A landmark former orphanage site in Surrey Hills could be transformed into a new residential community under plans lodged by <a href="https://www.apartments.com.au/developers/antipodean-land-developments">Antipodean Land Developments</a> that would deliver 76 apartments and townhouses while restoring some of the suburb's most significant heritage buildings.

The burgeoninng Melbourne-based developer has submitted plans for the 9,158 sqm site at 1 Kent Road and 24 Durham Road, home to the former St Joseph's Home for Destitute Children, a historic institutional complex dating back to the late 19th century. The proposal seeks to adaptively reuse several heritage buildings while introducing two new four-storey residential buildings set within extensive landscaped grounds.

Designed by <a href="https://www.apartments.com.au/architects/woods-bagot">Woods Bagot</a> and Kerstin Thompson Architects, the project has been conceived as a contemporary residential village embedded within a restored heritage precinct. The development team describes the design approach as "The Village in the Garden," with new buildings positioned among mature landscaping by OCULUS and significant heritage structures.

<img alt="First look: Antipodean Land Developments plans heritage-led apartment community in Surrey Hills" data-entity-type="file" data-entity-uuid="44ec8c1b-c0b6-44ae-859e-5811b3e6a023" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Untitled%20design%20%281%29.png?VersionId=p.p1_KFh4iQoV4nisdnPfQBAsWNi7m79" />

The proposal would deliver 76 dwellings comprising a mix of apartments and duplex-style residences, significantly increasing housing supply on one of the largest privately held residential landholdings in Surrey Hills. The development includes 127 car spaces, 24 bicycle spaces and more than 1,000 sqm of communal amenity, with the existing chapel building earmarked for conversion into resident facilities.

According to the planning submission, the project centres on the restoration and adaptive reuse of the site's most significant heritage assets, including the original c.1889 St Joseph's building, the chapel designed by architect Augustus Andrew Fritsch, and the historic brick perimeter walls and entry gates. The proposal also incorporates the retention of other contributory buildings including the former infirmary and school building.

Tract Consultants, in the planning report accompanying the application, said the scheme had been shaped through extensive heritage analysis and design development.

"The shared vision for the Site by the project team has culminated in a scheme which successfully breathes life back into a historic site while delivering upon the objectives of Victoria's Housing Statement in a carefully curated and contextually responsive manner."

<img alt="First look: Antipodean Land Developments plans heritage-led apartment community in Surrey Hills" data-entity-type="file" data-entity-uuid="7263b7d8-95ea-400f-9531-6ca7d22c3c33" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Untitled%20design%20%282%29.png?VersionId=4cR1tiWOsDpgxEOwZi5vVFcyvvOsYkIE" />

The proposal is being assessed under Victoria's Significant Residential Development with Affordable Housing pathway. As part of the application, three per cent of the project's residential development cost would be contributed to the Social Housing Growth Fund. The development would also provide a diverse mix of one, two and three-bedroom residences targeting a broader range of buyers than typically found in Surrey Hills' detached housing market.

Sustainability initiatives include an anticipated 66 per cent BESS score, natural cross-ventilation to 80 per cent of apartments, 28 per cent deep soil landscaping and a canopy cover outcome exceeding local planning requirements. The proposal also sets aside more than 1,083 sqm for communal indoor and outdoor resident amenity spaces.

<img alt="First look: Antipodean Land Developments plans heritage-led apartment community in Surrey Hills" data-entity-type="file" data-entity-uuid="33fad46f-fe26-4d0a-acfd-6b776e1c6a3d" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Untitled%20design.png?VersionId=D9F6WVSyYCtGvSUmith35LRp6R7PQkw_" />

Planning documents describe the property as one of the largest underutilised residential sites in Surrey Hills, arguing it presents a rare opportunity to introduce "missing middle" housing in an established inner-eastern suburb while preserving and revitalising a significant heritage precinct.

Antipodean Land Developments has built a reputation for design-focused residential projects across Melbourne, particularly in the medium-density sector. Previous developments include Neighbourhood in Brunswick East, delivered with Breathe Architecture, and Balfe Park Lane, designed by Kerstin Thompson Architects.

They've been very active in site acquisition as they build out their future development pipeline. They recently launched Thornubury House, 45 apartments above a mix of commercial, retail, and food and beverage tenancies, and have plans for a boutique project in Fitzroy and another <a href="https://www.apartments.com.au/news/vic/antipodean-plan-apartments-for-deepdenes-missing-middle-on-whitehorse-road">"missing middle" project</a> on Deepdene's Whitehorse Road.

Joel Robinson

First look: Antipodean Land Developments plans heritage-led apartment community in Surrey Hills

Developer <a href="https://www.apartments.com.au/developers/auyin-property-development">Auyin</a> is the latest to turn to the Victorian Government's Development Facilitation Program in an effort to secure approval for its long-planned, mixed-use project in Elsternwick.

In 2018, Auyin lodged plans with Glen Eira City Council for a 14-storey building, however Council approved a reduced eight-storey scheme. A subsequent VCAT appeal in 2019 upheld the eight-storey height limit.

The project was later amended to nine storeys, but Auyin is now seeking to revive something closer to its original vision. The developer argues that the planning context has evolved significantly over the past decade, particularly within the Elsternwick Activity Centre, where higher-density development has increasingly been encouraged along Glen Huntly Road.

The proposal would transform the 1,239 sqm site at <a href="https://www.apartments.com.au/new-apartments/7-12-horne-street-elsternwick-vic-3185">7-15 Horne Street</a>, opposite Elsternwick Railway Station, into a 13-storey residential and retail development designed by CBG Architects, with 40 apartments

The site currently comprises three commercial properties.

<img alt="First look: 13-storey mixed-use tower planned for Elsternwick activity centre" data-entity-type="file" data-entity-uuid="5f465dd4-509b-4082-a669-0253b313914b" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/elsternwick%20podium.png?VersionId=72frWi0SmQ5AVJ3ARRhX5ILUYObhTm7x" />

The proposed apartment mix comprises 25 two-bedroom and 15 three-bedroom residences above 200 sqm of retail space at ground level. Residents would have access to a 90 sqm wellness facility, a 351 sqm communal indoor and outdoor terrace on the third level, and extensive landscaped areas throughout the development. A publicly accessible 135 sqm plaza would be created on the north-east corner of the site, providing seating, landscaping, and a new gathering space adjoining Horne Street.

The design adopts a four-storey podium that references the finer-grain character of the surrounding streetscape, with the upper tower recessed behind generous setbacks on all boundaries.

<img alt="First look: 13-storey mixed-use tower planned for Elsternwick activity centre" data-entity-type="file" data-entity-uuid="e637e763-2abc-4c34-a0aa-5c7ad36fae18" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/elsternwick%20open.png?VersionId=J1AoOpZgTyaF.KeeFSX6lMjEScX8KKRi" />

A key element of the proposal is the reconfiguration and widening of the surrounding laneways. Vehicle access would be retained from Lois Lane, with upgraded pedestrian connections linking Ross Street and Horne Street. The development would provide 58 residential car spaces, two retail car spaces, and 52 bicycle spaces across two basement levels and ground-floor facilities.

Architecturally, the building draws inspiration from the established character of Elsternwick Village. The façade combines dark charcoal brickwork, textured concrete, bronze-toned metal detailing, and extensive planting integrated into podium and tower levels. The design also incorporates a chamfered corner treatment and publicly accessible plaza intended to strengthen pedestrian activity around the station precinct.

Elsternwick's last new development completion was&nbsp;EVA Elsternwick by Pitard late last year. <a href="https://www.apartments.com.au/developers/milieu-property">Milieu</a> is working away on its nature-led neighbourhood, <a href="https://www.apartments.com.au/new-apartments/elsternwick-gardens-by-milieu-8-gordon-street-elsternwick-vic-3185">Elsternwick Gardens</a>, on Gordon Street, with its first stage expected to complete next year.

First look: Auyin seeks mixed-use apartment project in growing Elsternwick Activity Centre

<a href="https://www.apartments.com.au/new-apartments/otium-parkdale-123-125-como-parade-east-parkdale-vic-3195">Otium Parkdale</a>, the 13-residence boutique development by&nbsp;<a href="https://www.apartments.com.au/developers/huxtable-property">Huxtable Property</a>, has entered its final stages of delivery, with completion expected within the coming month and more than half of the residences sold.

The Como Parade East project is nearing the finish line at a time when opportunities to purchase new apartments in <a href="https://www.apartments.com.au/developments/parkdale-vic-3195">Parkdale</a> remain exceptionally limited. Fewer than 10 per cent of dwellings in the bayside suburb are apartments, making developments like Otium a relatively rare addition to a market traditionally dominated by detached housing.

[smartcode_project:default project_id=134974 project_image_fid=5427]

The three-level development comprises 13 residences, including ten two-bedroom apartments and three larger three-bedroom homes, all positioned above a secure basement car park.

Designed by <a href="https://www.apartments.com.au/architects/almeida-architects">Almeida Architects</a> with a strong connection to its coastal surroundings, Otium combines red brick, exposed concrete and dark metal detailing with integrated landscaping and greenery. Expansive glazing, generous balconies and terraces have been incorporated throughout the design to maximise natural light and reinforce indoor-outdoor living.

Inside, the residences feature engineered European oak flooring, natural and reconstituted stone benchtops, Bosch kitchen appliances, ducted heating and cooling, lift access and secure entry systems. The larger three-bedroom residences on the upper level have been designed with house-like proportions, while the two-bedroom apartments prioritise functionality, flexibility and low-maintenance living.

[smartcode_project:default project_id=134974 project_image_fid=5421]

The project is now in its final stages, with <a href="https://www.apartments.com.au/builders/labco">Labco</a> completing the remaining landscaping and external finishing works following the completion of the residences' interiors.

Otium's location within the heart of Parkdale continues to underpin its appeal. Residents will be just steps from local cafés, restaurants, shops and the newly elevated Parkdale Station, while the beach is less than a kilometre away.

With the project tracking ahead of schedule, buyers can currently secure a residence with a five per cent deposit and benefit from settlement terms of up to eight months. The advanced stage of construction also provides buyers with the opportunity to walk through the near-complete residences and experience the quality and finishes firsthand ahead of completion.

[smartcode_project_cta:default project_id=134974]

Otium Parkdale enters final month before completion as rare apartment opportunity nears sellout

A new boutique apartment development is entering the market in <a href="https://www.apartments.com.au/developments/chermside-qld-4032">Chermside</a>, with Brisbane-based developer <a href="https://www.apartments.com.au/developers/ausdev">Ausdev</a> bringing 33 residences to a well-connected pocket of Brisbane's north.

<a href="https://www.apartments.com.au/new-apartments/parkdrive-apartments-chermside-25-sammells-drive-chermside-qld-4032">Parkdrive Apartments</a>, at 25 Sammells Drive, will comprise a mix of one- and two-bedroom residences positioned within walking distance of Westfield Chermside, The Prince Charles Hospital, and Bradbury Park.

Established in 1989, Ausdev has a long-standing presence across both development and construction, with Parkdrive Apartments representing its latest residential project in Brisbane's northern suburbs.

[smartcode_project:default project_id=152125 project_image_fid=363778]

The development has been designed around open-plan living and natural light, with residences featuring stone benchtops, timber cabinetry, BOSCH appliances, and private balconies that extend the living areas outdoors.

Kitchens are positioned as the centrepiece of the homes, incorporating natural material palettes and integrated appliances, while bathrooms have been designed with a focus on functionality and understated finishes.

Residents will have access to a communal barbecue and entertaining area on Level 3, providing shared outdoor space within the development. Secure parking and lift access are also incorporated into the building.

The project will deliver a limited collection of 33 apartments, with one-bedroom residences priced from $749,000.

[smartcode_project:default project_id=152125 project_image_fid=363782]

Beyond the building itself, the location places residents within easy reach of several of Chermside's key amenities. Bradbury Park is around 350 metres away, while Westfield Chermside is approximately 1.3 kilometres from the site. The Prince Charles Hospital is located within 750 metres, and the Chermside Bus Interchange is around 1.5 kilometres away, providing connections across Brisbane.

Parkdrive Apartments adds to the growing residential pipeline in Chermside, a suburb that continues to evolve as a major retail, healthcare, and transport hub for Brisbane's north.

[smartcode_project_cta:default project_id=152125]

Ausdev introduces boutique Parkdrive Apartments to Chermside's growing centre

<a href="https://www.apartments.com.au/developers/skymark-group">Skymark</a>'s boutique Cronulla development Solis has secured a 10-year Latent Defects Insurance policy through Resilience Insurance, providing buyers of the 16-residence building on Ewos Parade with structural and waterproofing protection that extends a decade beyond the building's completion.

Currently under construction and due for completion in late 2027, <a href="https://www.apartments.com.au/new-apartments/solis-cronulla-8-ewos-parade-cronulla-nsw-2230">Solis</a> is one of a small number of new developments in the Sutherland Shire to carry Resilience LDI coverage, a distinction that carries increasing weight as buyer confidence in the off-the-plan sector continues to be shaped by how developers stand behind their product.

Latent Defects Insurance, which entered the Australian market in 2022 when Resilience Insurance was approved to offer the cover, protects buyers against major structural or waterproofing defects for ten years post-completion. Unlike traditional statutory warranties, it operates as a first-resort policy, if a covered defect arises, the insurer responds directly, without the buyer needing to pursue the builder or developer through a lengthy claims process.

Resilience Insurance CEO Corey Nugent has noted that the product addresses something fundamental to the new apartment market.

"The overarching feedback from prospective buyers in the new development space is that they want more confidence and assurances around the quality of the build," Nugent says.

"Resilience Insurance Latent Defects Insurance not only gives them complete peace of mind for 10 years, but it shows the developer they are buying from is standing by their product."

[smartcode_project:default project_id=150499 project_image_fid=370898]

For Solis, the Resilience LDI policy adds a meaningful layer of accountability to an already considered project. The development comprises nine two-bedroom and seven three-bedroom residences, including one dual-level three-bedroom apartment, across a five-storey building on Ewos Parade, positioned between Shelly Beach and South Cronulla.

Garden apartments connect directly to private landscaped courtyards, while upper-level homes capture beach views to the east from level four and above.&nbsp;

All 16 residences include at least one balcony or courtyard, and select apartments on the upper floors feature bar areas and secondary flexible living spaces.

Hiba Sander, Managing Director of Skymark, says Solis offers a rare balance, nestled between the quiet beauty of secluded beaches and the lively charm of South Cronulla's esplanade.

"It's a place to choose your pace and live gracefully, seaside'," Sander says.

[smartcode_project:default project_id=150499 project_image_fid=370900]

The architecture, designed by <a href="https://www.apartments.com.au/architects/ida-design-group">IDA Design Group</a>'s Michael Trinh, draws from the natural erosion patterns of <a href="https://www.apartments.com.au/developments/cronulla-nsw-2230">Cronulla</a>'s sandstone headlands, translating the organic forms of the coastline into soft curves, pavilion-style massing, and a material palette chosen for longevity in a salt-tinged environment.&nbsp;

Textured natural stone, soft renders, and timber-look battens reference the tones of the surrounding cliffs, while the building has been oriented to maximise natural light and passive ventilation, with primary living spaces facing north and east to capture morning sun and sea breezes.

"At Solis, our aim was to create architecture that feels quietly confident, grounded in natural materials like stone and timber, and elevated by light and landscape," Trinh says.&nbsp;

"The buildings are designed to sit gently within their coastal surrounds, with expansive glazing and abundant greenery creating a seamless dialogue between inside and out."

[smartcode_project:default project_id=150499 project_image_fid=370897]

Interiors by <a href="https://www.apartments.com.au/architects/hot-black">Hot Black</a> carry the same material language through to every room. Kitchens feature integrated Gaggenau appliances, sculpted stone benchtops, and Lo &amp; Co joinery, while bathrooms feature natural stone, timber, and brushed metal finishes.&nbsp;

Hot Black Founder and Design Director Sophie Safrin describes the intent as one of considered restraint: "At Solis, every detail has been thoughtfully considered to create a timeless coastal retreat, calm, refined, and effortlessly liveable. From natural finishes to seamless indoor-outdoor flow, Solis offers a quiet elegance that's deeply connected to its surroundings.

The landscape, designed by Julian Brady of <a href="https://www.apartments.com.au/landscape-architect/sitedesignstudios">Site Design Studios</a>, treats green space as an integral part of the resident experience rather than an afterthought.&nbsp;

"Gentle curves and layered native plantings mirror the ebb and flow of the ocean," Julian Brady says, "creating a serene connection between architecture and place."&nbsp;

Coco Republic has provided bespoke furniture packages tailored to the project's coastal palette.

[smartcode_project:default project_id=150499 project_image_fid=370899]

Skymark has an established track record in the Sutherland Shire, with a portfolio spanning Cronulla, Woolooware and Burraneer that includes Isla, Sylva, Bask, Shells, Sula and Mist. Securing LDI on Solis reflects a broader shift in how the developer is positioning its buildings to buyers, at a time when Resilience Insurance expects the policy to become mandatory in New South Wales by 2028.

Sales at Solis are launching soon through Ray White Projects, with an official event scheduled for 11 June. Enquire for more information.

[smartcode_project_cta:default project_id=150499]

Skymark takes out 10-year Resilience Insurance LDI at Solis Cronulla

Home Loan Rates

<html><body>
The lowest home loan rate in the market has dropped to 1.69 percent at the Greater Bank.

It announced the new market leading rate of 1.69 percent following a cut of 0.20 percent to its 1 year fixed rate for owner occupiers paying principal and interest. 

Canstar editor-at-large and money expert, Effie Zahos says chasing a low rate should be on every homeowners’ radar.

“Interest rates will remain at rock bottom for the next three years, though fixed rates are likely to rise before variable rates do as the longer term bond market starts to anticipate monetary tightening a few years ahead,” Zahos said..

“The move from Greater Bank proves competition is still rampant in the home lending space,” she said. 

UBank is at 1.75 percent followed by Homestar at 1.75 percent.

Ratecity noted Greater Bank borrowers will need to shop around or refix their rate after the first year as the loan reverts to a variable rate of 3.66 per cent. 

Greater Bank home loans are only available for borrowers in NSW, ACT and Queensland. 

RateCity.com.au analysis shows if an owner-occupier with a $400,000 home loan switched from the average existing owner-occupier rate of 3.05 per cent, to this new rate from Greater Bank, they could potentially save $5,039 in the first year, including refinancing costs. 

However, after five years borrowers could be $3,849 worse off, unless they switch or refix their loan.

<img alt="" height="492" src="https://s3-ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/pictures/article-images/ratecity_cheapest_home_loan.jpg" width="604">

Notes: based on an owner occupier paying principal and interest, switching loans 5 years in to a 30 year home loan with a balance of $400K. Assumes the customer does not refix / refinance after the 1 year fixed rate expires. Refinancing costs include discharge fees but not government fees.

RateCity.com.au data shows 24 lenders have cut 317 home loan rates since 1 January.
</body></html>

Canstar editor-at-large and money expert, Effie Zahos says chasing a low rate should be on every homeowners’ radar.

jchancellor

Home loan rate hits new record low of 1.69%

<html><body>
From 1 January to 31 December there were 6,777 cuts to home loans, with an average cut of -0.30%, according to Canstar's database.

It recorded:

<ul>
<li>880 cuts to variable rates for owner occupiers, with an average cut of -0.21%</li>
	<li>2,455 cuts to fixed rates for owner occupiers, with an average cut of -0.33%</li>
	<li>764 cuts to variable rates for investors, with an average cut of -0.21%</li>
	<li>2,678 cuts to fixed rates for investors, with an average cut of -0.32%</li>
</ul>
Over the same period there were 535 home loan rate increases, with an average increase of 0.20%.

On 1st January 2020 the average variable rate for owner occupiers paying principal and interest was 3.73% (80% LVR). Today that rate is 3.32% The lowest variable rate was 2.69% and it is now 1.99% (80% LVR) or 1.77% (60% LVR).

On the 1st January 2020 the average 3-year fixed rate for owner occupiers paying principal and interest was 3.15%. Today the average 3-year fixed rate is 2.30%. The lowest 3-year fixed rate was 2.69% and it is now 1.89%.

<figure><a class="colorbox colorbox-insert-image" href="https://res.cloudinary.com/dz9xllyip/image/fetch/q_auto:good/https://s3-ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/pictures/article-images/2020_home_loan_rate_changes.jpg" rel="gallery-all"><img alt="" class="image-article-full-width-580px" height="505" src="/s3/files/styles/article_full_width_580px/public/pictures/article-images/2020_home_loan_rate_changes.jpg?itok=dknBFocG" width="580"></a></figure>Savings interest rates

From 1 January to 31 December Canstar recorded:

<ul>
<li>529 cuts to savings, with an average cut of -0.18%</li>
	<li>262 cuts to regular savings accounts, with an average cut of -0.19% </li>
	<li>267 cuts to bonus savings accounts, with an average cut of -0.17%</li>
</ul>
On 1st January 2020 the average regular savings account rate was 1.12%. Today that rate is 0.43%. The maximum rate was 2.65% and it is now 1.75% (available for 4-months).

On 1st January 2020 the average bonus savings account rate was 1.47%, now just 0.75%. The maximum rate was 2.25% and it is now 1.35%.
</body></html>

From 1 January to 31 December there were 6,777 cuts to home loans, with an average cut of -0.30%, according to Canstar

urban.com.au

2020 saw 6,777 interest rate cuts across Australia's home loan institutions

<html><body>
ME Bank has announced it will cut interest rates for all existing variable home loan customers by 0.15%, after passing on the full RBA rate cut in June.
The effective date for the latest reduction in variable home loan rates is 23 July. 
ME bank said, "In setting interest rates ME considers the needs of all stakeholders while ensuring the pricing of all products remains sustainable."
Just hours after the RBA announced they are further dropping the cash rate by 0.25% today, non-bank lenders were slashing rates ahead of the Big four.
<a href="https://www.athena.com.au/?gclid=Cj0KCQjw5J_mBRDVARIsAGqGLZCKwKfQxKUvNT0g33wrh6Kg2oBRfwJBwNSWn4iuj0nJVqF2uEWWJ6EaAqxjEALw_wcB" target="_blank">Athena</a> home loans announced it will be passing on the full rate cut.
Another passing on the full rate cut with rates as low as 2.89% is Reduce Home Loans.
Both Reduce Home Loans and Athena's cuts are effective immediately.
Reduce Home Loans was awarded Australia’s Cheapest Home Loan by Money magazine in 2016, 2017, 2018 and 2019.
Resimac and subsidiary State Custodians have both announced they will be passing on the full July RBA rate cut, effective July 24.
The <a href="/expert-insights/finance/big-four-face-non-bank-lender-rate-cut-blitz">Big Four</a> were slower facing a blitz of quick cuts from non-bank lenders, however they have all announced their proposed rate changes which can be seen below.
<img src="https://www.urban.com.au/images/2019/7/3/July%20Big%204-1.JPG" alt="">
(Source: Ratecity.com.au)
</body></html>

j.ballantyne1990-6AQqhLzZaK

ME Bank announces July home loan rate cuts

<html><body>
Heritage Bank are the latest to announce they are cutting rates following the RBA's decision earlier in the month to cut for the first time since August 2016.
Heritage Bank haven't passed on the full rate cut, deciding to cut its variable home loan rates by 20 basis points.
Their Discount Variable home loan rate is now 3.57%, down from 3.77%.
Peter Lock, CEO of Heritage Bank, says the rates remained among the sharpest available in the market place.
He said Heritage had considered the best interests of all its customers, investors as well as borrowers, in coming to the decision.
“We have to think about both depositors and borrowers when we make these decisions.
“A 0.20% reduction in variable rates means our rates remain highly competitive, and strikes the right balance for us and our customers.”
Lock said Heritage’s customer-owned status meant it did not have the deep pockets of the big banks.
“We don’t set out to make massive profits, so our margins are lower than the big banks. In addition the big banks have a funding cost advantage that smaller customer-owned banks don’t enjoy. We continue to actively work with the Government to address this imbalance.  “Despite the imbalance we still have home loan interest rates that as a whole remain lower than those offered by the big banks.”
“We always make decisions to balance the best interests of all our customers at heart, not to maximise profit, so our rates stayed lower through that period.”
Of the big four banks, <a href="/news/cba-announce-full-rate-cut-after-june-rba-meeting">Commonwealth Bank</a> and <a href="/expert-insights/finance/nab-joins-cba-in-full-0-25-rate-cut-to-historic-lows">NAB</a> both passed on the full rate cute, while ANZ <a href="/expert-insights/finance/anz-first-to-pass-on-part-of-june-2019-rba-rate-cut">passed on 18 basis points</a> and Westpac <a href="/expert-insights/finance/westpac-to-cut-by-0-2-but-more-for-io-borrowers">passed on 20 basis points</a>.
Demand for fixed loans rising
Despite the declining variable rates across the majority of banks and lenders, it was demand for fixed rate home loans that rose in May.
According to new data from Mortgage Choice, fixed rate home loans rose over May, accounting for 22.47% of all home loans written.
Mortgage Choice CEO Susan Mitchell said over the last 12 months, fixed rates have accounted for 21.81% of all loans written.
"When you consider what has been happening in the market, the increase in demand is hardly surprising," Mitchell said.
<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/2019/6/20/Mortgage%20Choice%20May%20rates.jpg" alt="">
“Lenders on our panel have been aggressively discounting fixed rate home loan products, which has been effective in enticing more borrowers to commit to a fixed term.  “With rates as low as 3.49% p.a*., it’s unsurprising to see an increasing proportion of borrowers choosing to fix.” The data revealed that fixed rate demand was highest in Queensland, where 26% of borrowers opted for this type of home loan. 
This was followed by Western Australia, where 25% of borrowers chose to fix the interest rate on their home loan. Borrowers in Victoria were the least likely to fix, with 15% of borrowers choosing this type of product.   The most popular home loan products in May were ongoing discount Variable Rate loans followed by Basic Variable rates. “For those borrowers who may be considering fixing part or all of their home loan, now could be a good time to do so," Mitchell said.
"Current fixed-rate loan pricing presents good value by long-term standards. 
Mitchell suggested it is good new in particular for first home buyers who are looking to take advantage of government schemes and record low interest rates to enter the property market. 
“While news of low interest rates is certainly going to pique borrower interest, it’s equally important that borrowers remember the interest rate isn’t the only component of a home loan and they should look for the right loan product and features for their short and long-term needs." 
</body></html>

jrobinson-rf4aSBido9

Rate cuts continue as Heritage Bank pass on 20 basis point cut

<html><body>
National Australia Bank, Australia's fourth largest bank, has announced it will be changing the special on its base variable rate from 3.69% to 3.87%.
Their shift to retain customers is a reaction to the tighter lending restrictions continuing to impact mortgage applications, which continue to slide.
NAB have shifted focus to maintaining their existing customers, which chief executive Andrew Thorburn said has put the bank in 'unchartered territory."
"The decision to stop chasing new business with aggressive discounts and to reward loyal customers has put the bank in uncharted territory after delivering a result that revealed further deterioration in its net interest margin," Thorburn said.
”The discount for the standard variable rate has continued to go up and up and up and up and so as the housing cycle has slowed that increases the pace and increases the intensity, it’s been a long-term trend and its got worse in the last two or three years."
From Friday 9 November, NAB’s Base Variable Rate Special Offer, which is available for new owner occupier principal and interest customers, will be 3.87%.
The change will only affect new customers taking out this product. This means existing customers will not experience a rate hike. 
From Friday, CBA will now have the lowest ongoing variable rate out of the big four banks.
<img src="https://www.urban.com.au/images/2018/11/5/Nab%20Rates%20Hiked.JPG" alt="">
 
RateCity.com.au research director Sally Tindall said over the last six months NAB has been "a champion of competitive pricing, forcing other lenders to put low rates on the table".
"It is rare to see a bank hike an interest rate but grant immunity to their existing customers. NAB is clearly focused on backing its own customers, over potential new ones," she said.
While NAB has stepped back from low rate loans, HSBC and CBA both cut their owner occupier principal and interest rates, with HSBC now offering 3.59%, and CBA now offering 3.79% for new customers with 70% equity in their home.
 
 
 
</body></html>

NAB announces variable rate hike for all new customers

<html><body>
NAB's low home loan rate has been queried as higher than portrayed.
Praised recently as the only big four bank to keep its variable interest rates stable in the recent out of cycle rate hikes, HashChing calculates NAB already had the highest variable rates of the big four.
HashChing's claim was based on the loan rates for each of the big four banks averaged across HashChing’s data from June, July, and August.
Westpac who were slammed for being the first to hike rates out of cycle actually had the lowest rates in the first three months of the fiscal year compared to the other big four banks.
HashChing is an online home loan marketplace.
<img src="https://www.urban.com.au/images/2018/10/17/HashChing%20Graph.JPG" alt="">
Averaged over June, July, and August, NAB had the most expensive interest rates at 3.94%, 22 basis points above Westpac’s 3.72%.
On a $500,000 home loan, this difference amounts to $24,000 over the life of a loan.
The data also showed that with new loans, Westpac was again the best choice based on rates alone.
The worst choice for consumers taking out a new loan was ANZ whose rates were at a full 26 basis points higher than Westpac, ANZ customers would spend an additional $27,000 over the life of a loan.
"It’s not just ironic, it’s audacious for NAB to proudly claim they were rebuilding trust with Australians when in fact they had the highest rates to begin," HashChing CEO Mandeep Sodhi said.
"It’s no wonder faith in the financial system has been eroded.“
"Homeowners are stressed. It’s becoming harder than ever for Australians to refinance their loans. The tightening lending restrictions, a cooling housing market, and out-of-cycle rate hikes have all had a significant impact.”
Mr Sodhi urged consumers to do their research and engage with a mortgage broker in order to navigate the rapidly changing market and get the best offer possible.
He added, “what’s a fraction of a percent worth? Tens of thousands of dollars. That’s why it’s so crucial that homeowners have reputable brokers in their corner. They do the hard work for them and help protect them from extensive losses.”
</body></html>

NAB have the most expensive home loan rates of the big four: HashChing

<html><body>
National Australia Bank are electing not to hike their home loan rates and follow the other three of the big four banks.
Westpac raised their variable rates by 14 basis points late last month, <a href="/expert-insights/finance/westpac-is-the-first-of-the-big-four-banks-to-hike-out-of-cycle">the first to hike out of cycle.</a>
Last week <a href="/expert-insights/finance/cba-and-anz-hike-variable-home-loan-rates">ANZ raised their rates by 16 points</a> and were closely followed by Commonwealth Bank, the nation's largest lender, who hiked just 20 minutes later by 15 points.
NAB boss Andrew Thorburn said they need to rebuild the trust of their customers.
"By holding our NAB Standard Variable Rate longer, we help our customers for longer," Thorburn said in his statement.
“By focusing more on our customers, we build trust and advocacy, and this creates a more sustainable business.”
Thorburn said NAB will continue to regularly review its rates and assess whether current market conditions, including funding costs, continue.
Click here <a href="https://www.propertyobserver.com.au/images/2018/9/10/big%204%20rates.jpg" target="_blank">to enlarge.</a>
<img src="https://res.cloudinary.com/dz9xllyip/image/fetch/c_scale,w_580,q_auto:good/https://s3-ap-southeast-2.amazonaws.com/po.images/2018/9/10/big%204%20rates.jpg" alt=""> Source: RateCity.com.au
NAB's standard variable rate (SVR) for home loans sits at 5.24 percent.
RateCity.com.au research director Sally Tindall said NAB's announcement was 'exactly what home owners need.'
"NAB has heard the complaints from the government, regularors and most importantly their customers, and has acted," she said.
"It's great to see a bank putting its customers ahead of its profit margins."
New Prime Minister Scott Morrison has taken to Twitter to praise NAB.
"Good call by NAB not to life mortgage rates," he tweeted.
"They seem to get it."
The executive director of the Finance Brokers Association of Australia (FBAA) Peter White said the decision by NAB to stand out from the crowd was "a great step and shows strong support for its 900,000 plus customers."
“I predicted all the majors would follow Westpac when it raised its variable home loan rate less than two weeks ago.
"I am pleased my prediction was wrong.
"Thank you to NAB for bucking the trend."
The decisions by the ANZ and CBA to follow Westpac were as "predictable as they were unnecessary, and their existing customers should be complaining loudly and demanding better," Mr White said.
 
 
</body></html>

NAB to hold home loan rates despite rival big four hikes

<html><body><div>
<div>
<div>
The Reserve Bank of Australia could cut the official cash rate if banks raised their mortgage rates several times, economist Chris Caton has suggested.
So far this month, Westpac Banking Corporation, ANZ Banking Group and Commonwealth Bank of Australia have raised their mortgage rates by 0.14 to 0.16 percentage points citing increases on offshore funding costs.
The Reserve Bank of Australia has held the official overnight cash rate at 1.5 per cent for 25 months.
Dr Caton, a retired former chief economist with BT Financial group, told the Australian Institute of Superannuation Trustees conference in Cairns could cut the cash rate.
"Of course if the banks raised their variable rates again and again and the Reserve Bank was unhappy with that it would offset that – it would.
"There's no question about that.
</div>
<div>
"But at the moment I think they're thinking, 'we're low enough, we've been low enough for long enough, we really don't want to cut any further, there is no case to raise, unemployment's coming down, growth's OK, let's keep it where it is."
Dr Caton said he didn't expect a housing crash," Fairfax Media reported.
Dr Caton said there are no bargains out there for investors in either housing or stocks "in part because interest rates have been as low as they have for as long as they have. But I don't see any risk of any crashes either". 
</div>
</div>
</div></body></html>

RBA could cut official cash rate: Chris Caton

<html><body>
<div>
Lenders have cut honeymoon rates on home loan products to stimulate growth as real estate markets slow.
Three of the top five mortgage lenders are offering discounts of up to 55 basis points for investors and home buyers on introductory rates. 
</div>
<div>Banks with the new discounts include Commonwealth Bank, Westpac Group and Suncorp.</div>
<div> </div>
<div>Westpac is offering cuts of up to 50 basis points and free international trips.</div>
<div> </div>
<div>CBA has announced cuts of up to 30 basis points on its two-year variable rate introductory products covering principal and interest for owner occupiers and investors and interest-only borrowers.</div>
<div>
<div>
Suncorp is increasing the discount on its one- and two-year fixed rates by 55 basis points to a headline rate of 3.99 per cent.
</div>
</div>
</body></html>

Honeymoon home loans get cheaper

<html><body>
Nearly half of Australian mortgage holders have experience a rate rise since August 2016, despite no RBA movement, new research from Mozo.com.au has found.
The comparison rate site suggested lenders are hitting existing borrowers with mortgage rate increases to fund compelling offers for new customers.
Their national survey found 44 percent of mortgage holders have a home loan rate above 4 percent, despite the new benchmark for owner occupier rates being under 3.7 percent.
<div>
<div dir="ltr">
<div>
More than half of the lenders in the Mozo database now offer a rate under 3.70%. 
</div>
<div>
Mozo director Kirsty Lamont says many mortgage holders consider the banks offerings to be 'good enough.' 
“By taking out the best mortgage for your needs, you can easily save tens of thousands of dollars over the course of a loan," Lamont said.
"What we're seeing is that many mortgage holders consider the banks offerings to be 'good enough' when really, they're offering their best deals for new customers while hiking rates for existing customers. 
“Whether you’ve had your home loan for one year, or twenty, it pays to check home loan offerings to ensure you’re getting the best deal for your needs. 
"Despite paltry offerings for many existing mortgage-holders, 42% of Australians believe their home loan rate is competitive and only 18% considered making the switch to a new lender.”
Mozo recently compared 525 home loans from 88 financial providers for the <a id="LPlnk936670" href="https://mozo.com.au/expertschoice/best-home-loans#winners">Mozo’s Expert’s Choice Awards</a> to find the most competitive offerings on the market for both owner occupier and investor home loans.
Newcastle Permanent took out home lender of the year while <a id="LPlnk562009" href="http://loans.com.au/">loans.com.au</a> won awards for both low cost, offset and investor home loan.
Click here <a href="https://www.propertyobserver.com.au/images/2018/4/23/mozo_winners.jpg" target="_blank">to enlarge.</a>
<img src="https://res.cloudinary.com/dz9xllyip/image/fetch/c_scale,w_580,q_auto:good/https://s3-ap-southeast-2.amazonaws.com/po.images/2018/4/23/mozo_winners.jpg" alt="">
Click here for the full list of <a id="LPlnk321404" href="https://mozo.com.au/expertschoice/best-home-loans">Mozo Expert Choice Home Loan</a> award winners.
Comparing loans, the Experts Choice home loan judges found that the potential savings between an average and competitive loan was up to $68,400 based on a typical loan of $350,000 over 30 years.
When it comes to customer satisfaction, the big four banks ranked poorly with 70 percent of mortgage holders feeling dissatisfied about their current mortgage rate. 
Despite this, only 17 percent consider making a switch. Smaller banks fared slightly better with nearly 60% of respondents believing their home loan is competitive.
Only 27 percent of Tasmanians have a rate above 4 percent compared to a whopping 63 percent of mortgage holders from Northern Territory. 
Interestingly, Tasmanians are fiercely loyal to their banks with an overwhelming 91 percent saying they would not consider switching banks.
 Mortgage holders in the 25-34-year-old age bracket were most like to switch with one in four considering a change in provider while only 8 percent of mortgage holders over 65 years consider making the switch.
“With the banks reserving their best and brightest deals for new customers, it’s worth shopping around to secure the best home loan for you. Mozo research shows that there are owner occupier home loans on the market with rates as low as 3.39%,” says Lamont.
 
 
  
</div>
</div>
</div>
</body></html>

Home Loan Rates

Editor's Picks

Have something to contribute?

Developments

New apartments

New townhouses

News

Home Loan Rates

Editor's Picks

Receive the latest news stories to your inbox

Have something to contribute?

Developments

New apartments

New townhouses

News