A landmark former orphanage site in Surrey Hills could be transformed into a new residential community under plans lodged by <a href="https://www.apartments.com.au/developers/antipodean-land-developments">Antipodean Land Developments</a> that would deliver 76 apartments and townhouses while restoring some of the suburb's most significant heritage buildings.

The burgeoninng Melbourne-based developer has submitted plans for the 9,158 sqm site at 1 Kent Road and 24 Durham Road, home to the former St Joseph's Home for Destitute Children, a historic institutional complex dating back to the late 19th century. The proposal seeks to adaptively reuse several heritage buildings while introducing two new four-storey residential buildings set within extensive landscaped grounds.

Designed by <a href="https://www.apartments.com.au/architects/woods-bagot">Woods Bagot</a> and Kerstin Thompson Architects, the project has been conceived as a contemporary residential village embedded within a restored heritage precinct. The development team describes the design approach as "The Village in the Garden," with new buildings positioned among mature landscaping by OCULUS and significant heritage structures.

<img alt="First look: Antipodean Land Developments plans heritage-led apartment community in Surrey Hills" data-entity-type="file" data-entity-uuid="44ec8c1b-c0b6-44ae-859e-5811b3e6a023" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Untitled%20design%20%281%29.png?VersionId=p.p1_KFh4iQoV4nisdnPfQBAsWNi7m79" />

The proposal would deliver 76 dwellings comprising a mix of apartments and duplex-style residences, significantly increasing housing supply on one of the largest privately held residential landholdings in Surrey Hills. The development includes 127 car spaces, 24 bicycle spaces and more than 1,000 sqm of communal amenity, with the existing chapel building earmarked for conversion into resident facilities.

According to the planning submission, the project centres on the restoration and adaptive reuse of the site's most significant heritage assets, including the original c.1889 St Joseph's building, the chapel designed by architect Augustus Andrew Fritsch, and the historic brick perimeter walls and entry gates. The proposal also incorporates the retention of other contributory buildings including the former infirmary and school building.

Tract Consultants, in the planning report accompanying the application, said the scheme had been shaped through extensive heritage analysis and design development.

"The shared vision for the Site by the project team has culminated in a scheme which successfully breathes life back into a historic site while delivering upon the objectives of Victoria's Housing Statement in a carefully curated and contextually responsive manner."

<img alt="First look: Antipodean Land Developments plans heritage-led apartment community in Surrey Hills" data-entity-type="file" data-entity-uuid="7263b7d8-95ea-400f-9531-6ca7d22c3c33" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Untitled%20design%20%282%29.png?VersionId=4cR1tiWOsDpgxEOwZi5vVFcyvvOsYkIE" />

The proposal is being assessed under Victoria's Significant Residential Development with Affordable Housing pathway. As part of the application, three per cent of the project's residential development cost would be contributed to the Social Housing Growth Fund. The development would also provide a diverse mix of one, two and three-bedroom residences targeting a broader range of buyers than typically found in Surrey Hills' detached housing market.

Sustainability initiatives include an anticipated 66 per cent BESS score, natural cross-ventilation to 80 per cent of apartments, 28 per cent deep soil landscaping and a canopy cover outcome exceeding local planning requirements. The proposal also sets aside more than 1,083 sqm for communal indoor and outdoor resident amenity spaces.

<img alt="First look: Antipodean Land Developments plans heritage-led apartment community in Surrey Hills" data-entity-type="file" data-entity-uuid="33fad46f-fe26-4d0a-acfd-6b776e1c6a3d" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Untitled%20design.png?VersionId=D9F6WVSyYCtGvSUmith35LRp6R7PQkw_" />

Planning documents describe the property as one of the largest underutilised residential sites in Surrey Hills, arguing it presents a rare opportunity to introduce "missing middle" housing in an established inner-eastern suburb while preserving and revitalising a significant heritage precinct.

Antipodean Land Developments has built a reputation for design-focused residential projects across Melbourne, particularly in the medium-density sector. Previous developments include Neighbourhood in Brunswick East, delivered with Breathe Architecture, and Balfe Park Lane, designed by Kerstin Thompson Architects.

They've been very active in site acquisition as they build out their future development pipeline. They recently launched Thornubury House, 45 apartments above a mix of commercial, retail, and food and beverage tenancies, and have plans for a boutique project in Fitzroy and another <a href="https://www.apartments.com.au/news/vic/antipodean-plan-apartments-for-deepdenes-missing-middle-on-whitehorse-road">"missing middle" project</a> on Deepdene's Whitehorse Road.

Joel Robinson

First look: Antipodean Land Developments plans heritage-led apartment community in Surrey Hills

Developer <a href="https://www.apartments.com.au/developers/auyin-property-development">Auyin</a> is the latest to turn to the Victorian Government's Development Facilitation Program in an effort to secure approval for its long-planned, mixed-use project in Elsternwick.

In 2018, Auyin lodged plans with Glen Eira City Council for a 14-storey building, however Council approved a reduced eight-storey scheme. A subsequent VCAT appeal in 2019 upheld the eight-storey height limit.

The project was later amended to nine storeys, but Auyin is now seeking to revive something closer to its original vision. The developer argues that the planning context has evolved significantly over the past decade, particularly within the Elsternwick Activity Centre, where higher-density development has increasingly been encouraged along Glen Huntly Road.

The proposal would transform the 1,239 sqm site at <a href="https://www.apartments.com.au/new-apartments/7-12-horne-street-elsternwick-vic-3185">7-15 Horne Street</a>, opposite Elsternwick Railway Station, into a 13-storey residential and retail development designed by CBG Architects, with 40 apartments

The site currently comprises three commercial properties.

<img alt="First look: 13-storey mixed-use tower planned for Elsternwick activity centre" data-entity-type="file" data-entity-uuid="5f465dd4-509b-4082-a669-0253b313914b" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/elsternwick%20podium.png?VersionId=72frWi0SmQ5AVJ3ARRhX5ILUYObhTm7x" />

The proposed apartment mix comprises 25 two-bedroom and 15 three-bedroom residences above 200 sqm of retail space at ground level. Residents would have access to a 90 sqm wellness facility, a 351 sqm communal indoor and outdoor terrace on the third level, and extensive landscaped areas throughout the development. A publicly accessible 135 sqm plaza would be created on the north-east corner of the site, providing seating, landscaping, and a new gathering space adjoining Horne Street.

The design adopts a four-storey podium that references the finer-grain character of the surrounding streetscape, with the upper tower recessed behind generous setbacks on all boundaries.

<img alt="First look: 13-storey mixed-use tower planned for Elsternwick activity centre" data-entity-type="file" data-entity-uuid="e637e763-2abc-4c34-a0aa-5c7ad36fae18" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/elsternwick%20open.png?VersionId=J1AoOpZgTyaF.KeeFSX6lMjEScX8KKRi" />

A key element of the proposal is the reconfiguration and widening of the surrounding laneways. Vehicle access would be retained from Lois Lane, with upgraded pedestrian connections linking Ross Street and Horne Street. The development would provide 58 residential car spaces, two retail car spaces, and 52 bicycle spaces across two basement levels and ground-floor facilities.

Architecturally, the building draws inspiration from the established character of Elsternwick Village. The façade combines dark charcoal brickwork, textured concrete, bronze-toned metal detailing, and extensive planting integrated into podium and tower levels. The design also incorporates a chamfered corner treatment and publicly accessible plaza intended to strengthen pedestrian activity around the station precinct.

Elsternwick's last new development completion was&nbsp;EVA Elsternwick by Pitard late last year. <a href="https://www.apartments.com.au/developers/milieu-property">Milieu</a> is working away on its nature-led neighbourhood, <a href="https://www.apartments.com.au/new-apartments/elsternwick-gardens-by-milieu-8-gordon-street-elsternwick-vic-3185">Elsternwick Gardens</a>, on Gordon Street, with its first stage expected to complete next year.

First look: Auyin seeks mixed-use apartment project in growing Elsternwick Activity Centre

<a href="https://www.apartments.com.au/new-apartments/otium-parkdale-123-125-como-parade-east-parkdale-vic-3195">Otium Parkdale</a>, the 13-residence boutique development by&nbsp;<a href="https://www.apartments.com.au/developers/huxtable-property">Huxtable Property</a>, has entered its final stages of delivery, with completion expected within the coming month and more than half of the residences sold.

The Como Parade East project is nearing the finish line at a time when opportunities to purchase new apartments in <a href="https://www.apartments.com.au/developments/parkdale-vic-3195">Parkdale</a> remain exceptionally limited. Fewer than 10 per cent of dwellings in the bayside suburb are apartments, making developments like Otium a relatively rare addition to a market traditionally dominated by detached housing.

[smartcode_project:default project_id=134974 project_image_fid=5427]

The three-level development comprises 13 residences, including ten two-bedroom apartments and three larger three-bedroom homes, all positioned above a secure basement car park.

Designed by <a href="https://www.apartments.com.au/architects/almeida-architects">Almeida Architects</a> with a strong connection to its coastal surroundings, Otium combines red brick, exposed concrete and dark metal detailing with integrated landscaping and greenery. Expansive glazing, generous balconies and terraces have been incorporated throughout the design to maximise natural light and reinforce indoor-outdoor living.

Inside, the residences feature engineered European oak flooring, natural and reconstituted stone benchtops, Bosch kitchen appliances, ducted heating and cooling, lift access and secure entry systems. The larger three-bedroom residences on the upper level have been designed with house-like proportions, while the two-bedroom apartments prioritise functionality, flexibility and low-maintenance living.

[smartcode_project:default project_id=134974 project_image_fid=5421]

The project is now in its final stages, with <a href="https://www.apartments.com.au/builders/labco">Labco</a> completing the remaining landscaping and external finishing works following the completion of the residences' interiors.

Otium's location within the heart of Parkdale continues to underpin its appeal. Residents will be just steps from local cafés, restaurants, shops and the newly elevated Parkdale Station, while the beach is less than a kilometre away.

With the project tracking ahead of schedule, buyers can currently secure a residence with a five per cent deposit and benefit from settlement terms of up to eight months. The advanced stage of construction also provides buyers with the opportunity to walk through the near-complete residences and experience the quality and finishes firsthand ahead of completion.

[smartcode_project_cta:default project_id=134974]

Otium Parkdale enters final month before completion as rare apartment opportunity nears sellout

A new boutique apartment development is entering the market in <a href="https://www.apartments.com.au/developments/chermside-qld-4032">Chermside</a>, with Brisbane-based developer <a href="https://www.apartments.com.au/developers/ausdev">Ausdev</a> bringing 33 residences to a well-connected pocket of Brisbane's north.

<a href="https://www.apartments.com.au/new-apartments/parkdrive-apartments-chermside-25-sammells-drive-chermside-qld-4032">Parkdrive Apartments</a>, at 25 Sammells Drive, will comprise a mix of one- and two-bedroom residences positioned within walking distance of Westfield Chermside, The Prince Charles Hospital, and Bradbury Park.

Established in 1989, Ausdev has a long-standing presence across both development and construction, with Parkdrive Apartments representing its latest residential project in Brisbane's northern suburbs.

[smartcode_project:default project_id=152125 project_image_fid=363778]

The development has been designed around open-plan living and natural light, with residences featuring stone benchtops, timber cabinetry, BOSCH appliances, and private balconies that extend the living areas outdoors.

Kitchens are positioned as the centrepiece of the homes, incorporating natural material palettes and integrated appliances, while bathrooms have been designed with a focus on functionality and understated finishes.

Residents will have access to a communal barbecue and entertaining area on Level 3, providing shared outdoor space within the development. Secure parking and lift access are also incorporated into the building.

The project will deliver a limited collection of 33 apartments, with one-bedroom residences priced from $749,000.

[smartcode_project:default project_id=152125 project_image_fid=363782]

Beyond the building itself, the location places residents within easy reach of several of Chermside's key amenities. Bradbury Park is around 350 metres away, while Westfield Chermside is approximately 1.3 kilometres from the site. The Prince Charles Hospital is located within 750 metres, and the Chermside Bus Interchange is around 1.5 kilometres away, providing connections across Brisbane.

Parkdrive Apartments adds to the growing residential pipeline in Chermside, a suburb that continues to evolve as a major retail, healthcare, and transport hub for Brisbane's north.

[smartcode_project_cta:default project_id=152125]

Ausdev introduces boutique Parkdrive Apartments to Chermside's growing centre

<a href="https://www.apartments.com.au/developers/skymark-group">Skymark</a>'s boutique Cronulla development Solis has secured a 10-year Latent Defects Insurance policy through Resilience Insurance, providing buyers of the 16-residence building on Ewos Parade with structural and waterproofing protection that extends a decade beyond the building's completion.

Currently under construction and due for completion in late 2027, <a href="https://www.apartments.com.au/new-apartments/solis-cronulla-8-ewos-parade-cronulla-nsw-2230">Solis</a> is one of a small number of new developments in the Sutherland Shire to carry Resilience LDI coverage, a distinction that carries increasing weight as buyer confidence in the off-the-plan sector continues to be shaped by how developers stand behind their product.

Latent Defects Insurance, which entered the Australian market in 2022 when Resilience Insurance was approved to offer the cover, protects buyers against major structural or waterproofing defects for ten years post-completion. Unlike traditional statutory warranties, it operates as a first-resort policy, if a covered defect arises, the insurer responds directly, without the buyer needing to pursue the builder or developer through a lengthy claims process.

Resilience Insurance CEO Corey Nugent has noted that the product addresses something fundamental to the new apartment market.

"The overarching feedback from prospective buyers in the new development space is that they want more confidence and assurances around the quality of the build," Nugent says.

"Resilience Insurance Latent Defects Insurance not only gives them complete peace of mind for 10 years, but it shows the developer they are buying from is standing by their product."

[smartcode_project:default project_id=150499 project_image_fid=370898]

For Solis, the Resilience LDI policy adds a meaningful layer of accountability to an already considered project. The development comprises nine two-bedroom and seven three-bedroom residences, including one dual-level three-bedroom apartment, across a five-storey building on Ewos Parade, positioned between Shelly Beach and South Cronulla.

Garden apartments connect directly to private landscaped courtyards, while upper-level homes capture beach views to the east from level four and above.&nbsp;

All 16 residences include at least one balcony or courtyard, and select apartments on the upper floors feature bar areas and secondary flexible living spaces.

Hiba Sander, Managing Director of Skymark, says Solis offers a rare balance, nestled between the quiet beauty of secluded beaches and the lively charm of South Cronulla's esplanade.

"It's a place to choose your pace and live gracefully, seaside'," Sander says.

[smartcode_project:default project_id=150499 project_image_fid=370900]

The architecture, designed by <a href="https://www.apartments.com.au/architects/ida-design-group">IDA Design Group</a>'s Michael Trinh, draws from the natural erosion patterns of <a href="https://www.apartments.com.au/developments/cronulla-nsw-2230">Cronulla</a>'s sandstone headlands, translating the organic forms of the coastline into soft curves, pavilion-style massing, and a material palette chosen for longevity in a salt-tinged environment.&nbsp;

Textured natural stone, soft renders, and timber-look battens reference the tones of the surrounding cliffs, while the building has been oriented to maximise natural light and passive ventilation, with primary living spaces facing north and east to capture morning sun and sea breezes.

"At Solis, our aim was to create architecture that feels quietly confident, grounded in natural materials like stone and timber, and elevated by light and landscape," Trinh says.&nbsp;

"The buildings are designed to sit gently within their coastal surrounds, with expansive glazing and abundant greenery creating a seamless dialogue between inside and out."

[smartcode_project:default project_id=150499 project_image_fid=370897]

Interiors by <a href="https://www.apartments.com.au/architects/hot-black">Hot Black</a> carry the same material language through to every room. Kitchens feature integrated Gaggenau appliances, sculpted stone benchtops, and Lo &amp; Co joinery, while bathrooms feature natural stone, timber, and brushed metal finishes.&nbsp;

Hot Black Founder and Design Director Sophie Safrin describes the intent as one of considered restraint: "At Solis, every detail has been thoughtfully considered to create a timeless coastal retreat, calm, refined, and effortlessly liveable. From natural finishes to seamless indoor-outdoor flow, Solis offers a quiet elegance that's deeply connected to its surroundings.

The landscape, designed by Julian Brady of <a href="https://www.apartments.com.au/landscape-architect/sitedesignstudios">Site Design Studios</a>, treats green space as an integral part of the resident experience rather than an afterthought.&nbsp;

"Gentle curves and layered native plantings mirror the ebb and flow of the ocean," Julian Brady says, "creating a serene connection between architecture and place."&nbsp;

Coco Republic has provided bespoke furniture packages tailored to the project's coastal palette.

[smartcode_project:default project_id=150499 project_image_fid=370899]

Skymark has an established track record in the Sutherland Shire, with a portfolio spanning Cronulla, Woolooware and Burraneer that includes Isla, Sylva, Bask, Shells, Sula and Mist. Securing LDI on Solis reflects a broader shift in how the developer is positioning its buildings to buyers, at a time when Resilience Insurance expects the policy to become mandatory in New South Wales by 2028.

Sales at Solis are launching soon through Ray White Projects, with an official event scheduled for 11 June. Enquire for more information.

[smartcode_project_cta:default project_id=150499]

Skymark takes out 10-year Resilience Insurance LDI at Solis Cronulla

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<div>GUEST OBSERVER</div>
<div> </div>
<div>Australian Finance Group (AFG) released its index for the final quarter of 2016, reporting more than $15 billion in mortgage lodgement volume.</div>
The index, which is not seasonally adjusted, rose by 9.9 percent over the year to December.
<a href="https://www.propertyobserver.com.au/images/2017/01/12/AFG5.jpg" target="_blank">Click to enlarge</a>
<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/2017/01/12/AFG5.jpg" alt=""> Nationally, the average mortgage size of $488,875 was up from $475,083 from the prior year.
<a href="https://www.propertyobserver.com.au/images/2017/01/13/AFG2.jpg" target="_blank">Click to enlarge</a>
<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/2017/01/13/AFG2.jpg" alt=""> 
<div>"Tale of two seaboards"</div>
<div class="separator"> </div>
<div class="separator">Over the year there was strong growth in lodgement volumes in both New South Wales (up 10 per cent) and Queensland (18 per cent), but the real driver of growth was Victoria with a substantial 23 percent rise. </div>
<a href="https://www.propertyobserver.com.au/images/2017/01/13/AFG3.jpg" target="_blank">Click to enlarge</a>
<div class="separator"><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/2017/01/13/AFG3.jpg" alt=""></div>
 Offsetting this, investors have backed off from Western Australia and the Northern Territory.
<a href="https://www.propertyobserver.com.au/images/2017/01/13/AFG4.jpg" target="_blank">Click to enlarge</a> <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/2017/01/13/AFG4.jpg" alt=""> 
<div>In the December quarter the average mortgage size scaled fresh heights in each of the three most populous states. </div>
<div> </div>
<div><a href="https://www.propertyobserver.com.au/images/2017/01/13/AFG1.jpg" target="_blank">Click to enlarge</a></div>
<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/2017/01/13/AFG1.jpg" alt=""> Investor rebound Finally, the share of AFG's market relating to investors ticked back up to 34 percent.
<a href="https://www.propertyobserver.com.au/images/2017/01/13/AFG6.jpg" target="_blank">Click to enlarge</a>
<div class="separator"><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/2017/01/13/AFG6.jpg" alt=""></div>
<div>The wrap</div>
<div> </div>
<div>While activity in South Australia was flat, the weakness of the WA market in 2016 was evident, with the recent introduction of a new first home owners grant in the state designed to combat this. </div>
<div> </div>
<div>Loan to value ratios across the year were fairly consistent at around 69 percent, about 0.7 percent lower than in 2015.</div>
<div> </div>
<div>Over the year non-major lenders have been pinching market share away from the main players, a trend that AFG expects to continue into the new year as consumers increasingly recognise the potential benefits of using a broker.</div>
<div> </div>
<div>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>. </div>
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NSW mortgage size passes $600,000 average: Pete Wargent

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The Australian Competition &amp; Consumer Commission (ACCC) will not oppose Australian Finance Group Ltd's proposed acquisition of Connective Group Pty Ltd.
As mortgage aggregators, both AFG and Connective act as intermediaries between mortgage brokers and lenders, such as banks. 
In their statement of issues in February, the ACCC identified a number of preliminary concerns with the proposed acquisition that will create the largest mortgage aggregator in Australia. 
After completing a second round of enquiries, ACCC chair Rod Sims says: "After our extensive public review of the acquisition and our consultation with a wide range of interested parties, we believe the combined AFG-Connective is likely to continue to face robust competition.”
“Mortgage brokers will still have a range of other aggregators, should they become dissatisfied with the combined AFG-Connective’s pricing or service. Lenders will likewise have a range of aggregators through which they can access potential consumers,” Mr Sims said.
The combined AFG-Connective is likely to have the incentive to retain lenders on their panel who are popular with consumers to attract brokers. 
The ACCC ultimately found that substantial lessening of competition was not likely. 
Other established aggregators, including Finsure and the aggregators owned by the National Australia Bank, are likely to continue to provide strong competition.
Further information is available at <a href="https://www.accc.gov.au/public-registers/mergers-registers/public-informal-merger-reviews/australian-finance-group-ltd-connective-group-pty-ltd">Australian Finance Group Ltd - Connective Group Pty Ltd</a>.
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j.ballantyne1990-6AQqhLzZaK

ACCC does not oppose AFG-Connective mortgage aggregator deal

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86 400, Australia’s first smartbank, has signed a strategic partnership with aggregator Australian Finance Group Ltd, to further expand its broker distribution network. With AFG on board, one in three mortgage brokers in Australia now have access to 86 400’s smarter approach to home loans.
Over the past 26 years, AFG has grown to become one of the largest aggregators in the market, with more than 3,000 brokers and a loan book exceeding $140 billion. The partnership will see AFG brokers gain access to 86 400’s fully featured Own home loan products from 10 August, which remains the first and only digital mortgage offering for brokers in the country. 
With the Own home loan launched in November 2019, 86 400 has quickly become a favourite of mortgage brokers nationwide who are taking advantage of the digital solution, competitive rates and fast turnaround times. The 86 400 solution enables digital verification of identity, digital collection of expense and income information and all 86 400 documents are signed electronically.
86 400 however, goes beyond just innovating across the application process for customers, it directly addresses some of the biggest pain points for brokers such as digital accreditation and innovating a more equitable claw back provision with a step-down process.  
While current approval times from larger lenders have continued to slow amidst the current global turbulence, 86 400’s Own home loan can give brokers a yes or no decision in just a few hours.
Robert Bell, CEO 86 400 said: “Brokers and customers want an application experience that’s easy to use and a process that gets them a decision quickly, giving both the broker and customer certainty and peace of mind, and that’s what we’re delivering through our digital solution. Partnering with AFG allows us to continue to help more Australians and more brokers realise the benefits of the 86 400 home loan.” 
AFG Head of Sales &amp; Distribution Chris Slater welcomed 86 400 to the panel: “We are pleased to announce the addition of 86 400 to the AFG panel as we continue to ensure the needs of our brokers and their customers are met.” 
“One of our core values over the last 26 years has been supporting our brokers to bring competition to the market and the team at 86 400 are very passionate about competing so they’ll fit in very well at AFG.  We will continue working closely with our brokers and funders like 86 400 to give them the best possible chance to compete for business.”
86 400 Own Home Loan fixed rates are at an all-time low of 2.24 per cent p.a. (2 year fixed comparison rate: 3.02 per cent p.a.) for owner occupied principal and interest. 
86 400 remains the only newly licensed bank in Australia with both home loan and everyday banking products in market. “We’ve said from day one that we’re not interested in building a niche bank. We have a long-term, sustainable business model, which balances both sides of the ledger, and are busy building and rolling out products and partnerships we know our customers want”, Bell said. 
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86 400 supercharges its home loan distribution with AFG partnership

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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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AFG make pre-emptive move on home loan transparency

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Australian Finance Group has reshaped its executive team in preparation for the heightened industry and regulatory engagement required in the post-Royal Commission environment.
Reflecting AFG’s increasingly diversified earnings base, the management changes also consolidate executive accountability for all residential mortgage product sales and elevate the leadership role for the growing AFG Securities (AFGS) business.
Under the new structure, AFG General Manager Residential &amp; Broker Mark Hewitt will take up the new position of General Manager Industry &amp; Partnership Development. AFG Home Loans General Manager Chris Slater will assume the broader sales and distribution leadership role across both the residential broking and the AFG Home Loans businesses. AFG will also appoint a General Manager for the AFGS business, a new role on the executive team that reflects the increasing importance of the business line.
After leading AFG Sales and Distribution team for the past 13 years, Mark will maintain responsibility for the company’s residential mortgage lending relationships and his mandate will be expanded to include all lender relationships across our AFG Home Loans, Commercial, AFG Business and Personal Loans business lines.
AFG Chief Executive Officer David Bailey said “The external forces impacting our business across the past 18 months have underlined why it is crucial to constantly engage with the broader industry and continue to position AFG as taking a leadership role in the market with both regulators and our lending partners.
“While we have done a tremendous job in reminding regulators, politicians and the broader community of the vital role our industry plays in delivering a competitive lending market, we must ensure that the broker proposition remains front and centre of the debate as the industry shapes its future over the next three years.
“During the recent challenges the mortgage broking sector has faced, Mark has played a significant role in ongoing advocacy of both AFG and the broader industry, stewarding much of the activity undertaken as our industry became a focus during the election campaign.
“With the three-year review period now underway, the need for AFG and the industry more widely to represent our brokers positively in the eyes of regulators and government is even more important. Mark will focus on our engagement with regulators and work to drive positive change across the industry.
“With Mark’s move into the new role, Chris will assume the position of Head of Sales and Distribution for all residential products and continue his influence over AFG’s commercial white label Thinktank product.
“Chris has a depth and breadth of knowledge across our business with his moves from National Accounts Manager in Queensland to NSW State Manager to General Manager AFG Home Loans in Perth. The skill sets and passion Chris has demonstrated in those roles over the past 12 years will hold him in good stead as he takes up this new challenge. I congratulate both Mark and Chris on their appointments.
“The changes strengthen our leadership across the business and reflect the priorities of the business as we continue the diversification of our earnings base.”
AFG is planning to invest in a growing part of its business with a newly created role of General Manager for its AFG Securities business. AFGS hit a milestone recently when it reached $2 billion under management, underlining the growth of the business line.
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Mark Hewitt and Chris Slater get more responsibilities at AFG

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New figures have revealed national lending activity has slumped to the lowest levels in five years.
The AFG Mortgage Index and Competition Index released today showed lending volumes across Australia in the first three months of 2019 dropped 10 per cent on the previous quarter.
Volumes in the March quarter were 15 per cent lower than the same period last year.
The 23,049 loans lodged during the quarter represented the lowest number in six years, while the $11.6 billion volume was the lowest quarterly figure since 2014.
AFG Chief Executive Officer David Bailey said the numbers provide stark evidence that the lending environment has significantly deteriorated.
"It’s a wake-up call for policymakers.
"The softening of the residential market across the country is a real concern, with Sydney and Melbourne driving the downturn and some states enduring a prolonged period of falling activity.
“Despite moves by regulators to encourage activity, investment lending remains at an all-time low of 26 per cent amid the well- documented concerns around property values, particularly on the eastern seaboard.
“Today’s data confirms we have reached a critical time in the housing market cycle and we would urge policy makers to tread carefully in any regulatory responses flowing from the Royal Commission.
"This is a time for considered policy formulation that considers the full potential impact on the lending market. It is clear, the broader implications for the Australian economy are huge if we get it wrong.
“The volume of loans written in WA for the quarter of just over $1.3 billion represents the lowest volume seen in WA since the inception of the AFG Mortgage Index. Whilst there has been some talk of WA moving into a brighter resources-led period of sunshine, it is clear the local economy needs broader stimulus.”
The tight lending market and falling house prices have contributed to a decline in NSW volumes of almost 20 per cent on the same quarter in 2018. Victoria is down 16 per cent over the same period.
All other states are also much lower than the same time last year. The only lift in volume over the quarter was seen in the Northern Territory, with an increase in the average loan size and a decrease in Loan to Value Ratios.
Following the relaxation of APRA-imposed caps on Interest Only (IO) lending, AFG noted a small lift in IO lending driven by the major lenders.
Four years ago, fuelled largely by strong investor demand, Interest Only loans accounted for around 60 per cent of all loans written. Now, with investor loans accounting for a quarter of new business, Interest Only loans account for just 19 per cent of lodgements.
The breakdown of mortgages between major lenders – the ‘big four’ banks and their affiliated brands – and non-majors highlights the crucial role mortgage brokers play in delivering competition to the home loan sector.
The AFG Index showed the market share of non-majors has now been locked in above 40 per cent for more than a year despite a marginal increase for the majors to 58.6 per cent of total lodgements.
Mr Bailey said “The value mortgage brokers deliver by facilitating a competitive lending environment is most starkly shown by the ongoing decline in the market share of the major banks, which peaked in Q3 of 2013 at 78.2 per cent. Outside of the mortgage broking channel, the majors have control and dominate the market. The distribution capability provided by mortgage brokers enables the country’s non-major lenders to compete.
<a href="https://www.propertyobserver.com.au/images/2019/4/16/AFG%201.jpg" target="_blank">Click here</a> to enlarge: 
<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/2019/4/16/AFG%201.jpg" alt="">
Source: AFG
“With the sole exception of First Home Buyers, who remain the last bastion of major bank lending, the growth in non-major lending has been broadly uniform across all other customer types.”
Major lenders are ahead on fixed-rate loans, with a steady increase across the quarter, leaving four out of five homebuyers that chose the certainty of fixing their interest rates doing so with a major lender.
Examination of the overall volumes going to the major bank reveals the big losers over the past six months have been ANZ and NAB. NAB’s share has halved over the past six months to now be as low as five per cent.
The Westpac stable of brands emerged as big winners, as has Bankwest – whose renewed focus on broker and customer service has paid strong dividends in Western Australia. Bankwest accounts for more than one in every five WA originations. Together with CBA, Bankwest has a stranglehold on more than 35 per cent of all loans written in the State.
<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/2019/4/16/AFG%202%20.jpg" alt="">
<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/2019/4/16/AFG%203.jpg" alt="">
<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/2019/4/16/AFG%204.jpg" alt="">
Source: AFG
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AFG report home loan activity falls to lowest in five years on back of credit squeeze

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Australian Finance Group has released the AFG Mortgage Index for the final quarter of the 2016/17 financial year.
AFG CEO David Bailey noted that the non-major share of the market is now at 35 percent.
<a href="https://www.propertyobserver.com.au/images/2017/07/13/Screen%20Shot%202017-07-13%20at%201.07.08%20pm.jpg" target="_blank">Click to enlarge</a>
<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/2017/07/13/Screen%20Shot%202017-07-13%20at%201.07.08%20pm.jpg" alt="">
“Significant structural change to the lending market brought about by tighter lending rules has seen increased flows of business to the non-major lenders.”
<a href="https://www.propertyobserver.com.au/images/2017/07/13/Screen%20Shot%202017-07-13%20at%201.07.18%20pm.jpg" target="_blank">Click to enlarge</a>
<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/2017/07/13/Screen%20Shot%202017-07-13%20at%201.07.18%20pm.jpg" alt="">
“As the majors re-price their mortgages and change lending policies to meet regulatory caps, consumers are turning to mortgage brokers to get a full picture of the choices on offer in such a competitive market,” he said.
<a href="https://www.propertyobserver.com.au/images/2017/07/13/Screen%20Shot%202017-07-13%20at%201.07.26%20pm.jpg" target="_blank">Click to enlarge</a>
<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/2017/07/13/Screen%20Shot%202017-07-13%20at%201.07.26%20pm.jpg" alt="">
“The non-major lenders are helping fill the void left by some of the majors and consumers are benefiting from the fact that a mortgage broker can offer products from those lenders without a branch network.”
<a href="https://www.propertyobserver.com.au/images/2017/07/13/Screen%20Shot%202017-07-13%20at%201.07.34%20pm.jpg" target="_blank">Click to enlarge</a>
<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/2017/07/13/Screen%20Shot%202017-07-13%20at%201.07.34%20pm.jpg" alt="">
A series of rate rises and policy changes has also had an impact on the investment market.
<a href="https://www.propertyobserver.com.au/images/2017/07/13/Screen%20Shot%202017-07-13%20at%201.07.44%20pm.jpg" target="_blank">Click to enlarge</a>
<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/2017/07/13/Screen%20Shot%202017-07-13%20at%201.07.44%20pm.jpg" alt="">
“In what will no doubt be welcome news for the regulator, investment lending has dropped to 31% of our total lending for the quarter as lenders continue to tighten their criteria,” said Mr Bailey.
Refinancing figures are also down from 35% to 29% as re nance options for borrowers with interest only or higher LVR investment loans decrease and others choose to stay put until the market settles.
<a href="https://www.propertyobserver.com.au/images/2017/07/13/Screen%20Shot%202017-07-13%20at%201.07.53%20pm.jpg" target="_blank">Click to enlarge</a>
<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/2017/07/13/Screen%20Shot%202017-07-13%20at%201.07.53%20pm.jpg" alt="">
Lender policy restrictions have also seen the average loan size fall in every state apart from Queensland.
“The part of the market that has been virtually untouched by regulators and lenders is the principle and interest owner category.
“As a result, those opting to upgrade their homes have increased from 34% to 39% in response to some attractive lending offers,” he concluded.
In a sign that homeowners are picking the bottom of the market for interest rates, the number choosing to fix their rate has jumped significantly to finish the quarter at 23.7%.
<a href="https://www.propertyobserver.com.au/images/2017/07/13/Screen%20Shot%202017-07-13%20at%201.08.15%20pm.jpg" target="_blank">Click to enlarge</a>
<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/2017/07/13/Screen%20Shot%202017-07-13%20at%201.08.15%20pm.jpg" alt="">
<a href="https://www.propertyobserver.com.au/images/2017/07/13/Screen%20Shot%202017-07-13%20at%201.08.25%20pm.jpg" target="_blank">Click to enlarge</a>
<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/2017/07/13/Screen%20Shot%202017-07-13%20at%201.08.25%20pm.jpg" alt="">
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Non-majors and fixed rates in favour among home borrowers

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Leading mortgage broker Australian Finance Group (ASX:AFG) announced that its interim CEO David Bailey has been appointed as the chief executive.
Bailey was appointed the interim CEO after Brett McKeon stepped down as the chief executive earlier this year. McKeon was one of the co-founders of AFG in 1994.
AFG is one of Australia’s largest mortgage groups. It has more than 2,800 members nationally and manages more than $127 billion in mortgage finance.
Bailey has been with AFG for over 13 years and was its chief financial officer and chief operating officer earlier. He also led AFG’s Home Loans business.
AFG chairman Tony Gill said that following a review by its board, Bailey emerged as the preferred candidate.
“David’s skills and background are ideally suited to the role of AFG CEO,” said Gill in a media release.
“Importantly, having worked closely with our former CEO Brett McKeon both prior to Brett stepping back and also since David’s appointment as Interim CEO, he is well known to AFG’s brokers, business partners and shareholders.”
Bailey said he was looking forward “to steering AFG further down the path of diversified growth whilst also ensuring the core broker proposition of choice, competition and strong consumer outcomes is maintained.”
 
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Mortgage broker AFG appoints interim CEO as chief executive

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AFG has reported promising signs in the first home buyer (FHB) market as the 17 year old scheme, introduced to offset the effect of the GST on home ownership, receives a shake up.
The national First Home Owner Grant (FHOG) scheme funded by the states and territories has largely been hailed a success as it seeks to ease the hefty upfront costs for new entrants to the market. 
The effectiveness of the scheme however has been questioned of late and it appears this may have encouraged governments to act. 
<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/2017/04/19/header_fhogs.jpg" alt="">
“The Victorian state government has recently announced a number of changes to the scheme in that state and New South Wales is currently examining their options to help counter rising house prices in those states,” said AFG interim CEO David Bailey.
AFG data shows positive signs amongst the FHB market with lodgments lifting back up to 10% for the first time since the first quarter of 2014.
“First home buyer numbers have been in the single digits for some time. 
It is good to see state governments looking to support those trying to get a foot on the property ladder. 
Time will tell if the proposed changes to the scheme go far enough to assist those looking to buy their first home in our two most populous states.”
APRA-imposed lender policy changes have had an impact on both the investor market and refinancers as many lenders lift interest rates for borrowers.
“Lenders have been told by the regulator to rein in their exposure to the investor market and APRA continues to monitor growth in lending to investors,” said Mr Bailey. 
“As a result many lenders have embarked upon a series of rate increases and a tightening of credit policy for investors to comply with APRA’s guidelines.
“This activity has seen investor loans drop from 34% to 32% across the quarter.”
Those looking to refinance have also been impacted, with that segment of the market dropping from 38% to 35% last quarter – its lowest level since the third quarter of 2015.
In overall lodgment numbers, AFG has reported a lift of 8% on Quarter 3 last year driven primarily by increasing activity of upgraders.
“With a significant amount of changes being made to the appetites and pricing of lenders, help from a mortgage broker can be vital for consumers trying to navigate the dynamic market that is home lending,” said Mr Bailey.
“A result that should please the regulators is a drop in the loan to value ratio (LVR) in all states apart from South Australia where a marginal increase of 0.4% was evident. 
The national LVR is now down to 68.6%, the lowest level since the first quarter of 2013,” he concluded.
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