Longstanding Gold Coast and Canberra developer <a href="https://www.apartments.com.au/developers/morris-property-group">Morris Property Group</a> is continuing to roll on with its Glitter Strip apartment pipeline, seeking to return to Mermaid Beach with a new 68-apartment development.

Morris, founded by Barry Morris in 1978 and one of the Gold Coast’s most prolific apartment developers over the past two decades, has filed plans for a 12-storey mixed-use building at <a href="https://www.apartments.com.au/new-apartments/36-seabeach-avenue-mermaid-beach-qld-4218">34-36 Seabeach Avenue</a>, on the prized eastern side of the Gold Coast Highway.

The 1,227 sqm site occupies a prominent corner position at Seabeach Avenue and the Gold Coast Highway, opposite the Mermaid Plaza retail and office precinct and around 140 metres walking distance from the future Mermaid Beach South light rail station.

<a href="https://www.apartments.com.au/architects/fraser-partners-0">Fraser &amp; Partners</a> has designed the project, which will comprise 68 apartments across a mix of 48 two-bedroom and 20 three-bedroom residences.

The building will rise 12 storeys, reaching a maximum height of 36 metres, with the apartments accounting for a total of 156 bedrooms. The development application also seeks approval for short-term accommodation across the 68 apartments, while two office tenancies are proposed at ground level.

The plans show 108 car spaces across the development, with parking accommodated at ground level and within a three-level basement accessed from Seabeach Avenue.

<img alt="Seabeach Avenue and the Gold Coast Highway" data-entity-type="file" data-entity-uuid="c2175c99-12fd-4a3c-9be1-89bbf258a90d" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-08-20%20at%202.59.41%E2%80%AFPM_0.png?VersionId=iNLzWcE6gaAE76rafhEXfHve.4g4Se0p" />

Resident amenity will be concentrated on level two, where Fraser &amp; Partners has designed a recreation deck with a swimming pool, 90 sqm pool terrace, outdoor barbecue area and gym.

The broader communal offering will also incorporate landscaped spaces, with the planning documents noting the amenity has been designed to provide areas for recreation, social interaction and outdoor living.

The proposal would continue the transformation of the Gold Coast Highway corridor through Mermaid Beach ahead of the arrival of the light rail.

The site is zoned Neighbourhood Centre and sits within the Mermaid Beach/Broadbeach Light Rail Corridor neighbourhood plan. While the prescribed building height is 24 metres, the site is identified within an Urban Neighbourhood context providing for a 50 per cent height uplift to 36 metres.

Planning documents describe the stretch of the Gold Coast Highway between Broadbeach and Nobby Beach as increasingly characterised by medium and high-rise development, with the proposed Morris tower joining projects including Ventura, The Alfred, Oceans and Otto.

<img alt="Seabeach Avenue and the Gold Coast Highway" data-entity-type="file" data-entity-uuid="911f193f-e381-4a55-be08-58be87fcf978" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-08-20%20at%202.59.48%E2%80%AFPM.png?VersionId=oxVvLJaY.SOXEdXrIcogfyEXDfvCmmpM" />

The development would mark Morris Property Group's latest investment in Mermaid Beach, where it has already delivered two apartment projects.

Otto, at 1 Bondi Avenue on the western side of the Gold Coast Highway, comprises 70 apartments across nine storeys. The project was completed in 2019 and includes a residents' gym, recreation deck and swimming pool.

Morris also developed Oceans at 46 Ocean Street, a nine-storey, 70-apartment build-to-rent development completed in 2019. Oceans was the group's first build-to-rent project and incorporates commercial space at ground level.

The two existing Morris projects sit further north along the same Gold Coast Highway corridor as the proposed Seabeach Avenue development. Fraser &amp; Partners' planning analysis specifically identifies both Otto and Oceans among the established built-form precedents surrounding the site.

<img alt="Seabeach Avenue and the Gold Coast Highway" data-entity-type="file" data-entity-uuid="14925119-7b71-4812-8149-340317512c7c" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-08-20%20at%203.00.15%E2%80%AFPM.png?VersionId=aEJqYuw_nTCjcin17BSD0piB1EFotTlj" />

Mermaid Beach represents only part of Morris' considerable Gold Coast footprint.

The family-owned developer has been particularly active in neighbouring Broadbeach, delivering projects including Sierra Grand, Eclipse, Synergy, Qube, Koko, Opus and Malo, while its current pipeline includes Maison and the two-tower Crest development.

Further south, Morris has also developed a string of projects in Burleigh Heads, including Element, Boardwalk and Sandbar, while Essentia expanded its footprint north into Surfers Paradise.

The Seabeach Avenue application has been lodged by PMM Broadbeach Pty Ltd and seeks a development permit for a Material Change of Use for multiple dwellings, short-term accommodation and office uses. Zone Planning Group prepared the planning application, with Fraser &amp; Partners commissioned as architect.

The project comes as the developer continues to expand its Gold Coast pipeline while retaining a significant presence in Canberra. Morris now has more than $2.5 billion of development in its national pipeline and has delivered more than 7,000 homes during its near five-decade history

Joel Robinson

First look: Morris Property Group returns to Mermaid Beach with new Seabeach Avenue apartment development

<a data-saferedirecturl="https://www.google.com/url?q=https://www.apartments.com.au/developers/fortis&amp;source=gmail&amp;ust=1787272340808000&amp;usg=AOvVaw3hvFB2uWTRfEyEcpTSnnK9" href="https://www.apartments.com.au/developers/fortis" target="_blank">Fortis</a>&nbsp;is continuing its stronghold on Sydn​ey’s eastern suburbs apartment market, launching&nbsp;in September&nbsp;its latest boutique&nbsp;<a data-saferedirecturl="https://www.google.com/url?q=https://www.apartments.com.au/developments/double-bay-nsw-2028&amp;source=gmail&amp;ust=1787272340808000&amp;usg=AOvVaw0GI5S9-wNeiLUnM-d1uYkw" href="https://www.apartments.com.au/developments/double-bay-nsw-2028" target="_blank">Double Bay</a>&nbsp;development,&nbsp;<a data-saferedirecturl="https://www.google.com/url?q=https://www.apartments.com.au/new-apartments/55-william-double-bay-55-william-street-double-bay-nsw-2028&amp;source=gmail&amp;ust=1787272340808000&amp;usg=AOvVaw2YNouJQcFjiTTgVHbgDLA-" href="https://www.apartments.com.au/new-apartments/55-william-double-bay-55-william-street-double-bay-nsw-2028" target="_blank">55 William</a>.

55 William presents&nbsp;just eight north-facing&nbsp;two-bedroom, three-bedroom and full-floor&nbsp;residences to the market, priced from $4.5 million.

The upcoming launch comes just weeks after Fortis secured approval for the $80 million development, its third eastern suburbs approval in two months. Construction is already underway, with completion targeted for 2028.

[smartcode_project:default project_id=152579 project_image_fid=376250]

55 William adds to a growing concentration of Fortis projects in and around Double Bay, a market the developer has become increasingly active in over recent years.

Fortis previously completed the nine-residence Marmont on New South Head Road, while it is currently developing a mixed-use residential and retail project at 12 Cross Street. Its wider Double Bay footprint also extends into commercial and retail development.

The developer's broader Sydney residential pipeline is particularly concentrated across the eastern suburbs, with projects spanning Doub​le Bay, Ro​se Bay, Wo​ollahra, Dar​ling Point, Poi​nt Piper and Eli​zabeth Bay.

[smartcode_project:default project_id=152579 project_image_fid=376253]

At 55 William, Fortis has again turned to MHN Design Union, the architecture practice behind several of its eastern suburbs projects, while London-based 1508 London has been appointed to handle the interiors and Wyer &amp; Co the landscaping.

The six-level building will comprise a combination of two and three-bedroom apartments, including a garden residence, full-floor apartments, a sub-penthouse and penthouse. Each residence will have secure basement parking and private outdoor space.

A rooftop terrace for all residents, along with select apartments, enjoys views across Double Bay Harbour and toward the Sydney skyline.

Ceiling heights will reach up to three metres&nbsp;in select residences, while the kitchens will feature natural stone and integrated Gaggenau appliances.

&nbsp;

&nbsp;

The boutique nature of the project reflects the type of stock Fortis has increasingly targeted across Sydney's eastern suburbs, where larger apartments and smaller buildings are being pitched primarily toward local owner-occupiers and downsizers.

Fortis Group General Manager Ed Eve said the developer continues to see demand from buyers wanting to remain in the eastern suburbs but move into newer, lower-maintenance housing.

“We're seeing continued demand from local owner-occupiers and downsizers looking for high-quality homes that allow them to remain in the eastern suburbs, close to the lifestyle and community they know,” Eve said.

55 William is also one of the early projects to respond directly to the NSW Government's Low and Mid-Rise Housing reforms. Fortis had previously secured approval for just two townhouses on the 599 sqm site before revising the scheme to eight apartments following the planning changes.

Situated one street back from Double Bay's water's edge, the project enjoys an enviable harbourside setting within walking distance of Double Bay Village and the ferry wharf.

[smartcode_project:default project_id=152579 project_image_fid=376252]

Fortis has increasingly made the eastern suburbs a major focus of its Sydney pipeline. Beyond Double Bay, it recently completed the 14-residence Piper in Point Piper and has projects underway or planned across Rose Bay, Woollahra and Darling Point.

The developer recently secured approval for Verano in Rose Bay, a six-level development comprising 21 two, three and four-bedroom apartments, also designed by MHNDU.

55 William&nbsp;is soon to be release to the market with VIP appointments commencing early September,&nbsp;with residences priced from $4.5 million.

[smartcode_project_cta:default project_id=152579]

Fortis continues eastern suburbs push with 55 William launch

UAE-based developer Arada has unveiled plans for a $2 billion twin-tower apartment development in Broadbeach, marking its first move into Queensland as it continues its rapid expansion across Australia.

Arada will develop 952 apartments across two towers on a prominent site opposite the Gold Coast Convention and Exhibition Centre, with the project targeted for completion ahead of the Brisbane 2032 Olympic and Paralympic Games.

The project represents Arada's largest commitment to the Australian market since arriving in the country in 2024 and significantly expands a local pipeline that has now grown to eight projects and more than 5,000 homes.

It will also be the first major Queensland project delivered by Roberts Co since the tier-one contractor was acquired by Arada Group in 2025.

Plus Studio has designed the Broadbeach development, which will comprise one, two and three-bedroom apartments across two towers connected by a landscaped podium.

A significant resident amenity offering will include lagoon and lap pools, a gym, sauna and steam room, alongside a mist room, infrared room and salt scrub facilities. Communal terraces, private dining areas, a library, residents' lounge and work-from-home spaces are also planned. Around 1,200 sqm of retail and hospitality space will occupy the ground floor.

The site puts Arada in one of the Gold Coast's most active apartment markets, directly opposite the convention centre and within walking distance of Pacific Fair, The Star Gold Coast and Broadbeach's dining and retail precinct.

It also has immediate access to the Gold Coast light rail network and sits just a few blocks from the beach.

Arada Group Chief Executive Ahmed Alkhoshaibi said Broadbeach represented an opportunity for the developer to expand beyond its initial NSW pipeline.

“Broadbeach is a world-class address that gives us the canvas to create a community of exceptional design and lifestyle quality that genuinely enriches the daily lives of the people who call it home,” Alkhoshaibi said.

“This is our first development outside New South Wales, and it reflects our growing ambition to grow in key urban markets around the country.”

Alkhoshaibi said bringing Roberts Co into the project would give Arada greater control over the development and construction process.

“Delivering this project through Roberts Co, our own tier-one construction business, means we can bring the quality, pace and accountability that our buyers expect.”

The move into Broadbeach comes as Arada accelerates its Australian expansion following its entry into the market two years ago. The developer has assembled a pipeline of eight projects comprising more than 5,000 homes, while the acquisition of Roberts Co last year gave the group its own Australian construction capability.

Globally, Arada has a development portfolio valued at $50 billion comprising more than 55,000 homes across the UAE, United Kingdom and Australia.

The Gold Coast is emerging as the next major market for the developer, with strong population growth and infrastructure spending ahead of the 2032 Games continuing to underpin significant apartment development across the coastal strip.

Arada plots $2 billion Broadbeach towers in major Queensland move

Sydney’s downsizer market is changing, with a growing cohort of buyers prioritising the right home over simply finding a smaller one.

Coronation Property Head of Sales Cam Porter says the traditional idea of downsizing does not necessarily reflect what many buyers are now looking for, particularly those moving from established family homes across Sydney.

Instead, he says they are increasingly becoming “right-sizers”, seeking lower-maintenance homes without sacrificing the space, amenity or quality they have become accustomed to.

“We are increasingly seeing buyers who are not motivated by the idea of simply moving into a smaller property,” Porter says.

“They are right-sizers. They want a home that is easier to manage and better connected, but they still expect generosity, quality and a floorplan that supports the way they live.”

It is a subtle but important distinction in a market where apartment developers are increasingly targeting established owner-occupiers.

[smartcode_project:default project_id=135149 project_image_fid=377495]

For many of these buyers, moving from a house to an apartment is not driven by a desire to dramatically reduce their living space. Instead, the appeal is in removing some of the maintenance associated with a larger home while retaining generous living areas, storage and enough flexibility to accommodate family and friends.

Coronation’s sales team is seeing buyers place particular importance on natural light, practical storage and additional rooms that can be used as guest bedrooms, home offices or secondary living spaces.

Kitchens and dining areas are also playing an increasingly important role, particularly for buyers who regularly entertain or have children and grandchildren visit.

[smartcode_project:default project_id=135149 project_image_fid=377494]

“These buyers still want their home to feel generous,” Porter says.

“They may want less maintenance, but they are not looking for less life.”

The challenge for the broader housing market is providing enough of the right stock to encourage that move.

While much of the discussion around Sydney’s housing shortage has centred on the number of homes being delivered, Porter says the diversity of those homes is equally important.

Older homeowners can remain in large family houses for longer when they cannot find an appropriate alternative in the neighbourhoods where they have built their lives.

“The decision is rarely as simple as wanting fewer bedrooms,” Porter says.

“People are weighing up their connection to a neighbourhood, the space they need for family, the quality of the home and whether it will continue to work for them over the long term.”

It also has implications beyond the downsizer market. Providing suitable apartments for smaller households can free up established houses for families who need the additional bedrooms and land, creating greater movement through the housing market.

<h2>Lillian targets the next stage of apartment buyer</h2>

It is a buyer Coronation is targeting at <a href="https://www.apartments.com.au/new-apartments/lillian-erskineville-9-metters-street-erskineville-nsw-2043">Lillian</a>, its new collection of apartments, terraces and penthouses at Erskineville Village.

Designed by Silvester Fuller, Lillian has been shaped around larger living spaces, natural light and flexible floorplans, alongside landscaped areas, wellness amenity and communal spaces for residents.

The development will form part of Coronation’s broader Erskineville Village precinct, which will combine new homes with green space, retail, hospitality and new pedestrian connections.

[smartcode_project:default project_id=135149 project_image_fid=377688]

McPherson Park will sit at the centre of the precinct, creating a significant new green space alongside the project’s retail and hospitality offering.

For Porter, the opportunity is to give buyers another housing option without forcing them to leave the part of Sydney they already know.

“People should be able to change the type of home they live in without having to change their entire life,” he says.

“For many buyers, Lillian offers the opportunity to remain connected to the Inner West and the city, while gaining access to a more convenient, walkable and considered way of living.”

[smartcode_project:default project_id=135149 project_image_fid=377687]

Coronation will explore the changing <a href="https://lillianresidences.com.au/news/lillian-x-space-x-downsizers-event-27-august/">right-sizer market at an event on August 27</a>, bringing together experts across property, design and lifestyle.

Held in partnership with SPACE, Poliform and Downsizer.com.au, the event will include a property market outlook from economist Michael Blythe alongside discussion around the considerations facing buyers planning their next move.

Attendees will also be able to learn more about the residences and amenity planned at Lillian Erskineville.

[smartcode_project_cta:default project_id=135149]

From downsizing to right-sizing: What Sydney buyers want from their next home

Family-owned builder and developer <a href="https://www.apartments.com.au/developers/omaya">Omaya</a> is bringing its 27-storey The Maybelle development to market, with the 229-apartment tower rising alongside Ismay Reserve near North Strathfield.

<a href="https://www.apartments.com.au/new-apartments/the-maybelle-21-parramatta-road-homebush-nsw-2140">The Maybelle</a> will comprise one, two and three-bedroom apartments, with its height providing elevated outlooks towards the Sydney skyline and Harbour Bridge, while other residences will look across neighbouring Ismay Reserve.

Designed by <a href="https://www.apartments.com.au/architects/squillace-architects">Squillace Architects</a>, the tower combines its parkside setting with proximity to the established retail, dining and transport amenity around North Strathfield.

[smartcode_project:default project_id=134873 project_image_fid=376196]

Residences will feature open-plan living spaces and a choice of two interior schemes, while communal amenity is spread across two elevated levels of the building.

Level 8 will be home to the Garden Pavilion, a full-floor resident space incorporating communal entertaining and breakout areas, seating and recreation spaces. Further up the tower, a landscaped Sky Terrace on Level 14 will provide another communal area with panoramic views towards the Harbour Bridge and Sydney skyline.

At ground level, the development sits directly alongside Ismay Reserve, where lawns, walking paths, children's play areas, picnic spaces and recreational facilities extend the green space available immediately around the project.

[smartcode_project:default project_id=134873 project_image_fid=376194]

The Maybelle is also within walking distance of North Strathfield and the Bakehouse Quarter, which provides a mix of cafés, restaurants, shops and everyday services.

Existing rail and bus services provide connections across Sydney, while the future North Strathfield Metro and access to the M4 will add to the transport options available around the precinct. Walking and cycling routes also extend via Powells Creek towards Sydney Olympic Park and its sporting, entertainment and parkland precincts.

Families are also well positioned for access to a broad selection of established schools and education options across Strathfield and the surrounding Inner West.

[smartcode_project:default project_id=134873 project_image_fid=376181]

Omaya has operated in Sydney for more than 35 years, managing projects from acquisition and design through to construction and delivery. The family-owned company is both developer and builder of The Maybelle.

Apartments start from $560,000, with the development protected by 10-year Latent Defects Insurance.

Construction is well underway, with completion expected by the end of 2026 and move-in anticipated from Q1 2027.

[smartcode_project_cta:default project_id=134873]

The Maybelle brings 27-storey parkside tower to market near North Strathfield

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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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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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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