The residential transformation of St Kilda Road is set to continue into with more new apartment plans for the sought-after boulevard.

Wing Tai Asia has lodged plans for a major residential tower at 464-466 St Kilda Road, replacing the former VACC House with an 18-storey mixed-use development designed around a retained heritage podium and a sculpted contemporary tower.

The proposal, prepared under Victoria’s Significant Residential Development with Affordable Housing pathway, would deliver 325 apartments and ground-floor retail across the prominent 4,653 sqm boulevard site in Melbourne’s St Kilda Road North Precinct.

The project centres on the adaptive reuse of the site’s heritage-listed VACC Building, an eight-storey office designed by Bernard Evans that has occupied the address for decades. Planning documents state the development would involve “carefully dismantling and conserving off-site the original metal fabric of the podium visible from St Kilda Road,” before reinstating it as the defining frontage of the new scheme.

Above the restored podium, Wing Tai is proposing a curvilinear residential tower. The scheme includes 172 one-bedroom apartments, 63 two-bedroom apartments, 66 three-bedroom apartments, and 24 four-bedroom apartments, alongside two ground-floor food and beverage tenancies fronting St Kilda Road.

The tower has been designed with substantial articulation and variable setbacks to minimise perceived bulk and maintain view corridors along the boulevard. Urbis, which prepared the planning report, said the design “has been significantly articulated through a curvilinear design” with “an interplay with materials, façade expression and depth” to create visual separation and visual interest.

The proposal also includes 254 basement car spaces, landscaped pedestrian links connecting St Kilda Road and Queens Lane, and a biophilic landscape strategy featuring canopy trees, raised planters, cascading greenery and a glass oculus pool overlooking the eastern frontage.

Planning documents confirm the $270.1 million development will contribute 3 per cent of project costs to the Social Housing Growth Fund as part of the application process.

Wing Tai acquired the St Kilda Road property in 2018 alongside Abacus Property Group for $95.38 million, before later consolidating ownership of the site. The property previously served as the Victorian Automobile Chamber of Commerce headquarters for around 60 years.

The transformation of the St Kilda Rd boulevard is already beginning to materialise, with a number of high-profile projects recently completed, launched, or approaching launch as developers continue to back the long-term appeal of the precinct.

Among the most notable recent completions is Louise by Samuel Property Group, just off the strip on Queens Lane, the same pocket Hirsch &amp; Faigen recently launched The Queensbury. Mirvac is too on the same street with The Albertine, which is approaching completion.

Dexus recently secured approval for its slice of St Kilda Road, while Gurner also has approved plans for the precinct.

Joel Robinson

Wing Tai unveils 325-apartment St Kilda Road tower on former VACC House site

Malaysian developer <a href="https://www.apartments.com.au/developers/s-p-setia">SP Setia</a> is the latest to jump into St Leonards booming Transport Oriented Development precinct.

The developer, which has previously delivered Sapphire by the Gardens apartment development in Melbourne, identified the Atchison Street site in 2023. It filed a Scoping Report around 12 months ago, and now has revealed the designs for the new&nbsp;40-storey mixed-use tower.

The State Significant Development Application covers <a href="https://next-portal.urban.com.au/projects/14650/summary">20-22 Atchison Street</a>, a 1,374 sqm site positioned between St Leonards Station and the new Crows Nest Metro station.

Designed by <a href="https://www.apartments.com.au/architects/cox-architecture">COX Architecture</a>, the project would deliver 181 apartments, above a four-storey commercial podium, five basement levels, and new public domain works along Mitchell Street. The apartment mix comprises 35 one-bedroom apartments, 39 one-bedroom-plus-study apartments, 85 two-bedroom apartments, and 22 three-bedroom residences.

The proposal has been lodged as a shop-top housing development under the NSW Government’s TOD planning pathway, which allows increased density around key transport infrastructure. The site sits within the recently rezoned Crows Nest Accelerated TOD Precinct.

<img alt="First look: SP Setia targets St Leonards skyline with 40-storey TOD tower" data-entity-type="file" data-entity-uuid="b799673d-48e2-46b0-801a-0e33a9330100" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/atchinson%20site.png?VersionId=dPh0UfwfaHpbFL1R7H1cbZNbIW0CHbCC" />

SP Setia acquired the Atchison Street site as part of its continued expansion into the Australian apartment market. In comments made to City &amp; Country (The Edge Malaysia) in 2023, SP Setia President and CEO Datuk Choong Kai Wai described the acquisition as “a strategic move” aligned with the group’s post-pandemic market recovery strategy.

“Our target for this exceptional development is local and overseas buyers, including first-home buyers, downsizers and investors,” Choong said.

The tower has been designed as a slender vertical form rising from a mixed-use podium, with COX Architecture positioning the development as a response to the evolving St Leonards and Crows Nest skyline.

“The purpose of the project is to facilitate the delivery of high-quality housing at a strategically located site and deliver a built tower outcome that is consistent with the desired future character of St Leonards and aligns with the TOD controls,” the design report stated.

<img alt="First look: SP Setia targets St Leonards skyline with 40-storey TOD tower" data-entity-type="file" data-entity-uuid="b1a85eee-76f7-436c-a6da-73ba827b9b13" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/atchinson%20entry.png?VersionId=dA9jHGPMcm.dDbwk4QfxqWiY5bfh3UVt" />

The podium would incorporate retail uses fronting Atchison Street, commercial tenancies, landscaped communal areas, and pedestrian improvements along Mitchell Street. Vehicle access and loading would be consolidated via Atchison Lane.

Residents would have access to more than 665 sqm of communal indoor and outdoor spaces, while the development proposes 96 parking spaces across five basement levels.

The proposal also includes a commitment for 10 per cent of residential floor space to be allocated toward affordable housing through a monetary contribution.

COX said the tower form responds directly to the emerging high-density character of the precinct while seeking to maximise solar access, cross ventilation, and outlook from apartments.

<img alt="First look: SP Setia targets St Leonards skyline with 40-storey TOD tower" data-entity-type="file" data-entity-uuid="2163f85c-f63b-4be3-aafa-f8763976cec5" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Article%20Feature%20Image%20%28Grid%29_5.png?VersionId=WiAmtIKJ6.ZQ41EtYEQ1fol7AeorKBlL" />

“The building is orientated towards north,” the Apartment Design Guide compliance report noted, adding that the tower’s slim form was driven by the constrained inner-urban site dimensions.

The design also incorporates landscaped setbacks and communal open space at podium level, intended to soften the interface with surrounding streets and improve pedestrian amenity.

The project adds to a growing wave of redevelopment proposals reshaping St Leonards and Crows Nest following the opening of the Sydney Metro City line and the NSW Government’s push for higher-density housing around major transport nodes.

Last week Stockland filed plans just down the road. They want to build a <a href="https://www.apartments.com.au/new-apartments/601-pacific-highway-st-leonards-nsw-2065">52-storey tower on Pacific Highway</a>.

Read more:&nbsp;<a href="https://www.apartments.com.au/news/nsw/first-look-stockland-plans-52-storey-538-apartment-st-leonards-tower">First look: Stockland plans 52-storey, 538-apartment St Leonards tower&nbsp;</a>

First look: SP Setia targets St Leonards skyline with 40-storey TOD tower

<a href="https://www.apartments.com.au/developers/urban-property-group">Urban Property Group</a> has revealed plans for a new mixed-use tower at 10 Dangar Street, Wickham, advancing a proposal that would reshape the southern gateway to Newcastle’s city centre with one of the city’s tallest residential buildings.

The State Significant Development proposal, now on exhibition, seeks approval for a <a href="https://www.apartments.com.au/new-apartments/bowline-10-dangar-street-wickham-nsw-2293">43-storey tower</a> immediately adjacent to the Newcastle Interchange. The project would deliver around 200 apartments, including 42 affordable housing dwellings, alongside 99 co-living units, a 171-room hotel, retail space, and new public domain integrated through the site.

The scheme marks a significant escalation of plans previously approved for the site. Urban Property Group took over the prominent 2,904 sqm parcel, where excavation and demolition had already commenced under an earlier consent for a 14-storey mixed-use development.

<img alt="First look: Urban Property Group unveils Newcastle’s next supertower at Wickham interchange" data-entity-type="file" data-entity-uuid="58a96dd9-407f-4d20-86b4-94e4bfeef74b" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/wickham%20podium.png?VersionId=LGlf08pdFGAZDzvx_CXC4XakHNZRuEE0" />

Designed by <a href="https://www.apartments.com.au/architects/sjb-architects">SJB</a>, the tower has been conceived as a landmark transit-oriented development anchored to the Newcastle Interchange precinct. The proposal includes 245 build-to-sell apartments across a mix of one, two, and three-bedroom residences, as well as two penthouses. Fifteen apartments and one operational unit are earmarked for NDIS housing. The co-living component would add a further 99 units, while the podium would accommodate retail uses and hotel facilities.

SJB said the site presents “a valuable opportunity to anchor the precinct by setting the standard for design, active ground planes and character at the key southern gateway.”

The architecture responds directly to the site’s position beside major transport infrastructure and within one of Newcastle’s fastest-evolving urban renewal precincts. The tower form sits above a sculpted podium designed to frame new public spaces, including a through-site pedestrian link connecting Station Street to Hannell Street, landscaped plazas, and activated retail edges.

<img alt="First look: Urban Property Group unveils Newcastle’s next supertower at Wickham interchange" data-entity-type="file" data-entity-uuid="a7bd6ff0-f7db-4ce8-a6dc-ea56e72c6149" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/wickham%20lanne.png?VersionId=xzf39VADyhj7zBQY2I9fx9vI62u2tuSb" />

The design report describes the project as part of the broader transition of Wickham into “a vibrant, high-quality mixed-use urban precinct” that leverages proximity to the station, open space, and regional connectivity.

A detailed public art strategy has also been prepared for the development. The strategy positions the project as “a transit-oriented development of state significance at the gateway to Newcastle’s city centre” and outlines a series of integrated artworks responding to Newcastle’s industrial and transport heritage.

Creative Road’s curatorial framework for the project, titled Unveil, draws on “stratified surfaces, carved volumes, and light-filled apertures” while referencing Newcastle’s transformation from an industrial city into a contemporary education and technology hub.

<img alt="First look: Urban Property Group unveils Newcastle’s next supertower at Wickham interchange" data-entity-type="file" data-entity-uuid="77a882bb-14b1-4d28-99ff-9438e39508c0" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/wickham%20site.png?VersionId=cevgo_vN0eKPK78P8YcEu3mKPLkpFqE7" />

The proposal is being advanced through the NSW Housing Delivery Authority pathway after being declared State Significant Development in June 2025. The accompanying scoping report states the development aims to “maximise the site’s proximity to the Newcastle Interchange by delivering transit-oriented development” while increasing housing supply and affordable housing provision within the Newcastle LGA.

Urban Property Group’s plans align with the long-term strategic vision established under the Wickham Master Plan, which identified the interchange precinct as suitable for substantial uplift in height and density. The current proposal would significantly intensify that vision, positioning the tower among the tallest developments proposed for Newcastle.

The site sits immediately north of the Newcastle Interchange, bounded by Dangar Street, Hannell Street, and Charles Street. It is surrounded by a rapidly growing cluster of residential towers and mixed-use projects that have emerged following the completion of the light rail and transport interchange.

First look: Urban Property Group unveils Newcastle’s latest tower at Wickham interchange

Bottega House has completed settlement of a landmark riverfront site in Macquarie Street, St Lucia, representing its first major Brisbane development.&nbsp;

Positioned on the banks of the Brisbane River, the <a href="https://www.apartments.com.au/new-apartments/180-macquarie-street-st-lucia-qld-4067">premium site at 180 Macquarie Street</a> features uninterrupted river frontage in one of Brisbane’s most tightly held residential precincts.&nbsp;

The proposed development, currently under assessment with Brisbane City Council, has been designed by <a href="https://www.apartments.com.au/architects/plus-studio">Plus Studio</a> with interiors by <a href="https://www.apartments.com.au/interior-designers/mim-design">Mim Design</a> and will deliver a boutique collection of premium residences positioned specifically for owner occupiers and downsizers.&nbsp;

The residences are set to redefine luxury apartment living in the area, with a focus on architectural quality, refined finishes, landscape integration and elevated amenities including curated wellness facilities, resort-style pools and recreation spaces rarely seen in the local market.&nbsp;

Exclusive sales for the project will be led by Keenan &amp; Byrne, ahead of an anticipated launch later this year.&nbsp;

Bottega House Managing Director Nick Malloch said the project reflects the group’s ambition to deliver a highly curated residential offering within one of Brisbane’s most tightly held precincts.&nbsp;

“This is an incredibly rare riverfront opportunity and one we have approached with a long-term perspective,” Malloch said.&nbsp;

“Our vision from the outset was to create a boutique collection of residences that feel more like private homes than traditional apartments, with generous proportions, refined finishes and exceptional amenity throughout."

Malloch says there is a&nbsp;lack of premium owner-occupier stock of this quality in the market, particularly for downsizers wanting space, privacy and a true lifestyle offering without compromise.&nbsp;

"Demand is expected to be strong given the scarcity of premium riverfront opportunities of this nature within Brisbane’s inner-west."&nbsp;

Bottega House secures landmark riverfront site in St Lucia 

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The arrival of the first piling rig officially marks the commencement of construction at SIERA’s new beachside apartment development, Exhale, in Northcliffe.

<a href="https://www.apartments.com.au/new-apartments/exhale-surfers-paradise-8-enderley-avenue-surfers-paradise-qld-4217">Exhale</a>, a glass-encased tower featuring 54 large-scale apartments at 8 Enderley Avenue, is SIERA’s third Gold Coast development. It follows the recently completed PIPIS Bilinga beachfront project, which achieved suburb-record prices, and the soon-to-be-completed Chevron Island development, Tapestry.

[smartcode_project:default project_id=112661 project_image_fid=359603]

<a href="https://www.apartments.com.au/developers/siera">SIERA</a> Founder and Managing Director Brent Thompson said the arrival of the piling rig represented a significant milestone for the development, which is scheduled for completion in late 2028.

Over the next month, around 260 piles are expected to be installed as work progresses on the basement structure. The building is anticipated to rise above ground level early next year, before unveiling its sculptural glass curtain wall, developed in collaboration with specialist façade engineers.

“The façade was designed to maximise panoramic coastal views while creating a distinctive architectural identity,” Thompson said.

[smartcode_project:default project_id=112661 project_image_fid=355935]

Designed by BDA Architecture, Exhale will comprise just 54 two- and three-bedroom residences across 26 levels, a level of low-density living rarely delivered in this beachside pocket between Surfers Paradise and Broadbeach.

The project has been conceived as a resident-only building, with no short-stay accommodation permitted. SIERA says the model is intended to appeal to long-term owner-occupiers rather than transient holiday demand.

[smartcode_project:default project_id=112661 project_image_fid=361052]

Residences have been designed with large-format layouts and expansive glazing, with most apartments featuring more than 30 metres of glass frontage to maximise natural light and ocean views.

The amenity offering spans two levels and centres on wellness and lifestyle, including a heated magnesium pool, sauna, yoga and Pilates studio, gymnasium, private dining facilities, cinema lounge, and dedicated surfcraft storage.

[smartcode_project:default project_id=112661 project_image_fid=359607]

More than half of the apartments have already sold. SIERA has also opened a sales gallery for Exhale at its Chevron Island commercial premises, near its Tapestry tower and the site of its second Chevron Island apartment development, which is slated to launch in early 2027.
</section>
</section>

[smartcode_project_cta:default project_id=112661]

SIERA kicks off construction at Northcliffe tower Exhale

Australia&rsquo;s biggest bank, CBA, has increased its 2- and 4- year fixed home loan rates by 0.05 per cent for owner-occupiers paying principal and interest. 
&nbsp; 
It is the third time CBA has hiked its 4-year fixed rate this year, but the first time the bank has hiked its 2-year rate for owner-occupiers.

&ldquo;CBA is factoring in a rise in the cost of funding over the next couple of years, particularly now the RBA&rsquo;s term funding facility has closed.&rdquo; 
&nbsp; 
A recent economic insights report from CBA shows around half of its new owner-occupier loans settled in June were fixed, with the two-year rate the most popular. 
&nbsp; 
&ldquo;Despite today&rsquo;s hikes, CBA still has one rate under 2 per cent &ndash; the bank is not going to let go of that easily,&rdquo; said RateCity.com.au research director, Sally Tindall. 
&nbsp; 
&ldquo;CBA&rsquo;s two-year rate was extremely competitive and attracting significant interest. By keeping it just under 2 per cent, the bank is trying to keep momentum going at a more sustainable price,&quot; she said. 
&nbsp; 
Analysis of the RateCity.com.au database shows over the last two months, there have been more hikes than cuts in every fixed rate category with the exception of 1-year rates. 
&nbsp; 
But ME Bank has cut rates across a few home loans from early August, while boosting its refinance cashback offer to $3,000.

The cuts were across its two-year fixed and variable home loan range.

The two-year fixed rate Member Package home loan was cut by 20 basis points to 1.89% p.a. (3.17% p.a. comparison rate*) - a &quot;record low&quot; for the lender.

This particular comparison rate applies to owner occupier borrowers with 80% LVR i.e. a 20% deposit, paying principal &amp; interest.&nbsp;

The same advertised rate applies to other LVRs in the product line, but different comparison rates apply.

A number of other home loans - both fixed and variable - with different LVRs were also cut by between 5 and 31 basis points.

While the majority of changes to fixed rates in the last two months have been hikes, RateCity advise the opposite is happening in the variable rate market.&nbsp; 
&nbsp; 
RateCity.com.au home loan database analysis shows 49 lenders have cut at least one variable rate in the past two months while 10 lenders have hiked variable rates in that time.

The vast majority of variable rate cuts are reserved for new customers, not existing ones, RateCity research director, Sally Tindall, said.

&ldquo;Variable rates are at record lows, however, most of these deals are reserved for new customers, not existing ones, unless you specifically ask,&rdquo; she said. 
&nbsp; 
&ldquo;Before you call, check what rate your bank is giving new customers for the same home loan, but also find out what other lenders have on offer.

&ldquo;If you are paying significantly more than a new customer, pick up the phone and ask your bank &lsquo;why?&rsquo;.

[smartcode_project:default project_id=7363 project_image_fid=41840] 
&nbsp; 
&ldquo;If you have a good track record of paying down your debt, and the bank thinks you might switch to a more competitive lender, they&rsquo;re likely to play ball. 
&nbsp; 
&ldquo;A lot of people think a handful of basis points won&rsquo;t make much of a difference, but if the discount is permanent, then the savings can potentially run into the thousands in just a few years,&rdquo; she said.

ME has also increased its cashback offer to $3,000 for externally-refinanced home loans.

The new lending amount must be minimum of $250,000.

Eligible refinancers must apply by Friday 27 August inclusive, and settle by Friday 29 October.

ME Bank CEO Adam Crane said the cuts would assist borrowers &quot;looking to maximise their borrowing in a challenging property market.&quot;

In February, ME Bank merged with Bank of Queensland with the deal expected to be finalised this month.

But ME Bank cut rates across a few home loans, while boosting its refinance cashback offer to $3,000

jchancellor-FAypfDUnLy

Home loan mortgage rate rises continue

CBA has&nbsp;hiked its 3-year fixed rate for owner-occupiers in a further sign that Australia may soon see the end of ultra-low fixed rates.

Australia&rsquo;s largest bank has increased both its 3&nbsp;and 4-year fixed rates for owner-occupiers paying principal and interest by 0.05 per cent, as well as increasing some interest-only loans by 0.10 per cent.

[smartcode_project:default project_id=2407 project_image_fid=77652]

This follows hikes of 0.20 per cent by CBA in March to its 4- and 5- year fixed rates. CBA now only has one rate under 2 per cent &ndash; fixed for 2-years.

CBA home loan changes for owner-occupiers paying principal and interest:

<ul>
	<li>
	3-year fixed rates have been hiked from 2.14% to 2.19%, an increase of&nbsp;0.05%
	</li>
	<li>
	4-year fixed rates&nbsp;have been hiked from 2.19% to 2.24%, an increase of&nbsp;0.05%
	</li>
</ul>

RateCity.com.au research director, Sally Tindall, said CBA has become the first major lender to increase its 3-year fixed rate from the bank&rsquo;s record low.

&ldquo;Today&rsquo;s rate hikes might be small, but they point to a fixed rate market that&rsquo;s starting to rise,&rdquo; she said.

&ldquo;When CBA hiked its four-year rate in March, a flurry of lenders followed in its wake. We expect the same thing will happen with three-year rates in coming months.

<img alt="" height="354" src="https://s3-ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/pictures/article-images/lowest_may_rates.jpg" width="850" />

&ldquo;Banks are anticipating a rise in the cost of funding over the next few years, with the next cash rate hike expected in 2024, if not earlier, and the end of the RBA&rsquo;s term funding facility in just over one month.

&ldquo;The funding, which offers banks cheap money fixed for three years, has helped lenders offer record low rates to its customers. When the funding wraps up, many banks are likely to recalibrate their rates,&rdquo; she said.

This follows hikes of 0.20 per cent by CBA in March to its 4 and 5-year fixed rates in a further sign that Australia may soon see the end of ultra-low fixed rates

jordan_55689

CBA has hiked its 3 and 4-year fixed interest rates

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CBA has today cut its one- and two-year fixed rates for owner-occupiers, but bucked the trend by hiking its four-year rate.

Following pressure from rivals Westpac and NAB, CBA has brought its two-year fixed rate to under 2 per cent.

However, the most significant change was the hike to its four-year fixed rate. This is the first big four bank to hike its four-year owner-occupier rate since October 2019 – a sign the bank is pricing in a higher cash rate from 2024.

<img alt="" height="128" src="https://s3-ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/pictures/article-images/cba_rates.jpg" width="791">

Sally Tindall, research director at RateCity.com.au, said the cuts to the bank’s four-year fixed rates could be a sign of things to come.

“CBA has bowed to market pressure by cutting its two-year rate to under 2 per cent,” she said.

[smartcode_project:default project_id=3490]

“However, the bank is giving with one hand, and taking away with the other, hiking its four-year fixed rate by the same amount for new customers."

“After the last RBA rate in November 2020, all four big banks responded by cutting fixed rates, in particular their four-year rates. Less than five months later, CBA has taken this deal off the table."

“It’s not surprising CBA has decided to raise its four-year fixed loan – the bank is pricing in at least one cash rate hike over this time."

[smartcode_project:default project_id=89720]

“Governor Lowe has repeatedly said the first round of cash rate hikes wouldn’t be until at least 2024, but that’s only three years away."

“Someone who fixes their rate for four years today could very well see variable rates go up within that time, provided the economic recovery stays on track."

“Other banks could start hiking their four- and five- year fixed rates in coming months to factor in a potential rate rise in 2024,” she concluded.
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CBA has today cut its one- and two-year fixed rates for owner-occupiers, but bucked the trend by hiking its four-year rate.

CBA is the first of the Big Four banks to hike rates

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EXPERT OBSERVER
The Commonwealth Bank of Australia reported its full year results last week.
<div>Cash profit for FY2018 of $9.41 billion was down 4.7 per cent. </div>
<div> </div>
<div>But overall this remained a solid underlying result with a fully franked dividend of $4.31 per share heading the way of investors (up 2 cents or +0.5 per cent...thanks!). </div>
<div> </div>
<div>Increased funding costs impacted net interest margins adversely as expected.</div>
<div> </div>
<div>However, the group more than made these costs back in the financial year through changes in the funding mix and the repricing of investor and interest-only loans.</div>
<div> </div>
<div>In fact, the net interest margin was up 5bps over FY2018 to 2.15 per cent.</div>
<div> </div>
<div>Group loan impairment expense was also very low, at just 15bps.</div>
<div> </div>
<div>Note that the Group will adopt AASB 9 from 1 July 2018, and therefore total provisions will increase to reflect forward-looking factors as required by the standard (this adjustment will will pushed through opening retained earnings and therefore will have no impact on the current year income statement). </div>
<div> </div>
<div>'As if' earnings</div>
<div> </div>
<div>A number of one-off items including the $700 million AUSTRAC penalty reduced the statutory NPAT and cash NPAT.</div>
<div> </div>
<div>Excluding one-off items, cash profit was up by 3.7 per cent to above $10 billion.</div>
<div> </div>
<div>From the slide deck</div>
<div> </div>
<div>There were so may great slides in the full year preso that's it's impossible to know where to start, but here are just a select few. </div>
<div> </div>
<div>90+ day home loan arrears were notably up a bit year-on-year from 0.6 per cent to 0.7 per cent. </div>
<div> </div>
<div>Click to enlarge</div>
<div> </div>
 
<div><img src="https://2.bp.blogspot.com/-NikJ1XTC2aM/W2obenRu8FI/AAAAAAAAra0/Bu_BuRukzkwr3D1deQO6h0gvC7zNKaT1ACLcBGAs/s640/CBA1.jpg" width="640" height="510" data-original-height="646" data-original-width="810"></div>
 
<div>(Source: ASX: CBA)</div>
 
<div>The year-on-year increase in arrears was mainly due to Western Australia and the Northern Territory, with changes elsewhere relatively benign. </div>
 
<div><img src="https://3.bp.blogspot.com/-BPTlAOXy52Q/W2obesMjuDI/AAAAAAAAraw/-PYHhx5N81AQ0yr6tGOyTwhmdVcTyqm9gCLcBGAs/s640/CBA3.jpg" width="640" height="374" data-original-height="738" data-original-width="1257"></div>
 
<div>The switching of interest-only (IO) loans peaked in September 2017. </div>
<div> </div>
<div>There is still plenty of scheduled IO expiry over the next two financial years, however, with the blue bars arguably representing the loans most at risk of arrears (being IO loans to investors). </div>
 
<div><img src="https://1.bp.blogspot.com/-oV4exYg2jIY/W2obf3MIo_I/AAAAAAAAra8/NGaVAzwTFF8L3X27_sdVCv1GdNukH2T6wCLcBGAs/s640/CBA4.jpg" width="640" height="276" data-original-height="643" data-original-width="1490"></div>
 Home loan repayments in advance remain popular, though not for all borrowers. 
<div><img src="https://3.bp.blogspot.com/-zmTCKRUK6YA/W2ocvV3VTBI/AAAAAAAArbY/bIkgLBE06_Ak3f32pJmK2CLHaDUB__-mgCLcBGAs/s640/CBA7.jpg" width="640" height="330" data-original-height="750" data-original-width="1454"></div>
 
<div>Finally, CBA optimistically notes that outside recessions or global financial crises modern housing downturns generally only last about 8 months on average (so on that basis, this one should be about done).</div>
 
<div><img src="https://3.bp.blogspot.com/-baZfqx1F2yk/W2obgIOcIrI/AAAAAAAArbE/cfkEW3UjyasvCcohNfaoPV3nTBFD9zsgwCLcBGAs/s640/CBA6.jpg" width="640" height="330" data-original-height="796" data-original-width="1536"></div>
 PETE WARGENT is the co-founder of AllenWargent property buyers (London, Sydney) and a best-selling author and <a href="https://petewargent.blogspot.com/" target="_blank">blogger</a>.
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WA home loan arrears still problematic for CBA: Pete Wargent

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CBA, the nation's largest mortgage lender, is axing residential and commercial loans for self managed super funds (SMSF).
The bank will be withdrawing its SMSF lending product, SuperGear, from October 12.
Westpac Group, the nation's second largest mortgage lender, already pulled out of the sector in July.
But the Australian Financial Review said the move had shocked mortgage brokers and financial advisers. 
"We are seeing the writing on the wall for leveraged SMSFs," said Sally Tindall, director of research for RateCity, which monitors rates for financial service products. 
"This calls into question the viability of the leveraged SMSF sector."
"CBA has decided to withdraw its SMSF lending product that allows SMSF trusts to purchase both residentially and commercially secured properties," a spokesman said.
"This is part of our strategy to become a simpler, better bank.
"We are streamlining our product portfolio and have decided to discontinue SuperGear."
The bank said it will be writing to customers who hold a SuperGear loan outlining the changes.
It will continue to support existing loan accounts.
Regulators fear problems arising from SMSF investors leveraging their superannuation to invest in a single residential property because of the lack of diversification and increasing dangers of loss in a falling property market where it is difficult to find tenants. 
A key finding of the David Murray-led financial system inquiry in 2014 was that leverage should be banned in superannuation funds to mitigate the risk of financial instability.
The government rejected his advice.
Nearly $700 billion is held in SMSF funds by more than one million investors.
During the past four years the number of members investing in property has increased from about 3.6% to 6.9% of SMSF fund assets.
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j.ballantyne1990-6AQqhLzZaK

Leveraged SMSF sector in doubt as CBA scraps SMSF lending

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By late April some 1000 Australians have now purchased a property with Commonwealth Bank under the Australian Government's First Home Loan Deposit Scheme.
The scheme, launched on January 1, 2020, helps eligible first homebuyers purchase a home with a deposit of as little as five per cent.  
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In addition to the 1,000 customers who have purchased a home, CBA has helped a further 2,400 customers secure a place under the scheme.
CBA announced that customers who have reserved a place under the Scheme who have not yet found a property, can now request to extend the deadline to find a property and enter a contract of sale for another 90 days. 
It will give customers a total of six months to find a property and provide them with the peace of mind they need during this difficult period that their place under the scheme is safe. 
CBA Group Executive Retail Banking Services, Angus Sullivan said, “There is a lot of interest and uncertainty about the impact the coronavirus will have on the Australian property market so it’s encouraging that we have crossed this exciting milestone in the current environment. 
“As Australia's largest home-loan lender, our Australian-based call centres remain open for business and we continue to have industry leading processing and turnaround times for home loan applications. 
“Whether you are purchasing your first home or looking to buy a new home we want to reassure customers that we are open for business and here to help them realise their home ownership goals. 
“We also realise that some customers are looking for support during this difficult period and we have a range of measures to assist them including deferring repayments and reducing repayments to free up cash.” 
Rebecca Dore, a 32-year-old from Victoria, was the thousandth customer to purchase her dream home with CBA in Pakenham, Victoria.
“I was saving for a deposit but was a few years off buying a property so when my Lender contacted me and explained that I would be able to purchase a home much sooner by participating in the Scheme I was ecstatic."
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Commonwealth Bank secures 1000 first home loan deposit scheme purchasers

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ASIC has today commenced civil penalty proceedings in the Federal Court against the Commonwealth Bank of Australia (CBA) for charging a rate of interest on business overdraft accounts substantially higher than what its customers were advised.
ASIC alleges from 29 December 2011 to 31 March 2018, CBA:
<ul>
<li>provided customers with terms and conditions for certain credit facilities that stated an interest rate to be charged or that had been charged (in most cases, 16% per annum);</li>
<li>sent periodic account statements to customers referencing the rate at which interest rate was being charged (in most cases, 16% per annum); and</li>
<li>due to a systems error, charged more than 2,200 customers a different, higher interest rate on their overdraft accounts (in most cases approximately 34% per annum).</li>
</ul>
The total overcharged interest exceeded $2.9 million.
ASIC alleges that CBA attempted to manually fix the overcharging error after a complaint was made to the bank in 2013. The manual fixes were unsuccessful, and customers continued to be overcharged. ASIC alleges that from 1 December 2014 to 31 March 2018, being within the six-year limitation period, CBA engaged in conduct that contravened financial services laws. Specifically, that on 12,119 occasions, CBA:
<ul>
<li>made a misleading representation in contravention of s12DB(1)(g) of the ASIC Act;</li>
<li>engaged in misleading or deceptive conduct, or conduct that was likely to mislead or deceive, in contravention of s12DA(1) of the ASIC Act; and</li>
<li>failed to comply with its obligation to comply with financial services laws in contravention of s912A(1)(c) of the Corporations Act.</li>
</ul>
ASIC is seeking declarations, pecuniary penalties and other orders against CBA.
The date for the first case management hearing is yet to be scheduled.
ASIC previously obtained a $5 million penalty against CBA for failures of their AgriAdvantage Plus Package for failures including overcharged interest on loans and fees.
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ASIC takes CBA to court over alleged overcharging of business overdraft interest rates

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The Commonwealth Bank has trimmed the rate on its ‘no frills’ home loan for homeowners and investors. 
The move sees the major bank’s Extra Home Loans cut by 0.10 percent for owner occupiers and up to 0.15 percent for investors, taking the lowest variable rate offer from the bank to 2.69 percent.
While the Extra Home Loan is one without an offset or extensive features, it does allow for additional repayments and redraw, which Canstar advised are two critical features of a loan that enable borrowers to pay their loan off sooner.
<a href="https://www.canstar.com.au/" target="_blank">Canstar</a> analysis shows CBA’s owner occupied Extra home loan rate of 2.69% (2.70% comparison rate) is 1.16% below the bank’s loan with an offset account being its Wealth Package at a variable rate of 3.85% (4.27% comparison rate).
The difference in monthly repayments between the two on a $400,000 loan over 30 years is $255. Borrowers need to decide whether they value the extra benefits of the package loan that highly.
Looking across the market, further analysis shows mortgage holders will pay an average of 0.37% more for a variable rate loan with an offset account, or $81 each month on a $400,000 home loan over 30 years.
Canstar’s Group Executive, Financial Services, Steve Mickenbecker says borrowers will typically pay more for a loan with an attached offset account so it might be worth considering one of the basic loans available and taking advantage of the extra repayment feature. 
 “Getting ahead of your home loan repayment schedule works to recession proof your finances and helps build long term wealth.”  
He said when no frills loans first hit the market, they came with the drawback that you could not make extra repayments to get ahead. 
“For Commonwealth Bank in particular, a no frills loan may work for borrowers who don’t see the value of the additional benefits of the packaged loan that could be costing them an extra could be costing them an extra $255 a month.”
The CBA changes:
 
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<tbody>
<tr>
<td colspan="6">
CBA Home Loan Interest Rate Changes
25 September 2020
</td>
</tr>
<tr>
<td colspan="6">
Owner Occupied
</td>
</tr>
<tr>
<td>
Product &amp; LVR
</td>
<td>
Repayment type
</td>
<td>
Old rate
</td>
<td>
New rate
</td>
<td>
Comparison rate
</td>
<td>
Change
</td>
</tr>
<tr>
<td>
Extra Home Loan &lt;=70%
</td>
<td>
P&amp;I
</td>
<td>
2.79%
</td>
<td>
2.69%
</td>
<td>
2.70%
</td>
<td>
-0.10%
</td>
</tr>
<tr>
<td>
Extra Home Loan 70.01-80%
</td>
<td>
P&amp;I
</td>
<td>
2.79%
</td>
<td>
2.69%
</td>
<td>
2.70%
</td>
<td>
-0.10%
</td>
</tr>
<tr>
<td>
Extra Home Loan 80.01-95%
</td>
<td>
P&amp;I
</td>
<td>
3.13%
</td>
<td>
3.13%
</td>
<td>
3.14%
</td>
<td>
-
</td>
</tr>
<tr>
<td>
Extra Home Loan &lt;=70%
</td>
<td>
IO
</td>
<td>
3.35%
</td>
<td>
3.25%
</td>
<td>
2.91%
</td>
<td>
-0.10%
</td>
</tr>
<tr>
<td>
Extra Home Loan 70.01-80%
</td>
<td>
IO
</td>
<td>
3.35%
</td>
<td>
3.25%
</td>
<td>
2.91%
</td>
<td>
-0.10%
</td>
</tr>
<tr>
<td colspan="6">
Investment
</td>
</tr>
<tr>
<td>
Product &amp; LVR
</td>
<td>
Repayment type
</td>
<td>
Old rate
</td>
<td>
New rate
</td>
<td>
Comparison rate
</td>
<td>
Change
</td>
</tr>
<tr>
<td>
Extra Home Loan &lt;=70%
</td>
<td>
P&amp;I
</td>
<td>
3.27%
</td>
<td>
3.12%
</td>
<td>
3.13%
</td>
<td>
-0.15%
</td>
</tr>
<tr>
<td>
Extra Home Loan 70.01-80%
</td>
<td>
P&amp;I
</td>
<td>
3.27%
</td>
<td>
3.15%
</td>
<td>
3.16%
</td>
<td>
-0.12%
</td>
</tr>
<tr>
<td>
Extra Home Loan 80.01-95%
</td>
<td>
P&amp;I
</td>
<td>
3.54%
</td>
<td>
3.54%
</td>
<td>
3.55%
</td>
<td>
-
</td>
</tr>
<tr>
<td>
Extra Home Loan &lt;=70%
</td>
<td>
IO
</td>
<td>
3.83%
</td>
<td>
3.68%
</td>
<td>
3.34%
</td>
<td>
-0.15%
</td>
</tr>
<tr>
<td>
Extra Home Loan 70.01-80%
</td>
<td>
IO
</td>
<td>
3.83%
</td>
<td>
3.71%
</td>
<td>
3.37%
</td>
<td>
-0.12%
</td>
</tr>
<tr>
<td>
Extra Home Loan 80.01-95%
</td>
<td>
IO
</td>
<td>
4.10%
</td>
<td>
4.10%
</td>
<td>
3.77%
</td>
<td>
-
</td>
</tr>
</tbody>
</table>
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CBA trims home loan rates

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Australia’s biggest bank, CBA, has today announced a no interest credit card – the second of its kind in as many days.
The CommBank Neo card won’t be available for customers until late 2020. It will have credit limits of $1,000, $2,000 and $3,000 with no interest and no late or currency conversion fees.
The card includes a monthly fee based on the credit limit, however, there’s no fee if you don’t use the card, and have a $0 balance throughout any given month.
Last night big four bank NAB launched the StraightUp no interest credit card with near identical terms and conditions.
With buy now, pay later services like Afterpay and Zip Pay attracting more than 5 million customers between them, the big banks have come up with a credit card to compete.
RateCity.com.au research director Sally Tindall said, “These new cards signal it’s game on between the big banks and buy now, pay later.
“Hopefully this competition will bring more low cost, consumer-focused credit options to the table,” she said.
While CBA’s card is eerily similar to NAB’s, aside from the small variation in monthly fees, there are two key differences.
“The main difference between the two cards is NAB is asking customers to pay back more of their debt each month, which will see them clear it faster,” she said.
“The second difference is CBA offers shopping perks, but only if customers spend at certain stores."
“Customers should be wary: if they start buying things in a bid to claw back their monthly fee, then they’ve probably been had."
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CBA follows NAB's lead, announces Australia’s second no interest credit card

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CBA has cut the introductory rate on its NetBank Saver account by -0.05% while slashing the bonus rate on its GoalSaver account by -0.05% for balances of $50,000 or more.
The bank has also cut the bonus rate on its Youthsaver account by -0.10%.
<img src="https://www.urban.com.au/images/2020/8/20/NAB%20AUG%20cuts.JPG" alt="">
This is the second time in just over six weeks that CBA has cut the introductory rate on its NetBank Saver account and the total rate available on its Youthsaver account as well as the bonus rate on its GoalSaver account.
NAB has also revealed cuts of between -0.05% and -0.15% for its 1, 2 and 3-month term deposits.
<img src="https://www.urban.com.au/images/2020/8/20/NAB%20CBA%20AUG%20cuts.JPG" alt="">
New analysis shows 50% of savings accounts and 80% of term deposits on Canstar’s database have a total rate of less than 1%.
Canstar’s Editor-at-Large and money expert, Effie Zahos commented on the rate cuts, “A cut to deposit rates right now will be felt pretty hard by anyone financially impacted by the pandemic, people saving for their first car or first home, and many retirees.”
“Depending on the balance of your savings, retirees would see the Government deeming you to earn 2.25% on the portion of your savings over $53,000, despite the highest deposit rate being 2.20%. Even smaller balances are deemed to earn over 0.25%. This goes to show retirees with money in the bank have to be chasing the top returns on savings accounts."
“Banks are seeing their margins squeezed, some banks aren’t paying dividends and others are trying to offer higher rates in a low rate environment. It’s forcing savers to move their money about."
“Where one lender is reducing rates, there will be another holding on with a better deal.”
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