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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Credit union CUA announced a nine percent rise in its group net profit after tax (NPAT) in its first-half ended December 31, driven by strong loan growth and net interest income.
The CUA Group – which includes its banking operations (the ADI) and CUA subsidiaries and insurance businesses – also recorded asset growth of more than $500 million over the six months to 31 December 2015, taking consolidated assets to a record $12.5 billion, it said. 
Loans grew 4.2 percent to $10.83 billion, with $1.5 billion in new loans. 
NPAT was $28.05 million, while net interest income was up 5.7 percent or $6.17 million for the period to $113.75 million, boosted by strong lending in FY15, new products and interest rate changes, it said. CUA said it was on track to improve its net interest margin during the second half. 
CUA’s banking business (or ADI) posted a first-half NPAT of $30.85 million, up 12.5 percent on the previous first-half result of $27.43 million.
“This is another solid financial result for CUA which reflects our focus this year on sustainable growth, investing in our future capability and building capital to enable us to lend to more customers,” CUA chief executive officer Rob Goudswaard said. 
Since launching CUA’s updated mobile banking app in October, online banking has attracted 9,500 new mobile users and the number of new registrations each month is up by 46 percent. CUA recently launched a new website.
Goudswaard said he was pleased with the continued high quality and low risk of CUA’s lending growth. Home loans with a Loan to Valuation Ratio (LVR) above 90 per cent account for less than 8 percent of CUA’s total home loan portfolio. Impairment charges were down 9.6 percent on the same period last year and CUA’s loan arrears are around half the rate being reported at industry level. 
“We also launched two new home loan products in July 2015, giving borrowers a greater choice of rates and features, depending on the size of their deposit and whether the customer is buying the property to live in or as an investment. In addition, we implemented different rates for investors across variable and fixed home loans, in response to the regulators’ focus on managing growth in investor lending.
Last year, Goudswaard had said new loan growth would not be as strong in 2016 as it needed to peg back growth in its investor loans, which is at 16 percent, were above the banking regulator's 10 percent growth cap. 
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prateek24-ezbwHMbNAk

CUA first-half profit up nine percent on net interest margin, loan growth 

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GUEST OBSERVER
The Westpac/Melbourne Institute index of consumer confidence fell by 2.2 per cent in March to 99.1. A reading of 100 is the dividing line separating optimism from pessimism.
Wisest place for savings: “Banks” was the wisest place to put new savings according to the survey.
Overall 27.4 per cent believe the wisest place for savings was in “banks”, up 1.2 percentage points over the quarter.
Next highest was “Pay debt” (24.4 per cent – 4-year high, up 6.6 percentage points), which overtook “real estate” (14.7 per cent, down 8.7pp). A total of 7 per cent of respondents were unsure of what to do with additional savings – the highest reading in records going back over 20 years.
Home loans: The number of loans (commitments) for people who are buying or building homes to live in (owner-occupiers) fell from 7-year highs, down by 3.9 per cent in January. Refinancing of home loans fell from record highs, down by 4.4 per cent in January.
The housing finance data has implications for banks, building material suppliers and retailers. The consumer confidence data is important for retailers and consumer-facing businesses.
<a href="/images/2016/03/10/Screen%20Shot%202016-03-10%20at%2010.20.14%20AM.png" target="_blank">Click to enlarge</a>
<img src="/images/2016/03/10/Screen%20Shot%202016-03-10%20at%2010.20.14%20AM.png" alt="">
What does it all mean?
The monthly consumer confidence data is now merely useful as a check against the timelier weekly survey. The ANZ-Roy Morgan survey has the same number of survey respondents as the monthly series, has been running over the same number of years and covers the same questions, but is conducted each week. And what is clear from both surveys is that confidence levels seemingly consolidated over the month.
According to the Westpac/Melbourne Institute survey, consumer sentiment eased marginally in the latest result. The Roy Morgan weekly reading indicated similar volatility over the month with consumer sentiment lifting in the past week. The improvement in the global outlook, stronger domestic economic data and the recent strength in the Australian dollar should support confidence levels over the medium-term.
Where is the wisest place to put new savings?
According to the latest survey it’s in the bank, which strengthened its ascendancy in the latest quarter. Interestingly the major loser in the quarter was “real estate”. This was surpassed by “pay debt” as the second best option for additional savings. It was the first time in 3ó years that “paying down debt had surpassed real estate. In fact only 14.7 per cent of respondents believed real estate was the best option for additional savings – the weakest reading in over four years. It is quite a turnaround for “real estate” given that just six months ago it was considered the most attractive savings option with the highest reading in 12 years.
No doubt the run up in house prices, tighter home lending criteria by the banking sector and recent consolidation in the housing sector are prompting more households to focus on alternative asset classes to property. Interestingly the low interest rates on offer and volatility in stock markets has seen a substantial lift in the number of respondents that do not know what to do with additional savings. A total of 7 per cent of respondents claimed not to know what to do with additional savings – the highest reading in records going back over 20 years.
Despite the recent pullback the home loan market remains in good shape. Especially when you consider that loans to home owners eased from a 7-year high. Where the weakness is more paramount is in investor loans which have fallen substantially over the past six months. The value of investor loans is now down almost 15 per cent on a year ago. The result is a positive for the housing sector given over-lending to the sector last year. More prudent lending policies should ensure that the housing sector continues to remain resilient, contrary to the discussion of a substantial downturn.
The Reserve Bank is comfortably on the interest rate sidelines. Refinancing may have eased in the past month from record highs but the low interest environment is likely to prompt more home owners to shop around for the best home loan rates in coming months.
<a href="/images/2016/03/10/Screen%20Shot%202016-03-10%20at%2010.21.18%20AM.png" target="_blank">Click to enlarge</a>
<img src="/images/2016/03/10/Screen%20Shot%202016-03-10%20at%2010.21.18%20AM.png" alt="">
What do the figures show?
Housing finance - number
The number of new owner-occupier housing loans (commitments) fell by 3.9 per cent in January after rising by 2.7 per cent in December. Excluding the refinancing of dwellings, the number of loans was down by 3.6 per cent.
Loans by owner-occupiers for the construction of homes  down by 2.8 per cent in January; loans to buy newlyerected dwellings  fell by 3 per cent; and loans for the purchase of established dwellings  (excluding refinancing) fell by 3.8 per cent. The number of refinancing transactions  fell by 4.4 per cent.
Housing finance - value
The value of new housing commitments (owner occupier and investment) fell by 3.4 per cent in January after a 0.1 per cent fall in December. Owner-occupier loans fell by 4.3 per cent while investment loans fell by 1.6 per cent.
The value of loans by owner-occupiers and investors to build new homes  fell by 0.9 per cent in January after falling by 1.2 per cent in December. The value of loans to build new homes stood at $2.77 billion, weakening further from the record high of $2.93 billion in December 2014.
Consumer sentiment:
The Westpac/Melbourne Institute index of consumer confidence fell by 2.2 per cent in March to 99.1 after lifting by 3.9 per cent in February. The confidence index is down 0.4 per cent on a year ago. The current conditions index fell by 7.3 per cent while the expectations index rose by 1.7 per cent.
Three of the five components of the index fell in March:
The estimate of family finances compared with a year ago was down  by 8.2 per cent;
The estimate of family finances over the next year was up  by 0.2 per cent;
Economic conditions over the next 12 months was up  by 8.2 per cent;
Economic conditions over the next 5 years was down by 2.5 per cent;
 The measure on whether it was a good time to buy a major household item was down by 6.6 per cent.
Gender &amp; demographics: Men (index reading of 104.6, up 2.3 per cent) were more optimistic than Women (94.4, down 6 per cent). The sentiment index for young people fell by 17.1 per cent to 99.9 in March. Across the other demographics: 25-44 years (index 103.1, up by 0.4 per cent); 45 years plus (index 96.3, down 0.7 per cent).
Housing outlook: A good time to buy a dwelling? – Index up 5.5 per cent in the quarter and although still down 13.1 per cent on the year.
Wisest place for savings: “Banks” was the wisest place to put new savings according to the survey. Overall 27.4 per cent believe the wisest place for savings was in “banks”, up 1.2 percentage points over the quarter. Next highest was “pay debt” (24.4 per cent, up 6.6pp), followed by “real estate” (14.7 per cent, down 8.7pp), “shares” (7.6 per cent, down 2.3pp), and “dont know” (7 per cent, up 4.1pp) “superannuation” (4.9 per cent, up 0.4pp).
State sentiment levels: NSW (up 1.6 per cent), Victoria (down 5.3 per cent), Queensland (down 2.6 per cent), Western Australia (up 1.2 per cent) and South Australia (down 10.6 per cent).
<a href="/images/2016/03/10/Screen%20Shot%202016-03-10%20at%2010.22.27%20AM.png" target="_blank">Click to enlarge</a>
<img src="/images/2016/03/10/Screen%20Shot%202016-03-10%20at%2010.22.27%20AM.png" alt="">
What is the importance of the economic data?
Housing Finance data is produced monthly by the Bureau of Statistics and shows commitments by lenders, such as banks, to provide finance for housing purposes. The lending figures relate to those looking to buy or build homes to live in as well as those seeking to buy or build homes for investment purposes. Generally people get their finance organised first, so the figures are regarded as a leading indicator on the housing market.
Westpac and the Melbourne Institute release the Index of Consumer Sentiment each month. According to Melbourne Institute: “The survey of consumer sentiment was first undertaken in 1973 and was conducted on a quarterly basis until 1976, a six-weekly basis from 1976 to 1986, and has been conducted monthly ever since.”
Confident consumers may be more inclined to spend, especially on major items.
What are the implications for interest rates and investors?
From a broader sense, confidence levels are OK without being great. Looking forward, a period of calm on share markets and the recent strength in the Australian dollar could be key factors supporting household confidence.
For Aussie consumers, a stronger Aussie dollar means increased purchases on the internet and trips abroad, so the recent strength in the Aussie dollar will support confidence.
The Reserve Bank will be comforted by the more stable conditions in the investor housing market.
CommSec expects no change to interest rate settings for the foreseeable future.
<a href="/images/2016/03/10/Screen%20Shot%202016-03-10%20at%2010.23.38%20AM.png" target="_blank">Click to enlarge</a>
<img src="/images/2016/03/10/Screen%20Shot%202016-03-10%20at%2010.23.38%20AM.png" alt="" width="1525" height="500">
Savanth Sebastian is an economist for <a href="https://www.commsec.com.au/" target="_blank">CommSec</a>
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jchancellor-FAypfDUnLy

“Pay debt” at a four year high: Commsec's Savanth Sebastian

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Leading mutual lender, Teachers Mutual Bank intends to merge with the NSW-based Fire Brigades Employees’ Credit Union. 
The boards of Fire Brigades Employees Credit Union (FBECU) and Teachers Mutual Bank have signed a memorandum of understanding.
FBECU has over 7,400 members and more than $215 million in assets. Teachers Mutual Bank was established in 1966, now with over 160,000 members and $4.5 billion in assets.
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Teachers Mutual Bank to merge with Fire Brigades Employees' Credit Union

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The exposure of the big four banks to commercial property lending has further increased. 
Australia's four major banks contributed about 70 percent of the latest increased exposure to commercial property.
Analysis from CLSA, NAB has the highest percentage of gross loans to commercial property at 10.3 percent or about $60.2 billion.
Westpac is second at 8.2 percent, through less than a third of the 35 percent it had during the tumultuous early 1990s.
CBA sits at 7.2 percent and ANZ had the lowest exposure to commercial property.
Australia's banks saw their biggest quarterly increase in exposure to office towers during the December quarter, rising almost $3 billion to $74.56 billion, the largest quarterly change since the Australian Prudential Regulation Authority began the 2008 data series.
Australian banks increased their commercial property exposures by $5.46 billion in the December quarter to $244 billion.
Exposures in office accommodation make up 30 percent of all commercial property while retail property made up 23 percent.
There were increased exposures in every sector of commercial property except tourism assets, the Australian Financial Review noted.
Exposures in commercial residential and land developments rose by a collective $1.8 billion in the December quarter.
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Commercial Property 101: Big four banks ratchet up commercial property exposure

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Bain &amp; Company's Boston-based head of global banking Gerard du Toit forecasts the accelerating adoption of mobile banking services will result in accelerated bank branch office closures.
 
He suggests Australia's big four banks will come under pressure to close up to 30% of branches over the next three to five years.
 
"Visits to Australian bank branches were down almost 10% in the September quarter compared to the same period two years earlier, but the percentage of transactions done via a teller was still twice as high as in the most digitally advanced markets," Bain &amp; Company's Boston-based head of global banking Gerard du Toit told the Australian Financial Review.
 
"Everything suggests this market has more branches than it is going to need five years from now.
 
"It is hard to say how many closures there will be but global trends indicate a possible reduction of 10% to 30%". 
 
Bain &amp; Co's latest annual report on global trends found that the adoption of mobile banking services accelerated rapidly in the past year.
 
But it warns banks to get the technology right.
 
Mr du Toit said Australian banks should learn from the Netherland's ABN Amro which halved its branches over the past three years without losing market share having spent five years ago with branch staff focused on training customers, especially babyboomers up on how to use self-service options.
</div>
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Bank landlords face 30% branch office closure

<html><body>
Smaller, online and non-bank lenders like ING DIRECT and Queenslanders Credit Union were the winners of Mozo’s People’s Choice Banking Awards, based on reviews from almost 35,000 customers over the past 12 months.
Overall, satisfaction with banks fell slightly to 7.82 in 2015 from 7.85 last year. 
ING DIRECT won Best Bank for the sixth year in a row, Greater Building Society took home its third award for Best Building Society and NAB held its mantle for Best Big 4 for the fifth year running.
“Each year, Mozo recognises the banks we love and trust, giving us a report card of just how we feel about our bank,” said Mozo director Kirsty Lamont.
The awards, in their sixth year, invite Australians to have their say on their banking experience. Customers rate their banking provider on overall satisfaction, price, features, customer service, convenience and trust. Mozo then aggregates these scores to determine the winners. This year more than 170 providers were rated. 
For the favourite banking products, transaction and savings accounts top the charts (8.19 and 8.11), while high interest charging credit cards and personal loans were the least loved (7.10 and 7.19).
“Interestingly, a family’s biggest debt burden, the home loan, had people feeling relatively happy (scoring 7.42) thanks to a low interest rate environment,” said Lamont.
Females aged 18-24 and earning less than $35,000 a year are the happiest with their bank (8.35), while those aged 45-54 and those earning over $180k gave their bank the lowest scores (7.5 and 7.12).
“Interestingly, we’re happiest at the start of our banking life-cycle and over time we become less satisfied the older we get and the more money we have,” said Lamont.
Among the states, Queenslanders were the happiest state, rating their bank an average 7.87 out of 10, followed by South Australia (7.80), Tassie (7.75) and NSW (7.71).
The least happy with their banks were Victoria (7.64), the ACT (7.62), and NT (7.58). 
Mozo People’s Choice Banking Awards overall winners
<table style="width: 424px;" border="1" cellspacing="0" cellpadding="0"><tbody>
<tr>
<td valign="top" width="161">
Category
</td>
<td valign="top" width="198">
Winner
</td>
<td valign="top" width="64">
Score
</td>
</tr>
<tr>
<td valign="top" width="161">
Best Bank
</td>
<td valign="top" width="198">
ING DIRECT
</td>
<td valign="top" width="64">
9.05
</td>
</tr>
<tr>
<td valign="top" width="161">
Best Big 4 Bank
</td>
<td valign="top" width="198">
NAB
</td>
<td valign="top" width="64">
7.96
</td>
</tr>
<tr>
<td valign="top" width="161">
Best Credit Union
</td>
<td valign="top" width="198">
Queenslanders Credit Union
</td>
<td valign="top" width="64">
8.99
</td>
</tr>
<tr>
<td valign="top" width="161">
Best Building Society
</td>
<td valign="top" width="198">
Greater Building Society
</td>
<td valign="top" width="64">
8.72
</td>
</tr>
<tr>
<td valign="top" width="161">
Best Mutual Bank
</td>
<td valign="top" width="198">
Hume Bank
</td>
<td valign="top" width="64">
9.30
</td>
</tr>
</tbody></table>
Mozo People’s Choice Banking Awards product category winners
<table style="width: 424px;" border="1" cellspacing="0" cellpadding="0"><tbody>
<tr>
<td valign="top" width="161">
Category
</td>
<td valign="top" width="198">
Winner
</td>
<td valign="top" width="64">
Score
</td>
</tr>
<tr>
<td valign="top" width="161">
Best Savings Accounts
</td>
<td valign="top" width="198">
ING DIRECT
</td>
<td valign="top" width="64">
9.29
</td>
</tr>
<tr>
<td valign="top" width="161">
Best Bank Accounts
</td>
<td valign="top" width="198">
ING DIRECT
</td>
<td valign="top" width="64">
9.24
</td>
</tr>
<tr>
<td valign="top" width="161">
Best Home Loans
</td>
<td valign="top" width="198">
Queenslanders Credit Union
</td>
<td valign="top" width="64">
9.05
</td>
</tr>
<tr>
<td valign="top" width="161">
Best Credit Cards
</td>
<td valign="top" width="198">
Bendigo Bank
</td>
<td valign="top" width="64">
8.44
</td>
</tr>
<tr>
<td valign="top" width="161">
Best Personal Loans
</td>
<td valign="top" width="198">
Queenslanders Credit Union
</td>
<td valign="top" width="64">
8.85
</td>
</tr>
<tr>
<td valign="top" width="161">
Best Term Deposits
</td>
<td valign="top" width="198">
Bendigo Bank
</td>
<td valign="top" width="64">
7.89
</td>
</tr>
</tbody></table>
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j.ballantyne1990-6AQqhLzZaK

ING DIRECT tops Mozo's banking awards for sixth year

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Heritage Bank has appointed senior banking executive Peter Lock to take over as the chief executive officer from the retiring John Minz. 
Chairman Kerry Betros announced today that Mr Lock would take up the new role on Monday, 23 November. 
Mr Lock has more than 30 years’ experience in the financial services sector, including previously the chief operating officer for the Bank of Melbourne. 
From November 2013, he was managing director of Parkside Partners, his own corporate advisory firm based in Melbourne. 
The outgoing CEO John Minz announced his intention to retire, after 22 years at Heritage, including 12 as CEO.  
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Peter Lock to succeed John Minz as Heritage Bank CEO

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The ANZ today announced that Shayne Elliott will become its chief executive officer on 1 January 2016 succeeding Mike Smith.
Mr Elliott, 51, is currently ANZ’s chief financial officer, originally from New Zealand.
Mr Elliott has over 30 years’ experience in international banking including in Australia, New Zealand, Asia Pacific and the Middle East. He joined ANZ as CEO Institutional in June 2009.
Mr Smith will step down after eight years as chief executive officer and as a Director on 31 December 2015. 
ANZ Chairman David Gonski said Mr Smith had transformed ANZ into Australia’s only international bank with a focus on Asia Pacific.  
"He has transformed ANZ into one of Asia Pacific’s leading banks with operations in 34 countries, delivering strong outcomes for our customers and for our shareholders."
Mr Smith, who has an invaluable understanding of and connections in Asia, will be retained as a non-executive advisor to the Board, initially for one year. 
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Shayne Elliott to succeed Mike Smith at ANZ

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Australian banks are believed to have followed the same path of the global banking giants leading to the Global Financial Crisis (GFC) of 2008. In order to avoid borrowers from losing their homes, the Banking and Finance Consumer's Support Association (BFCSA) urges a Royal Commission to be put in place.
"Our members have uncovered fraud, forgery and other criminal behaviour by bankers here in Australia.  
"BFCSA have found and reported the manipulation of valuations (in every case), Loan to Valuation ratios hyped up to 140% creating toxic lending activity by 17 members of an easily identifiable banking cartel. 
"Bankers deliberately approved large quantities of unverified, unaffordable mortgage loans to low income families and pensioners. Bankers ignored any known risks and failed to observe the fact that despite owning a home and debt free, the intended victim will lose everything. 
"Our nation’s elite of the banking sector suggest to regulators and parliament: 'most loans settle within 5 years'. These are 'intended 30 year interest-only loans. Customers believe they have 30 years where this system of buffer loans will work according to banker advice and strategies. The loans do not amicably 'settle'."
"People coming to BFCSA for help is proof enough of what is really taking place. Widespread bank bullying is an issue for another Inquiry." Denise Brailey, a criminologist specialising in white collar crime, wrote in the submission to the House of Representatives Standing Committee on Economics Inquiry into Home Ownership, on behalf of BFCSA.
"The Banking and Finance Consumer Support Association is in fact the only known consumer group operating collectively and gathering data relating to mortgage lending and home ownership from a ‘grass roots’ perspective. Our members have evidence in their files (and ours) that show alarming patterns of bad bank lending practices. 
"BFCSA notes that 100% of all cases we have examined are infected with fraud. All loans uncovered are approved, despite the banks being cognisant of the true income as to centrelink payments etc. These loans were unaffordable from inception.  
"Only a cartel could engineer such a structure, strategy and policies in order to engage in unsafe practices from an economic point of view. Control fraud activities such as those warned against by Prof William K Black, cannot continue to be ignored as occurred in the USA and other nation states. 
"It is the banking cartel members in 2005 who boasted a $100 billion market in targeting 'ARIP’s'. Not only did this announcement expose an undesirable intention but rather is a key indicator that double the stated quota was reached. 
"We did not escape the GFC, but we did allow bankers to continue to sell unaffordable loans to vulnerable citizens. The borrowers were not buyers. They were hunted down in their homes. There is no integrity in the banking files we have uncovered. 
"A Royal Commissioner is desperately needed in Australia to ensure the 17 identifiable bankers are questioned with authority and compelled to answer tough but important questions. 
"We survey members from time to time and we can see alarming patterns emerge, along with key indicators of a crimogenic environment across all states and territories in Australia."
In the submission BFCSA also recommends:
<ul>
<li>Every customer must receive a Loan Application Form (“LAF”) copy at the point of signing. That a second copy of the LAF will also be sent to the customer after the approval. This should minimise the fraud and forgery. </li>
<li>Credit Card applications must also be copied and given to the customer. </li>
<li>Sub Prime loans must be taken off the market because they force up property prices and distort the market. </li>
<li>All commissions to bankers and banker staff be stopped immediately. That sellers are acting as agents of the Bank and this is made clear to the public. </li>
<li>That the practice of ramping up of property prices by misusing LVR’s ie 130% LVR lending, in the interest of the Australian housing market, be investigated by the AFP. </li>
<li>Lenders (as members of the Cartel) to be investigated regarding sub-prime lending as to interfering with Homeownership, to the detriment of existing home owners. </li>
</ul>
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Royal commission urged for banking industry

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We have been advising our clients for some time that the banks have become harder to deal with, than this time last year. Since those comments we have introduced internal measures to help our buying clients AND the banks have put investor rates up. Ok, the banks are being prudent, aren’t they?
Yes, but hey, there is a bigger picture here that the banks and the government are not seeing or maybe are choosing to ignore.
Are banks being fair to locals?
Question:  Are our local banks involved in some form of inadvertent, bizarre reverse prejudice by pulling interest rate and other restrictive lending levers for locals.
As any local buyer will acknowledge, it is already very difficult to compete against the huge Asian inflow of money. Asian buyers have more financial options eg currency swapping, than the local Australian buyers do.
Are we seeing a repeat of the 1960s where the banks wanted to encourage new building, so they made it easy for locals to borrow to build new in Doncaster, while making it more difficult for locals to borrow and buy second hand in Albert Park? The Greek and Italian migrants who at the time had more money raising abilities than the locals, took full advantage of this when walking off the boat and bought en masse in Albert Park, Port Melbourne and Middle Park with minimal competition.
The Asian buying influx is a lot, lot bigger now than the Greek and Italian influx of those times.
Since the FIRB changes of 2009 which opened and never shut the floodgates to overseas investment, large amounts of land and huge numbers of established homes in Inner Melbourne have been and are continuing to be bought by overseas investors. This seems to be what the Australian governments of both political persuasions want – ok, that is the government’s call – that’s not the point of this article – that’s for another time.
Our policy at James is clear – we act for local and overseas clients without internal policy bias.
Our point is that the locals (your children and my children) need to be on as level a playing field as possible when it comes to being able to compete against buyers from Asia.
Otherwise the banks/governments maybe subjecting some of our clients, locals, your/my children etc to a form of bias which we find totally unacceptable and outside our values of Australian fair play.
The banks, for no doubt very good reasons in their mind, are making it harder for locals to buy – but they may not slow the surge, as they intend. All they may do, is make it a lot easier for overseas buyers to buy near schools, buy in good streets, buy the established homes; as fewer local buyers have the ability to compete against the more sophisticated money from China and other Asian countries.
We think this is seriously unfair on local Australians if it plays out as it looks like it may.
Local banks need to be helping local buyers, not making it harder – guys, it’s already bloody hard enough for local buyers.
When are people of influence going to stand up for our children and for local buyers – who want to live locally.
If the government and banks want the market to ease, go to the source of the creation – huge and unabated overseas demand.
Banking leaders please look at what you may be inadvertently doing if you carry on your latest policy directions.
This current market is not being driven by local interest rates – this current market is being driven by overseas demand and if you continue to weaken the local competition by restricting their ability to borrow (which no doubt is based on good intentions); all you may be doing is making it even easier for overseas buyers to buy, while making it harder for some of our clients, locals and our/your children to buy.
Is that fair? No, it is not fair.
Mal writes weekly auction reports, advice and in-depth market analysis on <a href="https://www.jamesbuyeradvocates.com.au/" target="_blank">James' website</a>.
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