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

Asic

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The Australian Securities and Investments Commission has released a calculator to help potential investors work out three key factors behind an interest-only mortgage.
The interest-only mortgage calculator, <a href="https://www.moneysmart.gov.au/tools-and-resources/calculators-and-apps/interest-only-mortgage-calculator?utm_medium=email&amp;utm_campaign=MoneySmart+tips+-+October+2015&amp;utm_content=MoneySmart+tips+-+October+2015+CID_0285e24379a5279d45b24b562a5b1177&amp;utm_source=CampaignMonitor&amp;utm_term=interest-only%20mortgage%20calculator" target="_blank">available here</a>, crunches the numbers behind the repayments before and after the interest-only period, the total cost of an interest-only mortgage and how much more you will pay with an interest-only mortgage compared to a principal and interest loan.
ASIC has also released a handy guide to interest-only loans for property investors <a href="/expert-insights/finance/asics-interest-only-guide-for-property-investors">available here</a>, as well as a checklist for property investors considering <a href="/expert-insights/finance/are-interest-only-mortgages-in-your-interest-asic">interest-only payments for mortgages</a>
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mick.cee-iDmgDDAmu8

ASIC releases interest-only mortgage calculator

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ASIC has approached clients of Sherwin Financial Planners Pty Ltd (Sherwin) and DIY Superannuation Services Pty Ltd (DIY Super) regarding its concerns over the processing of transactions on Money Market Deposit Accounts (Money Market Accounts) that were held by the clients with BOQ (Sherwin Group clients).
The Money Market Accounts were managed by the BOQ’s agent, DDH Graham.
ASIC's letter informs the Sherwin Group clients that:
<ul>
<li>ASIC has commenced an investigation into the operation of the Money Market Accounts held by Sherwin Group clients, which relates to whether BOQ or DDH Graham may have processed transactions when they should not have.</li>
<li>There are steps they may wish to take as soon as possible if they have suffered financial loss and may have a claim for compensation.</li>
<li>If they do have a claim time limitations will apply to that claim, and they may need to take prompt steps to ensure any claim is brought in time.</li>
</ul>
ASIC’s investigation in relation to the BOQ and DDH Graham is ongoing.
Sherwin Financial Planners was placed into administration in <a href="/expert-insights/wickham-securities-bradley-sherwin-fronts-brisbane-court">January 2013 and liquidation in February 2013.</a>
The companies collapsed owing more than $30 million to clients of Sherwin Financial Planners.
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ASIC approaches Sherwin Group clients about Bank of Queensland and DDH Graham Limited transactions investigation

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ASIC's proceedings in the Federal Court of Australia against companies associated with Jamie McIntyre and the 21st Century Group continue in relation land banking schemes alleged to be unregistered managed investment schemes
The latest court hearing refused an application by the McIntyre respondents to vary earlier undertakings which would have enabled the fourth respondent (Secret Valley Estate Pty Ltd) to settle the purchase of land.
ASIC alleges that the land banking schemes are unregistered managed investment schemes and that the 21st Century Group companies and Mr McIntyre have been unlawfully carrying on an unlicensed financial services business.
The five schemes are promoted and advertised as:
<ul>
<li>Botanica, located at 805 Archer Rd, Kialla, Victoria 3631</li>
<li>Secret Valley Estate, located at  955, Old Sydney Road, Bylands, Victoria 3762</li>
<li>Oak Valley Lakes Estate &amp; Resort, located at  124 Booth Road, Brookhill, Townsville, Qld 4816.</li>
<li>Bendigo Vineyard Estate &amp; Resort, located at  51 Andrews Road, Bendigo, Victoria 3551</li>
<li>Melbourne Grove Estate, located at  1491 Dohertys Road, Mount Cottrell, Victoria 3024</li>
</ul>
Jamie McIntyre, the CEO of 21st Century Property released his Secret Valley development land banking project last November.
Set 45mins from Melbourne CBD, it was known as Secret Valley in Wallan.  
The Secret Valley Estate in Wallan was described as 258 acres of <a href="https://21stcenturyeducation.com.au/louharty/land-banking-melbourne/" target="_blank">"breath taking, beautiful landscape and picturesque views of the Macedon Ranges."</a>
Land banking Melbourne options in Secret Valley started at $25,000 for a 1 acre superlot.
 <img class="aligncenter size-full wp-image-884" src="https://21stcenturyeducation.com.au/louharty/wp-content/uploads/2014/11/land-banking-melbounre-secret-valley.png" alt="land banking melbounre secret valley" width="299" height="422" style="font-size: 12.16px; line-height: 1.3em;">
 
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jchancellor-FAypfDUnLy

Jamie Mcintyre's Secret Valley Estate court ruling

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ASIC has obtained an urgent injunction in the Federal Court of Australia against Macro Realty Developments Pty Ltd (Macro), Property Tuition Pty Ltd (21st Century Property) and Education Holdings Pty Ltd (21st Century Education) from promoting and marketing a proposed Pilbara property investment.
A seminar was to be held for prospective investors on 10 September 2015.
ASIC alleges that the proposed Pilbara property investment was marketed and promoted by 21st Century Property and 21st Century Education using the tagline "Do you know how to buy Australian property, no money down?".
The proposed investment was to involve investors being appointed as directors and shareholders of a company and creating a trust. Investors were then to cause that company to acquire certain properties from Macro in Newman Estate, Western Australia. The investors were to be paid a director's fee but agreed that Macro would be the sole decision-maker for the company. 
ASIC alleges that by agreeing to become a director of a company where Macro will remain the sole decision-maker for all business associated with the company, 21st Century and Macro are counselling and procuring investors to contravene their director's duties under the Corporations Act
ASIC also alleges that the investment documents in relation to the proposed Pilbara property investment are misleading and deceptive, and that the investment proposal is a financial product.
The matter is set down for final hearing on 26 October 2015.
ASIC has also issued proceedings in the Federal Court of Australia against 21st Century Property and 21st Century Education in relation to their promotion and sale of interests to investors in <a href="/news/land-banking-jamie-mcintyres-21st-century-group-facing-asic-proceedings">five land banking schemes</a>.
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jonathanchancellor-7SQnKwU6yx

ASIC granted injunction against proposed Pilbara property investment

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ASIC has banned Mr Raghwa Nand Prasad from providing financial services and from engaging in credit activities for four years following an investigation.
ASIC found between February 2008 and March 2011, Mr Prasad contravened credit legislation and financial services laws, and was involved in Ms Prasad’s contravention of credit legislation and financial services laws. ASIC made these findings on the basis that, in respect of the seven loan applications which involved false documents created by Ms Prasad, Mr Prasad, among other things:
<ul>
<li>was familiar with his clients’ financial situation, having acted as their tax agent</li>
<li>signed off on applications containing false documents without querying whether the application accurately represented his client’s financial situation</li>
<li>knew the application documents were false,</li>
<li>directed or allowed Ms Prasad to send the application containing the false documents to the lender.</li>
</ul>
In May 2015, ASIC banned Ms Prasad for 10 years from engaging in credit activities and from providing financial services following her conviction for loan fraud. 
In September 2014, Mr Prasad’s former wife and broker assistant, Ms Shashi Kanta Prasad, was convicted for creating false loan documents in an attempt to secure home loans totalling more than $3.6 million.
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ASIC bans broker for four years

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ASIC has permanently banned former authorised representative Mr Nicholas Hunter from the financial services industry due to an investigation surrounding his conduct in advising self-managed superannuation fund (SMSF) clients.
ASIC found he had contravened financial services laws and is bankrupt. 
The investigation found he advised a number of SMSF clients to directly invest their SMSF in property during 2012. In doing so, he failed to make adequate inquiries into the clients' existing financial circumstances, including their existing SMSF portfolio and investment strategy, and did not give advice appropriate to the clients, according to ASIC.
ASIC investigations found he was selling properties on behalf of a Queensland property development company, MOGS Pty Ltd (in liquidation), and collecting commission of between $10,000 and $25,000 per sale. 
ASIC's investigation also found Mr Hunter:
<ul>
<li>was involved in the issue of falsified Westpac finance letters to MOGS to facilitate payment of his commissions</li>
<li>failed to issue the SMSF clients with Financial Services Guides and Statements of Advice</li>
<li>operated a financial services company website when not licensed or authorised</li>
<li>provided financial advice to several SMSF clients in 2012 when not licensed or authorised.</li>
</ul>
ASIC Commissioner Greg Tanzer said the matter involving Mr Hunter highlights ASIC's concerns about the potential for direct property advice though SMSF to constitute financial advice.
"Further, the advisor must act in the best interests of the client in giving that advice," he said.
ASIC's press release noted Hunter's "most recent recent appointment was with Spring Financial Group Pty Ltd between May 2011 and June 2012," which has been disputed by Spring over the alleged association.
The financial services company Spring FG Limited has noted the release by ASIC today, saying it had "resulted in media coverage that contains seriously incorrect information and implications."
"Resulting media coverage has implied or stated that Hunter was an employee of Spring FG subsidiary Spring Financial Group Pty Ltd (Spring Financial).
"At no stage was Hunter involved in the operation or conduct of any Spring FG business nor did he have any dealings with its clients."
Spring FG has sought to correct the record saying Hunter was never employed by Spring FG nor any subsidiary.
"Nick Hunter was an employee of and representative of an independent firm Murphy Dawson Partners.
"For a limited period from May 2011 to May 2012 Murphy Dawson held a corporate authorised representative arrangement with Spring Financial.
"Spring Financial unilaterally terminated that arrangement more than 3 years ago over concerns it held as to the conduct of Murphy Dawson. 
"Spring FG welcomes the banning order against Hunter."
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ASIC bans former financial advisor over SMSF and property wrongdoing

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ASIC has commenced proceedings in the Federal Court of Australia against companies associated with Jamie McIntyre and the 21st Century Group in relation to their promotion and sale of interests to investors in five land banking schemes.
ASIC alleges that the schemes are unregistered managed investment schemes and that the 21st Century Group companies and Mr McIntyre have been unlawfully carrying on an unlicensed financial services business.
The five schemes are promoted and advertised as:
<ul>
<li>Botanica, located at 805 Archer Rd, Kialla, Victoria 3631</li>
<li>Secret Valley Estate, located at  955, Old Sydney Road, Bylands, Victoria 3762</li>
<li>Oak Valley Lakes Estate &amp; Resort, located at  124 Booth Road, Brookhill, Townsville, Qld 4816.</li>
<li>Bendigo Vineyard Estate &amp; Resort, located at  51 Andrews Road, Bendigo, Victoria 3551</li>
<li>Melbourne Grove Estate, located at  1491 Dohertys Road, Mount Cottrell, Victoria 3024</li>
</ul>
ASIC understands that there are over 100 investors in the schemes, which have been promoted to investors, including through seminars, by entities associated with Mr  McIntyre's 21st Century Group. Companies associated with Mr McIntyre and the 21st Century Group are also the developers of the schemes (development companies). 
On 21 August 2015, the Federal Court of Australia accepted undertakings from each of the defendants, including Jamie McIntyre, that until further order or agreement with ASIC, they would not promote the developments, act in furtherance of the developments, receive, solicit or dispose of any funds in connection with the developments, remove any assets from Australia or charge any assets and dispose of or destroy any books and records in relation to the developments. 
The undertakings allow the defendants to make interest payments in relation to the loan entered into by Bendigo Vineyard Estate Pty Ltd for the Bendigo Vineyard Estate &amp; Resort development.
On 10 August 2015, the Federal Court accepted undertakings from Messrs Jamie and Dennis McIntyre that until 5 November 2015, they would give notice to ASIC of any travel outside of Australia and would deliver their passports to their solicitors. 
The matter has now been set down for hearing on 8 October 2015 at 10:15am.
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Jamie McIntyre gives Federal Court undertaking to stop promoting his land banking project

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ASIC has cancelled the Australian credit licence of credit providers Smithson &amp; Baye as part of an ongoing investigation into a property and self-managed superannuation fund promoting group. 
The group includes the companies formerly called Heritage Financial Solutions Australia and Sunpac Finance Pty Ltd. 
The sole director and shareholder of Smithson &amp; Baye, Mr Ricardo Viana, is also the sole director and shareholder of Sunpac Finance.
ASIC found  Smithson &amp; Baye failed to keep adequate financial records, comply with notices to produce documents, comply with its licence conditions in order to make sure representatives comply with the credit legislation and ensure representatives were adequately trained. 
Smithson &amp; Baye purported to have accepted assignment of, and was collecting payments from borrowers in respect of, additional loans provided to clients of Heritage Financial Solutions and Sunpac Finance, beyond that which mainstream lenders would lend, to assist those clients to purchase real estate in Queensland through SMSFs.
ASIC found that:
<ul>
<li>Smithson &amp; Baye had contravened its obligations under the National Credit Act;</li>
<li>it had reason to believe that Smithson &amp; Baye was likely to contravene its obligations under the National Credit Act;</li>
<li>it had reason to believe that Smithson &amp; Baye is not fit and proper to engage in credit activities; and</li>
<li>there is no reasonable prospect that the defects in Smithson &amp; Baye's compliance with the National Credit Act can or would be remedied. </li>
</ul>
 
ASIC's investigation involves advice to investors to establish an SMSF for investment in real estate in Queensland and the arranging of finance for those investments.
ASIC has concerns about the way the loans and property ownership have been structured and advises anyone who obtained advice or finance from people associated with Heritage Financial Solutions, Sunpac Finance, Smithson &amp; Baye or Vegeta Pty Ltd (currently in liquidation) to contact their lender and obtain independent professional advice to ensure that the loans to their SMSFs and their property ownership have been structured in compliance with the trustees' superannuation law obligations.
ASIC's investigation is continuing.
Smithson &amp; Baye has the right to appeal to the Administrative Appeals Tribunal for a review of ASIC's decision.
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ASIC cancels credit licence of SMSF promoter Smithson & Baye

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A report from ASIC has found lenders offering interest-only mortgages need to lift game to comply with consumer protection laws.
ASIC's probe into interest-only home loans was announced in December 2014 and assessed how 11 lenders, including the big four banks, are complying with responsible lending laws.
The report recommends that lenders and brokers should review to ensure compliance with responsible lending obligations. All 11 lenders have changed their practices in line with ASIC's recommendations or have committed to implementing them. The recommendations include:
<ul>
<li>Loans align with consumers' requirements and objectives</li>
<li>Lenders use a consumers' actual expenses rather than relying on a benchmark</li>
<li>Affordability assessments include buffers for future interest rate rises.</li>
</ul>
According to ASIC, demand for interest-only loans had grown by around 80% since 2012 and the review looked at how consumers were assessed for loans by lenders with a focus on the affordability of the loans over the longer term.
The review found that interest-only loans are more popular with investors and those on higher incomes, and that delinquency rates are currently lower for interest-only home loans.
ASIC found lenders have not been meeting all responsible lending obligations in the provision of interest-only loans and often failing to consider whether an interest-only loan will meet a consumer's needs, particularly in the medium to long-term.
ASIC’s review of more than 140 consumer loan files from bank and non-bank lenders identified:
<ul>
<li>In 40% of files reviewed, the affordability calculations assumed the borrower had longer to repay the principal on the loan than they actually did</li>
<li>In over 30% of files reviewed, there was no evidence that the lender had considered whether the interest-only loan met the borrower's requirements</li>
<li>In over 20% of files reviewed, lenders had not considered the borrower’s actual living expenses when approving the loan, but relied instead on expenditure benchmarks</li>
</ul>
ASIC Deputy Chair Peter Kell said interest-only loans may be a reasonable option for some borrowers. However, lenders must have robust processes in place for assessing a customer's ability to afford a loan, taking into account the increased repayments once the interest-only period ends.
"They should lend responsibly, and in a way that does not result in consumers taking on debt that they cannot afford, especially if interest rates rise," he said.
"We are pleased that the lenders involved in the review have already started implementing changes based on our findings. The rest of the lending industry, including brokers, should  now take note and swiftly review the practices they have in place to ensure they comply with their responsible lending obligations."
According to ASIC, based on a $500,000 principal and interest home loan over thirty years, a consumer would pay around $579,032 in interest with a constant interest rate of 6%. For an interest-only loan of the same amount, with the same interest rate consumers would pay the following:
<div align="center"> </div>
 
<table border="0" cellspacing="0" cellpadding="0"><tbody>
<tr>
<td valign="top" width="142">
Length of interest-only period
</td>
<td valign="top" width="113">
Interest payable over term of loan
</td>
<td valign="top" width="151">
Additional interest paid compared to   principal-and-interest home loan
</td>
</tr>
<tr>
<td valign="top" width="142">
5 years
</td>
<td valign="top" width="113">
$616,258
</td>
<td valign="top" width="151">
$37,226
</td>
</tr>
<tr>
<td valign="top" width="142">
10 years
</td>
<td valign="top" width="113">
$659,752
</td>
<td valign="top" width="151">
$80,720
</td>
</tr>
<tr>
<td valign="top" width="142">
15 years
</td>
<td valign="top" width="113">
$709,503
</td>
<td valign="top" width="151">
$130,471
</td>
</tr>
</tbody></table>
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ASIC demand lenders improve standards following interest-only loan review

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ASIC has acted against companies associated with Perth-based property developer, the Nicheliving group, for misleading advertising.
ASIC has issued infringement notices on Australian Property Alliance Pty Ltd (APA) and imposed new licence conditions on the Australian credit licence of Wealth WA Pty Ltd (WWA), which provided financial services in the course of the Nicheliving group's primary business, property development and real estate sales.
Four  infringement notices were issued to APA, resulting in payment of $40,800, for misleading advertisements published on various websites administered by APA, the Nicheliving Facebook page, YouTube, as well as on television channels 1, 9, 10, 11 and GEM during the period 14 May 2014 to 16 October 2014. 
The advertisements represented that consumers could obtain an investment property from "just $59 per week". ASIC was concerned that the advertisements were misleading because they did not disclose the detailed assumptions and qualifications which underpinned a negative gearing investment strategy, requiring the consumer to enter into a mortgage to finance the purchase of the property and to pay an upfront amount of $35,000.  
ASIC was also concerned by the accuracy of other historical advertising published by WWA which included headline claims to the effect that its financial services could assist consumers to:
<ul>
<li>pay off their mortgages in eight years instead of 30;</li>
<li>legally reduce their tax to nil; and</li>
<li>increase their net worth by $100,000 by investing $59 per week.</li>
</ul>
In response to ASIC's concerns, APA and WWA have agreed to:
<ul>
<li>engage an independent compliance consultant to review their respective advertising policies and procedures; and</li>
<li>adopt training procedures to ensure their staff are informed of legal requirements in relation to marketing undertaken in connection with financial products or financial services. </li>
</ul>
The requirement to engage an independent compliance consultant will be included as a condition of WWA's credit license. 
Deputy Chairman Peter Kell said, 'The advertising of credit products and services must be clear, accurate and balanced, particularly in relation to the sale of real estate which may involve borrowing significant sums of money.
'ASIC wants to ensure consumers have a clear understanding of the commitments they are entering into and are not misled by grand claims. We will act against companies where we consider their advertising is potentially misleading or deceptive'.
WWA and APA withdrew the advertising after being informed of ASIC's concerns.
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