Local developer Harridan is seeking to turn its Woolloongabba apartment project into the first stage of a broader transformation of Burke Street, using a new 16-storey mixed-use building to establish a greener pedestrian connection toward the rapidly evolving Boggo Road transport and knowledge precinct.

The South East Queensland developer has filed plans for 154 apartments on the <a href="https://www.apartments.com.au/new-apartments/4-burke-street-woolloongabba-qld-4102">southern side of Burke Street</a>, where its proposal has been designed alongside a wider vision by LatStudios for the street.

That vision positions the southern side of Burke Street for buildings of 15 storeys and above, while envisaging lower-rise development of up to five storeys on the northern side to transition into Woolloongabba's existing character housing. It also proposes wider pedestrian verges, deep planting, new street trees and upgrades to the pedestrian approach to Boggo Road Station.

The Harridan development itself has been designed by Brisbane-based Arqus Design and will comprise 154 apartments across 16 storeys. The mix is weighted heavily toward two-bedroom apartments, with 121 proposed alongside 10 one-bedroom and 23 three-bedroom residences. There will typically be around 14 units per floor.

A lower-ground car park and three podium levels will accommodate 156 resident parking spaces, along with visitor and commercial parking. There will also be 154 resident bicycle spaces and 40 visitor bicycle parks.

&nbsp;

Harridan is a family-owned developer and part of the Holmwood Highgate Group, with more than three decades of development activity across South East Queensland. Its portfolio spans residential, commercial and industrial property, with current residential projects including Riverbank on Byron in Bulimba, Esperance Residences in Carina and The Precinct at Kinross Road in Thornlands.

Wooloongabba has been popular for apartment developers, particularly since the announcement of the 2032 Summer Olympics games in Brisbane.

While there have been a lot of development applications, it has failed to materialize into real supply.&nbsp;

Sarazin has been the major player in the area. They are under construction at Murcia Residences, on the fringe of East Brisbane and Woolloongabba. They have just launched <a href="https://www.apartments.com.au/new-apartments/the-stanley-residences-woolloongabba-8-trafalgar-street-woolloongabba-qld-4102">The Stanley Residences</a>, in Woolloongabba on Trafalagar Street. They also have Nuage coming soon on the nearby <a href="https://www.apartments.com.au/new-apartments/nuage-woolloongabba-14-wellington-road-woolloongabba-qld-4102">Wellington Road</a>.

Joel Robinson

First look: Harridan plans Burke Street transformation beside Boggo Road transport hub

IN BRIEF

<ul>
	<li>
	Just three double-storey Sky Homes sit at the top of The Waterline, each with its own private marina berth and rooftop terrace.
	</li>
	<li>
	Construction on The Waterline is complete, with the first residents expected to move in from mid-October.
	</li>
	<li>
	Sky Homes range from 282 sqm to 367 sqm and are priced from $3.65 million.
	</li>
</ul>

<hr />
Lewis Land has opened the first completed sky home for inspection at Harbour Shores, giving buyers their first opportunity to step inside one of just three double-storey residences crowning The Waterline.

Each sky home comes with its own private marina berth, rooftop terrace and Broadwater views, combining the scale of a larger home with direct access to the boating lifestyle that underpins the wider <a href="https://www.apartments.com.au/new-apartments/harbour-shores-biggera-waters-564-oxley-drive-biggera-waters-qld-4216">Harbour Shores</a> masterplan.

[smartcode_project:default project_id=113271 project_image_fid=366708]

Lewis Land Head of Development Michael Long said the inclusion of a berth with every Sky Home had become increasingly valuable as marina access across the Gold Coast tightened.

“Marina berths are becoming increasingly difficult to secure across the Gold Coast, so including one with every Sky Home makes this a genuinely rare offering,” Long said.

“The private 70-berth marina will accommodate boats up to 12 metres in length and is positioned just 2.5 kilometres from the Broadwater, placing the open ocean only 15 minutes away.

“Being able to step out of your home onto your boat is a rare luxury, and it’s something residents here can look forward to when it opens later this year.”

[smartcode_project:default project_id=113271 project_image_fid=366709]

The display opening comes as construction completes on The Waterline, with the first residents expected to move in from mid-October.

The three Sky Homes range from 282 sqm to 367 sqm and each feature three bedrooms, three bathrooms, multiple living zones, expansive kitchens with butler's pantries and large balconies taking in the Broadwater outlook.

Each residence also has three secure basement car spaces and additional storage.

“This is the first opportunity the Gold Coast has had to step into Harbour Shores and see, touch and feel what we’re bringing to life here,” Long said.

“There are only three Sky Homes within The Waterline, ranging in size from 282sqm to 367sqm, with each residence featuring three large bedrooms, three bathrooms, multiple living zones, expansive custom-built kitchens with butler’s pantry, and large balconies capturing Broadwater views.”

<img alt="Harbour Shores" data-entity-type="file" data-entity-uuid="bab65e10-4fab-45e1-92d8-fc56e2ab98ff" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-08-25%20at%202.00.16%E2%80%AFPM.png?VersionId=XT8q76LsPkw3cYTsvN3JfFDaPLud90PN" />

Residents of The Waterline will have access to a private pool, along with Harbour Shores' wider collection of amenity including a lagoon pool, social clubhouse, tennis court, gym, yoga facilities and sauna.

Lewis Land partnered with Studio Collective to furnish the completed display, with the interiors designed to demonstrate how the residences could function as permanent homes rather than simply as show apartments.

Studio Collective Director Melissa Park said the surrounding waterways informed the interiors, but in a more restrained way than a traditional coastal scheme.

“We drew inspiration from the canals and coastal surrounds, but our approach was to interpret that subtly through layered materials and a grounded palette of earthy tones, rather than literal coastal references,” Park said.

“We introduced hero moments of green and teal to reference the surrounding waterways, while mirrored elements help reflect natural light.

“The result is a residence that feels elevated yet comfortable, somewhere buyers can genuinely imagine themselves living, entertaining and unwinding.”

Sky Homes are priced from $3.65 million.

Lewis Land is also offering private marina berths with The Residences, its limited collection of three and four-bedroom villas positioned directly along the Harbour Shores waterfront boardwalk.

Three-bedroom villas are priced from $2.99 million, while four-bedroom residences start from $3.19 million.

Harbour Shores is being marketed by Colliers International.

[smartcode_project_cta:default project_id=113271]

Lewis Land opens sky home display as The Waterline completes at Harbour Shores

St Vincent de Paul Society Housing Australia has filed plans for a major mixed-use housing precinct on the southern edge of the North Sydney CBD, adding another significant proposal to a pocket around North Sydn​ey Station that is quickly becoming one of the LGA's busiest development zones.

The State Significant Development Application covers a 5,990 sqm site at <a href="https://www.apartments.com.au/new-apartments/1-19-mackenzie-street-lavender-bay-nsw-2060">1-19 MacKenzie Street and 211 Blues Point Road in Lavender Bay</a>, immediately south of Nor​th Sydney Station and between the commercial core and the lower-rise Lavender Bay Heritage Conservation Area.

Designed by Wardle, the proposal would deliver a new residential tower comprising 88 build-to-sell apartments and 19 affordable apartments, alongside a separate co-living building with 57 rooms and a building manager's studio.

It would also see the significant restoration and upgrade of St Francis Xavier Catholic Church, the adaptive reuse of the former school building, new parish facilities, retail, a new public square and around 1,000 sqm of publicly accessible open space.

<img alt="Vinnies North Sydney" data-entity-type="file" data-entity-uuid="d5dd7f87-a617-463e-b577-17541e01f0e9" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-08-26%20at%209.10.13%E2%80%AFAM.png?VersionId=4R8TsFN3P_LrrXO2HswTOIrx2blil8lh" />

The project is seeking a concurrent rezoning of the site to R4 High Density Residential and an increase in the maximum building height to allow a tower reaching RL120, or up to 20 storeys. The proposal was progressed through the NSW Government's Housing Delivery Authority pathway.

The build-to-sell component will be weighted toward larger apartments, with just six one-bedroom apartments compared with 31 two-beds, 43 three-beds and eight four-bedroom residences.

The 19 affordable apartments will comprise two studios, 15 one-bedroom apartments and two two-bedroom apartments, taking the total apartment component to 107 residences before the 58 co-living rooms are included.

<img alt="Vnnies" data-entity-type="file" data-entity-uuid="7d568ca5-cb90-4e18-96c6-d9795dba0c56" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-08-26%20at%209.10.05%E2%80%AFAM.png?VersionId=GY2R5M9VtQh0EKy1vajaea19PSLOPuRD" />

Wardle's design for the Vinnies site has sought to negotiate that emerging high-rise context while retaining the lower-scale character of MacKenzie Street and the adjoining heritage conservation area.

The main building adopts a three-storey podium and tower arrangement, with the podium aligned to the ridgeline and front setback of St Francis Xavier Church.&nbsp;Wardle has designed the podium with colonnades, seating, recessed entries and active ground-floor frontages, with sandstone-toned precast concrete and face brick referencing the materiality of the existing church.

The tower then steps back eight metres to the south and six metres to the north before rising in a sculpted form comprising four interlocking quadrants. Wardle has also introduced rounded forms and chamfered corners to reduce the tower's perceived bulk and improve view sharing with neighbouring development sites.

Resident facilities and outdoor areas are planned at the separation between the podium and tower at Level 3, oriented toward Sydney Harbour and the CBD skyline.

The tower itself will feature a glass reinforced concrete facade, with recessed balconies and deep reveals used both to provide shading and privacy and frame views toward the harbour and city. The lower levels take a different architectural approach, using brick and sandstone-toned finishes intended to establish a stronger relationship with St Francis Xavier Church. The Church itself will be conserved and upgraded for its continued use, while the former school building will be adaptively reused as part of the co-living component.

<img alt="Lavendar Bay" data-entity-type="file" data-entity-uuid="2d4418ad-90aa-4d49-af93-c80b140aea80" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-08-26%20at%209.09.47%E2%80%AFAM.png?VersionId=Kv4gzbsACaGvZSRuaqcfGC54jEJRXIDJ" />

&nbsp;

The proposal adds to an increasingly concentrated pipeline of residential development around Blue Street, MacKenzie Street and Lavender Bay.

Just west of the site, Central Element lodged plans earlier this year for one of the most significant residential developments proposed in Lavender Bay in recent years.

Central Element's SJB-designed scheme at 64-66 Lavender Street and 3-7 Middlemiss Street would deliver 163 apartments across two towers rising 23 and 32 storeys, replacing five existing apartment buildings containing 32 homes. The project also forms part of the Housing Delivery Authority pathway.

<a href="https://www.apartments.com.au/news/nsw/first-look-central-element-reveals-lavender-bay-apartment-plans?utm_source=chatgpt.com" rel="noopener" target="_blank">First look: Central Element reveals Lavender Bay apartment plans</a>

Immediately around North Sy​dney Station, another two significant proposals have emerged at 5 and 15 Blue Street.

Zurich Australian Insurance Properties is seeking to adaptively reuse its longstanding commercial building at 5 Blue Street, directly above North Sydney Station, rather than demolishing the structure.

Its SSDA proposes converting the building into a 14-storey mixed-use development with 62 apartments and 86 co-living rooms, together with ground-floor retail and a major refurbishment of Blue Street Plaza. The application is currently at the Response to Submissions stage.

<a href="https://www.apartments.com.au/news/nsw/first-look-zurich-targets-north-sydney-office-conversion-with-148-unit-proposal-above-metro-station">First look: Zurich targets North Sydney office conversion with 148-unit proposal above Metro station</a>

&nbsp;

First look: Vinnies files for 20-storey Lavender Bay apartment tower as North Sydney housing pocket heats up

When the opportunity arose for South Australian developer Palumbo to return to Kent Town, where it had previously delivered East Park Apartments and the East 
Rundle Apartments, it wasn't one the longstanding developer-builder was going to pass up.

The decision was quickly vindicated, with more than 30 apartments sold within the first month of launching <a href="https://www.apartments.com.au/new-apartments/royal-apartments-kent-town-2-8-north-terrace-kent-town-sa-5067">Royal Apartments</a> to the market.

The 206-apartment development, which will bring significant new supply to Adelaide's tightly held eastern city fringe, also gives <a href="https://www.apartments.com.au/developers/palumbo">Palumbo</a> the opportunity to bring new life to one of Kent Town's most recognisable watering holes.

[smartcode_project:default project_id=6109 project_image_fid=376073]

Royal Apartments incorporates the historic Royal Hotel, a venue Palumbo Managing Director Daniel Palumbo said has a longstanding connection with the local community.

"Everyone in the area has history with the Royal Hotel," Palumbo told Apartments.com.au.

"It was quite an active pub and social gathering place for locals. We want to bring it back to its former glory."

[smartcode_project:default project_id=6109 project_image_fid=376072]

The wider development will comprise two residential towers alongside the restored hotel, sitting on North Terrace opposite the Adelaide Park Lands.

For Palumbo, the project also marks a return to familiar territory.

The developer completed East Park Apartments next door more than a decade ago and jumped at the opportunity to develop in Kent Town again when the Royal Hotel site became available.

"The opportunity emerged, and we moved to secure the site," Palumbo said.

"We were approached by the previous landowner, who said they had extensive commitments in Sydney and weren't in a position to deliver the project.

"We took over the site and within six months recut the design scheme to be more in keeping with the type of development we want to bring to Adelaide.

"Now we're on the market and those changes have really resonated with local buyers."

That has translated into a strong start to sales, with 33 apartments transacting in the project's first 35 days.

Palumbo said the early purchaser profile had been consistent with the group's traditional focus on owner-occupiers rather than investor-led apartment stock.

"Local owner-occupiers have always been our market," he said.

"There are always some investors, but we've never developed what would be called traditional development stock. Owner-occupiers are very much our market."

[smartcode_project:default project_id=6109 project_image_fid=376068]

The buyer mix has been diverse so far, with downsizers and younger professionals both accounting for a significant portion of early sales.

South Australia's current stamp duty settings, which allow&nbsp;eligible homeowners in South Australia aged 60 savings of up to $103,830 on stamp duty when they downsize to a new property valued at up to $2 million,&nbsp;have helped encourage downsizer activity, while younger buyers in their late 20s and early 30s have been attracted to the opportunity to live immediately outside the CBD while still being able to walk into the city.



Location has been a major part of the proposition for both buyer cohorts.

[smartcode_project:default project_id=6109 project_image_fid=376075]

Royal Apartments sits on North Terrace directly opposite the Adelaide Park Lands, with residents able to walk through the parklands toward the East End, Rundle Street and Rundle Mall.

Apartments have been positioned to capture views across the parklands, Adelaide skyline, Botanic Gardens and Adelaide Hills.

Palumbo believes the scarcity of developable land along this section of the Park Lands makes the site particularly difficult to replicate.

"There's very few allotments on that side that can be developed," he said.

"If this location was in New York and you were sitting on Central Park, you'd be talking about a $60 million apartments."

Royal Apartments will offer a broad mix of residences, ranging from one-bedroom apartments through to four-bedroom sub-penthouses and penthouses.

Current listings include one-bedroom apartments from $680,000, while larger three and four-bedroom residences are priced around $2.5 million.

Residents will have access to a swimming pool, gym, barbecue and recreation areas, residents' lounge and dining space, and a communal deck.

[smartcode_project:default project_id=6109 project_image_fid=376067]

The apartments will feature generous balconies, while secure parking, bicycle storage and storage cages will also be provided.

A porte-cochère-style arrival and drop-off area has also resonated with buyers, particularly those attracted to being able to walk into the CBD during the day while retaining secure vehicle access at home.

Palumbo is acting as developer, architect and builder on Royal Apartments, continuing the vertically integrated model it has used across its South Australian portfolio.

The group was also behind the $150 million Sofitel Adelaide, the 251-room five-star hotel and residential tower which opened in 2021.

Palumbo said Royal's launch had come at an interesting time for the broader Adelaide apartment market.

Buyer confidence had initially been impacted by uncertainty surrounding the Federal Budget and broader economic conditions, but Palumbo believes sentiment is beginning to improve against a backdrop of significant investment flowing into South Australia.

He pointed to increased activity across defence and resources, including Olympic Dam, as potential long-term drivers of the state's economy and housing market.

"Money is starting to flow into Adeliade, significant amounts as Adelaide bucks the trend of the rest of the country.," Palumbo said.

"There's a lot of activity in the economy over the next decade. I think more investment will come into this market."

Early works on Royal Apartments are expected to commence this year, with major construction activity and cranes anticipated on site from early next year.

[smartcode_project_cta:default project_id=6109]

Palumbo's return to Kent Town strikes early chord with buyers

Go-to builder-developer <a href="https://www.apartments.com.au/developers/graya">GRAYA</a> is continuing to bulk out its already impressive and diverse apartment portfolio across South East Queensland. Their latest milestone is securing development approval for Silk, its boutique riverfront apartment development in St Lucia.

The approval clears&nbsp;the way for the team to begin construction planning for the 22-residence project.

<a href="https://www.apartments.com.au/new-apartments/silk-st-lucia-16-18-sandford-street-st-lucia-qld-4067">Silk</a> will rise 15 levels from an 810 sqm site at 16-18 Sandford Street, occupying a prominent bend of the Brisbane River with a prized northern aspect across Orleigh Park toward the Brisbane CBD.

The approved scheme will comprise 16 split-floor and six full-floor residences, continuing GRAYA's move into larger-format apartment developments targeting Brisbane's prestige owner-occupier market.

The project has been designed around the site's broad river frontage and dual-direction views, with GRAYA prioritising larger residences, privacy and outlook over apartment yield.

<img alt="Silk St Lucia" data-entity-type="file" data-entity-uuid="aa5c2349-f96c-4914-a812-1f2cd6827af8" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-08-26%20at%208.25.44%E2%80%AFAM.png?VersionId=WY0vEU_7vYjeRJKQHiCwFdMxu8PvFh52" />

GRAYA Co-founder and Chief Executive Officer Rob Gray said the project had been shaped around local homeowners wanting to remain in St Lucia without maintaining a traditional family home.

"St Lucia is one of those suburbs people do not want to leave," Gray said.

"They know the river, the trees, UQ, the golf course, Toowong and Indooroopilly, and that familiarity is hard to replace.

"True riverfront opportunities here are exceptionally scarce. What we have designed at Silk is a way to stay in the suburb people love, with the scale and privacy of a private home and far less to maintain.

"This is not typical apartment product. It is a proper home on the river, and that is exactly what this market has been missing."

The approval comes as new apartment development continues to increase across the St Lucia and neighbouring Toowong corridor, although direct riverfront sites remain considerably more tightly held.

GRAYA Co-founder and Managing Director Andrew Gray said securing the approval had removed a significant element of development risk from Silk.

"Genuine riverfront sites of this quality in St Lucia are not something that comes up regularly," Gray said.

"The approval removes a substantial layer of execution risk, and the location underwrites demand in a way very few inner-city sites can.

"The fundamentals here are as strong as anything we have assessed in Brisbane."

<img alt="Silk St Lucia" data-entity-type="file" data-entity-uuid="d0f3d734-65e1-48e8-8ed3-2e0715ffcdd9" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-08-26%20at%208.25.56%E2%80%AFAM.png?VersionId=sOLSs_jdHkXLWbBKzRyayf5BfTb2vPsD" />

Silk will see GRAYA return to a stretch of the Brisbane River where it already has recent construction experience. The vertically integrated group recently completed ARC in neighbouring Toowong as builder for developer Spyre, delivering the riverfront project on a constrained site.

GRAYA will take a different role at Silk, controlling the project from design and development through construction and aftercare under its vertically integrated model.

The development will include a gym and resident leisure areas at ground level, integrated with the river's edge.

Silk joins a growing pipeline for GRAYA across Brisbane and the Gold Coast, which includes Enclave, The Gallery, Coral and Ripple.

The developer-builder has also recently lodged plans for its largest project to date, <a href="https://www.apartments.com.au/new-apartments/the-silo-19-chester-street-newstead-qld-4006">The Silo</a>, a proposed <a href="https://www.apartments.com.au/news/qld/graya-buys-frasers-newstead-site-plans-the-silo-between-james-street-and-gasworks-precincts">$700 million mixed-use development</a> in Brisbane's James Street precinct.

Silk is expected to predominantly target local owner-occupiers and prestige buyers seeking a permanent riverfront home in Brisbane's inner west.

Registrations of interest are now open, with further details on the project and construction program to be released as it progresses.

<hr />
<h2>SILK PROJECT FACTS</h2>

Developer-builder: GRAYA

Project: Silk

Location: 16-18 Sandford Street, St Lucia

Apartments: 22

Built form: 15 levels

Site: 810 sqm riverfront holding

Mix: 16 split-floor and six full-floor residences

Status: Development approved

Next step: Construction planning underway

[smartcode_project_cta:default project_id=152168]

GRAYA greenlit for riverfront St Lucia apartment development, Silk

First Home Loan Deposit Scheme

<html><body>
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.
 
</body></html>

jrobinson-rf4aSBido9

Commonwealth Bank among 27 lenders endorsed for the First Home Loan Deposit Scheme

<html><body>
The majority of experts and economists in Finder.com.au's RBA Survey believe the First Home Buyer Scheme will have no significant impact on the market.
Some 90 per cent of the experts surveyed believed this to be the case.
Graham Cooke, insights manager at Finder, says the property value caps are problematic, especially in Sydney.
 “The Government’s scheme limits the purchase price of Sydney properties to $700,000, which to be honest, is a joke," Cooke said.
“Not many properties will qualify for this scheme – some apartment buyers may qualify, but not many houses are available for below that price.
“With the average regional home in Australia needing to fall below a $350k window to qualify, even options for those outside cities will be limited.
“Additionally, borrowing with a 5% deposit can end up being a lot more expensive in the long run. This could cost you over $90,000 in extra interest over the full term of a home loan at the big four’s standard variable rate.”
The First Home Buyer Scheme will guarantee mortgages for 10,000 first home buyers who have only saved a five per cent deposit, effectively helping them buy sooner without paying lenders mortgage insurance premiums. 
The scheme will be administered through the National Housing Finance and Investment Corporation (NHFIC) in partnership with lenders and is intended to make <a href="https://finder.us9.list-manage.com/track/click?u=cc5e9bce699fa1d71a67cf499&amp;id=d4a3074115&amp;e=f2176dbcf8" target="_blank">low deposit home loans</a> cheaper.
To be eligible for the scheme you must be purchasing a property valued at or below the following thresholds:
<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/2019/12/4/Finder%20property%20values.jpg" alt="">
 
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FHB scheme to have 'no significant impact' Finder.com.au RBA Survey

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Westpac was set to be one of the two major banks to offer mortgages under the federal government’s first home loan deposit scheme.
<a href="/expert-insights/finance/nab-to-offer-competitive-home-loans-for-fhbs-in-government-s-first-home-loan-deposit-scheme">NAB was announced yesterday</a> as the first bank on the lending panel.
<div class="story-content">
But Westpac is set to be axed as the other big bank in light of the money-laundering allegations it is currently facing according to bank insiders, <a href="https://www.theaustralian.com.au/" target="_blank">The Australian </a>reports.
The Australian confirmed Westpac’s bid was one of the two best applications reviewed by the National Housing Finance and Investment Corporation (NHFIC) under strict criteria including competitiveness of home-loan offerings, geographic reach and readiness to meet scheme implem­entation timelines.
NHFIC’s other key evaluation criteria included “the reputation of the respondent”.
The government will now choose from either Commonwealth Bank or ANZ to join the scheme with NAB, giving the banks get access to up to 5000 eligible first home buyers per year.
<div id="story-description">
Westpac insiders told The Australian it had expected to be approved as the second major ­lender but now understood the embattled financial institution would be excluded from the scheme, which starts on January 1.
The scheme, one of Prime Minister Scott Morrison’s key pledges at the May 18 election, provides a guarantee allowing first-home buyers on low and middle incomes to buy with a depos­it of as little as 5 per cent.
The big banks will only be entitled to receive up to half of the 10,000 guarantees allocated per financial year.
There will also be a range of non-major lenders appointed to the lending panel.
Loan applications for the scheme are not yet open.
 
</div>
 
</div>
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Westpac ditched from government’s first home loan deposit scheme

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First-home buyers wanting to buy next year using the federal government's new home loan deposit scheme will be limited to properties sold for less than $700,000 in Sydney and $600,000 in Melbourne.
First home buyers in Queensland will be able to purchase properties in Brisbane up to $475,000 in value.
The scheme to be known as the First Home Loan Deposit Scheme will apply to owner-occupied loans on a principal and interest basis. 
Property price caps under the scheme set appropriate price thresholds in capital cities, large regional centres with a population over 250,000 and regional areas.
The capital city price caps will also apply to large regional centres with a population in excess of 250,000, namely the Gold Coast, Newcastle and Lake Macquarie, the Sunshine Coast, Illawarra (Wollongong) and Geelong.
<table border="1" cellspacing="0" cellpadding="5">
<thead><tr>
<th scope="col">
State/territory
</th>
<th scope="col">
Capital city and regional centres
</th>
<th scope="col">
Rest of state
</th>
</tr></thead>
<tbody>
<tr>
<td>
NSW
</td>
<td>
$700,000
</td>
<td>
$450,000
</td>
</tr>
<tr>
<td>
VIC
</td>
<td>
$600,000
</td>
<td>
$375,000
</td>
</tr>
<tr>
<td>
QLD
</td>
<td>
$475,000
</td>
<td>
$400,000
</td>
</tr>
<tr>
<td>
WA
</td>
<td>
$400,000
</td>
<td>
$300,000
</td>
</tr>
<tr>
<td>
SA
</td>
<td>
$400,000
</td>
<td>
$250,000
</td>
</tr>
<tr>
<td>
TAS
</td>
<td>
$400,000
</td>
<td>
$300,000
</td>
</tr>
<tr>
<td>
ACT
</td>
<td>
$500,000
</td>
<td>
-
</td>
</tr>
<tr>
<td>
NT
</td>
<td>
$375,000
</td>
<td>
-
</td>
</tr>
</tbody>
</table>
Under the draft rules, the scheme will allow low-and middle-income earners to buy property with a deposit of as little as 5 per cent.
Treasurer John Frydenberg and Housing Minister Michael Sukkar released the government's draft Investment Mandate for the First Home Loan Deposit Scheme.
It revealed the "appropriate price thresholds" for properties depending on city and region around Australia.
The threshold is well below the median house price for capital cities.
The number of applicants will be capped at 10,000 each year.
The initiative begins on January 1, 2020.
It removes the cost of lenders mortgage insurance for FHBs with an annual income of up to $125,000 or couples with a combined $200,000 per year who haven't saved the standard 20 per cent deposit typically required by banks.
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How to buy your first home with 5 percent deposit

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As announced by Prime Minister Scott Morrison during the 2019 election campaign, from 1 January 2020 eligible first home buyers will be able to enter the housing market sooner.
Up to 10,000 guarantees per year will allow eligible first home buyers to purchase a home with a deposit of as little as five per cent.
Applicants will be subject to a range of eligibility criteria, including taxable incomes of up to $125,000 per annum for singles and up to $200,000 per annum for couples in the previous year, they must be Australian citizens purchasing property in Australia and they must be taking out owner-occupied loans on a principal and interest basis. 
Properties purchased under the First Home Loan Deposit Scheme will be subject to regional price caps. 
Regional price caps will be set with a view to ensuring equitable access to the scheme across Australia.
The coverage of the guarantee will be broadly consistent with parental guarantee products offered by some lenders. The guarantee will remain in place until a loan is refinanced or the outstanding loan balance falls below 80 per cent of the property purchase price—whichever comes first.
Access to the First Home Loan Deposit Scheme will occur as part of the normal home loan application process, with limited additional effort for first home buyers being required when seeking a guaranteed loan, the assistant Treasurer and Minister for Housing, Michael Sukkar said.
The bill introduces amendments to the National Housing Finance and Investment Corporation Act 2018 to implement the First Home Loan Deposit Scheme and establish a new research function within the National Housing Finance and Investment Corporation.
The bill expands the National Housing Finance and Investment Corporation's functions to enable it to provide guarantees.
Sucker noted based on median household income and a 15 per cent saving rate (on before-tax income), it takes approximately eight years to save a 20 per cent deposit on a median priced home. 
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How the First Home Loan Deposit Scheme guarantee will work 

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HIA welcomed the Government’s introduction of the National Housing Finance and Investment Corporation Bill (NHFIC) providing a platform to establish the First Home Loan Deposit Scheme announced during this year’s Federal election.
The organisation believes that the introduction of legislation by the Treasurer, Josh Frydenberg, to support the home ownership aspirations for 10,000 first home buyers is a key milestone in delivering their election commitment.
HIA Managing Director Graham Wolfe said “The First Home Loan Deposit Scheme, scheduled to commence in January, addresses one of the greatest hurdles facing those enthusiastically saving to purchase their first home. Saving for a home deposit can take up to ten years or more."
The new First Home Loan Deposit Scheme will save an average first home buyer in Sydney, with less than 20 per cent deposit, an estimated tens of thousands of dollars over the life of their loan.
Mr Wolfe added, “The Government’s progress in bringing the Scheme to market is exciting news for first home buyers. “
"HIA also applauds the Government’s commitment to housing supply under NHFIC. Planning for the next 20 years of housing supply to match Australia’s population growth and demographic change, and funding the delivery of infrastructure to support new communities, requires national coordination and leadership."
“The Commonwealth Government has a key role in working with the states and territories to ensure that we can accurately forecast Australia’s housing and community based infrastructure challenges and manage the supply needed to meet the future demand,” Mr Wolfe concluded.
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First Home Loan Deposit Scheme will save first home buyers tens of thousands: HIA

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EXPERT OBSERVER
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The introduction of legislation giving effect to the Commonwealth Government’s deposit gap scheme is the first step in easing the pathway to home ownership.
The scheme – promised on the eve of the federal election – helps reduce barriers to home ownership by closing deposit savings requirement and effectively reducing mortgage insurance costs. 
We welcome introduction of the legislation and said the next critical step was getting design features right. 
UDIA has been actively engaging with the National Housing Finance and Investment Corporation (NHFIC), which has carriage of the scheme’s design, implementation and ongoing management. 
The scheme rightly recognises that saving for a deposit is arguably the biggest hurdle most homebuyers face in trying to enter the market. 
The rapid escalation in house prices in the past decade has widened the deposit gap, so the Commonwealth’s decision to effectively go guarantor on a portion of the loan makes sense. 
It sits well alongside other initiatives to improve housing affordability – like retention of negative gearing and capital gains tax arrangements, and improved loan serviceability assessment rules. 
The next challenge is to ensure the design principles of the scheme reflect the reality of house prices in different markets. 
The draft legislation proposes variable price caps for different capital cities and regions, which is a perfectly logical step. 
We would also urge however that the same flexibility apply to income thresholds, particularly in the most expensive capital cities like Sydney and Melbourne. 
Our research shows that singles in particular on the proposed income threshold of $125,000 would not be able to access housing in large tracts of Sydney and Melbourne. 
The other recommendation we would make is to limit access to the scheme to newly-constructed properties, which has the benefit of spurring construction activity at a time the economy needs a boost.
We also welcome provisions in the legislation to expand the mandate of NHFIC to examine housing supply, demand and affordability. 
The renewed research capacity will give the Government deeper insights into the policy barriers to improved housing production and better affordability. 
UDIA National looks forward to working further with Government on the precise design of the new mandate for NHFIC. 
CONNIE KIRK is the UDIA National Executive Director.
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Deposit gap scheme opens the door to home ownership: UDIA's Connie Kirk

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The National Housing Finance and Investment Corporation (NHFIC) is starting detailed consultations with lenders regarding their potential participation the Federal Government’s new First Home Loan Deposit Scheme.
The Scheme is scheduled to commence on 1 January 2020.
It will be administered by NHFIC, subject to the passage of legislative amendments, which have been introduced into the Parliament today. 
It is known as the National Housing Finance and Investment Corporation Amendment Bill. Michael Sukkar, the Minister for Housing, presented the bill.
It seeks to establish a First Home Loan Deposit Scheme to assist eligible first home buyers with a minimum 5 per cent deposit (rather than the industry standard of 20 per cent) to purchase a home.
NHFIC is seeking feedback from lenders on implementation of the Scheme via a market sounding consultation process.
This market sounding is the pre-cursor to a procurement process which will be used to establish a panel of lenders to participate in the Scheme.
It builds on initial stakeholder consultations undertaken to date. 
All residential mortgage lenders are welcome to participate in the market sounding process.
NHFIC is making a Scheme Features paper available to participants for the purposes of the market sounding process. 
Further information on the market sounding process, including how lenders can participate and obtain a copy of the Scheme Features paper, is available via the NHFIC website https://www.nhfic.gov.au/fhlds/ or by emailing Lenders@FHLDS.nhfic.gov.au 
Responses to the market sounding are required to be submitted before 5pm AEST on Thursday 3 October 2019. 
The introduction of legislation giving effect to the Commonwealth Government’s deposit gap scheme is the first step in easing the pathway to home ownership, according to the Urban Development Institute of Australia (UDIA).
The UDIA’s National Executive Director Connie Kirk has welcomed introduction of the legislation and said the next critical step was getting design features right.
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Lenders sought for the First Home Loan Deposit Scheme

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EXPERT OBSERVER
In the lead-up to the recent Federal election the Coalition announced the First Home Loan Deposit Scheme.
The scheme will provide up to 10,000 loans to first home buyers each year and will offer first home buyers better access to finance without having to save a 20% deposit.
Additional details about the plan include: The Scheme will be available to eligible first home buyers who have been able to save for a deposit of at least 5% up to 20%. This will mean that eligible first home owners will be able to purchase their own home years earlier than they would normally be able to do.
Also, they would not be required to purchase lenders mortgage insurance saving them approximately $10,000. The lender would still undertake the full normal credit check process on the borrower (meeting all their legal obligations) to ensure that the borrower is in a position to be able to afford the repayments.
If the borrower refinances or the loan comes to an end the Commonwealth support will terminate. The Scheme will support low and middle income earners across Australia. Support would only be available to first home buyers below a certain capped income level which is $125,000, or $200,000 combined income for a couple who are both first home buyers.
The income test would be based on the previous year’s taxable income to provide certainty. Support will also be targeted to entry properties, with a maximum loan size determined on a regional basis, reflecting the different property markets across Australia.
The first home buyer will be able to use the Scheme in conjunction with the First Home Buyer Super Savers Scheme (FHSSS) and State or Territory first home buyer grants and duty concessions. The Scheme will commence on 1 January 2020 and will be operated by National Housing Finance and Investment Corporation (NHFIC).
Support for borrowers could include guaranteeing approved applicants the additional loan amount taken out by the first home buyer to cover the difference between the amount of the first home buyer's deposit and 20 per cent of the value of the property. While there aren’t a whole lot of details about the plan there are some important things to consider with this plan.
1. Over the past 10 years there has been an average of 103,485 first home buyer finance commitments per annum. Given this, only around 10% of first home buyers will be able to access this scheme. 2. A 20% deposit is not actually required to take out a mortgage. Buyers can borrow with less than a 20% deposit. If they choose to do so, LMI is either an additional upfront cost or amortised into the mortgage amount. LMI is not transferable so if you choose to refinance or sell and purchase but still have less than 20% equity, LMI will be payable again. 3. The borrower will still need to pass normal credit checks. Over the past four years or so it has become increasingly more difficult to access a mortgage and borrowers participating in this scheme will still need to pass the normal credit checks. Given this, the scheme, as proposed, is not going to result in anyone that currently can’t access a mortgage to take out a mortgage. What it will mean is that people that already qualify for a mortgage can potentially avoid LMI and they can also purchase with a smaller deposit.
The scheme is positive in that it allows first home buyers to borrow with a smaller deposit and without LMI. The benefit of this is they can potentially own a home earlier. From a housing affordability perspective it is difficult to see how this policy actually helps.
Given that borrowers still need to pass usual credit checks, the only people that will have access to the scheme are those that could already purchase any way. While the scheme will help borrowers enter the market earlier, it seems unlikely that it will do anything to improve housing affordability.
If anything, it might increase demand from first home buyers and lead to higher prices within the price points that fit with maximum loan sizes which have not yet been determined.
Some more strategic alternatives to improve housing affordability can be found on the supply side via town planning reforms to allow for higher densities in high demand areas, improving accessibility to affordable housing markets via infrastructure upgrades and re-thinking inefficient taxation transactional taxes such as stamp duty.
CAMERON KUSHER  is the head of research for the Australian branch of CoreLogic
Kusher regularly posts on the <a href="https://www.corelogic.com.au/news" target="_blank">CoreLogic website</a>.
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Will the government’s first home loan deposit scheme really help FHB's? Cameron Kusher

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The Real Estate Institute of Australia (REIA) has welcomed the announcement of support for first home buyers through a First Home Loan Deposit Scheme.
REIA President Adrian Kelly said the scheme initially announced by the Government and supported by the Opposition will start on 1 January next year and assist first home buyers with their deposit.
“Under the proposal, first home owners will be able to buy their first home with a deposit of 5% compared to 20% which has become the industry norm post the Hayne Royal Commission,” Kelly said.
“Not only will the scheme see first home buyers achieve their home ownership much earlier it will save them a considerable amount of around $10,000 by not having to pay lenders mortgage insurance.
“The scheme addresses two hurdles facing first home buyers – the deposit gap and transaction costs which include mortgage insurance – in a practical way.
“The last time the Federal Government introduced a special measure for first home buyers was the First Home Buyers Boost during the GFC.
“This measure saw first home buyers, as a percentage of total loans financed, increase from 20.2% in October 2008 to 31.4% in May 2009.
“With first home buyers currently representing just 17.9% of total housing loan approvals at the beginning of this year, the measure will be a timely boost not just for first home buyers but for the building sector and the economy in general.
“It is direct assistance like this rather than changes to negative gearing and capital gains tax which provide better outcomes for all.”
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