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.

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.

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.

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.

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.

<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" />

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.

“Our target for this exceptional development is local and overseas buyers, including first-home buyers, downsizers and investors,” Choong said.

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.

“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.

<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" />

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.

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.

The proposal also includes a commitment for 10 per cent of residential floor space to be allocated toward affordable housing through a monetary contribution.

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.

<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" />

“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.

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.

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.

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>.

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>

Joel Robinson

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

<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.

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.

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.

<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" />

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.

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.”

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.

<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" />

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.

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.

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.

<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" />

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.

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.

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.

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

Bottega House has completed settlement of a landmark riverfront site in Macquarie Street, St Lucia, representing its first major Brisbane development.&nbsp;

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;

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;

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;

Exclusive sales for the project will be led by Keenan &amp; Byrne, ahead of an anticipated launch later this year.&nbsp;

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;

“This is an incredibly rare riverfront opportunity and one we have approached with a long-term perspective,” Malloch said.&nbsp;

“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."

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;

"Demand is expected to be strong given the scarcity of premium riverfront opportunities of this nature within Brisbane’s inner-west."&nbsp;

Bottega House secures landmark riverfront site in St Lucia 

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The arrival of the first piling rig officially marks the commencement of construction at SIERA’s new beachside apartment development, Exhale, in Northcliffe.

<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.

[smartcode_project:default project_id=112661 project_image_fid=359603]

<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.

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.

“The façade was designed to maximise panoramic coastal views while creating a distinctive architectural identity,” Thompson said.

[smartcode_project:default project_id=112661 project_image_fid=355935]

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.

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.

[smartcode_project:default project_id=112661 project_image_fid=361052]

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.

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.

[smartcode_project:default project_id=112661 project_image_fid=359607]

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.
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[smartcode_project_cta:default project_id=112661]

SIERA kicks off construction at Northcliffe tower Exhale

Local Little Bay residents, along with buyers from premium postcodes across Sydney’s affluent Eastern Suburbs, have dominated purchases in developer-builder Urban Property Group’s first Eastern Suburbs apartment development, <a href="https://www.apartments.com.au/new-apartments/este-little-bay-jennifer-street-little-bay-nsw-2036">ESTE Little Bay</a>.

The $250 million coastal project, one of the first new developments in the area in several years, has proven particularly popular with downsizers, especially those from Coogee and Bondi. One Double Bay downsizer paid $4.7 million for a four-bedroom penthouse, setting a new local apartment price record in the process.

Buyers have been attracted to the combination of coastal tranquillity, premium design and amenity-rich neighbourhood living. The walkable village setting, along with proximity to three of Sydney’s leading golf courses, New South Wales Golf Club, St Michael’s Golf Club and The Coast Golf Club, has also been a key drawcard.

[smartcode_project:default project_id=112343 project_image_fid=352689]

Built across two low-rise buildings designed by <a href="https://www.apartments.com.au/architects/hill-thalis-architecture-urban-projects-pty-ltd">Hill Thalis</a> and set along a lush, landscaped green spine, designed by leading landscape architect <a href="https://www.apartments.com.au/landscape-architect/arcadia-landscape-architecture">Arcadia</a>, ESTE Little Bay offers a collection of one, two, three and four-bedroom residences with interiors by Richards Stanisich.

<a href="https://www.apartments.com.au/developers/urban-property-group">Urban Property Group</a> Sales Director, Tom McIvor said the response to ESTE has been "nothing short of extraordinary."

“Buyers have been quick to recognise ESTE as a rare opportunity to invest in a coastal sanctuary that offers both seclusion and connectivity to the heart of Sydney,” McIvor said.

[smartcode_project:default project_id=112343 project_image_fid=352687]

<a href="https://www.apartments.com.au/project-marketer/srm-residential">SRM Residential</a> Senior Director, <a href="https://www.apartments.com.au/project-marketer/srm-residential">Clayton Ross</a> said the local market has responded incredibly well, driven by ESTE’s exceptional location and the rarity it offers.

“We’ve seen strong interest from a variety of buyer groups, all of whom are drawn to the exclusivity and quality of the build and construction by the 4.5-star iCIRT-rated builder / developer, Urban Property Group. There’s truly nothing else like it along Sydney’s coastline.”

[smartcode_project:default project_id=112343 project_image_fid=352690]

The project also includes robust buyer protections, including Resilience Insurance’s Latent Defects Insurance, providing 10 years of structural cover, and an independent iCIRT-rating of the developer.

“The iCIRT-rating adds another layer of confidence,” Ross added. “Buyers see it as a safeguard for their investment and their lifestyle.” A highlight of ESTE’s offering is its exclusive wellness amenities, including a heated rooftop infinity pool and outdoor heated spa, a state-of-the-art Technogym fitness centre, and a sauna.

<a href="https://www.apartments.com.au/new-apartments/este-little-bay-jennifer-street-little-bay-nsw-2036">ESTE Little Bay</a> is topped out and is on track to complete towards the end of 2026, with residents moving in before Christmas.

[smartcode_project_cta:default project_id=112343]

Eastern Suburbs buyers snap up ESTE Little Bay apartments

Home Loans

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Australian Finance Group Ltd (AFG) has unveiled a new standard that summarises crucial mortgage information in a consumer-friendly format for home loan customers.
Home loans within the AFG network now require both the customer and the mortgage broker to approve a one-page summary that clearly explains why the home loan product is appropriate for the customer.
The concise one-page document spells out to the customer their requirements and objectives, the recommended product, the reasons why the product was selected and any remuneration to be paid by the lender. The document also provides similar material about other products considered before settling on the final product selection.
A new one-page disclosure will be included at the top of the existing AFG National Consumer Credit Protection documents.
The move comes ahead of the Federal Government’s best interests duty laws currently in the parliament.
AFG Chief Executive Officer David Bailey said ASIC challenged the mortgage broking sector to source the information and present it objectively and transparently so that customers clearly understand their options.
He said, “AFG is not waiting for others to set our agenda. The reality is the new obligations under the proposed best interests duty don’t come as a surprise to most mortgage brokers."
One in every 11 home loans in Australia last year was arranged through AFG’s 3000-strong national network of brokers, with settlements of more than $31 billion in the 2018-19 financial year.
“Now that AFG has lifted the bar to further demonstrate our customers are first and foremost, we are looking forward to working with ASIC and the rest of the industry on a regulatory guide to formalise the framework for the best interests duty,”
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j.ballantyne1990-6AQqhLzZaK

AFG make pre-emptive move on home loan transparency

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EXPERT OBSERVATION
The construction sector is in a cyclical downturn led by the housing sector, where conditions have swung from boom-to-bust.
Private new home building work fell by a further 3.4%, meeting our expectations, to be 11.6% below the peak of mid-2018. Renovations were broadly flat, -0.2%. The housing downturn still has further to go and will weigh on conditions into 2020.
Public works returned to adding to growth, increasing by 5.4% in the quarter. That follows a moderation over the past year (down 13.4%) reflecting a gap in the investment project pipeline. Our view has been and remains that public investment will be supportive of growth over the near-term, with governments continuing to commit to additional projects.
Private infrastructure provided a downside surprise, declining by 4.6%. The outlook is for some improvement. Commencements have picked-up somewhat (eg some iron ore projects have proceeded in response to the recent elevated prices) and the work pipeline has increased – pointing to an emerging lift in activity during the year ahead.
ANDREW HANLAN is a senior economist for Westpac
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Construction activity declined for a 5th consecutive quarter: Andrew Hanlan

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EXPERT OBSERVER
Ask a homeowner how long it took them to fill out their home loan or refinancing applications and, chances are, you’ll get an exasperated “12 hours” as a response – even when the reality is more like two hours.      
The way Australian consumers interact with the property market is shifting, with savvy consumers looking for new ways to get on and climb up the property ladder. But one thing that never seems to change is the ‘grudge’ element of the application process, or the anxiety that a home loan can bestow on a household.
Navigating the shifting lending landscape
Housing affordability is a top concern for most Australians, second only to cost of living and health and ageing. Three quarters (75%) of consumers say home ownership feels more difficult than 10 years ago, and 59% expect it to be even more difficult in another 10 years.
This concern is understandable in the face of harsher scrutiny of financial liabilities, more stringent income and expenditure requirements and stricter credit criteria from banks and lenders. And the anxiety of buying or refinancing doesn’t end when homeowners get their loan approved – consumers are bombarded everyday with so many offers, deals and financial life hacks that it’s almost impossible for them to be sure they’re on the best rate.
As the dreams of owning, renovating or upsizing a home become more challenging, consumers are looking to looking for alternative financial partners, who are keeping in step with the shifting lending landscape and offering innovative new products, more flexibility and competitive rates. 
These partners are increasingly non-bank lenders (online lenders, neobanks and credit unions) with better fees, lower rates and a more personalised service compared to established mortgage lenders, who are failing to keep up with changing consumer needs.
 How are customers forging the future of home ownership?
The reality is, everyday families have always been underserviced – becauseof their geographical location, not having the levels of wealth that demand personal attention, or simply because their broker or lender doesn’t contact them regularly enough. Unfortunately for this group of consumers, while they’ve been largely ignored by their banks and lenders, they’ve also been wasting a collective $4bn a year on unnecessary home loan interest payments.
The only way to level the playing field is for the consumer to take back control. Consumers who have stayed on the same loan for years are being hardest hit by the ‘loyalty tax’, while new or more proactive customers are offered more attractive loans. This group would greatly benefit from refinancing – but most people don’t have the time, knowledge or energy to monitor the markets every day to make sure they’re still getting the best deal.
This is where technology comes into play. The advent of fintech has not only started levelling the playing field, it’s also made homeowners more aware of what they’re missing out on. Slowly but surely, uno is seeing consumers trying to take a more active role, refinancing more often and trying to counteract their financial anxiety.
This is a huge task for consumers to take on alone. Luckily, they don’t have to. uno’s loanScore tool, for example, gives consumers free access to the same kind of service a personal banker would provide – assessing their loans in real time, letting them know where they stand and making it easier to act when they’re ready. Essentially removing the anxiety of not knowing whether you’re on the right deal, for the entire life of the loan.
For established players, ignoring the changing attitudes and behaviours of consumers won’t remain an option for long. For new entrants, opportunities abound.  
Anthony Justice is the CEO of <a href="https://loanscore.unohomeloans.com.au/" target="_blank">uno Home Loans</a>.
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jrobinson-rf4aSBido9

Levelling the home loan playing field: Uno Home Loans

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The golden age of banks controlling the home loan market seems to be ending, with active home borrowers set to be the main beneficiaries.
The market share of the big four banks continues to fall.
According to research from UBS analyst Jonathan Mott mortgage origination via the big four’s branch networks has fallen from a peak of 48% in 2013 to presently around 37%.
ANZ’s branch network experienced the sharpest reduction.  
As a result of the shift, the major banks’ share of new home loans has dropped from 78% to 71% over the past six years.
Mott noted the majors still have 79% share of all outstanding mortgage credit outstanding, but that new lending competition was intensifying as customers migrate away from the major banks.
Reputational damage post the banking royal commission accelerated the trend along with repeated times of not fully passing through RBA rate cuts to its annoyed variable rate customers.
The Hoff, actor David Hasselhoff, was the unlikely influencer that helped turbo-boost the ANZ Bank's recent home loan activity.
The ANZ saw a 30% plus bounce in the home loan applications accompanying the recent two month campaign featuring the 1980s star of Knight Rider and Baywatch.
The cheesy ANZ advertising campaign also promised 300,000 bonus Qantas Points for a loan of $300,000 or more, which could comfortably take a family of four to Fiji return or a couple to New York.
The marketing campaign slogan was "a home loan offer so good you don't need a celebrity".
The two month campaign was perfectly time to capture the spurt in buying interest around the time of the May election.
The multi-media ANZ campaign ran from July until late August, attracting some 1.7 million views on YouTube.
There was certainly some negative social media suggesting The Hoff was a "has been". 
The Hoff, who proposed to his wife, Hayley Roberts at the top of the Harbour Bridge climb in 2012, was back in Sydney for just a day to do the filming earlier this year.
Helping turn the tide on its falling home loan applicants, the ANZ chief executive Shayne Elliott credited the campaign.
He noted the Hoff campaign had blown through its volume targets "every single day".
“We think it’s a signal to the market we’re back — to the broker market, in particular, but also to our branches," he said.
Elliott also noted the increased volume came through "operational" improvements and an improved property market.
Before the campaign began, APRA statistics showed ANZ had 15% of the owner occupier home loan market, well behind the Commonwealth Bank's 26% and Westpac with 21%.
"Average (application) levels in the second half were more than 30% higher than the first half," the chief financial officer Michelle Jablko said.
Elliott conceded earlier this year the bank had become too conservative assessing home loan applications.
Westpac chief executive Brian Hartzer advised this week that he expects lending to be “relatively flat” over the 2020 year.
Westpac highlighted that the group’s credit quality “remains sound”.
“Nevertheless, we have seen a small rise in 90 day mortgage delinquencies over the year, in part due to low wage growth and slowing economic activity.
"70% of our Australian home loan customers are ahead on their repayments including offset accounts,” he added.
Hartzer said the economy would continue to feel the squeeze throughout 2020 as the residential construction cycle headed towards a low.
This article first appeared in The Daily Telegraph. 
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jchancellor-FAypfDUnLy

Golden age for big four home loan dominance ending

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Digital bank 86 400 has started offering home loans, becoming the first neo bank in Australia to do so.
Prospective buyers who are eyeing a loan at 86,400, the Sydney-based bank which only launched two months ago, won't need to submit any paper documentation in their applications.
It's been reported the system could take just hours to approve a loan, however it will have to go through a mortgage broker.
The neo bank is offering an owner-occupier variable rate of 3.09 per cent.
Their three year fixed rates for owner occupiers is at 2.88 per cent. 
“86 400 has put an affordable home loan option on the table just two months after launching," RateCity research director Sally Tindall said.
“While their variable rate is significantly lower than the big four banks, if you’re focused on price, there are plenty of cheaper options out there,” Tindall added.
 
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86 400 becomes first neo bank in Australia to offer home loans

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NAB's latest profit result showed a slowdown in the bank's home loan growth.
Its chief executive Phil Chronican called it out as a key weak spot, although there is some better activity coming through from the housing market recovery, with mortgage applications jumping 18 percent in recent weeks.
"This year has been very challenging, requiring significant actions for us to deal with past issues and make real changes aimed at earning trust with customers and the community," Mr Chronican said.
The results showed NAB's housing portfolio contracted in the September quarter.
There was also a small contraction in its net interest margin (NIM), which compares the cost of funds with what it charges for loans.
“Home loan growth in Australia is clearly an area of disappointment for us,” Mr Chronican said.
<img src="https://res.cloudinary.com/dz9xllyip/image/fetch/c_scale,w_580,q_auto:good/https://s3-ap-southeast-2.amazonaws.com/po.images/2019/11/7/NAB%20lending.jpg" alt="">
Impaired loans more than 90 days behind in repayments rose, due to rising mortgage delinquencies.
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The ratio of 90+ days past due and gross impaired assets to gross loans and acceptances increased 22bps to 0.93 percent.
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National Australia Bank announced a full-year net profit of $4.8 billion, down 13.6 per cent on 2018, slightly below market expectations.
NAB has followed its rivals in slashing its final dividend, with shareholders to receive a fully franked 83 cents, down from 99 cents last year.
It noted over-the-counter branch transactions are down 30 percent.
Its call centre volumes are down 17 percent.
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NAB reports "disappointing" home loan growth 

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Westpac has posted a 16 per cent loss in profits over the FY2019. 
They wrote $61 billion worth of home loans over the 12 months to September, with their mortgage portfolio growing from $444.7 billion to $449.2 billion.
Their home loan delinquencies have continued to rise over the year across the board, with a slight uptick over the last six months.
Mortgage holders behind on their mortgage over 30 days, and 90 bays behind are now up around 20bps since this time last year.
The biggest jump came in the first half yearly update, but they've continued to nudge higher in the second half of the year. 
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Western Australia accounted for the spike in the first half of the year for delinquencies over 90 days, however they have started to fade following suggestions the housing market has bottomed.
The spike came from Queensland, with New South Wales, the Australian Capital Territory and Victoria continuing to head in the wrong direction.
Some 160 more properties over the year were taken over by the bank.
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Westpac Group CEO Brian Hartzer said 2019 has been a disappointing year.
"Financial results are down significantly in a challenging, low-growth, low interest rate environment," he said, adding that 2020 will "continue to be challenging".
"However, we believe our service led strategy, disciplined growth and solid portfolio of businesses will deliver for shareholders and customers," Hartzer added.
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<h1>Mortgage Portfolio</h1>
Westpac's owner-occupier percentage continued to grow, as did their percentage of first home buyers taking out home loans.
They continued to trim their interest only home loans which is down eight per cent over the year, now just over a quarter of their loan book.
Investor property loans dropped off slightly over the last six months, having been unmoved in the first half of the financial year.
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Small uptick in Westpac's mortgage arrears despite dip in Perth

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The ANZ has seen a sharp boost in its home loan applications.
It credits some of the success to its recent advertising campaign featuring The Hoff.
The marketing was along the lines that the "offer so good" you didn't need a celebrity.
ANZ ran a cheesy campaign featuring David Hasselhoff to promote a home loan that offers bonus Qantas Points. 
This campaign promises 300,000 bonus Qantas Points for an ANZ home loan of $300,000 or more.
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They've also trimmed their interest only portfolio significantly over the last two years.
Owner occupier interest only loan amounts have dropped from $33 billion to $14 billion over two years.
Investors interest only loans have dropped by nearly half, down from $49 billion in 2017 to $26 billion in 2019.
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Owner occupier principal and interest has grown over the year, with $156 billion worth of loans rising to $164 billion.
Investor principal and interest also rose by $5 billion in the last 12 months.
The details came when the ANZ reported its latest profit, $6.47 billion, which analysts said was flat.
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The Hoff boosts ANZ home loan applications as IO borrowers drop away

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Australian prime home-loan arrears fell in August, according to S&amp;P Global Ratings' recently published RMBA arrear statistics for Australia.
The Standard &amp; Poor's Performance Index (SPIN) for Australian prime mortgages declined to 1.41% in August from 1.49% a month earlier.
They found that while arrears typically fall at this point in the annual cycle, the magnitude of the decline in August suggests that interest-rate and tax cuts are filtering through to arrears.
Mortgages 30-60 days in arrears accounted for most of the improvement in August. This indicates that stronger refinancing activity has enabled more borrowers to self-manage their way out of arrears and shop around for cheaper home loan rates.
Arrears fell in all states and territories nationwide, with Western Australia recording the largest decline, slipping to 2.75% in August from 2.91% in July. Mortgage arrears levels improved for all lenders, with regional banks recording the largest improvement, falling 29 basis points to 2.18% in August.
S&amp;P Global experts said, "we expect arrears to continue to trend lower in the short term as the most recent rate cuts start to filter through."
"Consistent with what we have observed to date, these improvements are likely to come in the earlier arrears categories, which are more sensitive to interest-rate movements."
"We expect longer-dated arrears to remain elevated in a softer economic environment," they concluded.
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Interest rate cuts helping a fall in home loan arrears: S&P Global

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Every living expense can play a potentially crucial role in whether Sydney home buyers get their loan.
Despite the recent credit loosening, home loan applications are a huge hurdle before getting approvals.
There are numerous questions about the home buyer's current situation and their plans with any purchase on past bank statements likely to trigger spending analysis by the bank. 
Their forensic line by line scrutiny on spending includes everything from UberEats, Netflix, betting, pets, and the ongoing financial impact of children or, as a recent Saturday Telegraph front page reported, even the pursuit of IVF treatment.
Lendi managing director David Hyman watches bank requests seeking more information from loan applications. Before the Royal Commission, on average 40% of loan applications came back from the lenders with more information required.
During the Royal Commission period, around 52% of all loans applications submitted were coming back seeking greater details.
 This peaked in April this year at 63%. 
Significantly since the election and APRA’s changes to serviceability guidance, the trend has settled. Data from Lendi applications submitted in July and August show the rate of more information required has dropped to 29%.
Even the boss of Mirvac, Susan Lloyd-Hurwitz, who earns over $4.5 million, has found the questioning "tortuous" when recently settling on a $770,500 investment apartment.
Lloyd-Hurwitz said the scrutiny was "painful" and could "get non-sensical".
Last week, Treasurer Josh Frydenberg said that the bank's being too zealous in the wake of the Royal Commission.
Frydenberg warned it was beginning to penalise "hard-working families" trying".
"Common sense dictates that a sensible balance needs to be struck because an unduly restrictive application of these obligations can do as much harm as an overly lax one," Frydenberg said.
"Clearly, the risk that the provision of credit may cause substantial hardship to some should not result in a significantly reduced ability to access credit by the vast majority of borrowers," the Treasurer added.
The tighter lending restrictions is one of the reasons why listing volumes are at 20 year lows which the RBA governor Philip Lowe says is hurting the economy.
"With fewer of us moving homes, spending on new furniture and household appliances has been quite soft," Lowe said.
"So too has expenditure on moving costs and real estate fees. More broadly, the correction in the housing market has also affected the economy through its impact on residential construction activity.
Stung by the Royal Commission exposure of liar loan fraud, the banks moved to tighten their procedures and policies last year.
But last month the Supreme Court judge Nye Perram wisely noted that borrowers could always cut back on their spending after getting their new home.
"I may eat wagyu beef everyday washed down with the finest shiraz but, if I really want my new home, I can make do on much more modest fare," he colourfully noted while deciding for Westpac and against the Australian Securities and Investments Commission (ASIC) on a legal question of what Westpac should consider before responsibly giving someone a loan.
The latest data from APRA shows that riskier lending including loans with a high LVR or interest-only, remain a low proportion of new mortgages.
Most loans are based on the banks making lender serviceability assessments that incorporate an interest rate buffer of 2.5% above the current lending norm, to take into account potential repayment increases in higher loan rates and the borrower capacity in the years ahead. 
This article first appeared in The Daily Telegraph. 
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