<a href="https://www.apartments.com.au/buildings/aura-by-aqualand-north-sydney-168-walker-street-north-sydney-nsw-2060">AURA</a>&nbsp;doesn’t just rise over North Sydney, it redefines it. Now in its final release, <a href="https://www.apartments.com.au/developers/aqualand-australia">Aqualand</a>’s $1 billion architectural statement is not just complete, but already reshaping the way people live, connect and dine in this rapidly evolving harbourside CBD.

Positioned beside the new Victoria Cross Metro Station and boasting panoramic views across Sydney Harbour, Aura’s 386 residences crown a mixed-use precinct designed with unapologetic ambition. The curvaceous sandstone-inspired form by <a href="https://www.apartments.com.au/architects/woods-bagot">Woods Bagot</a>, paired with <a href="https://www.apartments.com.au/interior-designers/richards-stanisich">Richard Stanisich</a>’s understated interiors, sets a design tone that’s both monumental and intimate.

At its peak, literally, the two penthouses so spectacular they command their own names; La Davina and Il Magnate. The residents are spread across the&nbsp;entire top floor, offering what many consider the most refined residences ever built in North Sydney. Designed by Richard and Kirsten Stanisich, each four-bedroom home is meticulously crafted to evoke calm, space, and permanence.&nbsp;

<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/VB70993aG-I?si=adRBlXQliYmYvaSz" title="YouTube video player" width="560"></iframe>

The kitchens are fully wrapped in natural stone, with integrated Gaggenau appliances, Sub-Zero fridges, concealed sculleries, and even a zip hydro tap delivering boiling, chilled and sparkling water on demand. A linear stone fireplace anchors the open-plan living space, dividing lounge and dining zones with quiet sophistication.&nbsp;

[smartcode_project:default project_id=30959 project_image_fid=292861]

The master suite, meanwhile, feels more like a private retreat, complete with a custom stone makeup vanity, walk-through dressing area, and spa-inspired ensuite with heated stone floors, a freestanding Villeroy &amp; Boch tub, and timber veneer joinery throughout.

Kirsten Stanisich, Director of Richards Stanisich, said the penthouses offer incredible scale reflective of a single residence.&nbsp;

“We sought inspiration for these remarkable residences from the classic top-floor Parisian apartment," Stanisich said.

"We looked at what made these French apartments so elegant and found it really came down to their scale. It was ultimately this generosity of space that we used for the AURA penthouses, where we’ve designed considered rooms with deep large-scale proportions."

[smartcode_project:default project_id=30959 project_image_fid=310337]

Everyday living at Aura feels no less elevated. A dedicated 24-hour concierge, Technogym fitness centre, sky dining terraces, and a resort-style pool serve a lifestyle designed to rival luxury hotels.

At street level, Aqualand’s own hospitality arm, Etymon Projects, curates a precinct of LA-style bistros, Japanese fine dining, and local wine bars, all seamlessly integrated into the building’s sculptural podium.

[smartcode_project:default project_id=30959 project_image_fid=310337]

This final chapter, aptly dubbed The Finale, is more than a sales phase, it’s an invitation to two of the most exclusive apartments ever to be built in North Sydney.

With limited residences remaining, buyers can access curated incentives including stamp duty rebates, rental guarantees, legal fee coverage, and even $20,000 towards dining within the precinct.

From generous one-bedders to The Icons, two singular penthouses priced well into prestige territory, Aura’s offerings reflect a scale and calibre rarely seen in urban Sydney. And with move-in now immediate, this is no longer a promise of future luxury. It’s happening.

[smartcode_project_cta:default project_id=30959]

Staff Writer

Aqualand unveils penthouse collection at AURA By Aqualand in North Sydney

There’s no sign of the development wave that began several years ago slowing along Old Burleigh Road.

Around 10 new apartment developments are either underway or preparing to launch along the 800-metre strip stretching from the southern edge of Surfers Paradise towards the heart of Broadbeach, collectively adding just shy of 1,000 new apartments to the beachfront corridor.

The latest plans propose a further 30 apartments to replace an original six-unit walk-up on a 658 sqm site at <a href="https://www.apartments.com.au/new-apartments/20a-old-burleigh-road-surfers-paradise-qld-4217">20A Old Burleigh Road</a>. The 14-storey building has been designed by Ferro Chow Architecture, which recently joined the Elevation Architecture Group.

The developer behind the project is Geoffrey Booth, whose Future Liv In has focused on delivering rental accommodation across regional Australia.

<img alt="Old Burleigh Road" data-entity-type="file" data-entity-uuid="99d393e7-d404-43bc-80cb-6255c39b83d6" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-01-05%20at%2012.28.44%E2%80%AFPM.png?VersionId=ZFT8F3mOny4M4ut.kFF3woC9WH9oR5gT" />

The Old Burleigh Road development will comprise 18 two-bedroom apartments, 10 three-bedroom apartments, and a single four-bedroom residence occupying the entirety of level 12. Above, the building will be crowned by a two-storey penthouse with its own private lift, several multi-purpose rooms, and two rooftop terraces — one featuring a puppy lawn and spa, the other offering a private swimming pool, sunset deck, and built-in barbecue.

Resident amenities will be located on the second level and include a pool with adjoining spa, cabana, and pool deck, along with an indoor residents’ lounge featuring a bar and an alfresco barbecue kitchen.

In the architectural statement submitted by Elevation Architecture, the project is referred to as “UMI”, which the firm says has been “inspired by the majestic hinterlands and shaped by the coastal climate”.

“It is an exemplar of how community living can still feel at one with nature, breathable, and deeply connected in place,” the architects noted.

They added that the site benefits from established building separation to adjoining towers, helping to maintain privacy, sunlight, and residential amenity, while still offering direct beach access within an urban setting.

“Drawing inspiration from the Gold Coast hinterlands and the region’s natural landscape, the podium and tower detail highlights the contrasting elements of treetop green and cliff-face peach. The vibrant texture and materiality shaped by time has a richness in depth and character.”

<img alt="Old Burleigh Road" data-entity-type="file" data-entity-uuid="b3d6c923-a0ab-4d74-86da-177313447e8e" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-01-05%20at%2012.28.38%E2%80%AFPM.png?VersionId=i2fygmoVQM6hWpbATTAW_yTitoMTrnI1" />

Old Burleigh Road has become a hotspot for developers, with the three-tower Jewel development kickstarting a wave of projects up and down the strip when it was completed in 2020.

Currently under construction and approaching completion is <a href="https://www.apartments.com.au/new-apartments/faro-broadbeach-123-old-burleigh-road-broadbeach-qld-4218">FARO Broadbeach</a> by 5Point and Bottega, 21 large-scale half- and full-floor apartments. 5Point is also behind the recently launched <a href="https://www.apartments.com.au/new-apartments/lumara-108-old-burleigh-road-broadbeach-qld-4218">Lumara</a>, another 37 apartments to add to the pipeline.

Luxury builder GRAYA is progressing construction on <a href="https://www.apartments.com.au/new-apartments/enclave-by-graya-118-old-burleigh-road-broadbeach-qld-4218">Enclave</a>, its first Gold Coast tower, while Polycell remains the most active developer on the street. They are preparing to launch <a href="https://www.apartments.com.au/new-apartments/sandpiper-broadbeach-155-old-burleigh-road-broadbeach-qld-4218">Sandpiper</a>, a 50-storey redevelopment of the former Sandpiper Holiday Resort that will deliver around 200 apartments alongside extensive resident amenity. The group also has another 130-apartment project approved nearby, as does <a href="https://www.apartments.com.au/news/qld/dvb-approved-for-second-broadbeach-apartment-development">Dean Gallagher’s DVB Projects</a>.

Joel Robinson

First look: Old Burleigh Road apartment development wave continues

Sunshine Coast developer Habitat Development Group continues to position itself as one of the region’s largest new apartment developers.

Its latest project is in Maroochydore, where it is currently delivering <a href="https://www.apartments.com.au/new-apartments/the-millwell-2-millwell-road-east-maroochydore-qld-4558">The Millwell</a>. Adjacent to the new 53-hectare Maroochydore City Centre project, Habitat is planning a further 180 apartments on a 3,468 sqm site at <a href="https://www.apartments.com.au/new-apartments/132-136-aerodrome-road-maroochydore-qld-4558">132–136 Aerodrome Road</a>. The site was purchased with approval for a smaller 13-storey, 103-unit building.

Habitat will demolish the two existing retail centres, currently home to the Salvation Army Family Store and Neighbours Aid, and replace them with an 18-storey building featuring the significant rooftop amenities that have become a hallmark of Habitat developments in recent years. The rooftop will include both indoor and outdoor spaces, anchored by an infinity swimming pool.

<img alt="Maroochydore" data-entity-type="file" data-entity-uuid="ad434d07-666b-4614-b33e-530ad6a2d261" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-01-05%20at%2010.12.33%E2%80%AFAM.png?VersionId=7pyLsPWKQuwv0us3_v.9DmbzEc2VZe9Z" />

There will be a mix of one- to four-bedroom apartments.

The Development Assessment Report, submitted to the Sunshine Coast Council, says the proposal&nbsp;is not speculative, but a response to both zoning intent and demonstrated housing need.

“The proposed development represents an appropriate and logical intensification of the site, consistent with the planning framework and the intended urban outcomes for the locality.”

Across the Sunshine Coast, councils are increasingly scrutinising not just height or yield, but whether new projects genuinely align with the long-term structure plans underpinning growth corridors. The&nbsp;ASTP Planning Report&nbsp;reinforces the approach, noting that the project has been shaped around site responsiveness rather than generic typology.

“The development has been designed to respond to the physical constraints and opportunities of the site, while delivering a high-quality residential outcome that integrates with the existing and emerging urban context.”

<img alt="Habitat" data-entity-type="file" data-entity-uuid="3a03fc54-4ca5-4868-88d0-eeced70604e2" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-01-05%20at%2010.12.28%E2%80%AFAM.png?VersionId=1pkK3lJrrZjkghTLBReM2zatcas4Nc4B" />

In mid-2025, Habitat, a developer that also builds its own projects, commenced construction on The Millwell, located just over one kilometre from the new proposal. The Millwell will comprise more than 200 apartments across two eight-storey buildings.

Habitat also has two projects on Lake Kawana in Birtinya: <a href="https://www.apartments.com.au/new-apartments/st-clair-birtinya-930-931-waterside-retreat-birtinya-qld-4575">St Clair</a>, a 200-unit, two-building development launched last year and set to welcome buyers this year; and Esperance, a 175-apartment project currently progressing through the development approval process.

First look: Habitat continues to bolster Sunshine Coast apartment pipeline with Maroochydore development plans

John Camilleri, the breeder of legendary racehorse Winx, is set to deliver a landmark two-tower beachfront development that would redefine the Surfers Paradise skyline.

Camilleri, who spent around $100 million acquiring development sites across the Gold Coast in 2025, has lodged plans for two new towers on the dress-circle stretch of Garfield Terrace, just two days before Christmas.

In assembling the site, Camilleri's Celestino Developments has effectively acquired the 71 Garfield project by Iris Capital and AALTO by Weiya Holdings, creating an unrivalled <a href="https://www.apartments.com.au/new-apartments/63-79-garfield-terrace-surfers-paradise-qld-4217">4,000 sqm beachfront holding along Garfield Terrace</a>.

The proposal comprises two residential towers of 55 and 48 storeys, linked by a dramatic skybridge which will home “exclusive VIP and wellness amenities.”

In total, the development would deliver 275 two-, three- and four-bedroom apartments across the two towers, rising above a shared landscaped podium that incorporates a central green space and a beachfront swimming pool stretching more than 90 metres.

<img alt="DBI" data-entity-type="file" data-entity-uuid="097900f3-6bef-4919-b168-b08f2f762876" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202025-12-30%20at%209.37.58%E2%80%AFAM.png?VersionId=et0SpmcvaPPVrexI_zWi46BVFtZBxAzx" />

Architecture firm DBI, in documents submitted to Gold Coast City Council, said the project at 63–79 Garfield Terrace would “establish a new benchmark for beachfront residential living on the Gold Coast.”

"The project occupies a rare, uninterrupted oceanfront site and has been shaped by a design philosophy that merges architectural elegance with environmental responsiveness and a carefully curated lifestyle experience. Together, the 48-storey North Tower and 55-storey South Tower form a distinctive twin-tower composition whose dynamic silhouette will make a significant contribution to the Surfers Paradise skyline."

DBI said the architectural language draws inspiration from the fluidity and movement of the coastal landscape.

"Each tower is defined by organic, curving forms and continuous balcony ribbons that wrap the buildings, providing deep shading, enhancing environmental performance, and reinforcing the rhythmic, sculptural expression of the façade. These balcony forms also reduce the apparent mass of the towers while maintaining strong visual continuity from podium to summit. Sculpted reflective downturns run along the western spine of both towers, shifting and lifting as they extend upwards to frame service zones and open eastward to maximise ocean views."

<img alt="Garfield" data-entity-type="file" data-entity-uuid="a2a00ce3-a0e9-45d6-b4b5-b7baed592ac5" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202025-12-30%20at%209.53.40%E2%80%AFAM.png?VersionId=DnruWV1dhLrtXOeElwekyd7vPq2gw55t" />

The project’s most striking feature is the skybridge at level 45, which will house executive lounges, formal dining spaces, wellness facilities and panoramic ocean-facing views.

“The skybridge enhances the identity of the development, promotes social interaction, and delivers a lifestyle experience not found elsewhere on the Gold Coast,” DBI added.

The podium will host an extensive suite of recreational amenities, including resident lounges, private dining rooms, a large open green lawn, and the signature 90-metre pool stretching along the beachfront. The pool is divided into lap, lounge and children’s zones.

The southern end of the podium will accommodate additional wellness facilities, including a gymnasium, plunge pools, treatment rooms and a dedicated yoga lawn.

<img alt="Garfield" data-entity-type="file" data-entity-uuid="ee1b4f25-231f-4804-83b1-a573a1481962" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202025-12-30%20at%209.55.47%E2%80%AFAM.png?VersionId=zObzIA3D5w7EwqPsHjr2pKrA4vbB28zL" />

There will be 127 apartments in the North Tower and 148 in the South Tower, including multiple penthouses, while the Enderley Avenue and Oceanway frontages will be activated by a series of food and beverage tenancies.

Camilleri emerged as the most active site acquirer on the Gold Coast in 2025. He spent just over $30 million acquiring Pacific Point, a 10-level Surfers Paradise apartment block and an adjoining three-level duplex, from fellow racing identity and Aquis billionaire Tony Fung. Plans are now underway for a 93-apartment, 40-storey tower on the 1,682 sqm site.

He also paid $53.65 million for the 1,500 sqm Garfield Terrace site previously marketed as AALTO by Weiya Holdings, before acquiring the adjoining parcel from hotel billionaire Sam Arnaout’s Iris Capital, the developer behind V&amp;A Broadbeach.

First look exclusive: Billionaire Winx breeder’s bold two-tower Surfers Paradise play with 45th-storey skybridge

The Melbourne-based HLA Group is the latest developer to expand into South East Queensland, lodging plans for a unique mixed-use short-term accomodation and apartment building in Taringa, with the building design inspired by the Glasswing Butterfly.

The development application for 10 Morrow Street seeks approval for a total of 232 dwellings, comprising 116 residential apartments and 116 short-stay accommodation units. The build-to-sell residential component is made up of 31 one-bedroom apartments, 67 two-bedroom apartments, 17 three-bedroom apartments, and a single four-bedroom apartment, offering a diverse mix aimed at singles, couples, families, and downsizers.

<img alt="Taringa" data-entity-type="file" data-entity-uuid="33913cd4-9839-4456-b325-d35b3f8b4694" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202025-12-23%20at%203.40.26%E2%80%AFPM.png?VersionId=sLvc7jUrYzDwqPDZBPrXTosKHDSp.qrt" />

Designed by Ellivo Architects, the tower takes strong inspiration from nature, with the architectural language driven by one of Queensland’s most delicate species. As described in the planning documents submitted to Brisbane City Council, Ellivo Architects state the design is “inspired by the elegance of the Glasswing butterfly," and mirrors the graceful sweep of its wings, a form that feels light, fluid, and alive.

“Lush subtropical greenery is throughtfull woven throughout, transforming the building into a sanctuary in the heart of the city.”

The proposal positions the building as more than a conventional residential tower, with Ellivo Architects describing 10 Morrow Street as “an urban oasis that blends short term accomodation with residential living. A destination for rest, relaxation, and renewal.”

<img alt="Taringa" data-entity-type="file" data-entity-uuid="84e9a0ff-464e-4973-bffe-5d5a8fe9f087" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202025-12-23%20at%203.40.32%E2%80%AFPM.png?VersionId=dhX9eVgUaQE2TvCzJPhF8N8_hzYSKpyK" />

Formally, the building’s massing and floorplate are directly shaped by its butterfly inspiration. Ellivo explain that, “adopting the wings of the Glasswing Butterfly, the tower's plan is divided into four distinct quadrants, each shaped to mirror the wing's segmented geometry and taking the slender ‘veins’ up the facade of the tower.”

"This approach results in a sculpted tower form with articulated façades and a strong vertical expression."

<img alt="Taringa" data-entity-type="file" data-entity-uuid="5947011d-ff6c-4a57-bdc1-9072a472a79c" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202025-12-23%20at%203.40.29%E2%80%AFPM.png?VersionId=nnGqd4WCZM8AOJZY.c3u49BO4LurKRhb" />

The Assessment Report by Human Habitats said the 19-storey tower capitalises on its strategic connectivity and prominence at the entrance of Taringa Village and adjoining the Taringa Station.

"The proposal offers a significant revitalisation of the subject site that integrates architectural excellence, innovation, and sustainable design to directly address long-standing connectivity and safety challenges, housing supply , and diversity together with enhanced streetscape activation and convenient access to major transport corridors."

HLA Group Australia is registered to South Yarra and is currently delivering Adamson No.5, just 15 luxury apartments that start from around $2 million.&nbsp;

The Butterfly Effect: Glasswing butterfly inspires Taringa apartment development

Commonwealth Bank

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

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The home buying spending intentions, part of the Commonwealth Bank Household Spending Intentions (HSI) series, saw further gains across February, reaching its highest level since the data series began in 2015.

Both mortgage applications and Google searches were up in February in comparison to the month and year prior.

CBA chief economist Stephen Halmarick said the overall improvement in the HSI data is consistent with other signs that Australia’s economy continued to recover in the early months of 2021.

[smartcode_project:default project_id=3303]

"We continue to expect the home buying market to be a key source of support for the Australian economy in 2021 – driven largely by the very low level of interest rates," Mr Halmarick said.

CBA are continuing with their forecast that property prices will be up eight per cent in 2021 and six per cent in 2022, with house prices expected to be nine per cent higher this year.

Mr Halmarick said Commonwealth Bank now expect the Australian economy will grow by 4.4 per cent in 2021 following the economic growth improvement at the end of 2020 pointing to a V-shaped recovery.

One risk to this outlook is the upcoming expiry of the JobKeeper program, though Mr Halmarick said recent CBA research suggests any effect from removing the labour market support measure is likely to be temporary.

“Our view is that the negative impacts of the end of JobKeeper will be short-lived and that the strength in the labour market, the large savings pool generated throughout 2020 and, as shown by the HSI, the solid momentum in spending and home buying, will see the economy transition successfully through the end of JobKeeper,” he said.
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Both mortgage applications and Google searches were up in February in comparison to the month and year prior.

Commonwealth Bank's home buying spending intentions hit record highs in February

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The online digital home loan platform Lendi and Aussie Home Loans have announced they have entered into an agreement to merge.

It has been mooted for a month.

The financial press had advised Aussie has 200 outlets and a $70 billion loan book that makes $50 million a year profit while Lendi is a loss maker, recently advising a $37 million loss with an $8 billion book.

Aussie has around 1000 brokers, and Lendi has around 200.

They intend for the proposed merger to "create a market leader in the Australian home loan market."

Lendi shareholders will hold the majority shareholding of 55 percent in the merged business, while Aussie’s current owner, CBA, will hold a 45 percent shareholding.

It will continue to provide funding for the Aussie Select branded home loan product.

The CBA chief executive officer, Matt Comyn said the combined business will have a stronger platform to offer "enhanced digital capabilities for Aussie brokers and a superior experience for customers."

Lendi CEO and co-founder David Hyman suggested it was an "exceptional opportunity" to drive the growth and digitisation of the two companies, both of which had "led disruptive change" in the Australian home loan market. 

Aussie CEO James Symond suggested the merger was another important step in the almost 29-year evolution of Aussie as Australia’s leading retail mortgage broker.

"We are currently posting record lending volumes through our network of over 970 brokers and over 210 stores and, by underpinning Lendi’s technology across our national broker network, we will further accelerate this growth and momentum.”

Completion of the transaction is subject to ACCC approval and other customary conditions.

It is expected to occur by mid calendar year 2021.
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The Commonwealth Bank has announced the merger of its Aussie Home Loans business with online platform Lendi

Aussie Home Loans merges with Lendi

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CBA currently has deferred repayments on 135,000, or eight per cent, of its home loans.
It covers $48 billion of loans.
It was 154,00 home loan deferrals at the COVID-19 peak.
There were 250,000 deferred loans all up, as 15 per cent of its business loans are also deferred totalling $14 billion in deferrals.
<img src="https://res.cloudinary.com/dz9xllyip/image/fetch/c_scale,w_580,q_auto:good/https://s3-ap-southeast-2.amazonaws.com/po.images/2020/8/12/CBA%20loan%20make-up.jpg" alt="">
But its recent home lending has proved resilient, rising by 1.3 times the average of the system, or $18.4 billion over the year.
There was $100 billion in new home lending, with just 25 percent going to investors.
It equated to four per cent volume growth.
The average home loan was at a record $352,000, up from $317,000 a year ago.
Home loan arrears sit at low levels.
Some 40 percent of CBA borrowers are one year or more in advance in their payments.
<img src="https://res.cloudinary.com/dz9xllyip/image/fetch/c_scale,w_580,q_auto:good/https://s3-ap-southeast-2.amazonaws.com/po.images/2020/8/12/CBA%20arrears.jpg" alt="">
The portfolio LVR remained stable.
It advised 70 percent of its book originated under tighter lending standards adopted in 2016.
The book has split 68 percent with owner occupiers; 30 percent investors and 2 percent with a line of credit.
Some 16 percent are on interest only loans, down from 22 percent a year ago.
Revenue was up two per cent over the year to $23.9 billion after CBA was flooded with new deposits, with deposits now providing 74 per cent of total funding, up from 69 per cent over the past year.
"We anticipate that lower credit growth and low interest rates will continue to put pressure on our revenue, requiring a focus on performance, efficiency and capital allocation," the CBA CEO Matt Comyn said.
"Despite the challenging environment, operational performance in the business remains strong. Combined with our strong balance sheet and capital position, this enables us to continue supporting customers and the economy."
Commonwealth Bank has announced an 11.3 per cent drop in full-year cash profit to $7.3 billion as it ramped up provisions against loan losses. 
It will pay a 98¢ final dividend.
The full-year dividend of $2.98 per share, fully-franked, is down 31 per cent on 2019.
Analysts had been expecting a final dividend of 92¢ cents, the lowest final dividend since 2006.
CBA’s shares have been trading at 6.5 per cent lower so far this year. 
The other banking majors will provide investors third-quarter updates over the coming week.
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j.ballantyne1990-6AQqhLzZaK

CBA boosts home loan lending as home loans hits record $352,000

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House prices could be slashed by a third, Commonwealth Bank have suggested in its worst case scenario for the national housing market.
The best case scenario, the country's biggest lender says, was for prices to drop 11 per cent.
LF Economics founder Lindsey David says a 32% fall in house prices will "kill the Australian banking system without mega bailouts."
Matt Barrie, founder and chief executive of Freelancer, believes even a 25 per cent drop will do it.
" I think that pushes most mortgages since 2017 into 100% LVR", Barrie said.
NSW Premier Gladys Berejiklian has said the news would be welcome for some.
<div>
"It'll be a buyers' market for a while," Ms Berejiklian said this morning.
</div>
<div>
"There's always a positive in a negative circumstances."
</div>
CBA's worst case scenario considers a two year recession where GDP growth could scale back nearly eight per cent over 2020 and 2021, with a minor 2.3 per cent bounce in 2022.
It would also rely on the unemployment rate hitting nine per cent in 2020, and only scaling back to 8.5 per cent in 2021.
<img src="https://res.cloudinary.com/dz9xllyip/image/fetch/c_scale,w_580,q_auto:good/https://s3-ap-southeast-2.amazonaws.com/po.images/2020/5/14/CBA%20house%20forecasts.jpg" alt="">
An 11 per cent scale back in the nation's house price index would more likely occur if Australia's GDP only falls six per cent in 2020, and recovers that amount in 2021, before slowing to a three per cent gain in 2022.
It would also see unemployment only hit 8.25 per cent, rather than nine per cent, and drop back to eight per cent in 2021 as the country's borders stop opening and jobs get back to some sort of normality.
Unemployment would be hitting 6.5 per cent in 2022 if this is the case.
CBA stated the key drivers of the fall in house prices were unemployment, underemployment and changes to income, given the severe economic impact to COVID-19. The bank have set aside $1.5 billion to cover potential losses.
ANZ was much more optimistic when it came to forecasting the potential effect on the housing market, predicting 10 per cent peak to trough losses nation-wide.
ANZ economists Felicity Emmett and Adelaide Timbrell anticipate prices will bottom out in mid-2021 as affordability improves, but the recovery is likely to be relatively gradual given that unemployment is expected to remain above 7% until 2022.
Emmett and Timbrell suggest the deterioration in household income will be the biggest driver of weakness.
"Already, nearly a third of Australian households have reported a deterioration in their finances due to COVID-19," the economists said.
 
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jrobinson-rf4aSBido9

House prices could fall 32 per cent: CBA's worst case COVID-19 scenario

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Commonwealth Bank have followed Westpac by passing on the full RBA cut in full to their customers.
They've passed on the full 25 basis points, effective March 24.
Westpac were the <a href="/expert-insights/finance/westpac-first-of-the-big-four-to-cut-rates-in-full-after-rba-cut">first of the big four to pass after the RBA announcement</a>. 
For the fourth cut in a row, Athena Home Loans <a href="/expert-insights/finance/athena-first-to-cut-interest-rates-after-march-rba-cut">cut first, in full</a>. They've now passed on every RBA rate cut.
“In responding to this latest official interest rate cut we have examined the important role we play in supporting the Australian economy and the unique set of circumstances facing the country", Commonwealth Bank's group executive for retail banking services Angus Sullivan said.
“We also recognise the importance of managing the business sustainably for the long term and balancing the needs of borrowers and depositors.
"We will continue to review our pricing and make further adjustments as required.
“Today’s announcement means our SVR for Owner Occupied customers, with Principal and Interest repayments, will be one of the lowest on record.”
New Standard Variable Rates
<ul>
<li>Owner Occupied Principal and Interest Standard Variable Rate home loans reduced by 0.25% per annum (p.a.) to 4.55% p.a.</li>
<li>Investor Principal and Interest Standard Variable Rate home loans reduced by 0.25% p.a. to 5.13% p.a.</li>
<li>Owner Occupied Interest Only Standard Variable Rate home loans reduced by 0.25% p.a. to 5.04% p.a.</li>
<li>Investor Interest Only Standard Variable Rate home loans reduced by 0.25% p.a. to 5.39% p.a.</li>
</ul>
 
 
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Commonwealth Bank second of big four to cut rates in full after RBA cut

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There have been 27 lenders endorsed to participate in the First Home Loan Deposit Scheme which kicks in at the beginning of next year.
There will no doubt be a huge amount of first home buyers looking to secure one of only 10,000 opportunities across to country to access the extra lending.
Some 100,000 first home buyers are forecast to be entering the market in 2020, <a href="https://www.propertyobserver.com.au/forward-planning/investment-strategy/65-first-home-buyers/105815-20-000-fhbs-set-to-take-up-the-low-deposit-scheme-in-2020" target="_blank">however 2020 will see 20,000 home loans written</a> for the scheme given the cut off dates in the future will be July 1.
The scheme will enable first home buyers <a href="/expert-insights/buying/how-to-buy-your-first-home-with-5-percent-deposit">who have only been able to save five per cent deposit</a> to gain a further 15 percent to take them to the 20 per cent mark, forgoing lenders mortgage insurance.
Commonwealth Bank have joined the NAB as the only two major lenders <a href="/news/westpac-ditched-from-government-s-first-home-loan-deposit-scheme">after Westpac were dumped</a> following their recent scandal.
The full list of lenders are:
<table class="gmail-MsoTableGrid" border="0" cellspacing="0" cellpadding="0"><tbody>
<tr>
<td colspan="3" valign="top" width="614">
Major bank lenders
</td>
</tr>
<tr>
<td valign="top" width="198">
National Australia Bank
</td>
<td colspan="2" valign="top" width="415">
Commonwealth Bank of Australia
</td>
</tr>
<tr>
<td colspan="3" valign="top" width="614">
Non-major lenders
</td>
</tr>
<tr>
<td valign="top" width="198">
Australian Military Bank
</td>
<td valign="top" width="246">
Auswide Bank
</td>
<td valign="top" width="170">
Bank Australia
</td>
</tr>
<tr>
<td valign="top" width="198">
Bank First
</td>
<td valign="top" width="246">
Bank of us
</td>
<td valign="top" width="170">
Bendigo Bank
</td>
</tr>
<tr>
<td valign="top" width="198">
Beyond Bank Australia
</td>
<td valign="top" width="246">
Community First Credit Union
</td>
<td valign="top" width="170">
CUA
</td>
</tr>
<tr>
<td valign="top" width="198">
Defence Bank
</td>
<td valign="top" width="246">
Gateway Bank
</td>
<td valign="top" width="170">
G&amp;C Mutual Bank
</td>
</tr>
<tr>
<td valign="top" width="198">
Indigenous Business Australia
</td>
<td valign="top" width="246">
Mortgageport
</td>
<td valign="top" width="170">
MyState Bank
</td>
</tr>
<tr>
<td valign="top" width="198">
People’s Choice Credit Union
</td>
<td valign="top" width="246">
Police Bank (including the Border Bank and Bank of Heritage Isle)
</td>
<td valign="top" width="170">
P&amp;N Bank
</td>
</tr>
<tr>
<td valign="top" width="198">
QBANK
</td>
<td valign="top" width="246">
Queensland Country Credit Union
</td>
<td valign="top" width="170">
Regional Australia Bank
</td>
</tr>
<tr>
<td valign="top" width="198">
Sydney Mutual Bank and Endeavour Mutual Bank (divisions of Australian Mutual Bank Ltd)
</td>
<td valign="top" width="246">
Teachers Mutual Bank Limited (including Firefighters Mutual Bank, Health Professionals Bank, Teachers Mutual Bank and UniBank)
</td>
<td valign="top" width="170">
The Mutual Bank
</td>
</tr>
<tr>
<td valign="top" width="198">
WAW Credit Union
</td>
<td valign="top" width="246">
 
</td>
<td valign="top" width="170">
 
 
</td>
</tr>
</tbody></table>
All lenders have committed not to charge eligible customers higher interest rates than equivalent customers outside of the Scheme.
Michael Sukkar, the minister for housing and the assistant treasurer, said the Morrison Coalition Government is committed to helping make home ownership a reality for more Australians and to get them into the property market sooner.
 "The Scheme has been warmly welcomed by major industry peak bodies, and the composition of the initial lending panel reflects the industry’s confidence in the Morrison Coalition Government’s plan to assist first home buyers", Sukkar said.
"Further, the Scheme has been deliberately designed to ensure strong representation of smaller lenders on the panel. This will promote competition between the large and small banks, and ensure the Scheme has broad geographic reach, including in regional and remote communities.
Graham Wolfe, managing director at The Housing Industry Association, said it's encouraging to see so many lenders wanting to be involved.
“The Government’s commitment to involve a range of lenders in the Scheme is important in ensuring that first home buyers have a genuine choice from whom they obtain their home loan,” said HIA Managing Director, Graham Wolfe.
"Their commitment to offer the same interest rates to participants in the Scheme is also critical", Wolfe said.
<div class="page" title="Page 1">
<div class="layoutArea">
<div class="column">
“Home ownership provides people with stability in so many aspects of their life. Housing supply needs to remain a national priority to stem the decline in home ownership rates in Australia in the last 25 years.
“HIA has long argued for a national approach to addressing the added costs that affect the final price of a home for many first home buyers. 
“The time it takes to save a 20 per cent deposit, along with the added upfront cost of mortgage insurance, along with stamp duty and securing finance, remains one of the main barriers to people’s home ownership aspiration. 
“Helping 10,000 first home buyers a year achieve their home ownership dream sooner by providing a guarantee under this Scheme to remove one of these added costs will make a real difference. 
“With the house price caps and lenders panel now locked in, people saving for their first home can begin to make a choice about whether to take up the opportunity in the new year and get into their first home sooner.” 
</div>
</div>
</div>
Applicants will be subject to eligibility criteria, including having taxable incomes up to $125,000 per annum for singles and up to $200,000 per annum for couples and eligible dwelling price thresholds.
 
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Commonwealth Bank among 27 lenders endorsed for the First Home Loan Deposit Scheme

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Commonwealth Bank have updated their forecast for the 2020 dwelling markets on the back of the resurgence over the last few months.
They now expect national dwelling prices to grow six per cent in 2020.
CBA senior economist Gareth Aird has called the rebound in demand "phenomenal."
"Back in July we updated out dwelling price forecasts and extended the profile to end-2020," CBA senior economist Gareth Aird said.
He noted however that they only expect modest price rises over H2 2019 and 2020.
"We flagged that the risks to our forecast profile were to the upside, but a V-shaped recovery was not our central scenario," Aird added.
Commonwealth Bank expect Sydney and Melbourne to drive the national forecast, each to be up seven and eight per cent.
To enlarge, <a href="https://www.propertyobserver.com.au/images/2019/11/15/CBA%20Forecasts.jpg" target="_blank">click here</a>.
<img src="https://res.cloudinary.com/dz9xllyip/image/fetch/c_scale,w_580,q_auto:good/https://s3-ap-southeast-2.amazonaws.com/po.images/2019/11/15/CBA%20Forecasts.jpg" alt=""> 
Brisbane and Canberra will follow with four per cent gains, with Adelaide and Hobart house prices to grow three per cent.
There's finally good news for Perth and Darwin.
After major losses, the two strong mining capitals aren't expected to see declines in 2020. Perth is forecast to see 2.5 per cent growth, while Darwin will remain flat.
National dwelling prices have risen 3.7 per cent since bottoming out in June, however they still remain seven per cent below the September 2017 peak.
Aird says there are two key downside risks to their view on property prices.
"First, the reintroduction of macro-prudential measures to slow the growth in lending," Aird stated.
"Measurers introduced a few years ago to slow both the rate of growth in lending to investors and rate of growth in interest-only lending were successful in slow dwelling price appreciation.
"Second, a lift in the national unemployment rate above 5.5 per cent would likely result in dwelling prices not lifting as much as we expect."
Aird also cited two key upside risks to CBA's forecasts, the first being if there is another cut in the official cash rate.
"We expect one further 25bp cut to the cast rate in Q1 2020 which should result in a further reduction in mortgage rates," Aird said.
"But any move to UMP (unconventional monetary policy) that results in mortgage rates moving lower than we expect would likely result in dwelling prices inflating by more than we anticipate.
Aird added that if there were to be any further policy changes to boost housing demand such as first home owner grants or lower stamp duty, to domestic or foreign buyers, then prices could go higher than the forecast.
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Rebound in property demand "phenomenal" as CBA forecast higher 2020 prices

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Commonwealth Bank, the nation's biggest home lender, continues to cut its exposure to interest-only loans.
In June 2018, 30% of their loan book was made up of interest only loans. By December 2018 it was 26% and now it is 22%.
Home loans arrears only nudged 0.01% higher to 0.68% from December to June.
The percentage of home loans in negative equity has jumped from 3.3% in June last year to 4.5%.
CBA chief executive Comyn says overall they feel like the housing market is starting to stabilise and may slightly improve from here.
"We see modest price increases and a modest increase in credit growth overall.
"We also believe that unemployment is likely to stay low.
"Clearly as we look forward, making sure there’s some sort of increase in household income, and of course, an increase in sentiment for both consumers and businesses, is going to be very important in the future economic period."
<img src="https://res.cloudinary.com/dz9xllyip/image/fetch/c_scale,w_580,q_auto:good/https://s3-ap-southeast-2.amazonaws.com/po.images/2019/8/7/CBA%20Home%20Loan%20balances.jpg" alt="">
CBA announced profits of $8.5 billion in their full year 2019 results, down 4.7 percent from the year before.
Matt Comyn said the decline was driven by an extra $1 billion in remediation given out over the year, as well as "elevated risk and compliance spend."
He suggests however the company's core franchise is continuing to perform "very well."
"The key takeaways from my perspective are we’re making very good progress on becoming a simpler and better bank," Comyn said.
"Our home lending balances are up 4% which is above the system.
"Our business lending is also up 4% and we’ve continued to see strong transaction deposit growth of 9% for the year.
"Our overall result of $8.5 billion is down 4.7%. So that cash net profit after tax is of course subdued and it’s been impacted by higher remediation costs of almost $1 billion during the course of the year, as well as elevated risk and compliance spend."
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CBA continues to reduce its exposure to interest-only home loans

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Commonwealth Bank have become the last of the big four to cut their saving rates following the July cut by the RBA.
They've cut the ongoing rate on its Netbank savings account by 0.15%.
After the introductory five months of 2.05 percent, savers will only get 0.15% in interest from then on.
<img src="https://res.cloudinary.com/dz9xllyip/image/fetch/c_scale,w_580,q_auto:good/https://s3-ap-southeast-2.amazonaws.com/po.images/2019/7/24/CBA%20Saver%202.jpg" alt="">
CBA has also cut the bonus rate on its Goalsaver account by up to 0.25 per cent.
<img src="https://res.cloudinary.com/dz9xllyip/image/fetch/c_scale,w_580,q_auto:good/https://s3-ap-southeast-2.amazonaws.com/po.images/2019/7/24/CBA%20saver.jpg" alt="">
RateCity<a href="http://ratecity.com.au/">.</a>com.au research director Sally Tindall said the cuts are another blow for savers.
“CBA has cut some of its savings accounts by just 0.15 per cent while others have been slashed by up to 0.25 percent," Tindall says.
“CBA cut the majority of its variable home loan rates by just 0.19 per cent so it’s disappointing to see some cuts to savings accounts have gone above this.
“Now is an excellent time to review your savings accounts and see if you are getting the most bang for buck in what is a very difficult market for savers.”
The big four have now all cut their saving rates following the RBA cash rate cut.
They are now as follows:
<img src="https://res.cloudinary.com/dz9xllyip/image/fetch/c_scale,w_580,q_auto:good/https://s3-ap-southeast-2.amazonaws.com/po.images/2019/7/24/Big%20Four%20Savings%20Accounts.jpg" alt=""> 
 
</body></html>

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