income required to meet loan repayments increasing 1.5% to 38.7%. </li>
</ul>
<ul>
<li>South Australia is the third least affordable state or territory in which to buy a home. Housing affordability deteriorated over the June quarter, with the proportion of income required to meet monthly loan repayments increasing 0.4% to 34.5%. </li>
</ul>
<ul>
<li>In Queensland housing affordability deteriorated slightly over the quarter. The proportion of income required to meet loan repayments increased 0.1 percentage point to 33.0%. Over the year, the proportion of family income required to meet loan repayments decreased 1.1 percentage points. </li>
</ul>
<ul>
<li>Tasmania recorded the second largest declined in housing affordability over the quarter. The proportion of income required to meet home loan repayments increased 1.3% to 29.5%. </li>
</ul>
<ul>
<li>Despite housing affordability declining in the Australian Capital Territory over the quarter, the territory remains the most affordable state or territory in which to buy a home; a position held for more than five years. Over the June quarter, the proportion of income to meet home loan repayments increased 0.2 percentage points to 18.8%.</li>
</ul>
</body></html>

Mortgage burden eases in Victoria and WA

<html><body>
Mortgagee repossession actions lodged in the NSW Supreme Court are on the rise. There were 1,715 in the first seven months of this year. By comparison, there were only 1,398 during the first seven months of 2010. However, the figures aren’t as bad as the 2,325 during the first seven months of 2009.
The peak year for possession writs was in 2006, with 5,370 writs in the wake of the low-doc price boom that swept Sydney's outer-west.
The 2010 annual tally of 2,564 was the lowest since 2003.
Mount Druitt, Castle Hill and Merrylands were the busiest suburbs for repossessions in July. Dubbo and Orange were the busiest towns for repossessions in July, according to the report issued by the Department of Attorney General  and Justice.
In June it was Blacktown, Fairfield, Hurstville and Prestons along with the towns of Avoca and Terrigal.
The tally includes executed writs where the repossession proceeded and unexecuted writs where the repossession did not go ahead as a court order.
</body></html>

NSW mortgagee repossessions on the rise

<html><body>
Australia’s biggest home lender has cut its fixed interest rates again as existing mortgage holders continue to wait in hope of some relief before the end of the year. 
Following yesterday’s decision by the RBA to leave the cash rate on hold at 4.75%, the Commonwealth Bank has cut its fixed rate mortgage for the second time in the space of a few weeks. 
From today, the bank’s one-year fixed rate will drop from 6.59% to 6.48% while its three-year fixed rate loan will fall from 6.59% to 6.43% for borrowings over $150,000. 
Other lenders to have cut fixed rate mortgages in the last week include:
<ul>
<li>St George Bank, which has cut its two year fixed rate mortgage by 15 bps (to 6.59%) and three year fixed by 5 bps (to 6.69%)</li>
<li>Newcastle Permanent Building Society, which has cut its four and five year fixed rates by 10 bps to 6.79% and 6.84% respectively</li>
<li>Credit Union Australia, which has cut its one year fixed by 26 bps (to 6.79%); two yCear fixed by 25 bps (to 6.85%); three year fixed by 40 bps (to 6.74%) and five year fixed by 21 bps (to 7.34%).</li>
</ul>
The rate cuts come as a survey of 1,000 mortgage holders by Mortgage Choice has found that half would use a rate cut to pay more towards their home loan, rather than spend it at the shops. 
The survey emphasised the savings mindset of mortgage holders, with a further 30% saying they would “save more money in some other way”. 
“Our new national survey discovered only one in five of the 1,000-plus respondents, all of whom were mortgage holders, will spend more if interest rates drop. In fact, every second person will simply contribute all extra funds into their home loan,” says Mortgage Choice spokeswoman Kristy Sheppard. 
“Ninety-six per cent will save more money or the same as they have been if rates fall, which clearly demonstrates the mindset of today’s cautious consumer. De-leveraging while building a protective financial shield against tougher times is very much at the forefront of their decision making. 
“Our findings also indicate current interest rates aren’t contributing to borrower stress as a number of commentators suggest. What they are doing is stopping the majority of mortgage holders from creating a bigger financial buffer via making extra repayments.” 
Using the national average mortgage size of $288,100 and the benchmark basic variable rate of 7.11% (which is the average rate across the major four banks), borrowers will save $46 per month if rates drop by 0.25%, mortgage comparison website RateCity.com.au has found. 
Interest rate markets are still pricing in a rate cut this year with Westpac expecting rates to fall before the end of the year and 1% to be shaved off the official rate over the next 12 months.
The Commonwealth Bank expects rates to rise by February 2012.
</body></html>

CUA joins lenders cutting fixed rates as borrowers continue to save

<html><body>
Mortgage Choice boss Michael Russell expects the Commonwealth Bank to sell the 17.2% stake it acquired in the mortgage broker following its acquisition of Count Financial.
“I can only really speculate. If I was a betting man, I’d be suggesting that they may well offload the stake. I think they have enough ownership in the mortgage origination space,” Russell says.
The bank has said it might sell its stake in Mortgage Choice even if not compelled to do so by regulators because there would be little strategic benefit in holding onto it.
The Commonwealth Bank already owns a 33% share of Aussie Home Loans, a direct competitor to Mortgage Choice.
As new owner of Count Financial, it also owns its subsidiary mortgage aggregation business Finconnect.
A decision by the bank to sell its stake in Mortgage Choice would most likely be welcomed by Mortgage Choice franchisees and the wider mortgage broking community.
Commonwealth Bank is the country’s biggest home lender, and its mortgages are among the most recommended by Mortgage Choice brokers.
While Russell says he does not expect the bank would interfere if it became a major shareholder, he told the Australian Financial Review franchisees “like the perceived independence that is created by having no bank ownership on our register”.
“One of our tag lines is that we are independently owned and operated. That said, things change, and we are pretty adaptable sort of organisation.”
Mortgage Choice is due to have discussions with the Commonwealth Bank over the coming weeks.
</body></html>

Mortgage Choice CEO contemplates CBA selling stake in broker

<html><body>
Housing finance to owner-occupiers remained relatively soft in July, increasing by 1%, according to ABS figures.
The figure was close to market expectations (1.5%) but only half of the 2% increase forecast by Westpac.
New lending, excluding refinancing, advanced by just 0.3%, and lending for the construction of new dwellings declined by 0.8%.
Queensland recorded a 2.3% increase in owner-occupier mortgages, with Westpac commenting that the market has yet to fully recover from the disruptions of early this year.
“Queensland state government incentives for the housing sector kicked in during August. Anecdotes suggest that Queensland housing finance did improve significantly in August,” says Westpac.
Investor activity picked up in July, with mortgage for investment purposes increasing 1.9% over the month.
The July figures follow the release of mortgage approval numbers for August from mortgage broker AFG – a month ahead of the ABS figures – which writes 20% of all mortgages in Australia.
The broker recorded a 21% increase in mortgage approvals, suggesting a turnaround is on the cards ahead of spring.
</body></html>

Mortgage numbers remain soft in July 

<html><body>
Mortgage broker AFG has recorded a 21% surge in mortgage approvals in August, with investors and first-time buyer numbers on the increase.
Mortgage approval numbers reached an 18-month high in August.
AFG brokers successfully lodged 7,198 mortgage applications, with a combined value of $2.76 billion.
In July, AFG brokers lodged just over 5,900 applications with a combined value of $2.29 billion.
The August numbers are the first sign of uplift in the housing market – AFG has more than 2,000 mortgage brokers and a mortgage book in excess of $65 billion.
While August figures are typically stronger than previous months, August 2011 figures trended well above seasonal expectations, AFG says.
The average size of mortgages fell from $386,000 to $384,000, with only WA recording an increase from $371,000 to $382,000.
The percentage of mortgages for investment purposes increased from 35.6% to 36.5% while those from first-time buyers increased from 13.6% to 13.8%.
NSW led the nation both in terms of investor and first-time buyer activity over August.
Investors made up 40.8% of the NSW market followed by 38.1% in Victoria, 34.4% in Queensland, 33.5% in South Australia and 33.4% in WA.
First-time buyers accounted for 15.7% of mortgages written in NSW, followed by WA (14.8%), Victoria (13.3%), Queensland (13.1%), and South Australia (9.3%).
Refinancing activity remained strong comprising 38.2% of all mortgage approvals as property owners took advantage of a highly competitive lending environment. This is slightly down on the 39.1% recorded in July. 
“Borrower expectations about interest rates shifted significantly during August. We’re seeing a lot of refinancing as borrowers take advantage of discounted products,” says Mark Hewitt, AFG’s general manager for sales and operations. 
“But we’d like to see lenders create more flexible and competitive products for the new home building sector. It isn’t just consumer confidence that is holding back this sector, it is also the availability of attractive finance options.”
</body></html>

Mortgage approvals at 18-month high

<html><body>
ASIC has received strong support from mortgage brokers after launching a campaign targeting unlicensed practitioners.
Since June 30, 2010 all individuals or businesses that engage in credit activities are required to hold an Australian credit licence, or be an authorised representative of a credit licence holder.
The campaign will run until March 30, 2012 and follows a previous ASIC surveillance program between October 2010 and February 2011 to find credit providers that were not appropriately registered.
As at June 30, 2011, 6,081 businesses that provide credit services have obtained an ASIC licence.
Phil Naylor, CEO of the Mortgage and Finance Association of Australia, says the organisation is “very supportive” of the ASIC campaign.
“The MFAA requires members to satisfy its requirements at each annual membership renewal, and we conduct random audits from time to time,” he says.
Gerald Foley, managing director of Melbourne-based National Mortgage Brokers, says the firm has already received a letter from ASIC asking for licensing information and has responded to the request.
“I think it’s a good idea. It means everyone is aware of licensing and their obligations,” Foley tells Property Observer.
“With some people it does not hit home until there is an audit or a review. The ASIC approach is a very positive one.”
The latest campaign is aimed at identifying traders who applied for a credit licence but withdrew their application or had it refused. In those circumstances, unless the trader is an authorised credit representative or subsequently obtains a credit licence, he or she cannot engage in credit activities. “ASIC will identify and may later prosecute individuals and businesses who fail to make sure they’re properly licensed or authorised under the regime,” says ASIC commissioner Peter Boxall.  “Engaging or utilising the services of unlicensed credit operators puts the public at risk. Consumers need to be confident that they’re dealing with authorised businesses who are gatekeepers of our financial services industry,” he adds.
Consumers wishing to confirm the broker they have engaged is licensed can search ASIC’s registers at <a href="https://www.asic.gov.au/search">www.asic.gov.au/search</a>.
Complaints concerning individuals or companies suspected of trading without a credit licence or authorisation can be lodged with ASIC <a target="_blank" title="ASIC" href="https://www.asic.gov.au/asic/asic.nsf/byheadline/Complaining+about+companies+or+people?openDocument">here</a>. 
</body></html>

Latest Finance Insights

NAB bring forward first RBA cut to February 2025

Editor's Picks

Developments

New apartments

New townhouses

News

Latest Finance Insights

NAB bring forward first RBA cut to February 2025

Editor's Picks

Receive the latest news stories to your inbox

Developments

New apartments

New townhouses

News