<p>The residential transformation of St Kilda Road is set to continue into with more new apartment plans for the sought-after boulevard.</p>

<p>Wing Tai Asia has lodged plans for a major residential tower at 464-466 St Kilda Road, replacing the former VACC House with an 18-storey mixed-use development designed around a retained heritage podium and a sculpted contemporary tower.</p>

<p>The proposal, prepared under Victoria’s Significant Residential Development with Affordable Housing pathway, would deliver 325 apartments and ground-floor retail across the prominent 4,653 sqm boulevard site in Melbourne’s St Kilda Road North Precinct.</p>

<p>The project centres on the adaptive reuse of the site’s heritage-listed VACC Building, an eight-storey office designed by Bernard Evans that has occupied the address for decades. Planning documents state the development would involve “carefully dismantling and conserving off-site the original metal fabric of the podium visible from St Kilda Road,” before reinstating it as the defining frontage of the new scheme.</p>

<p>Above the restored podium, Wing Tai is proposing a curvilinear residential tower. The scheme includes 172 one-bedroom apartments, 63 two-bedroom apartments, 66 three-bedroom apartments, and 24 four-bedroom apartments, alongside two ground-floor food and beverage tenancies fronting St Kilda Road.</p>

<p>The tower has been designed with substantial articulation and variable setbacks to minimise perceived bulk and maintain view corridors along the boulevard. Urbis, which prepared the planning report, said the design “has been significantly articulated through a curvilinear design” with “an interplay with materials, façade expression and depth” to create visual separation and visual interest.</p>

<p>The proposal also includes 254 basement car spaces, landscaped pedestrian links connecting St Kilda Road and Queens Lane, and a biophilic landscape strategy featuring canopy trees, raised planters, cascading greenery and a glass oculus pool overlooking the eastern frontage.</p>

<p>Planning documents confirm the $270.1 million development will contribute 3 per cent of project costs to the Social Housing Growth Fund as part of the application process.</p>

<p>Wing Tai acquired the St Kilda Road property in 2018 alongside Abacus Property Group for $95.38 million, before later consolidating ownership of the site. The property previously served as the Victorian Automobile Chamber of Commerce headquarters for around 60 years.</p>

<p data-end="345" data-start="110">The transformation of the St Kilda Rd boulevard is already beginning to materialise, with a number of high-profile projects recently completed, launched, or approaching launch as developers continue to back the long-term appeal of the precinct.</p>

<p data-end="689" data-start="347">Among the most notable recent completions is Louise by Samuel Property Group, just off the strip on Queens Lane, the same pocket Hirsch &amp; Faigen recently launched The Queensbury. Mirvac is too on the same street with The Albertine, which is approaching completion.</p>

<p data-end="689" data-start="347">Dexus recently secured approval for its slice of St Kilda Road, while Gurner also has approved plans for the precinct.</p>


Joel Robinson

Wing Tai unveils 325-apartment St Kilda Road tower on former VACC House site

<p>Malaysian developer <a href="https://www.apartments.com.au/developers/s-p-setia">SP Setia</a> is the latest to jump into St Leonards booming Transport Oriented Development precinct.</p>

<p>The developer, which has previously delivered Sapphire by the Gardens apartment development in Melbourne, identified the Atchison Street site in 2023. It filed a Scoping Report around 12 months ago, and now has revealed the designs for the new&nbsp;40-storey mixed-use tower.</p>

<p>The State Significant Development Application covers <a href="https://next-portal.urban.com.au/projects/14650/summary">20-22 Atchison Street</a>, a 1,374 sqm site positioned between St Leonards Station and the new Crows Nest Metro station.</p>

<p>Designed by <a href="https://www.apartments.com.au/architects/cox-architecture">COX Architecture</a>, the project would deliver 181 apartments, above a four-storey commercial podium, five basement levels, and new public domain works along Mitchell Street. The apartment mix comprises 35 one-bedroom apartments, 39 one-bedroom-plus-study apartments, 85 two-bedroom apartments, and 22 three-bedroom residences.</p>

<p>The proposal has been lodged as a shop-top housing development under the NSW Government’s TOD planning pathway, which allows increased density around key transport infrastructure. The site sits within the recently rezoned Crows Nest Accelerated TOD Precinct.</p>

<p><img alt="First look: SP Setia targets St Leonards skyline with 40-storey TOD tower" data-entity-type="file" data-entity-uuid="b799673d-48e2-46b0-801a-0e33a9330100" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/atchinson%20site.png?VersionId=dPh0UfwfaHpbFL1R7H1cbZNbIW0CHbCC" /></p>

<p>SP Setia acquired the Atchison Street site as part of its continued expansion into the Australian apartment market. In comments made to City &amp; Country (The Edge Malaysia) in 2023, SP Setia President and CEO Datuk Choong Kai Wai described the acquisition as “a strategic move” aligned with the group’s post-pandemic market recovery strategy.</p>

<p>“Our target for this exceptional development is local and overseas buyers, including first-home buyers, downsizers and investors,” Choong said.</p>

<p>The tower has been designed as a slender vertical form rising from a mixed-use podium, with COX Architecture positioning the development as a response to the evolving St Leonards and Crows Nest skyline.</p>

<p>“The purpose of the project is to facilitate the delivery of high-quality housing at a strategically located site and deliver a built tower outcome that is consistent with the desired future character of St Leonards and aligns with the TOD controls,” the design report stated.</p>

<p><img alt="First look: SP Setia targets St Leonards skyline with 40-storey TOD tower" data-entity-type="file" data-entity-uuid="b1a85eee-76f7-436c-a6da-73ba827b9b13" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/atchinson%20entry.png?VersionId=dA9jHGPMcm.dDbwk4QfxqWiY5bfh3UVt" /></p>

<p>The podium would incorporate retail uses fronting Atchison Street, commercial tenancies, landscaped communal areas, and pedestrian improvements along Mitchell Street. Vehicle access and loading would be consolidated via Atchison Lane.</p>

<p>Residents would have access to more than 665 sqm of communal indoor and outdoor spaces, while the development proposes 96 parking spaces across five basement levels.</p>

<p>The proposal also includes a commitment for 10 per cent of residential floor space to be allocated toward affordable housing through a monetary contribution.</p>

<p>COX said the tower form responds directly to the emerging high-density character of the precinct while seeking to maximise solar access, cross ventilation, and outlook from apartments.</p>

<p><img alt="First look: SP Setia targets St Leonards skyline with 40-storey TOD tower" data-entity-type="file" data-entity-uuid="2163f85c-f63b-4be3-aafa-f8763976cec5" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Article%20Feature%20Image%20%28Grid%29_5.png?VersionId=WiAmtIKJ6.ZQ41EtYEQ1fol7AeorKBlL" /></p>

<p>“The building is orientated towards north,” the Apartment Design Guide compliance report noted, adding that the tower’s slim form was driven by the constrained inner-urban site dimensions.</p>

<p>The design also incorporates landscaped setbacks and communal open space at podium level, intended to soften the interface with surrounding streets and improve pedestrian amenity.</p>

<p>The project adds to a growing wave of redevelopment proposals reshaping St Leonards and Crows Nest following the opening of the Sydney Metro City line and the NSW Government’s push for higher-density housing around major transport nodes.</p>

<p>Last week Stockland filed plans just down the road. They want to build a <a href="https://www.apartments.com.au/new-apartments/601-pacific-highway-st-leonards-nsw-2065">52-storey tower on Pacific Highway</a>.</p>

<p><em>Read more:&nbsp;<a href="https://www.apartments.com.au/news/nsw/first-look-stockland-plans-52-storey-538-apartment-st-leonards-tower">First look: Stockland plans 52-storey, 538-apartment St Leonards tower&nbsp;</a></em></p>


First look: SP Setia targets St Leonards skyline with 40-storey TOD tower

<p><a href="https://www.apartments.com.au/developers/urban-property-group">Urban Property Group</a> has revealed plans for a new mixed-use tower at 10 Dangar Street, Wickham, advancing a proposal that would reshape the southern gateway to Newcastle’s city centre with one of the city’s tallest residential buildings.</p>

<p>The State Significant Development proposal, now on exhibition, seeks approval for a <a href="https://www.apartments.com.au/new-apartments/bowline-10-dangar-street-wickham-nsw-2293">43-storey tower</a> immediately adjacent to the Newcastle Interchange. The project would deliver around 200 apartments, including 42 affordable housing dwellings, alongside 99 co-living units, a 171-room hotel, retail space, and new public domain integrated through the site.</p>

<p>The scheme marks a significant escalation of plans previously approved for the site. Urban Property Group took over the prominent 2,904 sqm parcel, where excavation and demolition had already commenced under an earlier consent for a 14-storey mixed-use development.</p>

<p><img alt="First look: Urban Property Group unveils Newcastle’s next supertower at Wickham interchange" data-entity-type="file" data-entity-uuid="58a96dd9-407f-4d20-86b4-94e4bfeef74b" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/wickham%20podium.png?VersionId=LGlf08pdFGAZDzvx_CXC4XakHNZRuEE0" /></p>

<p>Designed by <a href="https://www.apartments.com.au/architects/sjb-architects">SJB</a>, the tower has been conceived as a landmark transit-oriented development anchored to the Newcastle Interchange precinct. The proposal includes 245 build-to-sell apartments across a mix of one, two, and three-bedroom residences, as well as two penthouses. Fifteen apartments and one operational unit are earmarked for NDIS housing. The co-living component would add a further 99 units, while the podium would accommodate retail uses and hotel facilities.</p>

<p>SJB said the site presents “a valuable opportunity to anchor the precinct by setting the standard for design, active ground planes and character at the key southern gateway.”</p>

<p>The architecture responds directly to the site’s position beside major transport infrastructure and within one of Newcastle’s fastest-evolving urban renewal precincts. The tower form sits above a sculpted podium designed to frame new public spaces, including a through-site pedestrian link connecting Station Street to Hannell Street, landscaped plazas, and activated retail edges.</p>

<p><img alt="First look: Urban Property Group unveils Newcastle’s next supertower at Wickham interchange" data-entity-type="file" data-entity-uuid="a7bd6ff0-f7db-4ce8-a6dc-ea56e72c6149" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/wickham%20lanne.png?VersionId=xzf39VADyhj7zBQY2I9fx9vI62u2tuSb" /></p>

<p>The design report describes the project as part of the broader transition of Wickham into “a vibrant, high-quality mixed-use urban precinct” that leverages proximity to the station, open space, and regional connectivity.</p>

<p>A detailed public art strategy has also been prepared for the development. The strategy positions the project as “a transit-oriented development of state significance at the gateway to Newcastle’s city centre” and outlines a series of integrated artworks responding to Newcastle’s industrial and transport heritage.</p>

<p>Creative Road’s curatorial framework for the project, titled Unveil, draws on “stratified surfaces, carved volumes, and light-filled apertures” while referencing Newcastle’s transformation from an industrial city into a contemporary education and technology hub.</p>

<p><img alt="First look: Urban Property Group unveils Newcastle’s next supertower at Wickham interchange" data-entity-type="file" data-entity-uuid="77a882bb-14b1-4d28-99ff-9438e39508c0" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/wickham%20site.png?VersionId=cevgo_vN0eKPK78P8YcEu3mKPLkpFqE7" /></p>

<p>The proposal is being advanced through the NSW Housing Delivery Authority pathway after being declared State Significant Development in June 2025. The accompanying scoping report states the development aims to “maximise the site’s proximity to the Newcastle Interchange by delivering transit-oriented development” while increasing housing supply and affordable housing provision within the Newcastle LGA.</p>

<p>Urban Property Group’s plans align with the long-term strategic vision established under the Wickham Master Plan, which identified the interchange precinct as suitable for substantial uplift in height and density. The current proposal would significantly intensify that vision, positioning the tower among the tallest developments proposed for Newcastle.</p>

<p>The site sits immediately north of the Newcastle Interchange, bounded by Dangar Street, Hannell Street, and Charles Street. It is surrounded by a rapidly growing cluster of residential towers and mixed-use projects that have emerged following the completion of the light rail and transport interchange.</p>


First look: Urban Property Group unveils Newcastle’s latest tower at Wickham interchange

<p>Bottega House has completed settlement of a landmark riverfront site in Macquarie Street, St Lucia, representing its first major Brisbane development.&nbsp;</p>

<p>Positioned on the banks of the Brisbane River, the <a href="https://www.apartments.com.au/new-apartments/180-macquarie-street-st-lucia-qld-4067">premium site at 180 Macquarie Street</a> features uninterrupted river frontage in one of Brisbane’s most tightly held residential precincts.&nbsp;</p>

<p>The proposed development, currently under assessment with Brisbane City Council, has been designed by <a href="https://www.apartments.com.au/architects/plus-studio">Plus Studio</a> with interiors by <a href="https://www.apartments.com.au/interior-designers/mim-design">Mim Design</a> and will deliver a boutique collection of premium residences positioned specifically for owner occupiers and downsizers.&nbsp;</p>

<p>The residences are set to redefine luxury apartment living in the area, with a focus on architectural quality, refined finishes, landscape integration and elevated amenities including curated wellness facilities, resort-style pools and recreation spaces rarely seen in the local market.&nbsp;</p>

<p>Exclusive sales for the project will be led by Keenan &amp; Byrne, ahead of an anticipated launch later this year.&nbsp;</p>

<p>Bottega House Managing Director Nick Malloch said the project reflects the group’s ambition to deliver a highly curated residential offering within one of Brisbane’s most tightly held precincts.&nbsp;</p>

<p>“This is an incredibly rare riverfront opportunity and one we have approached with a long-term perspective,” Malloch said.&nbsp;</p>

<p>“Our vision from the outset was to create a boutique collection of residences that feel more like private homes than traditional apartments, with generous proportions, refined finishes and exceptional amenity throughout."</p>

<p>Malloch says there is a&nbsp;lack of premium owner-occupier stock of this quality in the market, particularly for downsizers wanting space, privacy and a true lifestyle offering without compromise.&nbsp;</p>

<p>"Demand is expected to be strong given the scarcity of premium riverfront opportunities of this nature within Brisbane’s inner-west."&nbsp;</p>


Bottega House secures landmark riverfront site in St Lucia 

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<p data-end="157" data-start="0">The arrival of the first piling rig officially marks the commencement of construction at SIERA’s new beachside apartment development, Exhale, in Northcliffe.</p>

<p data-end="459" data-start="159"><a href="https://www.apartments.com.au/new-apartments/exhale-surfers-paradise-8-enderley-avenue-surfers-paradise-qld-4217">Exhale</a>, a glass-encased tower featuring 54 large-scale apartments at 8 Enderley Avenue, is SIERA’s third Gold Coast development. It follows the recently completed PIPIS Bilinga beachfront project, which achieved suburb-record prices, and the soon-to-be-completed Chevron Island development, Tapestry.</p>

<p data-end="459" data-start="159">[smartcode_project:default project_id=112661 project_image_fid=359603]</p>

<p data-end="651" data-start="461"><a href="https://www.apartments.com.au/developers/siera">SIERA</a> Founder and Managing Director Brent Thompson said the arrival of the piling rig represented a significant milestone for the development, which is scheduled for completion in late 2028.</p>

<p data-end="950" data-start="653">Over the next month, around 260 piles are expected to be installed as work progresses on the basement structure. The building is anticipated to rise above ground level early next year, before unveiling its sculptural glass curtain wall, developed in collaboration with specialist façade engineers.</p>

<p data-end="1081" data-start="952">“The façade was designed to maximise panoramic coastal views while creating a distinctive architectural identity,” Thompson said.</p>

<p data-end="1081" data-start="952">[smartcode_project:default project_id=112661 project_image_fid=355935]</p>

<p data-end="1307" data-start="1083">Designed by BDA Architecture, Exhale will comprise just 54 two- and three-bedroom residences across 26 levels, a level of low-density living rarely delivered in this beachside pocket between Surfers Paradise and Broadbeach.</p>

<p data-end="1522" data-start="1309">The project has been conceived as a resident-only building, with no short-stay accommodation permitted. SIERA says the model is intended to appeal to long-term owner-occupiers rather than transient holiday demand.</p>

<p data-end="1522" data-start="1309">[smartcode_project:default project_id=112661 project_image_fid=361052]</p>

<p data-end="1714" data-start="1524">Residences have been designed with large-format layouts and expansive glazing, with most apartments featuring more than 30 metres of glass frontage to maximise natural light and ocean views.</p>

<p data-end="1945" data-start="1716">The amenity offering spans two levels and centres on wellness and lifestyle, including a heated magnesium pool, sauna, yoga and Pilates studio, gymnasium, private dining facilities, cinema lounge, and dedicated surfcraft storage.</p>

<p data-end="1945" data-start="1716">[smartcode_project:default project_id=112661 project_image_fid=359607]</p>

<p data-end="2220" data-is-last-node="" data-is-only-node="" data-start="1947">More than half of the apartments have already sold. SIERA has also opened a sales gallery for Exhale at its Chevron Island commercial premises, near its Tapestry tower and the site of its second Chevron Island apartment development, which is slated to launch in early 2027.</p>
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<p>[smartcode_project_cta:default project_id=112661]</p>


SIERA kicks off construction at Northcliffe tower Exhale

Home Loans

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<p>Home loan consumers should be cautious of “phantom rates”, the head of major mortgage group 1300HomeLoan, John Kolenda has warned.</p>
<p>He has questioned the sustainability of some rate offers as lenders have been unfairly baiting consumers with “aggressively priced” mortgage products which turn out not to be true. </p>
<p>“Some lenders are aggressively pricing products to lure customers and boost their market share and then when they are signed up they increase their mortgage rates independently of any interest rate decisions by the Reserve Bank of Australia (RBA),” Kolenda said.<br><br>Kolenda says lenders are blaming cost of funding issues and changes to regulations for non-delivery. <br><br>“We also had the out of cycle raises on home loan rates in response to rising funding costs and the additional costs coming in for the additional compliance and regulatory increase on reserves that the banks will have to have in place by end of June this year.<br><br>“But the bank wholesale funding costs did not rise enough to warrant the types of rate increases they imposed.<br><br>“I think there was an element of a profit grab done under the umbrella of higher regulatory and funding costs at the time when those decisions were made.”<br><br>Kolenda pointed to the bond market where NAB recently estimated rates over the bank bill swap rate (BBSW) had increased by at least 30 basis points.<br><br>“This again raises serious concerns as to how lenders will react when it comes to their existing customers, especially when lenders are offering rates as low as 3.69 per cent for new business,” he said.<br><br>“We question the sustainability of that rate offer with the back drop of current market conditions.”</p>
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John Kolenda warns on phantom mortgage home loan rates

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<p><span>Fixed-rate mortgages accounted for more than one in every five home loans in February, despite a small drop in demand, Mortgage Choice advised.</span></p>
<p><span>Fixed-rate home loans accounted for 22.28% of all loans written throughout February – just 1.34 percent down from the 23.62 percent from the previous month, according to the mortgage broker’s latest national home loan approval data. Mortgage Choice based its research on new borrowers who sourced a loan through it in February.</span></p>
<p><span>Chief executive John Flavell said while fixed rates saw a small drop in demand throughout February, they continue to prove a popular home loan product choice for many Australians.</span></p>
<p><span>“We are still seeing quite a bit of volatility in the interest rate market, causing many borrowers to opt for the security of a fixed rate home loan,” he said, while adding that going forward, he wouldn’t be surprised to see demand for fixed rate products taper off.</span></p>
<p><span>“Given the Reserve Bank of Australia has indicated that they won’t hesitate to cut rates again if the need arises, borrowers may be encouraged to take out variable rate home loans and take full advantage of the current low interest environment,” he said.</span></p>
<p><span>Across the country, demand for fixed rate products was highest in New South Wales, accounting for 28.42 percent of all home loans written in February.</span></p>
<p><span>Queensland and South Australia were not far behind, with fixed-rate demand at  23.64 percent and 17.29 percent respectively.</span></p>
<p><span>Meanwhile, Victoria and Western Australia saw lower demand for fixed rates, with only 16.92 percent and 13.23 percent of all loans written in each state respectively.</span></p>
<p><span>Overall, variable rate home loans remained the most popular with borrowers, with 77.72 percent opting for a variable rate mortgage in February.</span></p>
<p><span>“The property market may still be showing signs of volatility, but the reality is that interest rates continue to sit at all-time lows. So, regardless of whether a borrower takes on a variable or fixed rate mortgage they can rest assured that they’re securing a great deal,” Flavell said.</span></p>
<p>Property Observer looked up the best fixed rate products on <a href="https://mozo.com.au/home-loans/fixed-rate" target="_blank">www.mozo.com.au</a> and found interest rates ranging from 3.79% to 4.44% on a period of one to three years.</p>
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Fixed rate home loans dip in February, says Mortgage Choice

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<em>60 Minutes</em> was an interesting talking point this week, wherein some American geezer claimed that he "could" have got a 95 per cent mortgage using a "fake income" by pretending to be a "gay couple".<br><br>OK. Given that he didn't actually get a mortgage written, it is a little perturbing how often people choose to believe what random punters say in preference to the actual data, but such is the nature of confirmation bias.</div>
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<br>Household debt is high, no doubt, and some lending has been reckless, particularly in mining towns, but by the same token not everything that is claimed on the internet or elsewhere is true.<br><br>For example, some years ago bearish commentators got sucked in to believing erroneous figures which claimed that an incredibly high percentage of lending was 100 per ent mortgages.</div>
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<br>Of course, the data sources quoted advertised loans rather than actual loans written, a rookie error that surely wouldn't pass the sniff test.<br><br>Another favourite trick is to tap a few notional numbers into a mortgage calculator and use this as "evidence" of irresponsible lending, conveniently neglecting to mention the key words "<strong>may</strong> be able to borrow". Clickbait ahoy!</div>
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<div>It's one of the reasons I write blogs - not to get a readership, mainly just so I can stop annoying my missus by regurgitaing every blasted "fact" that I read in the media and on the internet.<br><br><strong><span style="text-decoration: underline;">APRA exposures data</span></strong>
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<div>Back in the real world APRA released its latest ADI Q4 2015 property exposures data today, which showed that the share of new loans whereby lenders extended a 90 per cent or more loan-to-valuation ratio (LVR) has continued its long and steady decline from more than 18 per cent in the March 2008 quarter to under 10 per cent in the December 2015 quarter.</div>
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<div>The share of loans whereby an 80 to 90 per cent LVR loan was advanced has also declined significantly over the last eight years from 20 per cent to only 14 per cent, meaning that the overwhelming majority of loans see a deposit of 20 per cent or more used. </div>
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<div>I'll just clarify that.<br><br>In aggregate high LVR lending has been in decline for years, while low-doc loans and other non-standard now loans represent just a small and rapidly declining fraction of new loans and total residential mortgage market exposures.</div>
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<div>Within the "big four" major banks 90 per cent plus LVR loans have fallen even more sharply from 21.6 per cent in 2009 to just 9.1 per cent, while 80 to 90 per cent LVR loans have declined from 22 per cent in 2011 to only 14.2 per cent. </div>
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<strong><span style="text-decoration: underline;">Lending shifts to homebuyers</span></strong><br><br>If there is anything suspicious in the APRA figures related to lending standards, I believe it is in the incredibly smooth transition from investment loans to owner-occupier loans. </div>
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<div>The market has barely skipped a beat in recording remarkably similar headline quarterly data while the percentage share of loans conveniently swings from investors to homebuyers. </div>
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<span>Draw your own conclusions from that, but I'd hazard that some of these homebuyers may well be would-be investors sneakily veiled behind a Scooby-Doo mask.</span><br><br><span>The </span><em>60 Minutes</em><span> segment claimed that household debt is "exploding", and indeed the above chart shows that the total stock of outstanding credit has more than doubled since 2008.</span><br><br><span>However, the aggregate of outstanding household debt nearly always rises in an inflationary economy with rising household incomes and a strong population growth.</span><br><br><span>The truth is that after accounting for record high mortgage buffers and offset balances, the figures show that the household debt to income ratio is unchanged in Australia since 2008. Australia has a unique mechanism whereby loan repayments often continue at the same level when interest rates fall, as they have been since 2011.</span><br><br><em>60 Minutes</em><span> also claimed that "half" of all loans are interest only.</span><br><br><span>The true figure as revealed in APRA's figures today is 39 per cent - still too high for comfort, granted, but this mostly reflects tax strategy rather than that people "can't afford to pay the debt back", and the interest-only loans figure should theoretically now decline following the crackdown on investor lending.</span><br><br><span>The truth according to the Reserve Bank of Australia (RBA) research is that on average homeowners are miles ahead on home loan repayments, by fully two years which is an unprecedented margin. </span>
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<p><span><em>PETE WARGENT is the co-founder of <a href="https://allenwargent.com/" target="_blank" rel="nofollow">AllenWargent</a> property buyers (London, Sydney) and a best-selling author and <a href="https://petewargent.blogspot.com/" target="_blank" rel="nofollow">blogger</a>.</em><br></span></p>
<p><em>His latest book is <a href="https://www.bigskypublishing.com.au/Books/General-Interest/Four-Green-Houses--and-a-Red-Hotel/1015/productview.aspx" target="_blank" rel="nofollow">Four Green Houses and a Red Hotel</a>.</em></p>
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High LVR loans have been declining for years: Pete Wargent

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<p dir="ltr">Australians are becoming more savvy with saving money on their home loans, with the number of mortgage customers opting to refinance their loans at an all-time high, according to new analysis by the comparison website finder.com.au.</p>
<p dir="ltr">The finder.com.au analysis of the latest Australian Bureau of Statistics (ABS) Housing Finance data reveals that almost 22,000 Australians refinanced their mortgages in December 2015.</p>
<p dir="ltr"><a href="/images/2016/02/22/pasted%20image%200.png" target="_blank">Click to enlarge</a></p>
<p dir="ltr"><img src="/images/2016/02/22/pasted%20image%200.png" alt=""></p>
<p dir="ltr"><br>Bessie Hassan, Consumer Advocate at<a href="https://finder.us9.list-manage1.com/track/click?u=cc5e9bce699fa1d71a67cf499&amp;id=2e5f42edd2&amp;e=58cd8ffd03" target="_blank"> </a>finder.com.au, says that trend is expected to continue as customers rush to take advantage of historically low interest rates.<br><br>“In fact, the total value of refinanced home loans is forecasted to reach $100 billion this year, an increase from the record $77 billion in 2015, according to finder.com.au research.<br><br>“With signs pointing to a rate rise in the near future, now is a great time for homeowners to consider refinancing. As it stands, the cash rate is at a historical low and providers are offering among the lowest rates ever seen – borrowers can potentially save thousands of dollars per year by making the switch to a better deal.<br><br>“For example, the 21,896 Australians who refinanced their home loans last December collectively would have saved about $148 million in interest by <a href="https://finder.us9.list-manage.com/track/click?u=cc5e9bce699fa1d71a67cf499&amp;id=5235f5664e&amp;e=58cd8ffd03" target="_blank">fixing their mortgage</a> for three years at a cheaper rate,” says Ms Hassan.<br><br>That’s based on a $354,614 average 30-year home loan refinanced from the current 5.11% standard variable rate (SVR) to the average 3-year fixed rate at 4.59%, assuming a return to the current SVR after three years.<br><br>“That’s an impressive $6,771 saving per homeowner over the fixed period of the loan,” says Ms Hassan.<br><br>The number of home loans being refinanced has surged by 20 percent in the past twelve months compared to December 2014 (18,183 refinances in December 2014 vs 21,896 refinances in December 2015).<br><br>Further to this, interest in finder.com.au’s<a href="https://finder.us9.list-manage1.com/track/click?u=cc5e9bce699fa1d71a67cf499&amp;id=f2375a9e33&amp;e=58cd8ffd03" target="_blank"> refinancing home loans hub</a> has skyrocketed 331% in the past month, compared to the same period last year.<br><br>“This indicates that low interest rates and money savings are top of mind for borrowers – which is the way it should be,” says Hassan.<br><br>“As with any major financial decision, shop around, because rates and fees can vary significantly between lenders. <br><br>“If you’d prefer to stick with your current lender, get in touch with the customer retention team and try to negotiate a better rate.<br><br>“Remember, there could be huge financial rewards to be reaped, but first you’ve got to do your homework.”</p>
<p>The top variable loans monitored by <a href="https://finder.us9.list-manage.com/track/click?u=cc5e9bce699fa1d71a67cf499&amp;id=7746572958&amp;e=58cd8ffd03" target="_blank">finder.com.au</a> right now are:</p>
<p><a href="/images/2016/02/22/8cfe836e-f966-4e79-98a9-67adf2e19422.png" target="_blank">Click to enlarge</a></p>
<p><img src="/images/2016/02/22/8cfe836e-f966-4e79-98a9-67adf2e19422.png" alt=""></p>
<p>The top 3-year fixed loans monitored by <a href="https://finder.us9.list-manage.com/track/click?u=cc5e9bce699fa1d71a67cf499&amp;id=612c441eef&amp;e=58cd8ffd03" target="_blank">finder.com.au</a> right now are:</p>
<p><a href="/images/2016/02/22/2d757f50-3bdd-493a-8afb-1f268314e9b3.png" target="_blank">Click to enlarge</a></p>
<p><img src="/images/2016/02/22/2d757f50-3bdd-493a-8afb-1f268314e9b3.png" alt=""></p>
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jonathanchancellor-7SQnKwU6yx

The best home loan rates on offer: finder.com.au

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<p><span>Heritage Bank, the more than 135-year-old customer owned lender, said on Wednesday profit and loan volumes showed solid growth in the first half of the 2015/16 financial year.</span></p>
<p><span>Pre-tax profit for the six months to December 2015 was $25.326 million, up 9.3% on the corresponding period the previous year. Profit after tax was $17.184 million, an increase of 9.8%. </span></p>
<p><span>Loan approvals grew 2.2 percent to $810.50 million for the six-month period. Retail deposits grew by $111 million, up 60% on the $69 million in the same period the previous year. </span></p>
<p><span>“Heritage has a great story to tell, and we are determined to make that story better known right around Australia,” CEO Peter Lock said in the earnings announcement.</span></p>
<p><span>“Customers have more money in their pockets when they bank with us, instead of the big four, as shown in independent research by CANSTAR. They also get to enjoy the personal service and community-minded approach that’s part of our culture.” </span></p>
<p><span>But though the total loan book grew by $21 million to $6.822 billion, the bank’s total consolidated assets fell 2.6% to $8.332 billion in the reporting period.</span></p>
<p><span>Capital position improved, with the bank lifting its Tier 1 capital ratio to 12.40% from 11.76% in the six months. The total capital adequacy ratio also increased to 14.04% from 13.37%. </span></p>
<p><span>The liquidity ratio decreased from 19.39% to 16.77% in the same period.</span></p>
<p><span>Heritage chairman Kerry Betros said the results reflected the need to balance tougher prudential requirements against the need for increased funding to support lending growth. </span></p>
<p><span>“We have moderated our previous high levels of liquidity to more normal levels as our lending volumes have grown,” he said. </span></p>
<p><span>Mortgage loan arrears greater than 30 days sat at 0.37% of the total mortgage portfolio balance as of December-end, around a third of the industry average, the announcement said.  </span></p>
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Heritage Bank half-year loan volumes grow, profit up 9.3%

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<p><span style="line-height: 1.3em;">Fixed rate home loans accounted for nearly a quarter of all home loans in Australia in January, reflecting the uncertain interest rate environment, says lending broker Mortgage Choice.</span></p>
<p>Demand for fixed rate home loans has hit its highest level in more than 12 months, national home loan approval data from ASX-listed Mortgage Choice shows.</p>
<p>Fixed rate home loans accounted for 23.62% of all loans written in January, up from 19.44% in the previous month. </p>
<p>“Home loan interest rates are incredibly volatile at the moment. Consumers are unsure whether or not Australia’s lending institutions are going to raise or cut their home loan interest rates,” said Mortgage Choice chief executive officer John Flavell.</p>
<p>“With that in mind, it is not surprising to see a growing number of borrowers looking for some safety and security around their home loan repayments in the form of a fixed rate mortgage.”</p>
<p>Flavell said the last time demand for fixed rate home loans was this high was back in November 2014 when there was a similar level of complexity and confusion around interest rates. </p>
<p>“Over the coming few months, I wouldn’t be surprised to see demand for fixed rates continue to increase slightly.”</p>
<p>Queensland recorded the strongest demand for fixed rate products, with this type of loan accounting for 31.12% of all home loans written throughout January. </p>
<p>New South Wales and Western Australia were next, with 24.07% and 23.15% respectively. </p>
<p>Victoria and South Australia were at the other end of the spectrum, with fixed rate products making up 13.09% and 20.03% of all loans written in each state respectively. </p>
<p>But while demand for fixed rate products across Australia grew in January, variable rate home loans – specifically ongoing discount mortgages – remained most popular with borrowers. </p>
<p>Across Australia, 49.53% of borrowers took out an ongoing discount variable rate home loan – down from 52.07% in the previous month.</p>
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One in four home loans are fixed: Mortgage Choice 

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<p><span>The robust growth in number of home loans (commitments) for owner-occupiers in December wasn’t the only heart-warming statistic from the latest ABS data, the refinancing of home loans for the month came in at a record high 20,911.</span></p>
<p><span>The number of new owner-occupier housing loans (commitments) rose by 2.6 percent in December, a near seven-year high, after rising by 1.9 percent in November. Excluding the refinancing of dwellings, the number of loans was up by 1.6 percent.</span></p>
<p><span>The record refinancing numbers mean that fresh spending power has been injected into the economy, says a note by CommSec Research.</span></p>
<p><span>The broader picture is that the home loan market remains in good shape and further confirmation of the health of the economy, it says.</span></p>
<p><span>Each month, lenders commit to provide funds for home purchases. Sometimes the commitments are taken up; other times budding buyers don’t find the home of their dreams. But in December, a record $23.8 billion was actually advanced to borrowers by lenders to buy or build homes, up 24.6 percent on a year ago. </span></p>
<p><span>Loans by owner-occupiers for the construction of homes rose by 1.8 percent in December; loans to buy newly-erected dwellings rose by 12.4 percent; and loans for the purchase of established dwellings (excluding refinancing) rose by 0.4 percent. </span></p>
<p><span>The number of refinancing transactions increased by 4.4 percent.</span></p>
<p><span>The proportion of first-time buyers in the home loan market rose from 14.9 percent to 15 percent in December. The figures take into account refinancing loans and as such may misrepresent the true situation. </span></p>
<p><span>Overall, the rise in loan activity indicates that home building will remain healthy in the coming months. </span></p>
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Refinancing of home loans hits record high in December

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<span style="line-height: 1.3em;">Australia's largest and most recently listed mortgage aggregator Australian Finance Group (AFG) released its December 2015 quarter </span><span style="line-height: 1.3em;">Mortgage Index</span><span style="line-height: 1.3em;">, which now again includes figures at the state level.</span>
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<div>The index, which is not seasonally adjusted, showed a solid 7 per cent increase in the volume of mortgages sold from the prior corresponding period, up from $12.9 billion in December 2014 to $13.8 billion last quarter.</div>
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<div>This was in spite of the investor share of the market continuing to decline, with this sector slinking back down to a 6 year low.</div>
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<div>Investor loan volumes are expected to stabilise from here, with the impact of tighter lending rates for investors and tougher lending criteria now largely baked in. </div>
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<div><img src="/images/2016/01/14/AFG2.jpg" alt=""></div>
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<div>The investor segment of the market had clearly become overheated in 2013, contributing to slowing rental growth.</div>
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<div><strong><span style="text-decoration: underline;">State versus state</span></strong></div>
<div> </div>
<div>At the state level, AFG recorded more than $5 billion of mortgages written in New South Wales for the third time, as the state saw mortgage volumes up by 12 per cent from one year ago.</div>
<div> </div>
<div>The data series adds further weight to the suggestion that the Melbourne market may be set for a bright 2016, with mortgage volumes in Victoria up by nearly 18 per cent over the year in rising to a new high, despite the final quarter of the year being a short one due to the Christmas break.</div>
<div> </div>
<div>Mortgage volumes written also increased by 13 per cent over the year in South Australia, but have declined in Western Australia (-10 per cent) and the Northern Territory (-21 per cent respectively).</div>
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<div><a href="/images/2016/01/14/AFG3.jpg" target="_blank">Click to enlarge</a></div>
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<div><strong><span style="text-decoration: underline;">Mortgage sizes have soared</span></strong></div>
<div> </div>
<div>The average size of mortgage written continues to rise, up by 20 per cent over the past three years to a fresh all-time high of $476,479.</div>
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<div><a href="/images/2016/01/14/AFG4.jpg" target="_blank">Click to enlarge</a></div>
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<div><span>The average size of mortgage written in NSW increased to a new high of $583,708, with mortgage sizes also rising by around 7 per cent over the past year in Victoria, Queensland, and South Australia. </span></div>
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<div><strong><span style="text-decoration: underline;">The wrap</span></strong></div>
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<div>While AFG's index may be distorted by changes in market share, meaning that users should be wary of premature extrapolation, the figures do provide further hints as to what to expect in the year ahead.</div>
<div> </div>
<div>It is evident that markets will increasingly be driven forward by owner-occupiers rather than investors, while the market in Melbourne continues to defy...well, people like me, I suppose, who felt that the market have may peaked some years ago.</div>
<div> </div>
<div>Overall, APRA's cooling measures appear to have worked and the property market seems to have calmed after the frenzy we saw around April and May last year, particularly in Sydney.<br><br>That said, mortgage volumes - and particularly mortgage sizes - have to date remained very high, with owner-occupiers plugging most of the gap being left by investors. Accordingly, we might expect to see a more sustainable and balanced market going forward in 2016. </div>
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<p><span><em>PETE WARGENT is the co-founder of <a href="https://allenwargent.com/" target="_blank" rel="nofollow">AllenWargent</a> property buyers (London, Sydney) and a best-selling author and <a href="https://petewargent.blogspot.com/" target="_blank" rel="nofollow">blogger</a>.</em><br></span></p>
<p><em>His latest book is <a href="https://www.bigskypublishing.com.au/Books/General-Interest/Four-Green-Houses--and-a-Red-Hotel/1015/productview.aspx" target="_blank" rel="nofollow">Four Green Houses and a Red Hotel</a>.</em></p>
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Our mortgages are getting bigger: Pete Wargent

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<p><span>Australian investors are reducing their exposure to property, with new official data highlighting a pullback in investor home loans, which could help to take pressure off properly prices in 2016, according to the head of new banking business act., Amanda Watt.</span></p>
<p><span>However, a decline in first-time buyer numbers is a warning that house prices are still unaffordable for many Australians.</span></p>
<p><span>In October, the value of new home loans fell 2% to $32.6 billion, driven by a sharp 6.1% drop in the value of investor home loans to $11.5 billion.</span></p>
<p><span>At the same time, the value of home loans for owner occupiers rose just 0.4% to $21.2 billion, according to housing finance data released by the Australian Bureau Statistics (ABS).</span></p>
<p><span>The overall number of home loans taken by owner occupiers in October fell by 0.5% to 55,571.</span></p>
<p><span>In another sign that the Australian property market is slowing, the number of first-home buyer commitments as a percentage of total owner-occupied housing finance commitments fell to 15.1% in October 2015 from 15.4% in September 2015.</span></p>
<p><span>Fixed-rate loans, as a proportion of all new home loans, fell to 9.1%, their lowest level in four years, as investors took advantage of record low variable interest rates.</span></p>
<p><span>The average loan size for first home buyers rose $3,900 to $355,700. The average loan size for all owner-occupied housing commitments rose $3,000 to $382,400 for the same period.</span></p>
<p><span>“It appears that demand for housing is falling due to two reasons. First, the campaign by Australian financial regulators to take the heat out of property investment appears to be working effectively, with the value of investor home loans dropping sharply in October after prudential regulations were introduced to curb sharp rises in property investment," said Watt.</span></p>
<p><span>“Second, first home buyers have pulled in some areas, no doubt due to the very high level of property prices, particularly in Sydney and Melbourne, where unaffordability remains a bar to entry to the property market."</span></p>
<p><span>In May, banks tightened lending criteria such as loan-to-value ratio (LVR) after the Australian Prudential Regulation Authority’s introduced supervisory measures to cap the growth of investor lending. </span></p>
<p><span>Then, at the end of June, APRA released a temporary directive to five banks requiring them to increase the amount of capital they hold against their residential mortgage exposures.</span></p>
<p><span>“We expect the level of property investment to continue to fall in 2016 as higher interest rates on investment home loans begin to take effect,” Watt said.</span></p>
<p><span>"No doubt, this will help to take pressure off property prices and give some relief to first time buyers in 2016," she said.</span></p>
<p><span>Act. is an innovative banking service that redirects profits back into social projects. For each product act. has, including home loans, act. allocates ‘impact dollars’ – real dollars taken from the profit it earns – and it gives them back to its customers, who can then donate to a project of their choice listed on letsact.com.au.</span></p>
<p><span>Act. recently won Money magazine’s 2016 Best of the Best award for Best Innovative Banking Product.</span></p>
<p><span>“This award acknowledges that act., which was launched in November 2014, is a world-first banking model which is changing banking for good. act. gives control to each customer to decide when or where their profit allocation is spent.”</span></p>
<p><span>“act. blends retail banking with crowdfunding, offering consumers an opportunity to create their own social impact, by choosing how a portion of profits generated from their own banking is distributed to social and not-for-profit projects.”</span></p>
<p><span>act. celebrated its first birthday in November, after a strong start. “More than $150,000 has so far been raised for some awesome community projects. We thank our customers and partners so much for their continued effort in supporting act.,” said Watt. </span></p>
<p><span><span>For your free </span><em>Property Observer</em><span> eBook from RAMS, <em>12 tips for first-time buyers</em>, </span><span>covering</span><span> </span><span>everything</span><span> you need to know when it comes to purchasing property, click here.</span></span></p>
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j.ballantyne1990-6AQqhLzZaK

Investors pull back sharply from property investment

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<p>GUEST OBSERVER</p>
<p>We’re launching into yet another silly season, and there will no doubt be the annual holiday splurge – in fact, one estimate puts our nation’s Christmas spending to be around $8.9 billion.</p>
<p>And that’s on gifts alone! There is, however, a ray of hope for your back pocket: with variable interest rates on the move this month, you have even more opportunity to shop around for a better rate. On the off-chance that these rate rises continue, an offset can provide even more control over your loan by letting you slice interest off repayments based on your hard-earned savings.</p>
<p>Here are the lowest home loan rates on finder.com.au that also allow a 100% offset account.</p>
<p><strong>finder.com.au’s lowest variable home loan rates with a 100% offset account</strong></p>
<p><a href="https://www.finder.com.au/mortgage-house-summer-home-loan-review" target="_blank"><strong>Mortgage House Summer Home Loan</strong></a><strong>: </strong>3.94%</p>
<p>With no application or ongoing fees, plus redraw facilities on top of your offset account, this home loan can provide some key cushioning for potential homeowners. Just be aware that you’re also signing up for a $395 legal, $200 Settlement and $450 discharge fee.</p>
<p><a href="https://www.finder.com.au/boq-clear-path-rate-variable-home-loan#14747" target="_blank"><strong>Bank of Queensland Clear Path</strong></a><strong>: </strong>3.99%</p>
<p>The Clear Path home loan will allow you to borrow up to 95% of the property’s value, while also waiving application fees and allowing for free redraws and repayments, which could pad out your mortgage nicely. You will have to crank the budgeting up a notch however, as you’ll then be factoring in a $10 monthly fee and a once-off settlement fee of $150. It’s advised you take some time to sit down and calculate the lifetime costs and benefits of your mortgage, especially in the case of revolving expenses.<span style="line-height: 1.3em;"> </span></p>
<p><a href="https://www.finder.com.au/bankwest-complete-home-loan-package-variable#10460" target="_blank"><strong>Bankwest Complete Home Loan Package</strong></a>: 4.08%</p>
<p>Let it be said from the get-go that this is a package deal, which usually entails an additional expense of some sort – in this case it’s a considerable $395 annual fee. This might be offset in the first year by no application or legal fees, and its split options, redraw and extra repayment facilities could be enough to pull this loan over the line for you. When it comes to considerable annual fees, it’s a good idea to make sure there’s enough funds sitting in your offset account to negate the rolling expense by the time it hits every year.</p>
<p><strong>finder.com.au’s lowest variable home loan rates with a 100% offset account</strong></p>
<p><a href="https://www.finder.com.au/beyond-bank-total-home-loan-package#12549" target="_blank"><strong>Beyond Bank Total Home Loan Package</strong></a>: 4.09%</p>
<p>Perhaps just as powerful as a 100% offset account is the ability to also make free repayments, and this loan allows the best of both worlds. You can also borrow up to 95% of the property value, along with the ability to redraw funds should your financial standing get shaky. Again, this is a packaged home loan, and you will be slugged with a $395 annual fee, which will be exacerbated in the first year by a $150 settlement fee.</p>
<p><a href="https://www.finder.com.au/mortgage-house-100-offset-fixed-rate-home-loan-review#13193" target="_blank"><strong>Mortgage House 100% Offset</strong></a>: 4.39%</p>
<p>Nothing says freedom like no monthly or annual service fees – which is something recipients of this loan will experience. There is also no application fee tied to this loan, and you will be able to make additional repayments and be able to redraw. Just make sure you have some funds available at all times, as the $200 settlement fee will hit you in the earlier stage of the loan, while the $450 discharge fee will come around at the tail-end of the loan.</p>
<p><a href="https://www.finder.com.au/st-george-fixed-rate-home-loan#1035" target="_blank"><strong>St. George Fixed Rate</strong></a>: 4.44%</p>
<p>This loan comes with a waived legal and valuation fee, along with the ability to split your loan and make extra repayments and redraws. That being said, there are some serious fees that come with this product, including a $600 application, $10 monthly service, $100 settlement and $350 discharge fee. This loan could be your best option – but without doing your homework first, these fees could drown your budget and leave your head underwater for the next 30 years. Tread the water carefully!</p>
<p><em>Bessie Hassan is consumer advocate at <a href="https://www.finder.com.au" target="_blank">finder.com.au</a>.</em></p>
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