Melbourne developer Spacious Group has completed Voyage Altona, one of the closest new apartment developments to Altona Beach.

Off the plan purchasers have started moving into the 49-apartment project on Pier Street, with the remaining move-in-ready one-, two- and three-bedroom apartments starting from just over $500,000.

Display apartments have now been fitted out, allowing prospective buyers to inspect the completed residences by appointment.

[smartcode_project:default project_id=112195 project_image_fid=372638]

The completed apartments feature open-plan living and dining areas which extend onto private balconies and terraces, while full-height glazing maximises natural light throughout the interiors.&nbsp;

Hybrid timber-look flooring, stone benchtops, Miele appliances, porcelain-tiled bathrooms and generous storage feature throughout the building which also features landscaped communal areas, expansive shared terraces, lift access and secure on-grade parking.

Drawing inspiration from its bayside setting, Voyage adopts a restrained palette of warm neutral tones and textured finishes. Many of the apartments take advantage of views across Port Phillip Bay, while the indoor-outdoor living spaces have been designed to make the most of the coastal outlook.

[smartcode_project:default project_id=112195 project_image_fid=3286]

Voyage was developed to address what Spacious Group identified as an undersupply of higher-quality apartment product in Altona, with a focus on owner-occupiers looking to remain within the bayside community.

"Voyage responds to very strong local buyer demand for quality, owner-occupier-focused product," says Barry Plant Projects Director Jarrod Farey, who has handled sales since the project's launch.

"The project delivers an elevated lifestyle proposition, with its design and quality of finish far exceeding anything previously produced in the area, as well as its proximity to Pier Street Village and the beach."

The majority of purchasers have been local downsizers and owner-occupiers looking to stay within the Altona community but who previously had limited opportunities to buy a brand-new apartment.

[smartcode_project_cta:default project_id=112195]

Joel Robinson

Spacious Group completes Voyage Altona in Altona's beachside precinct

Homecorp has secured approval for a $360 million apartment development at Budds Beach, paving the way for one of the Gold Coast's most amenity-rich residential projects to launch later this year.

Gold Coast City Council has approved Lýon Residences, a 32-level tower that will deliver 178 two and three-bedroom apartments across a prominent corner site at 8-10 Acacia Avenue and 25-27 Oak Avenue.

The approval comes as developers continue to invest in premium lifestyle-driven apartment projects on the Gold Coast, where owner occupiers are increasingly prioritising amenity as much as apartment size and location.

<a href="https://www.apartments.com.au/new-apartments/l-on-residences-25-27-oak-avenue-surfers-paradise-qld-4217">Lýon Residences</a> has been designed around a resort-style wellness offering, headlined by a Moroccan-inspired spa precinct featuring treatment rooms, a Nordic sauna and steam room, hot and cold plunge pools, a soaking pool and a residents-only juice bar.

The rooftop will include a heated infinity pool and spa, residents' lounge with private kitchen and bar, gymnasium, yoga and Pilates studio, outdoor entertaining areas and barbecue facilities overlooking the Surfers Paradise skyline.

<img alt="Lyon" data-entity-type="file" data-entity-uuid="2d3e29af-8793-486e-a684-52cef862241f" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-07-15%20at%204.32.26%E2%80%AFPM.png?VersionId=ayG2zpLf3SS6Zy8XmKDcQods4kVWb0gm" />

Homecorp Founder and CEO Ron Bakir said Budds Beach provided the ideal location for the company's latest luxury apartment project.

"Budds Beach represents one of the most unique and sought-after pockets of the Gold Coast, and Lýon Residences has been designed to reflect that sense of rarity and refinement," Bakir said.

The project arrives as wellness continues to become a defining feature of new residential developments both in Australia and internationally.

The latest Global Wellness Institute figures show wellness real estate remains the fastest-growing segment of the global wellness economy and is forecast to exceed $1.8 trillion by 2030. Australia continues to rank among the world's 15 largest wellness real estate markets, with developers increasingly integrating health, recreation and community facilities into apartment projects.

Queensland is also experiencing strong population growth, with the Gold Coast continuing to outperform many other Australian cities as demand for new housing remains elevated ahead of the 2032 Olympic and Paralympic Games.

Bakir said the project had been designed to respond to that shift in buyer expectations.

"Strong population growth and sustained demand across the Gold Coast continue to highlight the need for well-designed new housing supply. Lýon Residences responds directly to this demand while setting a new benchmark for residential living," he said.

Each apartment has been designed to maximise views across the coastline, the Nerang River and the Gold Coast hinterland.

Located just minutes from Surfers Paradise beach and the Broadwater, the development also offers easy access to the light rail network, Broadbeach and Burleigh Heads.

Early site works are underway, with construction expected to commence later this year.

Homecorp approved for Budds Beach apartment tower, Lýon Residences

New apartment developments with uninterrupted, north-facing views over Perth's Swan River are exceptionally rare.

Recognising just how limited those opportunities are, <a href="https://www.apartments.com.au/developers/edge-visionary-living">Edge Visionary Living</a>, one of Perth's most respected builder-developers, targeted <a href="https://www.apartments.com.au/developments/applecross-wa-6153">Applecross</a>, assembling an unrepeatable 6,342 sqm riverfront site on the corner of Moreau Mews and Canning Beach Road to create one of Perth's only new north-facing apartment developments directly overlooking the Swan River.

Today, <a href="https://www.apartments.com.au/buildings/riviere-residences-applecross-59-canning-beach-road-applecross-wa-6153">Rivière Residences</a> offers buyers a unique opportunity to choose between completed residences ready to move into now and off-the-plan homes in the final stage, Rivière West.

[smartcode_project:default project_id=28384 project_image_fid=3823]

Across the completed East and Central buildings, residents are already enjoying the development's luxury amenity, while two of the precinct's hospitality venues are now open.

The completed component of the development gives buyers the advantage of experiencing the finished product firsthand, including its uninterrupted river views, while still having the opportunity to secure a residence in the final stage.

"People are wowed by the view and the quality of the apartments,"&nbsp;Edge Visionary Living Sales Executive, Holly McSweeney, says.

"They're looking for the convenience of lock-and-leave living, but they're not looking to downsize on quality."

[smartcode_project:default project_id=28384 project_image_fid=3826]

The rarity of the development hasn't been lost on prospective buyers, McSweeney says.

For McSweeney, it all comes back to a location that is becoming increasingly difficult to replicate.

"Location, location, location," she says. "We are nestled right on the front of the Swan River. You can never get built out, so wherever you are in Rivière Residences, you've got views of the river forever."

The unique waterfront position has resonated particularly strongly with local downsizers. McSweeney says many buyers are long-time Applecross residents looking to transition from large family homes into a luxury apartment without sacrificing space, quality or the lifestyle they've enjoyed for decades.

<iframe allow="accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture; web-share" allowfullscreen="" frameborder="0" height="315" referrerpolicy="strict-origin-when-cross-origin" src="https://www.youtube.com/embed/N_FowNW0wu8?si=vb25XFq1wZ-iufAW" title="YouTube video player" width="560"></iframe>

A major focus for Edge in recent years has been resident amenity. Across its apartment portfolio, from beachfront developments in Scarborough to luxury towers in South Perth, the developer has increasingly invested in the spaces beyond the apartment itself.

The strategy has largely been shaped by downsizer demand. Many buyers are moving from large family homes with swimming pools and established gardens. While they're looking to leave the maintenance behind, they don't want to compromise on lifestyle.

At Rivière, <a href="https://www.apartments.com.au/architects/hillam-architects">Hillam Architects</a> designed the resident facilities as an extension of each apartment. A 25-metre heated swimming pool takes advantage of the north-facing river outlook, complemented by a large gym, sauna and steam rooms, private dining spaces, residents' lounges, a cinema, games room, and dedicated wine and whisky rooms.

[smartcode_project:default project_id=28384 project_image_fid=372542]

The waterfront location has also proved to be a major drawcard. Residents are within walking distance of the Raffles Hotel, South of Perth Yacht Club, the Heathcote Cultural Precinct and the cafés, restaurants and boutiques along Ardross Street.

Beyond the location and amenity, McSweeney says many buyers take confidence from Edge's fully integrated development model.

Having delivered apartments across Perth for decades, Edge now designs, develops and constructs its projects in-house, giving the company greater control over quality, delivery and the finished product.

"What I love is when people walk through their apartment for the first time and say, 'This is better than what we imagined,'" McSweeney says. "We hear that all the time."

Completed apartments in the East and Central buildings are now available to inspect by appointment, while Rivière West, the final stage of the precinct, is expected to be completed in the first quarter of 2027.

[smartcode_project_cta:default project_id=28384]

North-facing Swan River views drive demand at Rivière Residences in Applecross

Nearly 60 per cent of apartments at McNab Group's $220 million The Tannery development in Brisbane's West End have sold ahead of the project's public launch, including a suburb-record $2.57 million sale for a two-bedroom apartment.

The early sales campaign has secured buyers for 50 of the project's 87 apartments, highlighting continued demand for larger owner-occupier apartments that combine generous floorplans with premium lifestyle amenities in one of Brisbane's most tightly held inner-city suburbs.

[smartcode_project:default project_id=143337 project_image_fid=374768]

McNab Group Executive Chairman Michael McNab said selling more than half the project before launch reflected changing buyer expectations.

"Selling more than half the project before public sales open tells us buyers are actively seeking apartments that offer something genuinely different," McNab said.

"Today's buyers are looking beyond four walls. They want homes that genuinely enhance the way they live, with spaces that support health, connection and everyday wellbeing."

[smartcode_project:default project_id=143337 project_image_fid=374767]

A key point of difference for the project is the adaptive reuse of the heritage-listed Dixon's Tannery building, which will become The Retreat, a residents-only wellness precinct rather than being redeveloped into additional apartments.

The Retreat will feature a sauna and steam room, hot and cold plunge pools, a commercial-grade gym, Pilates studio, cinema, library, co-working spaces and private dining room. Rooftop amenities will include a swimming pool, landscaped gardens, outdoor entertaining areas and dog-friendly spaces.

[smartcode_project:default project_id=143337 project_image_fid=374760]

Designed by Cottee Parker Architects with interiors by Tom Mark Henry and landscape architecture by Aspect Studios, The Tannery comprises 87 two, three and four-bedroom apartments across 11 levels overlooking the Brisbane River.

Cottee Parker principal Dee Passenger said preserving the original tannery building had been central to the project's design.

"The easy option would have been to maximise the site's development potential with additional apartments. Instead, McNab has chosen to preserve the original tannery as a shared wellness retreat, ensuring this important piece of Brisbane's history remains at the heart of the community."

Passenger said sustainability also played a key role in the design, with materials from the original industrial site salvaged and repurposed throughout the development.

[smartcode_project:default project_id=143337 project_image_fid=374761]

Motiv CEO Carly Cottam said buyers had responded strongly to the combination of larger apartments, wellness facilities and the West End lifestyle.

"We are seeing more buyers looking for homes in the sky that provide the space and functionality of a traditional home, while benefiting from the convenience and lifestyle that apartment living brings," Cottam said.

She said purchasers included both owner occupiers and investors, with demand coming from local buyers as well as interstate purchasers.

Coinciding with the public launch, McNab also announced a partnership with Queensland Ballet, whose neighbouring Thomas Dixon Centre shares historical ties with the original Dixon family.

Located on a 4,465 sqm site at 439 Montague Road, The Tannery overlooks the Brisbane River and is around 10 minutes from the CBD.

Construction is underway, with completion expected in the second half of 2027.

[smartcode_project_cta:default project_id=143337]

More than half of residences sold before public sales as McNab announces significant partnership with Queensland Ballet

McNab's The Tannery nears 60 per cent sold before public release, sets two-bedroom West End record

Iwan Sunito's vision for a landmark mixed-use precinct in Sydney's Inner West has taken a major step forward, with approval granted for the $1.9 billion Five Dock development first unveiled earlier this year.

The approved scheme by <a href="https://www.apartments.com.au/developers/one-global-capital">One Global Capital</a> will deliver an 80,500 sqm mixed-use precinct comprising 840 apartments, integrated hotel accommodation, commercial and retail space, alongside publicly accessible open space designed to create a new destination for the growing suburb.

"This is a significant milestone for One Global Capital and for the future of housing delivery in Sydney," Sunito said.

"The Housing Delivery Authority was established to identify major housing projects capable of delivering meaningful supply more efficiently, and we are delighted that Spencer Street has been recognised as one of those projects.”

He said the declaration reflected the rapid progress achieved since acquiring control of the site.

"In less than seven months we have progressed from taking control of the site to securing entry into one of the NSW Government's most important planning pathways. It reflects the experience of our team, the strength of our consultant group led by Urbis, and our long-term commitment to delivering transformational projects that contribute to Sydney's future."

When the project was revealed earlier this year, Sunito described the opportunity as one of the strongest development sites he had worked on.

"I probably hadn't appreciated the uniqueness of the site until more recently when putting together the concept plans," Sunito said.

"The proximity to the water, and the golf course opposite, is unlike any other part of Parramatta Road. We have a unique position and view corridors over the water that makes this one of the best sites I've worked on."

The development has evolved since its initial announcement, with the approved plans increasing the residential component from the originally proposed 750 apartments to 840 homes while retaining the project's focus on creating an integrated neighbourhood rather than a standalone residential development.

Read more:&nbsp;<a href="https://www.apartments.com.au/news/nsw/a-city-within-a-city-iwan-sunito-flags-1-5-billion-mixed-use-precinct-in-five-dock">"A city within a city": Iwan Sunito flags $1.5 billion mixed-use precinct in Five Dock</a>

The precinct will combine apartments with hotel accommodation, commercial workplaces, retail offerings and public spaces, creating a mixed-use environment intended to serve both residents and the broader Five Dock community. The proposal also continues the collaboration between One Global Capital and internationally recognised architect <a href="https://www.apartments.com.au/architects/koichi-takada-architects">Koichi Takada</a>, whose previous work with Sunito includes Infinity, Arc and Skye North Sydney.

Takada previously said the design was driven by a philosophy of integrating nature into the built environment.

"The concept for this development is born from our design approach to naturalising architecture," Takada said.

"The public realm benefits from biophilic design that integrates generous landscaping, and the development is optimised for natural daylight, airflow and water views to foster wellbeing, sustainability and spaces that foster community interaction."

Sunito has consistently described the project as a "city within a city", with a strong emphasis on creating a destination that extends beyond housing.

"We want to create a development that's not only to be seen, but to be experienced by the whole local community," he said.

The approval comes as Five Dock continues its transformation ahead of the opening of the Sydney Metro West line, with the new Five Dock station set to significantly improve connections between the Inner West, Parramatta and the Sydney CBD.&nbsp;

The precinct will also benefit from its proximity to the Parramatta Road corridor, nearby waterfront parklands and established retail and dining offerings that have made Five Dock one of Sydney's most tightly held Inner West suburbs.

Iwan Sunito secures approval for $1.9 billion Five Dock mixed-use precinct

Banking

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EXPERT OBSERVER
We’re great at rationalising our own actions, whether it’s profiteering or eating meat.
Hating bankers seems to be something of a global bloodsport, and this has only been intensified by the <a href="https://theconversation.com/au/topics/financial-services-royal-commission-51154" target="_blank">many scandals</a> coming out of <a href="https://financialservices.royalcommission.gov.au/Pages/default.aspx" target="_blank">Financial Services Royal Commission</a>.
But what often gets overlooked in times of mass gibbeting is the human cost. Far from the pin-striped-suit-wearing-cigar-chewing-fat-cat stereotype, the Australian employees in the banking sector are (mostly) just like the rest of us.
The emerging field of behavioural ethics shows us we are all motivated by self-serving interests and that, under the right circumstances, most people will act in ways that are opposed to their own moral principles.
Psychological research has revealed what is referred to as the <a href="https://www.psychologytoday.com/au/blog/real-men-dont-write-blogs/201406/why-we-dont-give-each-other-break" target="_blank">fundamental attribution error</a> – a tendency to blame an individual’s character for bad outcomes.
In essence, we believe people who lie, cheat or steal do so because they’re bad apples. It is for this reason we feel justified in dragging them over hot coals.
Although satisfying to our sense of retributive justice, this is often unjustified.
Studies show when people are given the opportunity to cheat without getting caught, they will do so in order to benefit themselves, but <a href="http://journals.ama.org/doi/abs/10.1509/jmkr.45.6.633?code=amma-site" target="_blank">just enough</a> so they don’t see themselves as immoral.
We also know unethical behaviour tends to follow a slippery slope. Dishonesty increases overtime and people adapt to their behaviour (it feels more normal), leading to <a href="https://www.nature.com/articles/nn.4426" target="_blank">less activation of the amygdala</a> – an area of the brain associated with perceptions of threat.
But, what leads good people to do bad things in the first place?
Studies on <a href="https://www.annualreviews.org/doi/abs/10.1146/annurev-lawsocsci-102811-173815" target="_blank">ethical fading</a> reveal when people are focused on other factors (for example, the importance of meeting performance goals) they become less aware of the ethical dimensions to their decisions.
There are also a myriad of ways people use <a href="https://www.propertyobserver.com.au/http://journals.sagepub.com/doi/abs/10.1177/0963721414553264" target="_blank">motivated reasoning</a> to downplay the ethical consequences of their actions.
From bankers to burgers
If you think these biases are limited to bankers, think again. In my own research I’ve become fascinated with the psychology of meat eating. Why? Because it’s terribly common while also posing an ethical dilemma for almost all of us (me included).
Although a very large majority of us eat meat, many are also squeamish when it comes to the production of that meat. We don’t like to think of the harm associated with factory farms. In fact, very few of us can stomach the idea of killing an animal, yet we’re happy to eat lamb roast on Sundays and burgers in between.
So how do we resolve this tension between our desire to eat meat and the harm this brings to animals? We engage in all the same practices bankers have been accused of recently.
Our work shows we actively <a href="https://www.propertyobserver.com.au/http://journals.sagepub.com/doi/abs/10.1177/0146167211424291" target="_blank">downplay the mental lives of animals</a>, such as their capacity to experience pain or harm. This is so the ethical consequences of our behaviour appear less troublesome.
We have also traced these strategies – designed to protect us from the discomfort associated with the ethical implications of meat eating – all the way to how our <a href="https://www.propertyobserver.com.au/http://journals.sagepub.com/doi/abs/10.1177/1088868316647562" target="_blank">societies and institutions are structured</a>. Abattoirs are kept out of sight, we use euphemisms such as beef (versus cow) or pork (versus pig), and we promote the idea eating meat is <a href="https://www.sciencedirect.com/science/article/pii/S0195666315001518" target="_blank">natural, normal, and necessary</a>.
Unconscious bias, cultural veils, and a little humility.
Contrary to our retributive desire to hang wrong-doers out to dry, the evidence suggests we’re all prone to ethical failures.
Our self-serving biases are often unconscious, and we live and work in social systems that are sometimes designed to incentivise unethical behaviour and protect us from the consequences of our actions.
Bankers talk of profits rather than people. They have managers, boards, and shareholders who set and <a href="https://www.smh.com.au/national/banking-inquiry-reveals-need-to-get-rid-of-incentives-for-selling-home-loans-20180325-p4z64v" target="_blank">incentivise</a> financial goals and targets, not ethical ones.
Can the banking sector improve its ethical scorecard? Most definitely yes. We must, however, view this as a systemic issue.
Just as those of us who consume burgers need to take a walk down humility lane, the banking sector needs to recognise the various pitfalls that have become ingrained in its very culture.
<img src="https://counter.theconversation.com/content/99209/count.gif?distributor=republish-lightbox-basic" alt="The Conversation" width="1" height="1">At the end of the day bankers are no more or less prone to the same ethical failures than the rest of us. Recognising that fact is the first step towards creating an open and safe culture where we can all admit our moral frailties without fear of becoming the next casualty of the blame bandwagon.
<a href="https://theconversation.com/profiles/brock-bastian-135" target="_blank">Brock Bastian</a>, ARC Future Fellow, Melbourne School of Psychological Sciences, <a href="http://theconversation.com/institutions/university-of-melbourne-722" target="_blank">University of Melbourne</a>
This article was originally published on <a href="http://theconversation.com" target="_blank">The Conversation</a>.
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j.ballantyne1990-6AQqhLzZaK

Why we should be slow to point the finger at bankers

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<div>A new campaign is encouraging Australians to ’Own Your Banking.’</div>
<div> </div>
<div>Looking at the benefits of customer owned banking, the Customer Owned Banking Association launched the campaign following increased interest and demand from customers.  “Own Your Banking is a direct response to our members telling us they’ve seen an uptick in customer interest and enquiries because people are shocked by stories they’ve been hearing in the Royal Commission,” COBA CEO Michael Lawrence said. “Our model is the only alternative that can claim it is solely customer focused because 100% of profits are used to benefit customers. This is what we’re communicating through the ‘Own your Banking’ campaign. “Four million Australians already own their banking – they are customers of mutual banks, credit unions and building societies across Australia. “We hope ‘Own Your Banking’ will let consumers know there are plenty of alternatives in the Australian banking market that can be trusted to put them first.  “There are more than 70 mutual banks, credit unions and building societies located across Australia. We are market leaders in customer satisfaction and offer award winning home loans and low rate credit cards.</div>
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New campaign encouraging Australians to Own Your Banking

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<h1>
<a href="https://theconversation.com/au/team#jenni-henderson" target="_blank" style="font-family: Tahoma, Helvetica, Arial, sans-serif; font-size: 12.16px;">The Financial Services Royal Commission has </a><a href="https://theconversation.com/the-financial-services-royal-commission-highlights-the-vulnerability-of-many-older-australians-93359">exposed some irresponsible lending</a><a href="https://theconversation.com/au/team#jenni-henderson" target="_blank" style="font-family: Tahoma, Helvetica, Arial, sans-serif; font-size: 12.16px;"> by Australia’s biggest banks.</a>
</h1>
Some of the revelations from the commission <a href="http://www.afr.com/business/banking-and-finance/financial-services/westpac-hit-outs-at-hayne-inquirys-release-of-mortgage-report-20180507-h0zqw2" target="_blank">have affected certain banks’ share prices</a> but not their profits.
The question is whether the information brought to light by the commission will further push down property prices?
<img src="https://images.theconversation.com/files/218408/original/file-20180510-184630-1ac5082.png?ixlib=rb-1.1.0&amp;q=45&amp;auto=format&amp;w=754&amp;fit=clip" alt="">
<h2>Three out of five experts said yes</h2>
Here are their detailed responses:
<iframe style="border: none;" src="https://cdn.theconversation.com/infographics/270/f98f31e4afcd21aa7d12f014580e8f1594d876cf/site/index.html" frameborder="0" width="100%" height="400"></iframe>
<hr>
Disclosures:
Grattan Institute began with contributions to its endowment of $15 million from each of the Federal and Victorian Governments, $4 million from BHP Billiton, and $1 million from NAB. In order to safeguard its independence, Grattan Institute’s board controls this endowment. The funds are invested and contribute to funding Grattan Institute’s activities. Grattan Institute also receives funding from corporates, foundations, and individuals to support its general activities as disclosed on its website.
<img src="https://counter.theconversation.com/content/96349/count.gif?distributor=republish-lightbox-basic" alt="The Conversation" width="1" height="1">Cameron Murray is a senior economist at The Australia Institute and member of the Sustainable Australia political party.
<a href="https://theconversation.com/au/team#jenni-henderson" target="_blank">Jenni Henderson</a>, Section Editor: Business + Economy, <a href="http://www.theconversation.com/" target="_blank">The Conversation</a>
This article was originally published on <a href="http://theconversation.com" target="_blank">The Conversation</a>. Read the <a href="https://theconversation.com/we-asked-five-experts-will-the-banking-royal-commission-push-down-property-prices-96349" target="_blank">original article</a>.
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Will the banking royal commission push down prices? Five experts offer opinion

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Mortgage customers’ satisfaction with the big four banks was in the negative and lower than non-mortgage customers, according to latest data from leading market research company Roy Morgan.
Despite some tentative signs of improvement in satisfaction among the big four’s mortgage customers in January, overall they remain well below the satisfaction levels of the smaller banks’ mortgage customers, according to Roy Morgan.
The research looked at the ‘Net Promoter Score’, that measures advocacy levels among mortgage customers.
All four — Commonwealth Bank, Westpac, ANZ and NAB —  showed improved satisfaction among their home-loan customers in January but only the ANZ improved over the same time last year.  
ING Direct tops on the list of satisfied mortgage customers (of the 10 largest banks) with 96.3 percent, followed by Bendigo Bank on 93.2 percent. These two remain well clear of the field, with the next best being Bankwest (85.9 percent) and Bank of Queensland (82.5 percent). 
Among the big four, CBA has the highest mortgage customer satisfaction at 79.7 percent while Westpac has the lowest  at 75.4 percent.
Overall, satisfaction level of the big four banks’ personal customers in the six months to January 2017 was 80.1 percent, up fractionally on 79.9 percent in December.
The best performer among the big four with regards to mortgage customer NPS was the CBA (minus 12.7), followed by ANZ (minus 13.8), Westpac (minus 20.4) and NAB (minus 20.7). 
<a href="https://www.propertyobserver.com.au/images/2017/03/15/NPSRoyMorgan.png" target="_blank">Click to enlarge</a>
<img src="https://www.urban.com.au/images/2017/03/15/NPSRoyMorgan.png" alt="">
Bendigo Bank was the best performer when it came to NPS among the top 10 banks, scoring (plus 32.3). Banks with the highest mortgage customer satisfaction scores also had positive NPS scores for these customers, the research noted.
“Despite home loan rates having been low for a considerable time, it is somewhat surprising that mortgage customer satisfaction remains lower than that of other customers, who are likely to be adversely impacted by low deposit rates,” said Norman Morris, industry communications director at Roy Morgan Research.
“The smaller banks have shown that it’s possible to achieve much higher satisfaction levels among mortgage customers than those achieved by the majors, even though they’re operating in the same interest-rate environment.”
Roy Morgan says its extensive modelling goes deeper than just looking at recent events such as adverse publicity and interest-rate movements, which are generally short-term impact on satisfaction and advocacy levels, and the research firm relies on more than 50,000 interviews p.a covering all aspects of financial behaviour.
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prateek24-ezbwHMbNAk

Big four rated negatively by mortgage customers: Roy Morgan

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A survey has found nearly 40 percent of respondents have kept banking with the institution they have been a member of since childhood. 
The survey of 2,026 Australians from Finder.com.au discovered almost one in four (22 percent) said they were satisfied with their existing bank, while one in ten (9 percent) said it hadn’t occurred to them to switch, and a further 9 percent ‘couldn’t be bothered’ to switch.
Bessie Hassan, finder.com.au money expert said this equates to over 7 million Australians who’ve never switched banks.
“One of the biggest barriers to switching is the perceived effort involved, but it’s not rocket science, and switching to a new bank could definitely be worth your while," she said.
“The research shows we’re loyal to the banks but they may not necessarily repay that loyalty.
“You can bank on the fact that there’s a better rate out there than the one on the account your parents set up for you when you were five.
“A Dollarmite account was a rite of passage for many Aussie kids and the beloved yellow bank book is a source of nostalgia. But it’s also lucrative for the banks who know that if they can get your business as a kid, chances are you’ll stick around as an adult,” she says.
The survey found 42 percent of women are still with the same bank they signed up with as a child, compared to just 37 percent of men.
About 13 percent of men said they no longer trusted their previous bank, compared to only 8 percent of women.
Almost one in ten (10 percent) women admit they could not be bothered to change banks, compared to only 8 percent of men. 
Generation breakdown
Generation Y are most likely to still be with the same bank, a whopping 58 percent still bank with the bank they signed up with as a child.
More than one in four Baby Boomers (27 percent) are still with the same bank.
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jonathanchancellor-7SQnKwU6yx

40 percent of Aussie borrowers still with their childhood bank

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Nearly three in four respondents to a new banking survey believe a major bank would not give them the best service should they be in a financial crisis.
The survey for State Custodians Home Loans, conducted by Galaxy Research, asked people who they considered would provide the best service when re-negotiating a home mortgage or investment loan should they hit hard financial times.
Some 72 percent of those polled believe in these circumstances a big bank is not their best option for service.
Joanna Pretty, State Custodians general manager said 37 percent of survey respondents believe they’d receive the best level of specialised attention from a smaller lending institution such as a credit union or building society, 28 percent nominate a big bank, 25 percent say a mortgage broker, 22 percent nominate an accountant, lawyer or financial planner, and 10 percent say a non-bank lender.
“Smaller institutions tend to specialise with different products and services, and are very good at helping people who fall outside traditional parameters,” she said.
“They can also have more of an open mind as to what kind of deal they’d be prepared to do with a customer, as they’re used to evaluating extenuating circumstances.
"If you are faced with a big personal crisis and need to source a new housing loan or re-negotiate an existing one, there are practical steps you can take which will make life much easier.
Firstly, understanding your financial situation is key. You need to totally be across all your essential and non-essential expenses. Secondly, don’t rely solely on well-meaning family or friends to advise you as they’ll always colour their advice with their own personal experiences. Finally, contact various experts – not just one – and explain your situation.
"The more you talk to people, the more likely it will become clear as to who is most able to assist you.”
The survey found 43 percent of youngest adults aged 18 – 24 say they’d turn to a financial planner, accountant, or lawyer first compared to just 15 per cent of those aged 50 plus. Of those aged 25 – 34, a majority 34 percent would seek out a smaller lending institution and for Generation X-ers in the 35 – 49 age bracket, 34 percent would head to a mortgage broker and 35 per cent to a smaller lending institution. Of those aged over 50 years, a majority 46 percent would consult a smaller lending institution first.
 
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Big banks may not be financial saviour in hard times: Survey

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<img src="https://counter.theconversation.edu.au/content/68429/count.gif?distributor=republish-lightbox-basic" alt="The Conversation" width="1" height="1">
GUEST OBSERVER
Last week the Australian division of global financial institution Citibank became the first local bank to stop handling cash.
The bank’s retail head said it was not a precursor to closing bank branches, but it comes as banks are stepping up their investments in technology, while at the same time looking to reduce costs. But evidence shows customers still want branches or personal interaction with bank staff. 
Banks today spend a lot of time talking about technology. Their public documents are littered with terms like “simplification”, “process excellence”, “creating a footprint for a digital world”, “stepping up the pace of innovation”, “cloud based solutions”, “digital transformation”, “unparalleled digital capabilities”, “digital security”, “innovation labs”, “technology for leveraging data analytics” – it goes on and on. 
It is clear the banks are highly motivated to ride the technology wave to its full extent. And they cite several compelling reasons. The first is improving the customer experience. The banks argue they can build deep customer relationships through technology improvements. 
The way customers want to undertake banking is continually changing, and more and more customers want simplified solutions and to be able to do everything on digital devices. Part of the customer service improvement is heavy investment in data analytics to better understand customer profiles and the ways in which customers transact. 
The second reason is to drive down costs. Customers want the cost effective solutions that smart technology can offer them, and banks want to improve their own cost to income ratios.
Security is a third factor. Customers want their money to be safe and banks need to invest in secure solutions and the prevention of cybercrime. 
But what is the role of the traditional bank branch in all of this? Will increasing digital solutions lead to more branch closures? And do customers still want branch based solutions and interactions? 
<h2>Branch networks are declining, but at a slower pace</h2>
APRA figures show there were 5904 “points of presence” in Australia offering a branch level of service as at June 30, 2016. These figures include non-bank entities such as building societies, but the vast majority relate to bank branches. 
From 2012 onwards, the number of branches has shown negative growth each year, and there has been a particularly large slide of 5 percent in 2016. There has been a greater percentage of closure in rural areas. According to APRA’s branch classifications, there was a reduction of 315 branches, of which 173 (-4 percent) was in highly accessible areas, 75 (-10 percent) in accessible areas, 36 (-12 percent) in moderately accessible areas, 25 (-17 percent) in moderately accessible areas, 6 (-13 percent) in very remote areas.
<a href="/images/2016/11/17/image-20161114-21945-10joapy.png" target="_blank">Click to enlarge</a>
<img src="/images/2016/11/17/image-20161114-21945-10joapy.png" alt="">
APRA data, Author provided
These closures need to be put into context. They are small compared to the many closures that were seen in Australia from the early nineties to the early 2000s, when ATMs and other electronic solutions were being increasingly rolled out by banks. APRA figures show a reduction of more than 2,000 branches over this period. 
An Australian parliamentary report at that time put this down to banks seeking increased efficiency and reduced costs in a highly competitive global environment, fuelled by an increase in technology and electronic banking solutions. 
The US, like Australia, has also shown a relatively small reduction in branches in recent times. The UK on the other hand has had a comparatively huge number of branch closures. A parliamentary report showed branch numbers have fallen from more than 20,000 in the late eighties to less than 9,000 in recent times. These closures even led to an active group called the Campaign for Community Banking Services. It spent nearly two decades trying to stop the closures but disbanded recently, believing the tide could not be stopped.
Despite bank branch closures, there’s evidence to suggest customers still want branches or some sort of personal interaction with bank staff. 
A Canstar Blue 2016 survey showed that in Australia the top three drivers of bank customer satisfaction are enquiry and problem handling, fees and charges, and customer service (branch and call centre). Digital banking (mobile, website and apps) ranks only as the sixth key driver. In the UK, a study by McKinsey (2016) showed that customers still want interaction with branches, especially for more complex transactions.
But do branches still deliver value for the banks themselves? Well yes, not only do they serve to satisfy the needs of those customers who want personal interaction with their banks, these branches are also essential sales outlets for the banks.
There is also generally a desire among Australian banks to retain, and even expand, the relationship manager model for business customers, in contrast to a strong move over the last two decades by many global banks towards automated business processes such as credit scoring for small businesses. 
The banks in Australia have generally been reluctant to dispel further closures. And it’s clear they wish to move much further into technology-based solutions. However, there appears fairly wide acceptance among the banks that branches and personal contact still have an important role to play. This means branches are likely to keep evolving into smaller outlets focusing on sales and more complex transactions, while banks focus on other technology solutions as they evolve.
Robert Powell is associate professor, Edith Cowan University and author for The Conversation. He can be contacted <a href="https://theconversation.com/profiles/robert-powell-314697" target="_blank">here</a>.
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jchancellor-FAypfDUnLy

Banks are hedging their bets on costly branch networks

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<div>Australia's banks are mostly funded by domestic deposit these days, at nearly 60 percent of their funding composition.</div>
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<div>Equity accounts for a fair share of the remainder too. </div>
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<div>But what about their debt funding costs?</div>
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<div>Last week's Statement on Monetary Policy took a short look at this. </div>
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<div>And the answer is that debt funding costs have kept on falling in 2016.</div>
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<div>And what's more they will continue to do so in the near future. </div>
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<div><a href="/images/2016/11/07/RBA1.jpg" target="_blank">Click to enlarge</a></div>
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<div class="separator"><img src="/images/2016/11/07/RBA1.jpg" alt=""></div>
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<div>After cuts to the cash rate May and August, the major banks’ debt funding costs also declined. </div>
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<div>The cost of short-term debt is now under 2 per cent (down from well above 6 per cent in 2007).</div>
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<div>Meanwhile, the marginal cost of long-term debt is a bit above 3 per cent.</div>
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<div>It is true that since the beginning of the year, these costs have declined by a little less than the cash rate.</div>
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<div>This was mainly because of changes to term deposit rates. </div>
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<div>But overall the difference was not material.</div>
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<div>And now funding costs are expected to fall further, since the cost of new wholesale debt remains below the cost of outstanding debt. </div>
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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>. 
His latest book is <a href="https://www.bigskypublishing.com.au/Books/General-Interest/Four-Green-Houses--and-a-Red-Hotel/1015/productview.aspx" target="_blank" rel="nofollow">Four Green Houses and a Red Hotel</a>.
 
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pwargent-M4siyDbqQY

Funding costs keep falling: Pete Wargent

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<img src="https://counter.theconversation.edu.au/content/67151/count.gif?distributor=republish-lightbox-basic" alt="The Conversation" width="1" height="1">
GUEST OBSERVER
The large banks and AMP will be required to fund the establishment of a new independent body to oversee the professional standing of the much-criticised financial services industry, the government has announced.
The chairman and directors of the body, a Commonwealth company, will be appointed by the government, which will develop an ongoing industry funding model for it.
But the new professional standards regime for the industry will not start until 2019 and will take until 2024 to be fully operational.
The latest moves to boost the industry’s professional standards have been announced by the Minister for Financial Services and Revenue Kelly O'Dwyer ahead of an Australian Securities and Investments Commission (ASIC) report that further documents malpractice by the banks and AMP. The Australian Financial Review reports that it reveals they “have been shortchanging tens of thousands of customers tens of millions of dollars by charging them for services they didn’t receive”.
O'Dwyer foreshadowed action on professional standards in April but it fell by the wayside with the election. Given Labor’s urging of a royal commission into the banks, which has community support, the pressure on the government to respond has intensified.
O'Dwyer said legislation would be introduced into parliament this year to mandate professional standards for advisers.
They will include compulsory educational requirements for both new and existing advisers; supervision requirements for new advisers; a code of ethics for the industry; an exam that will be a common benchmark across the industry; and ongoing professional development.
The new standards regime will not commence until January 1 2019, and existing advisers will have until January 2021 to pass the new exam and until January 1 2024 to reach degree-equivalent status.
The standards body will develop and set the industry exam as well as the ethics code and determine the education and development requirements for both new and existing advisers.
Professional associations and other independent third party monitoring bodies will develop compliance schemes to monitor and enforce advisers’ adherence to the code. These compliance schemes will be approved by ASIC.
Michelle Grattan is professorial fellow, University of Canberra, and author for The Conversation. She can be contacted <a href="https://theconversation.com/profiles/michelle-grattan-20316" target="_blank">here</a>.
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Slow start to new standards requirements for financial advisers

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<img src="https://counter.theconversation.edu.au/content/66486/count.gif" alt="The Conversation" width="1" height="1">
GUEST OBSERVER
When Australia’s central bank moves interest rates as part of its monetary policy, it’s not just politicians who stand to lose if banks don’t follow suit. 
Retail lending markets form an integral part of the monetary policy transmission mechanism. If interest rate rises are passed on at a different rate to cuts it can adversely affect the efficacy of expansionary versus contractionary monetary policy.
In August 2016, APRA data showed the big four Australian banks held 83 percent of the home loan market (including both the owner occupier and investment categories). 
At an individual level, the ability and willingness of lenders to pass on the official interest rate cuts to borrowers depends on many factors. These include exposure to overseas funding sources, market power, the funding mix, reserves and the extent of securitisation. But it’s also clear delaying interest rate cuts can significantly impact their bottom line.
According to my analysis, the big four banks can make approximately $A8.6 million per day as a group if they do not fully pass onto borrowers a hypothetical 0.25 percent cut in the RBA’s cash rate. 
<a href="/images/2016/10/06/Screen%20Shot%202016-10-06%20at%2011.08.06%20AM.png" target="_blank">Click to enlarge</a>
<img src="/images/2016/10/06/Screen%20Shot%202016-10-06%20at%2011.08.06%20AM.png" alt="">
More specifically, if ANZ, CBA, NAB and Westpac manage to postpone lowering their mortgage interest rates say by 10 days, they can potentially make an extra A$16, A$28, A$16 and $A26 million dollars in profits, respectively.
Previous studies on mortgages, small business loans and credit card interest rates have found significant evidence for the “rockets and feathers” hypothesis. That is, when the cash rate increases, various lending rates shoot up like rockets but when the opposite occurs they go down like feathers.
In my research I used monthly data (2000-2012) for 39 bank and non-bank financial institutions including 7 building societies, 15 Australian-owned banks, 3 foreign subsidiary banks, 13 credit unions, and 1 major mortgage broker. The research found the mortgage interest rate spread of all lenders rose after the 2008 global financial crisis, albeit to varying degrees. 
In general, the research shows most building societies and some credit unions can offer more competitive home loans than banks.
There is no significant relationship between lenders’ markups and the level of over the counter customer service since the 2008 financial crisis. This is an important observation as the mortgage spreads of larger lenders are typically higher than those of their smaller non-bank counterparts. This puts lie to the view that the relatively higher mortgage interest rates of the larger banks in Australia are justified by higher overhead costs associated with the running of their large branch networks.
Abbas Valadkhani is professor of economics, Swinburne University of Technology, and author for The Conversation. He can be contacted <a href="https://theconversation.com/profiles/abbas-valadkhani-177513" target="_blank">here</a>.
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