Brisbane-based <a href="https://www.apartments.com.au/developers/red-co">Red &amp; Co Developments</a> has officially launched its $250million COMO apartment development in Varsity Lakes, while simultaneously commencing construction.&nbsp;

Building work is now underway at COMO following the appointment of <a href="https://www.apartments.com.au/builders/5point-projects">5Point Projects</a> as contractor to deliver the boutique development which will rise on a 2857 sqm site overlooking Lake Orr at 22 Lake Street.

When completed, <a href="https://www.apartments.com.au/new-apartments/como-varsity-lakes-22-lake-street-varsity-lakes-qld-4227">COMO</a> will comprise 156 apartments across 16 levels located in the heart of Varsity Lakes.

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The project, which will sit alongside Bond University, will deliver a diverse array of apartment designs comprising one-, two- and three-bedroom residences that have already attracted interest from local and interstate investors as well as an array of owner occupiers looking to gain a foothold in the precinct.

Red &amp; Co, which has largely focused on the Brisbane market in recent years where it has delivered more than 500 apartments and townhouses across 26 projects, has designed COMO to combine tranquil, lakeside living with the vibrant urban convenience of the vibrant Varsity Lakes village.

“We’re thrilled to announce a start to construction of COMO in conjunction with the official launch of the project, our first for the Gold Coast,” said Red &amp; Co Director and Co-Founder David Laverty.

[smartcode_project:default project_id=135546 project_image_fid=363509]

“COMO is superbly positioned to capture the essence of the Varsity Lakes village lifestyle and its thriving café and dining precinct, while delivering a much-needed diverse supply of premium residences for the local market.

“Pre-launch inquiries have been strong among both local and interstate investors and owner-occupiers, including downsizers and upgraders who appreciate the value proposition that COMO represents.”

Prices at COMO start from $1,000,050.

[smartcode_project:default project_id=135546 project_image_fid=363511]

Designed by <a href="https://www.apartments.com.au/architects/bda-architecture">BDA Architecture</a>, the COMO development incorporates an extensive range of amenities for residents including a 25-metre rooftop lap pool, sundeck, barbecue and dining areas, as well as multiple rooftop pickleball and paddleball courts, a wellness and activity centre, gym, sauna, plunge baths and landscaped gardens.

“COMO presents a rare opportunity to secure a stylish, lifestyle-focused home in one of the Gold Coast’s most sought-after neighbourhoods,” added Laverty.

“The rooftop will be the epicentre of fun for residents with an array of amenities for residents that are quite unique for a boutique project such as this, all while offering spectacular vistas across the Gold Coast as far north as Southport and south to Burleigh.”

[smartcode_project:default project_id=135546 project_image_fid=363514]

&nbsp;

Red &amp; Co has chosen the Varsity Lakes site for its proximity to top-tier schools, major shopping hubs, such as Robina Town Centre and its CBD offering, as well as key Gold Coast transport links, including Varsity Lakes Train Station.

COMO will be located just a short walk to shops, cafes and restaurants in Varsity Lakes and just a 10-minute drive to the Burleigh Heads beachfront.

With construction currently underway, Red &amp; Co anticipates COMO will be completed in 2028.

[smartcode_project_cta:default project_id=135546]

Joel Robinson

Red & Co to launch debut Gold Coast development Como Varsity Lakes as construction commences

Longstanding Gold Coast developer Raptis has acquired a prime development site on Surf Parade for its next Broadbeach apartment project.

Progressing towards completion of <a href="https://www.apartments.com.au/new-apartments/the-sterling-broadbeach-6-8-george-avenue-broadbeach-qld-4218">The Sterling Broadbeach</a>, 90 apartments on nearby George Avenue, <a href="https://www.apartments.com.au/developers/raptis">Raptis</a>, led by second-generation family man Evan Raptis, has picked up a block on the corner of Surf Parade and First Avenue.

The site had been earmarked for a luxury apartment project with 33 full-floor apartments across a 37-storey tower. Raptis will go back to the drawing board and create a building more appropriate for the site. The development application will be lodged later this month.

Evan Raptis told Apartments.com.au the site ticks all the boxes.

"Broadbeach is a suburb we've developed several buildings over the years. Surf Parade ticks all the boxes for the type of apartment development we want to deliver."

Raptis had several pre-lodgement meetings with council to ensure they are aligned in the development.

<img alt="Raptis" data-entity-type="file" data-entity-uuid="f0d58573-07a4-47a8-9f5e-fbf35fb03dc3" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-03-05%20at%204.58.23%E2%80%AFPM.png?VersionId=iczZEd_4_o4UL0PHMPJGfy_q3tv96J5i" />

Surf Parade has emerged in recent years as one of the most popular streets in Broadbeach for development.

South East Queensland developer Mosaic Property Group kicked it off with Marella by Mosaic. Bassar Group sold out Infinity on the street, while for its&nbsp;first Gold Coast development, Polycell grabbed a Surf Parade site for <a href="https://www.apartments.com.au/new-apartments/the-rochester-broadbeach-143-surf-parade-broadbeach-qld-4218">The Rochester</a>, which is nearly sold out.

Melbourne-based developer Hirsch &amp; Faigen recently launched its fourth Gold Coast project on the exclusive strip. The Eveleigh Broadbeach will have 100 apartments across a 31-storey building designed by Rothelowman.

GV Property Group site development specialists Antonio Mercuri and Luke Reaby, who both amalgamate sites and sell shovel-ready sites to developers up and down the Gold Coast, sold Surf Parade to Raptis.

Raptis secures prime Surf Parade site for next Broadbeach apartment development

Less than two years after breaking ground, Gardner Vaughan Group is celebrating the topping out of Bask, its second development in the exclusive coastal enclave of Bokarina on Queensland’s Sunshine Coast.&nbsp;

Located only minutes from the beachfront, the two seven-storey luxury apartment towers, known individually as Mydas and Caretta, offer a selection of one-to-four-bedroom residences with views of Lake Kawana, the Glasshouse Mountains, and Bokarina Beach.&nbsp;

[smartcode_project:default project_id=141609 project_image_fid=333359]

Gardner Vaughan Group Commercial Director Sam Gardner said the milestone marks the home stretch for construction, with first residents expected to be able to move in from Spring 2026.&nbsp;

“This is a significant milestone in bringing this development to life and represents our confidence in this region’s long-term growth and appeal,” Gardner said.&nbsp;

“With 85 per cent of apartments already sold, buyers are joining an established, coastal village that offers the very best of the Sunshine Coast – seasonally patrolled surf beaches, renowned restaurants, and links to established health and retail.&nbsp;

“The final collection of three- and four- bedroom apartments range in size from 127sqm to 300sqm, each with two or three secure car parks and storage, and with construction fast approaching completion we don’t expect the last few apartments to remain on the market for long.”&nbsp;

[smartcode_project:default project_id=141609 project_image_fid=333362]

Local restaurateur Luke Stringer, who co-owns and manages the award-winning Bocca Italian and Playa Mexican restaurants in Bokarina, has lived in the beachside suburb for 18 months and worked there for more than three years, and said the beachside suburb was thriving.&nbsp;

“It’s fair to say Bokarina is finally stepping into the sun and there’s a lot to love about the place,"&nbsp;Stringer said.

"It’s such a great community, where you see the same smiling faces every morning and everything’s within easy reach – it’s the perfect hub in the middle of the Sunshine Coast.

“When we first opened Bocca Italian, we were the lone restaurant, but it’s been amazing to see how the area has grown. The more venues that open, the busier it gets for everyone. When Playa Mexican opened its first Saturday night, Bocca had a record night and Playa was packed too, which blew us away how everyone is thriving.&nbsp;

“There’s a great energy around the place now, and people are really embracing Bokarina as a food and lifestyle destination.”&nbsp;

[smartcode_project:default project_id=141609 project_image_fid=363368]

Stringer joined other buyers at Bask Bokarina and the Gardner Vaughan Group team to celebrate the topping out at a special event in February.&nbsp;

Located in Kawana Waters, midway between Caloundra and Maroochydore, Bokarina locals enjoy scenic walking paths around Lake Kawana, playgrounds, beachfront boardwalk and parklands, alongside all the convenience of a masterplanned beachside community.&nbsp;

“You see people jogging or swimming in the morning, then grabbing coffee at the cafes, people are really embracing the area and all this growth is bringing more people to Bokarina,” Stringer added.&nbsp;

To take advantage of the vistas, each of the 135 apartments at Bask is designed with full size windows and high ceilings that provide an abundance of natural light.&nbsp;

Prices for the remaining three-bedroom apartments start at $1,599,000 and four-bedroom apartments start at $3,149,000.&nbsp;

[smartcode_project:default project_id=141609 project_image_fid=363369]

The mixed-use development also features ground-level retail space for cafés, dining options and boutiques, including the soon-to-be-opened ‘Corner Shop’, by the team behind Noosa’s well known ‘Organika’.

Sam Gardner said Gardner Vaughan Group’s 37-year history building and developing across South East Queensland has contributed to the success of its second development in Bokarina, which follows the recently completed Zinc Apartments.&nbsp;

“We care how people live and this is reflected in the way we approach the design and delivery of every development,” he said. “Furthermore, as a builder-developer we have full control over the construction program and our 100 per cent completion rate is something people can draw confidence from.”&nbsp;

Founded by civil engineers Guy Gardner and Darryl Vaughan in 1989, the family-owned business has evolved from a consultancy firm to an award-winning builder-developer, with projects across the Sunshine Coast, Moreton Bay, Brisbane and the Gold Coast.

[smartcode_project_cta:default project_id=141609]

Gardner Vaughan Group tops out Bask Bokarina apartments

Prolific Melbourne developer <a href="https://www.apartments.com.au/developers/hirsch-faigen">Hirsch &amp; Faigen</a> has launched its fourth new Gold Coast development in as many years.

<a href="https://www.apartments.com.au/developers/hirsch-faigen">Hirsch &amp; Faigen</a>, led by Daniel Faigen and backed by Eddie Hirsch, co-founder of United Petroleum, has unveiled The Eveleigh, on a prime 1,100 sqm site at 7-9 Surf Parade in the heart of Broadbeach.

<a href="https://www.apartments.com.au/new-apartments/the-eveleigh-broadbeach-7-9-surf-parade-broadbeach-qld-4218">The Eveleigh</a> will deliver 100 apartments across 31 levels, making it the company’s largest Gold Coast project to date. It builds on the success of its three earlier developments, <a href="https://www.apartments.com.au/buildings/hemingway-1267-1273-gold-coast-highway-palm-beach">The Hemingway in Palm Beach</a> and <a href="https://www.apartments.com.au/buildings/emerson-kirra-100-musgrave-street-coolangatta">The Emerson at Kirra</a>, both completed, and <a href="https://www.apartments.com.au/new-apartments/yves-mermaid-beach-7-9-mermaid-avenue-mermaid-beach">Yves Mermaid Beach</a>, which is nearing completion.

[smartcode_project:default project_id=149670 project_image_fid=360966]

The announcement of The Eveleigh affirms the company’s sustained confidence in the Gold Coast market which continues to remain undersupplied. It also increases the value of Hirsch &amp; Fa​igen’s Gold Coast development portfolio to more than $700 million since the company first entered the market in 2021 with Hemingway.

The company has enlisted its preferred architecture firm Rothelowman to design The Eveleigh, which will offer a thoughtfully curated lifestyle, including a substantial wellness precinct, communal recreation areas, children’s play spaces, work-from-home facilities, and shared lounge and dining areas.

[smartcode_project:default project_id=149670 project_image_fid=360965]

Designed for the prime market demographic of downsizers and interstate lifestyle investors in mind, The Eveleigh has been crafted to offer an increasingly rare blend of affordable luxury in a tightly held market. Uniquely positioned in the heart of the Gold Coast’s most sought-after lifestyle suburb of Broadbeach, the project will also boast uninterrupted beach and hinterland views.

The Surf Parade site is just a short walk to the bustling Broadbeach dining and retail precinct, Pacific Fair, The Star Gold Coast and convention centre, and an easy stroll to Kurrawa Beach and the recreational amenity of Pratten Park on the Broadbeach foreshore.

[smartcode_project:default project_id=149670 project_image_fid=360975]

“We’re excited to be proceeding with our fourth project on the Gold Coast in what is certain to become the new luxury precinct in Broadbeach,” says Anthony Bueti, the CFO of Hirsch &amp;a​mp; Faigen and a shareholder of the group.

“With the likes of Mosa​ic and Abedian &amp;a​mp; Co also launching quality projects in the area, the transformation will cement Broadbeach as the premier lifestyle and amenity suburb on the Gold Coast.

"After four years in the Gold Coast market, and with three successful projects completed, The Eveleigh is the product of everything we have learned to love about the Gold Coast and it will be an incredible addition to our growing portfolio in one of the most vibrant property markets in the country. We continue to remain very confident in the high-end Gold Coast property market.”

Urban Activation Director Matt George is handling sales for The Eveleigh, having sold out The Emerson, The Hemingway, and Yves, all before construction was completed.

Melbourne builder MAXCON has already commenced construction on The Eveleigh. They are forecasting a mid-2028 completion.

[smartcode_project_cta:default project_id=149670]

Hirsch & Faigen unveils The Eveleigh in Broadbeach

Two years after securing development approval for the final stage of its award-winning Thornton Precinct on the doorstep of Penrith Station, Urban Property Group is set to launch <a href="https://www.apartments.com.au/new-apartments/mayfair-on-penrith-172-lord-sheffield-circuit-penrith-nsw-2750">Mayfair on Penrith</a>, around 400 apartments designed to reflect two of Sydney’s most iconic structures.

The builder-developer has continued refining the design plans for the two-building development on a significant 8,280 sqm site on Sheffield Circuit, recognising the importance of the prime parcel as one of the closest developable sites to the station.

UPG enlisted architecture firm SJB to design the project. The team said they drew inspiration from both the General Post Office in Martin Place and East Circular Quay to help shape the design. The two-level colonnade, in particular, reflects the famous GPO building, which dates back to the 1860s.

[smartcode_project:default project_id=136726 project_image_fid=362014]

There will be one-, two-, and three-bedroom apartments on offer, with interiors by Cox Architecture. Residences will sit above a retail podium featuring hospitality and lifestyle operators such as One Playground and Volcano’s Steakhouse, contributing to an activated ground plane within the broader Thornton precinct.

A communal rooftop with a pool and views towards the Blue Mountains will provide shared open space for residents. The development is positioned between Ron Mulock Oval and Westfield Penrith, with the Nepean River and Great River Walk also nearby, placing daily amenity and green space within walking distance.

&nbsp;

[smartcode_project:default project_id=136726 project_image_fid=362015]

Mayfair is being delivered by Urban Property Group, a family-owned developer and builder with nearly 40 years’ experience across Sydney. The project will be the first in Penrith to be offered with Resilience Insurance’s 10-year Latent Defects Insurance (LDI) policy, which Urban Property Group has adopted across a number of its recent developments. The developer also has a 4.5-star iCIRT rating, one of the best ratings in market providing further confidence to buyers.

Urban Property Group CEO Patrick Elias said providing additional assurance to off-the-plan buyers has become increasingly important.

“Anything we can do to give confidence in our product is a plus,” Elias told Apartments.com.au.

“Consumers are a lot more weary and a lot more concerned in buying off the plan than they ever have been. They’re making their single large investment, which is their home, and providing confidence is something that we feel is paramount.”

[smartcode_project:default project_id=136726 project_image_fid=362020]

The LDI policy provides a 10-year warranty covering structural defects, with independent inspections carried out during construction and protection for owners if defects arise post-completion.

Mayfair represents Urban Property Group’s sixth and final development within Thornton, consolidating the masterplanned precinct immediately east of the station.

The developer, which builds its own projects, has already commenced construction. SRM Residential is handling the sales campaign.

[smartcode_project_cta:default project_id=136726]

Urban Property Group to close the curtain on award-winning Thornton precinct with Mayfair on Penrith release

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Australia’s largest member-owned banking organisation, CUA, has announced a Financial Assistance Package to help support its members impacted by the COVID-19 situation.
CEO Paul Lewis said CUA has listened to the concerns of its members over the past week and has prioritised measures that will help provide immediate relief to those most impacted.
Among the changes, CUA announced interest rate relief for home-owners with new two-year and three-year fixed home loan rates of 2.29 per cent p.a. (comparison rates* of 4.11 per cent p.a. and 3.94 per cent p.a. respectively) on offer for owner occupiers paying principal and interest – a reduction of at least 0.55 per cent p.a. The rates will be available for new lending and loan switches from 1 April 2020.
Members will also have an option to defer repayments on mortgages and business loans for up to six months1 if they are experiencing difficulty as a result of COVID-19. They can also extend their loan term by the same length of time to ease the pressure when repayments resume in the future.
CUA will lift its 12-month term deposit rates by 0.30 per cent p.a. to a market-leading 2.00 per cent p.a. and for members aged 55+ to 2.10 per cent p.a., helping those living on fixed incomes including retirees. Meanwhile, CUA Health private health insurance policy-holders will be able to suspend their policy and premium payments for three months if their income is reduced as a result of COVID-19.
“We are seeing a significant increase in members contacting us for support, including those whose job or income has been affected, as the nation continues its efforts to contain the spread of coronavirus,” Mr Lewis said.
“As a member-owned organisation, we have supported our members and communities for more than 70 years and it’s what we will continue to do as we face this challenge. We will be here to help members get through this period of uncertainty and get back on their feet.”
Mr Lewis said CUA had strived to support the diverse needs of its 560,000 strong member base.
“Our COVID-19 Financial Assistance Package contains relief for members with home loans, small businesses, deposits, personal loans and health insurance,” he said.
“Members with variable home loans have also received a 0.25 per cent p.a. interest rate reduction this week, following the RBA decision at the beginning of March, providing them with relief with one of the most competitive rates in market.
“This is an unprecedented situation and we are doing our best to provide much-needed relief, prioritising the assistance we know our members urgently need right now.”
The CUA Financial Assistance Package will include:
Support for members with home loans
<ul>
<li>
Reduction to fixed home loan rates: New 2.29 per cent p.a. 2-year and 3-year fixed home loan rates (comparison rates* of 4.11 per cent p.a. and 3.94 per cent p.a. respectively) for owner-occupiers making principal and interest repayments, effective Wednesday 1 April 2020 – a reduction of at least 0.55 per cent p.a. These rates are available for new or existing members.</li>
<li>
Repayment relief for members with home loans: You can defer your home loan repayments for up to six months if you are experiencing difficulty as a result of COVID-19. We can also extend your loan term by the same length of time to ease the pressure and minimise the increase to your repayments when you start to make them again. To apply online in just a few minutes, visit <a href="http://icm-tracking.meltwater.com/link.php?DynEngagement=true&amp;H=btYXC68syxmDVppbhVzFoYHdeMNV9070xvOlf%2FNdDQ0wXj6aidRhm9xCjWNfzPTg3iNx%2FAa4t%2FTEuHrerhKoECpU73Uhf2D7UXSRJLKb9%2Bb%2FnLrGlLndcbkj4%2BJM8eXB%2BpdQDlKXnbMabjBkCEhF%2BQ%3D%3D&amp;G=0&amp;R=http%3A%2F%2Fwww.cua.com.au%2Ftools-and-services%2Fsupport%2Ffinancial-assistance&amp;I=20200325063441.00000f0d4a3e%40mail6-114-ussnn1&amp;X=MHwxMDQ2NzU4OjVlN2FmYWY3NjM2MGYwMTA5ZDY4MjM1ODs%3D&amp;S=7kEPwJLrkY3wBsvKkVWshe_rbbzJuoZPg6e0t3FsuE8" target="_blank">www.cua.com.au</a>
</li>
<li>You can access fee free redraw and offset if you have a variable or fixed rate loan with these features. </li>
<li>We’re offering the flexibility to shift from Principal and Interest payments to Interest Only for eligible members. (Note a change of interest rate will apply).</li>
<li>If you’re paying more than the minimum repayment each month, you can request to reduce this to the minimum payment amount, freeing up extra cash flow.</li>
<li>We don’t charge annual package fees or account keeping fees on our home loan products and will waive any late payment fees on home loan payments.</li>
</ul>
Support for members with deposits
<ul>
<li>We’ve increased our 12-month Term Deposit rate by 0.30 per cent p.a., launching a special offer of 2.00 per cent p.a. interest rate for all Australians and a 2.10 per cent rate for members aged over 55 years. These rates are effective Wednesday 25 March 2020.</li>
<li>For members who have been impacted by COVID-19 and require additional assistance, the early release of Term Deposit funds will have no interest adjustment up until the release of funds from the term and no break costs.</li>
<li>CUA does not charge account keeping fees on deposit products.</li>
</ul>
Support for members with personal loans or credit cards
<ul>
<li>We will waive late fees for personal loan repayments. Other assistance options may also be available for members on request.</li>
<li>Repayment relief for credit cards is available on a case by case basis, with no fees for replacement cards.</li>
</ul>
Support for members with CUA Health insurance
<ul>
<li>CUA Health policy-holders experiencing financial difficulty or a loss of income as a result of COVID-19 can suspend your policy and premium payments for three months by phoning CUA Health on 1300 499 260. If you require hospital treatment during the period of the suspension, you should contact CUA Health and we will work with you to reactivate your policy.</li>
<li>For the duration of the COVID-19 pandemic, CUA Health will cover members for all in-hospital COVID-19 treatment irrespective of their level of hospital cover, provided they have held the CUA Health hospital policy for at least two months.</li>
</ul>
Support for small business 
<ul>
<li>
Repayment relief for small business members: You can defer your business loan repayments for up to six months if you are experiencing financial difficulty as a result of COVID-19. We can also extend your loan term by the same length of time to ease the pressure and minimise the increase to your repayments when you start to make them again. To apply online in just a few minutes, visit <a href="http://icm-tracking.meltwater.com/link.php?DynEngagement=true&amp;H=btYXC68syxmDVppbhVzFoYHdeMNV9070xvOlf%2FNdDQ0wXj6aidRhm9xCjWNfzPTg3iNx%2FAa4t%2FTEuHrerhKoECpU73Uhf2D7UXSRJLKb9%2Bb%2FnLrGlLndcbkj4%2BJM8eXB%2BpdQDlKXnbMabjBkCEhF%2BQ%3D%3D&amp;G=0&amp;R=http%3A%2F%2Fwww.cua.com.au%2Ftools-and-services%2Fsupport%2Ffinancial-assistance&amp;I=20200325063441.00000f0d4a3e%40mail6-114-ussnn1&amp;X=MHwxMDQ2NzU4OjVlN2FmYWY3NjM2MGYwMTA5ZDY4MjM1ODs%3D&amp;S=7kEPwJLrkY3wBsvKkVWshe_rbbzJuoZPg6e0t3FsuE8">www.cua.com.au</a>
</li>
<li>We’re reducing secured overdraft rates by 2.00 per cent p.a. for small business members.</li>
<li>We’re reducing variable rates on term loans for existing small business members from Wednesday 8 April 2020:
<ul>
<li>We’re reducing the rate for term loans with residential security to a new variable rate of 4.39 per cent p.a.</li>
<li>We’re reducing the rate for term loans with commercial security to a new variable rate of 4.89 per cent p.a.</li>
</ul>
</li>
</ul>
CUA will continue to keep members updated on services, and the support available, at <a href="http://icm-tracking.meltwater.com/link.php?DynEngagement=true&amp;H=btYXC68syxmDVppbhVzFoYHdeMNV9070xvOlf%2FNdDQ0wXj6aidRhm9xCjWNfzPTg3iNx%2FAa4t%2FTEuHrerhKoECpU73Uhf2D7UXSRJLKb9%2Bb%2FnLrGlLndcbkj4%2BJM8eXB%2BpdQDlKXnbMabjBkCEhF%2BQ%3D%3D&amp;G=0&amp;R=http%3A%2F%2Fwww.cua.com.au%2Fcoronavirus-info&amp;I=20200325063441.00000f0d4a3e%40mail6-114-ussnn1&amp;X=MHwxMDQ2NzU4OjVlN2FmYWY3NjM2MGYwMTA5ZDY4MjM1ODs%3D&amp;S=6FWcqdHa8AsSpwqMFSH7DdxfFvTl3U-W8vLjSpHtal0" target="_blank">www.cua.com.au/coronavirus-info</a>
* Comparison rate calculated on a $150,000 loan over 25 years based on monthly repayments. WARNING: Comparison rate true only for example given and may not include all fees and charges. Different terms, fees or other loan amounts might result in different comparison rate.
1. If members choose to defer their loan repayments, they will continue to incur interest which will be added to the outstanding loan amount. When the repayments resume, they will be higher, to ensure the outstanding balance is paid over the remaining term of the loan.
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j.ballantyne1990-6AQqhLzZaK

CUA unveils Financial Assistance Package to support members impacted by COVID-19

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Australia’s largest credit union, CUA, announced that it has raised $700 million in wholesale funding from its latest securitisation.
The follows just six weeks after a successful Medium Term Note issuance for the member owned organisation.
CUA Deputy Treasurer Tim Moore said that they had committed to going to the investor market with these kind of Residential Mortgage Backed Security (RMBS) deals at least once per year. CUA’s last RMBS deal in June 2017 raised $900 million in funding.
Mr Moore said the Series 2018-1 Harvey Trust RMBS had attracted a good mixture of domestic and offshore investor interest, particularly from the UK and Australian Capital Cities.
“CUA has demonstrated strong financial performance over the past year, including strong home loan growth through both mortgage brokers and organic channels, and the performance of our home loan portfolio has a solid track record," he said.
Mr Moore concluded, “the funding raised from this RMBS deal will help support the strong lending growth we have seen over the past 6 months, and which has continued into the residential property market’s peak spring season."
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CUA raises $700 million in latest round of wholesale funding

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Australia’s largest credit union, CUA, will continue to grow its investment in innovation to improve member experience and choice of digital channels, after today announcing a solid first-half financial result. 
CUA Group posted a consolidated Cash Profit of $35.31 million for 1H-FY18, and Net Profit after Tax (NPAT) of $28.76 million. 
CUA chief executive officer Rob Goudswaard said the result reflected that CUA was delivering on its ‘anytime, anywhere’ digital strategy through an increased investment in innovation and digital activation during the six-month period. 
While profit was down slightly on the prior first half, this was largely due to upfront costs in joining international banking collaboration, Pivotus Ventures, on 1 July 2017 and a pilot of the first initiative to come out of the Silicon Valley based innovation studios. 
“As a member-owned organisation, CUA’s profits are reinvested into our business and we are always looking for opportunities to invest that into initiatives and projects which benefit members and support them through different stages of their lives,” he said. 
Focus on innovation 
Goudswaard said the significant investment CUA had made in innovation by joining global banking innovation collaboration Pivotus Ventures has supplemented CUA’s continued involvement with the Australian fintech and start-up communities.
“The Pivotus collaboration has allowed us to tap into international banking expertise. We’ve already rolled out a pilot of the first innovation, the iM CUA instant messaging app, much faster than we would have been able to develop this kind of innovation on our own,” he said. 
While it’s early days, CUA is already seeing positive outcomes on the pilot, with close to 2,000 registered users on the iM CUA app who are benefitting from the convenience of having their own personal banking adviser. The success of the app has been reflected in positive Net Promoter Scores. 
“We’re also working closely with Australian-based fintechs, which has seen us announce new collaborations in the past few months with online mortgage lending platform LoanDolphin and an artificial intelligence pilot with Flamingo AI and CUA Health. And we are working with domestic partners to leverage new technologies, like Australia Post’s new online identity verification service, Digital iDTM, which is assisting members to quickly open an account online without the need to visit a branch,” Mr Goudswaard said. 
“In addition to what we’ve already delivered, CUA members will continue to benefit from other new innovation and digital offerings in the second half of FY18. That will include a new mobile banking app, the ability to register a PayID and make faster payments using the New Payments Platform following the rollout to CUA members this week, and the expanded rollout of iM CUA to members with both iPhones and Android devices.” 
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CUA half-year financial performance highlights innovation focus

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CUA has today launched a new variable rate home loan product.   Australia’s largest credit union CUA is offering the new Advance Variable Home Loan with a competitive interest rate of 3.74% p.a (comparison rate 3.75% p.a.) for eligible new to CUA owner-occupier loans paying principal and interest repayments.
Higher rates will apply for owner-occupier interest-only loans and loans with a construction purpose.   Advance will give borrowers access to features including the flexibility to make unlimited additional repayments without penalty, free redraw of payments in advance, a mortgage offset feature (capped at $50,000) and no upfront loan establishment fee, annual or ongoing account keeping fees.
Advance is available for borrowers taking out a loan of at least $100,000, Australian Broker noted.   CUA head of product and marketing Susan Mason said that Advance is a good move for buyers looking to purchase a home to live in or for borrowers looking to bring their owneroccupier home loan to CUA for a better deal.     “We know that for many of our borrowers, having the flexibility of features like redraw and an offset account are important to managing their budget at different times in their life.
"But for many borrowers, they often compromise on these features in the hunt for a really competitive rate,” Mason said.   “Spring is traditionally a busy time for the market, with more properties for sale and more buyers shopping around."
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CUA credit union unveils 3.74% interest rate

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Australia's largest mutual bank CUA has decided to pause writing new loans for property investors in the wake of increasing demand as banks put the brakes on investor lending to meet regulatory limits.
CUA said on its website that the lender will temporarily pause accepting investor lending applications until further notice, including refinancing from other financial institutions in the wake of a sharp increase in investor lending volumes in recent weeks.
The bank wanted to stay within the 10 percent investor lending growth cap set by APRA, said chief operating officer, Member Services, Andy Rigg.
“We have been closely monitoring our year-on-year investor lending balance growth to ensure that we continue to lend prudently while remaining within the 10% regulatory growth benchmark,” he said.
“We have observed an increase in new investor applications, particularly in response to some of the actions taken by other lenders to slow their investor growth.”
“In response to the continued growth in our investor lending and forward projections of this growth, we’ve taken the decision that we need to temporarily pause new investor lending,” he added.
Large numbers of borrowers are flocking to smaller lenders who are at risk of being overwhelmed, with concerns being voiced by Bendigo and Adelaide Bank managing director Mike Hirst too, who said rates needed to return to levels that "reflect the current market funding and capital costs”.
"As has been well telegraphed to all Australian authorised deposit-taking institutions, there is an expectation that as lenders, we must manage within the regulator's 10 per cent growth speed limit for investor loans,” Hirst was cited as saying by Fairfax Media.
The Australian Prudential Regulatory Authority came up with new guidelines for interest-only loans as well as other rules to cool the property market. The new rules require banks to cap future interest-only lending as a proportion of residential mortgages at 30 percent in addition to the reminder on staying below the 10 percent growth cap for investor loans set by it previously.
CUA has 440,000 customers, 900 staff and an $11 billion loan book. At the interim results in early March it revealed that it had written $1.06 billion in property loans, which was lower than the previous corresponding period, Fairfax Media reported.
Other lenders including BankWest and ING Direct responded to the new caps on Monday by lifting rates on loans to investors.
BankWest, a subsidiary of Commonwealth Bank, lifted rates the standard variable rate for investors by 25 basis points to 6.07 percent.
 
 
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CUA pauses loans to property investors to stay below APRA's 10 percent cap

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Australian credit union CUA has announced a half-year Group Net Profit after Tax (NPAT) of $31.11 million, up 10.9 percent on its previous first-half result.
The result was underpinned by continued member growth, an increase in net interest income and a positive result for subsidiary CUA Health.
CUA Chief Executive Officer Rob Goudswaard said the result reflected the benefits of CUA operating a diversified business in challenging market conditions.
He said the CUA Group result had been boosted by the performance of CUA Health, which contributed NPAT of $3.37 million for 1H.
This helped to offset a slightly weaker result for the banking business (ADI), which was impacted by aggressive market competition over the period and continued pressure on margins.
CUA issued $1.17 billion in new loans for the six months to 31 December 2016. While owner occupier and investor home loans accounted for around $1.06 billion of the new lending, CUA ’s personal loan performance was a standout with $106.4 million of personal loans issued over the period – a 30 per cent increase on personal loans issued over the corresponding period in FY16.
In particular, CUA ’s personal loan sales through the website and web-assisted channels were up 55 per cent on a year ago.
Mr Goudswaard said this came off the back of CUA significantly enhancing its digital marketing and sales capability, producing a 182 per cent year-on-year increase in digital leads.
Mr Goudswaard said net interest income of $118.6 million w as up 4.3 per cent on the same time a year earlier, reflecting higher interest revenue from strong lending in previous periods.
CUA had held its net interest margin steady against the same period last year, in what was a competitive and challenging external environment.
Capital adequacy, return on assets (ROA) and return on equity (ROE) declined slightly against the previous corresponding period.
However, 1H saw an improvement in CUA ’s cost to income ratio to 68.2 per cent (downfrom69.5 per cent in 1H-FY16).
This reflected CUA’s focus on balancing the slowdown in lending activity with prudent cost management, ensuring CUA can continue investing in future member improvements.
CUA ’s banking business (or ADI) posted a first-half NPAT of $29.69 million, down 3.8 per cent on the previous corresponding period.
The ADI result was impacted by lower volumes of new lending for the period in challenging market conditions, which included aggressive price-led competition across the market in the first few months of 1H.
However, CUA expects to see a return to stronger lending and asset growth in the second half.
CUA has continued to invest in the growth of its wholly-owned private health insurance subsidiary, with CUA one of the few organisations in Australia to offer integrated financial, health and insurance solutions.
The highlight for the fund during the period was the launch of a new suite of hospital and extras cover in November, which provides greater choice and flexibility for members based on their individual needs and budgets.
CUA Health posted a first-half NPAT of $3.37 million. CUA Health premium revenue for the six months was $72.1 million, while the insurer returned $61.9 million in benefits to policy holders.
Over the past year, policy holders received around 88 cents in the dollar in benefits, higher than the industry average of 86 cents.
Credicorp Insurance posted a half-year NPA T of $0.577 million, an increase of 20 per cent compared to the FY16 first-half result.
This subsidiary now provides general insurance to more than 13,500 members.
Credicorp’s growth during the period is a result of the maturing of its new product suite and continued effective cost management.
Mr Goudswaard said CUA had seen an increase in new lending and sales in recent months, which should contribute to a positive second-half financial performance.
However he noted that CUA expected pressure on margins to continue for the remainder of FY17, given the current low interest rate environment and strong competition in both the home loans market and in attracting member deposits.
Financial performance in 2H would depend on careful management of margins and costs, as well as any interest rate movements throughout the period.
He said CUA had a number of priorities for 2017, including exploring further opportunities to collaborate with other mutuals and leverage their collective strength, following the formation of a new joint venture company, Mutual Marketplace, with People’s Choice Credit Union.
Mutual Marketplace will commence operations in April to provide procurement and accounts payable services to both organisations.
Mr Goudswaard said there would be a continued focus on CUA building its brand awareness in the marketplace, off the back of the high visibility gained through its three-year partnership with Queensland Cricket, including the Brisbane Heat BBL and WBBL teams.
CUA will also look to deepen member relationships and attract more new members, particularly through CUA’s competitive position as an early adopter status on digital wallets and payments technologies (ApplePay, AndroidPay and New Payments Platform).
“Today’s half-year result is a positive outcome for members, who are already seeing the benefits of our continuing investment in digital channels and member-facing improvements,” he said.
“CUA has rolled out Android Pay and ApplePay to our members, and we are one of only two financial institutions in Australia offering ApplePay for Master cardholders.
We’ve introduced the ability for people to open an Everyday transaction account and become a CUA member online in just minutes, making it easier than ever before to switch to CUA.
“We’re currently redesigning our mobile banking app, ahead of a launch later this year.
And we are committed to being one of the first financial institutions in Australia to deliver members the benefit of real-time payments using the New Payments Platform when it launches towards the end of 2017.
“We’re working on ways to make sure all our members are on the digital journey with CUA and are realising the benefits of CUA ’s move towards being available anywhere, anytime.
The number of members using mobile banking has increased by 22 per cent compared to a year ago, with more than 105,000 members logging in each month.
Across both mobile and online banking, we have over 175,000 active users.”
Mr Goudswaard said that as a member-owned organisation, CUA is also committed to giving back to its communities through social initiatives.
“We have significantly scaled up our volunteering activities, with our team devoting around 200 days to volunteering in the community during the past six months, significantly more than a year earlier.
“We awarded a total of $10,000 to community groups in Toowoomba in December, presented more than $70,000 to local schools in October-November, and we will shortly launch a reinvigorated new local community grants program through CUA branches.”
On the regulatory front, Mr Goudswaard said CUA will continue working with government and industry stakeholders to secure a competitive financial services landscape to benefit consumers.
“CUA is working with other mutuals and the Business Council of Cooperatives and Mutuals to further advance the case for government and regulators to consider additional capital raising options for mutuals.
Currently, mutuals like CUA are constrained in our ability to raise capital, particularly Tier 1 capital.
In the absence of this capital framework, we will also continue consulting with regulators and our members around a change to our Constitution that would enable CUA to raise capital in the future, so CUA can take advantage of any emerging opportunities.”
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