&nbsp;

A local Australian has spent a Lower North Shore record $15.1 million at <a href="https://www.apartments.com.au/new-apartments/elevate-hume-place-crows-nest-25-hume-street-crows-nest-nsw-2065">Elevate Hume Place</a>, the new TOD above the recently opened Crows Nest Metro Station.

The buyer amalgamated a penthouse and sub-penthouse to create the triplex apartment that will have five bedrooms, five bathrooms, a private rooftop pool, expansive terrace, and panoramic views of Sydney Harbour and skyline. The building is being created by burgeoning developer Third.i, alongside joint venture partner Phoenix Property Investors.

The buyer was drawn to Elevate’s unrivalled connectivity, situated directly above the&nbsp;<a href="https://www.apartments.com.au/developments/crows-nest-nsw-2065">Crows Nest</a> Metro Station, and the vibrant lifestyle precinct that surrounds it. The Metro connects to the CBD in just seven minutes, and Chatswood in four.

[smartcode_project:default project_id=142550 project_image_fid=309367]

Designed by internationally acclaimed architects <a href="https://www.apartments.com.au/architects/woods-bagot">Woods Bagot</a>, Elevate draws inspiration from the ancient blue gum forests native to the area. The building is a Net Zero development, created in consultation with Indigenous communities and exceeding sustainability benchmarks. Interiors feature chevron-engineered timber flooring, natural stone benchtops, and premium Sub-Zero Wolf appliances, delivering timeless elegance and next-level comfort.

The exchange of the $15.1 million apartment, follows a recent $5 million sale, and over $30 million currently in expressions of interests. Interest in Elevate’s penthouse stock has surged, reflecting a strong appetite for ultra-luxury residences that combine design excellence with unmatched connectivity.

[smartcode_project:default project_id=142550 project_image_fid=309369]

“We’re seeing a significant uptick in interest from local and international buyers who are prioritising connectivity, sustainability, and lifestyle,” said Callum Billinghurst, Head of Sales at Third.i Group.&nbsp;

“These recent sales are a testament to the vision behind Elevate. It’s not just about luxury finishes or panoramic views, it’s about creating homes that are deeply connected to the city and the community. Buyers are responding to that. They want to live somewhere that offers more than just a postcode, they want culture, convenience, and long-term value. Elevate delivers all of that, and more.”

[smartcode_project:default project_id=142550 project_image_fid=297878]

As part of the Hume Place precinct, Elevate is transforming Crows Nest into Sydney’s most dynamic urban village. Elevate’s unique position directly above the metro, combined with its curated amenity offering, has made it a magnet for buyers seeking a future-proof investment and a vibrant urban lifestyle.

The next release at Elevate is expected later this year.

[smartcode_project_cta:default project_id=142550]

“We’re seeing a significant uptick in interest from local and international buyers who are prioritising connectivity, sustainability, and lifestyle,” said Callum Billinghurst, Head of Sales at Third.i Group


Joel Robinson

Third.i & PPI set Lower North Shore apartment record with $15.1m sale at Elevate Hume Place penthouse amalgamation

Sydney developer Deicorp is set to officially open its <a href="https://www.apartments.com.au/new-apartments/hills-showground-village-castle-hill-2-mandala-parade-castle-hill-nsw-2154">Showground Village</a> precinct in Castle Hill.

NSW Premier Chris Minns will attend the opening on Sunday August 31, alongside&nbsp;Minister for Planning and Public Spaces Paul Scully, The Hills Shire Council Mayor Dr Michelle Byrne, Landcom CEO Alex Wendler, and Deicorp Founder Fouad Deiri.

Located just moments from Hills Showground Metro Station, the centre spans 9,500 sqm across four levels and features 26 specialty retailers as well as a 1,400 sqm public plaza, creating a new community meeting point for shopping, dining, fitness, and everyday convenience.&nbsp;

Showground Village forms part of the Hills Showground Station Precinct, an urban renewal initiative led by Landcom and Sydney Metro that will provide for around 2,300 new jobs over the next 20 years and around 9,000 new homes.&nbsp;

Deicorp was recently approved for another new development next door to Showground Village.

The new five residential buildings in the East Showgrounds Precinct, will see another 873 dwellings delivered, as well as&nbsp;3,500 sqm of open public space in the form of landscaped courtyards, a public park and communal outdoor recreational space including a playground, barbeque area, and outdoor seating.

“This approval will allow us to start construction on a range of beautifully designed, conveniently located apartments and create another vibrant, walkable and well-connected community,” said&nbsp;<a href="https://www.apartments.com.au/developers/deicorp" target="">Deicorp</a>&nbsp;Founder Fouad Deiri.

“These new homes will provide their residents with a seamless connection to jobs and services along Metro North West, and the new&nbsp;<a href="https://www.apartments.com.au/new-apartments/hills-showground-village-castle-hill-2-mandala-parade-castle-hill" target="">Hills Showground Village</a>&nbsp;retail precinct currently under construction."

Deicorp has several thousand apartments in planning and under construction across Sydney, from Zetland and Five Dock to Crows Nest and Macquarie Park.

[smartcode_project_cta:default project_id=133881]

Deicorp, NSW Premier officially open Showground Village, new retail and hospitality hub in Castle Hill

ASX-listed developer Cedar Woods is progressing its plans for its Southbank arts precinct site.&nbsp;

The developer has filed plans, which are now with the&nbsp;Department of Transport and Planning, for a new 20-level tower at&nbsp;<a href="https://www.apartments.com.au/new-apartments/141-151-sturt-street-southbank-vic-3006">141–151 Sturt Street</a>, a 2,718 sqm block opposite the Habitat Filter sculpture.

The proposal seeks to demolish the two-level&nbsp;commercial building, including a small supermarket and medical tenancies, and create a new building with 180 apartments and a focus on an&nbsp;active public realm and arts integration.

&nbsp;

<img alt="Southbank site" data-entity-type="file" data-entity-uuid="76a72db6-91ef-43ae-827d-a9cfa72893d2" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Site.png?VersionId=DZgtB4K6BswVh0QtCs3iLjXaLp0CbcEb" />

&nbsp;

There will be a full mix of apartment configurations, including 28 studio apartments, 16 one-bedroom, 104 two-bedroom, and 32 three-bedroom units.

Retail, creative arts, and residential amenity functions are integrated across the lower levels. A food and drink tenancy is planned to front Dodds Street, while a retail tenancy fronting Sturt Street will be accessed via an elevated walkway. The first floor includes a substantial 734 sqm creative arts space, envisioned to support Melbourne’s growing cultural and digital industries.

Architecture firm <a href="https://www.apartments.com.au/architects/rothelowman">Rothelowman</a> has put together the plans. In their&nbsp;Urban Design Report they highlighted the project’s ambition to embed itself within Southbank’s evolving cultural fabric.

A central feature of the design is a through-block link connecting Sturt and Dodds Streets, landscaped with native plantings and embedded with universal access ramps.

“The ramp has been thoughtfully integrated as the primary access point, ensuring universal accessibility for all users,” the report noted, with the link offering “a direct response to the urban planning scheme of creating more green spaces within our communities”.

<img alt="Southbank podium" data-entity-type="file" data-entity-uuid="4d24b1b2-d69c-4a11-a11d-ec6df432221c" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/podium.png?VersionId=geWoJyZDmPSLODZ_.PNJ0LvpOmyyCdpo" />

The building’s podium form responds to the mandatory height limits along Dodds Street and maintains a fine-grain interface to adjoining developments. Above the podium, the tower is articulated with recessed balconies and a focus on views toward the CBD and surrounding arts institutions. A communal rooftop recreation deck and indoor lounge are positioned on level four, adjoining seven apartments and providing over 900 sqm of resident amenity space.

Vehicle access and loading will be provided via Dodds Street, with 155 resident car spaces located across two basement levels and the first three above-ground floors. Bicycle storage is more generous, with 226 spaces distributed across resident, staff and visitor needs.

Rothelowman describes the architecture as “humanist,” with ground-level interfaces designed to encourage social interaction and provide a dignified entry for both residents and passers-by. “All street interfaces are crafted to invite and nurture human connections,” the design report states. “The façade transitions to a human scale, providing an approachable and engaging streetscape”.

Cedar Woods, while well-known for its large communities it develops outside of Australia's capital cities, they have recently developed in Melbourne's inner-ring before. They are approaching completion at <a href="https://www.apartments.com.au/new-townhouses/88-leveson-north-melbourne-88-leveson-street-north-melbourne-vic-3051">88 Leveson</a>, just 15 townhouses in the heart of North Melbourne.

Cedar Woods progresses with new apartment plans in Southbank arts precinct

Brisbane developers Core Property Partners and Vector Property Australia has teamed up for Brisbane's newest apartment development.

The duo identified <a href="https://www.apartments.com.au/developments/east-brisbane-qld-4169">East Brisbane</a> as their preferred suburb, on the fringe of the Gabba Precinct, where they've just revealed BANKSII, 72 apartments opposite Raymond Park.

[smartcode_project:default project_id=136432 project_image_fid=5481]

The one-, two-, and three-bedroom apartments will sit in a glass-wrapped building that will also feature a rooftop with an&nbsp;infinity-edge pool, a BBQ area and alfresco dining spaces, sun lounges, and a sauna, as well as a resident-only gym and a ground-floor cafe.

Rhett Williams, Director of Vector Property Australia, said the project will lift the quality of the East Brisbane community and set a new benchmark.

"In Brisbane’s current property landscape, <a href="https://www.apartments.com.au/new-apartments/banksii-east-brisbane-169-wellington-road-east-brisbane-qld-4169">BANKSII</a> stands out through its emphasis on lifestyle-oriented living, connectivity and sophisticated design," Williams says.

[smartcode_project:default project_id=136432 project_image_fid=5479]

The 10-level building has been designed by MAS Architecture. Their designs were inspired by the native Banksia flower, with the architecture and interiors reflecting the organic symmetry of its namesake flora. MAS has interpreted this throughout the building’s curved form, façade detailing and interior palette.&nbsp;

The building’s flowing geometry and natural tones are complemented by large balconies and floor-to-ceiling glazing, maximising cross-breezes, daylight and views over the city, parklands and river.

“Having a strong narrative for a building helps us architecturally,” MAS noted. "We can choose colours that come off that species of flowers. The trunk and the trees and the flower elements all are now visible in our joinery on the inside and in our architectural finishes on the outside."

[smartcode_project:default project_id=136432 project_image_fid=5485]

Apartments will feature timber floors, soft porcelain tiles, brushed bronze fittings, and stone benchtops with warm veining.&nbsp;

Kitchens feature premium SMEG appliances and generous storage, while bathrooms have been designed as calming retreats with curved cabinetry and twin sinks in the master ensuites.

The building will feature a suite of rooftop and wellness amenities. Residents will have access to an infinity-edge pool, BBQ and alfresco dining areas, sun lounges and a rooftop sauna.&nbsp;

A residents-only gym will be located on the podium level, while a ground-floor café and landscaped laneway will further activate the site and improve neighbourhood connectivity.

[smartcode_project:default project_id=136432 project_image_fid=5488]

BANKSII will rise from a prime Wellington Road site, with the building oriented to overlook the adjacent Raymond Park and take in extensive city views. It is also on the doorstep of key&nbsp;lifestyle infrastructure, including the future Kangaroo Point Green Bridge, The Gabba stadium, and the planned Brisbane Live arena.&nbsp;

Public transport options, including ferry, bus and rail - including the future Cross River Rail Woolloongabba station - are all nearby, supporting a car-optional lifestyle just minutes from the CBD.

Williams said the team spent over a year searching for the ideal site before securing this location.

"We were attracted to <a href="https://www.apartments.com.au/developments/east-brisbane-qld-4169">East Brisbane</a> as it is a vibrant and growing community that offers a perfect balance of urban convenience and natural beauty with the parklands and river on our doorstep.”

The project is part of the broader Woolloongabba Games precinct, which is undergoing significant investment in the lead-up to the 2032 Brisbane Olympics. This urban renewal, coupled with infrastructure upgrades, is expected to enhance long-term liveability and capital growth in the area.

Given the wide max of configurations, BANKSII is expected to suit everyone from first home buyers and investors to families and downsizers.

[smartcode_project_cta:default project_id=136432]

BANKSII sales launch in booming East Brisbane apartment market

The Minns Labor Government will deliver Sydney’s first new heavy rail station in more than a decade – enabling up to 10,000 new homes by rezoning land around Woollahra and Edgecliff stations, right next to the CBD, to tackle the housing crisis and rebalance growth across the city.

Recent reports by the NSW Productivity Commission have warned that Sydney is losing twice as many young people as it is gaining, while also finding that Woollahra is the most feasible Local Government Area (LGA) in New South Wales to build new housing.

Despite this, housing approvals in Woollahra consistently lag well behind other LGAs, and the population has declined by 11 per cent over the past 50 years while Greater Sydney as a whole has grown by 74 per cent.

The new station that will be an eight-minute trip from Sydney CBD, will be located on the Eastern Suburbs train line in Woollahra, where a station build was started in the 1970s but never completed.

To enable the delivery of new homes the NSW Government will lead a rezoning of Woollahra and Edgecliff stations similar to other state led rezonings to allow additional homes to be built around the stations.

Affordable housing will also make up a proportion of development on the site with the final amount of affordable housing required, to be determined as part of the rezoning process.

The area surrounding the new station is within walking distance of major green and recreational space including Cooper, Trumper, Rushcutters Bay and Centennial Parks.

The Eastern Suburbs train line between Bondi Junction and Sydney CBD also has the lowest passenger usage rates during the AM peak of any line on the Sydney network, with only 43 per cent of operating capacity during the AM peak currently being utilised by passengers.

Sydney Water and Infrastructure NSW have confirmed there is capacity in the water and wastewater systems to accommodate the proposed 10,000 dwellings without major upgrades.

The rezoning is expected to take around two years and will further support the Government’s housing targets that rebalance the delivery of new homes around existing infrastructure.

&nbsp;

&nbsp;

Next stop Woollahra train station - delivering up to 10,000 new homes in the heart of Sydney

Mortgage Broker

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ASIC has banned the Sydney mortgage broker Astna Shirtika Sahay after she let her father use her company’s credit representative authority and ANZ accreditation.

Ms Sahay’s father, Shiv Prakash Sahay, used her accreditations after he was banned for life by ASIC in 2015.

The corporate regulator found the Mascot based Ms Sahay was involved in 31 contraventions of the National Consumer Credit Protection Act through her father’s use of her accreditations.

Her company was Absolute Finance.

ASIC found Ms Sahay did not possess the necessary attributes of diligence, judgment, honesty and integrity and was not a fit and proper person to engage in credit activities.

Sahay’s banning is recorded on ASIC’s Banned and Disqualified Persons Register.

Ms Sahay has the right to appeal to the Administrative Appeals Tribunal for a review of the ASIC’s decision.

Mr Sahay was sentenced last June 2020 in the Downing Centre Local Court on two charges of breaching section 82(2) of the National Consumer Credit Protection Act 2009 (Cth). 

After Mr Sahay pleaded guilty to the offences he was sentenced to a term of imprisonment of nine months, which was wholly suspended immediately upon Mr Sahay entering into a nine-month good behaviour bond.

The court found that between October 2015 and October 2018, Mr Sahay continued to engage in credit activity in relation to 38 credit contracts for loans totalling over $17 million and earned $111,064 in commissions on these loans.

The matter was prosecuted by the Commonwealth Director of Public Prosecutions after an investigation and referral of a prosecution brief from ASIC.

Sahay’s conduct was part of the consumer lending case study considered in the Financial Services Royal Commission.
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ASIC found the Mascot-based Ms Sahay was involved in 31 contraventions of the National Consumer Credit Protection Act through her father’s use of her accreditations

jchancellor

Daughter joins father in ASIC mortgage broker ban

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Advanced Choice Finance Pty Ltd (ACF), a former Melbourne based mortgage brokerage company, has been charged with one count of knowingly making a false statement in a credit licence annual compliance certificate lodged with ASIC.  Mr Ding Yang, director of ACF, has also been charged with aiding and abetting ACF in making the false statement.

ACF held an Australian credit licence and Mr Yang was the sole fit and proper person and responsible manager on the licence.

ASIC alleges that in or about July 2012 Mr Yang had his lender accreditation with the Bank of Melbourne terminated, and in April 2016 Mr Yang and ACF had their membership with aggregator Connective OSN Pty Ltd terminated. It is alleged that in January 2017 Mr Yang, on behalf of ACF, completed and lodged a credit licence annual compliance certificate with ASIC in which he falsely certified that none of ACF’s fit and proper people had their accreditation cancelled by a lender or their membership with an aggregator terminated.

The alleged offense pertains to section 225(3) of the National Consumer Credit Protection Act 2009.

The cancellation of ACF’s credit licence was effective from 14 August 2019. Mr Yang’s banning is recorded on <a href="https://asic.gov.au/online-services/search-asics-registers/banned-and-disqualified/">ASIC’s Banned and Disqualified Persons Register</a>.

The matter has been adjourned to 3 February 2021 for pleas to be heard in the Melbourne Magistrates Court.

 
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ASIC has charged Ding (Tim) Yang with one count of knowingly making a false statement in a credit licence annual compliance certificate lodged with ASIC.

urban.com.au

ASIC charges Ding (Tim) Yang, Victorian mortgage broker of the banned Advanced Choice Finance

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The Administrative Appeals Tribunal (Tribunal) has reduced the banning period for former mortgage broker, Michael Wilkins, from three years to 18 months.
Mr Wilkins of Watanobbi, NSW, was banned by ASIC, from providing financial services for three years on 31 January 2018. 
The ASIC delegate had found that Mr Wilkins had acted dishonestly and/or improperly towards clients by completing loan application forms on behalf of clients, having clients sign incomplete forms, and hiding from Westpac that the loans were for self-managed superannuation funds.
The ASIC delegate found that Mr Wilkins had put information in the loan applications submitted to Westpac that was ‘false in a material particular’, and that on five occasions in June and July 2010, Mr Wilkins submitted loan applications on behalf of clients in which he deliberately overstated their savings by between approximately $130,000 and $179,000.
Mr Wilkins sought a review of ASIC’s decision in the Tribunal and a decision was delivered on 22 August 2019.
The Tribunal accepted ASIC's contention that the applicant had put information that was ‘false in a material particular’ in loan documents submitted to Westpac but found that there was insufficient evidence to make a finding of dishonesty in relation to client forms or the nature of the loans.
For this reason, the Tribunal concluded that a shorter banning order was justified.
When deciding that an 18-month banning order was appropriate, the Tribunal stated ‘the declarations of accuracy and completeness required in standard form loan applications of major financial institutions (and other credit providers) may appear formulaic and routine. But they mean what they say.
Any significant failure to appreciate that reality, and to observe the requirement of scrupulous honesty underlying it, is likely to merit the sanction of a banning order. That sanction is appropriate in Mr Wilkins’ circumstances.’
 
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j.ballantyne1990-6AQqhLzZaK

AAT reduces banning period for Michael Wilkins NSW mortgage broker

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ASIC has banned Mr Ding (Tim) Yang, the director of Advanced Choice Finance Pty Ltd (ACF), a Melbourne-based mortgage brokering company, from engaging in credit activities for four years.
ASIC has also cancelled the Australian Credit Licence of ACF.
In July 2012, Mr Yang’s accreditation as an approved broker with the Bank of Melbourne was terminated, and in April 2016, Advanced Choice and Mr Yang’s membership with aggregator Connective OSN Pty Ltd, were terminated.
Mr Yang was required, in annual compliance certificates lodged with ASIC, to notify ASIC of those terminations.
ASIC found that Mr Yang had acted dishonestly in providing false answers to ASIC in the compliance certificates for ACF in January 2013 and again in January 2017.
As a result, ASIC found that Mr Yang was not a fit and proper person to engage in credit activities.
"Disclosures in our annual compliance certificates are an important mechanism by which ASIC is alerted to potential issues with licensees. Providing ASIC with false information prevents ASIC from properly administering the regulatory scheme for credit licensees.
"ASIC will look to remove anyone from the credit industry who acts dishonestly in discharging this obligation," said ASIC Commissioner Sean Hughes.
The cancellation of ACF’s credit licence was effective from 14 August 2019. Mr Yang’s banning is recorded on ASIC’s <a href="https://asic.gov.au/online-services/search-asics-registers/banned-and-disqualified/" target="_blank">Banned and Disqualified Persons Register</a>.
Mr Yang and ACF have the right to appeal to the Administrative Appeals Tribunal for a review of ASIC’s decision.
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ASIC bans Ding (Tim) Yang, Victorian mortgage broker and cancels credit licence of Advanced Choice Finance

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The Treasurer has given mortgage brokers respite on a plan to ban trailing commissions by 2020, opting instead for a 2022 review.
Mortgage Choice chief Susan Mitchell has welcomed the Government’s decision today to maintain trail commissions on new loans. In his statement today the Treasurer, Josh Frydenberg, said abolition of trail won’t proceed in 2020 because the government is concerned about the adverse effect on competition in mortgage lending market. 
He also conceded that abolishing trail would be “a free kick to the banks”. The government will review trailing commissions in three years’ time, as well as the feasibility of continuing upfront commission payments. 
The review will be conducted by the Council of Financial Regulators and the Australian Competition and Consumer Commission (ACCC). Treasurer Frydenberg acknowledged that mortgage brokers and small lenders are “absolutely critical in the mortgage lending market”. 
The Finance Brokers Association of Australia (FBAA) has cautiously welcomed a decision by the Federal Government to backflip on its commitment to abolish trail commissions, which was one of the recommendations of the Hayne report from the banking royal commission.
FBAA managing director Peter White said it was a step in the right direction.
“I applaud the announcement by treasurer Josh Frydenberg but it won’t end our efforts to see the correct polices in place to protect consumers from the greed of the big four banks.
“The Coalition’s announcement to keep trail commissions has been delivered in a pre-election environment so uncertainty remains about how exactly this will work after the election.”
Mr White said the announcement confirms how out of touch Commissioner Hayne is and calls into question the findings of the royal commission.
“Hayne simply didn’t get it but it’s now the case that both sides of politics are now very clear on the importance of mortgage brokers.
“Both the Coalition and Labor recognise that the recommendations of the royal commission would in fact hand power back to the big four banks, which is an absurd result,” White said.
“Australia’s 17,000 mortgage brokers will applaud the Government’s common sense decision to keep trail commissions," Mitchell said.
ASIC’s 2017 Review of Mortgage Broking Remuneration Report did not identify trail commissions as directly leading to poor consumer outcomes, nor recommend the removal of trail commissions. “The figures speak for themselves. The latest data shows that 59.1% of home loans originate through the mortgage broking channel, yet Australian Financial Complaints Authority (AFCA) data for the month of November 2018 revealed that of 6,522 complaints against financial service providers,  only 29 related to mortgage brokers. This is less than half of one percent of reported complaints.”
Mortgage Choice's residential settlement figures show that in the past two years the big four banks have lost 10% of market share to smaller lenders. 
AFG chief David Bailey welcomed the Government's "considered approach and urge the Labor Party to adopt this sensible policy heading into the election."
"It's important that our industry not be a political football heading into an election so that the 26,000 small businesses, their families and, importantly, their customers have certainty about the future of the sector," he said.
 
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Mortgage brokers to keep getting trailing commissions until at least 2022 under Coalition 

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<a href="http://www.afr.com/business/banking-and-finance/financial-services/westpac-invests-25m-more-in-uno-in-mortgage-broking-play-20180202-h0sehc"></a>Westpac Banking Corp has doubled its $25 million investment on the digital mortgage broker Uno Home Loans.
It has invested another $25 million for the start-up's brand marketing and sales teams which is currently sending two-thirds of its loans to the non-major banks.
Westpac now owns around 81% of Uno, which seeks a 10% share of the broking market over the next 10 years.
Westpac's head of strategy, Gary Thursby, said Uno presents a different way to create opportunities.
Uno, which was established two years ago, is recruiting a new CEO as the Uno founder Vincent Turner moves to a new role of chief innovation officer, leading product development.
Uno does not disclose loan volumes or customer numbers,
Uno has 22 lenders on its panel, including the four majors. 
Westpac loans do not get favourable treatment on the platform, Thursby told Fairfax Media.
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Westpac invests extra $25 million in digital mortgage broker Uno 

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With a loan tally of more than $520 million, George Giovas of Axius Partners has been named Australia’s top commercial broker for 2017 in MPA’s Top 10 Commercial Brokers Report, sponsored by Westpac.
The Sydney-based Giovas wrote 15 loans totalling $520,345,00 over the 2016-17 financial year, a record for an individual commercial broker. 
Giovas, who found Axius Partners in 2011, says it is an “old-fashioned merchant bank”, split between funds management and advice and broking. 
It specialises in development finance, including apartments and hotels.
Previously, Giovas was ANZ’s global head of property, managing more than 150 people and a $40 billion balance sheet. 
The Top 10 list was dominated by brokers specialising in development finance.
The top brokers all noted that banks are reducing their appetite for development finance owing to pressure from the Australian Prudential Regulation Authority.
The watchdog has asked banks to reduce their exposure to residential developments through tougher conditions and reluctance to lend to inexperienced developers, but this has resulted in more non-bank lending.
The second place went to Ben Wardley of Right Angle Group while Kevin Wheatley of Bayside Residential &amp; Commercial mortgages was third.
Both Right Angle Group and Bayside Residential &amp; Commercial are in the development finance industry in Brisbane and Sydney respectively.
2017's Top 10 Commercial Brokers: 
<ol>
<li>George Giovas,    Axius Partners Pty Limited, $520,345,000 </li>
<li>Ben Wardley,    Right Angle Group, $201,326,183 </li>
<li>Kevin Wheatley, Bayside Residential and Commercial Mortgages, $198,682,654 </li>
<li>Marwan Rahme, Kanebridge, $147,692,010 </li>
<li>Jamie Giles, Astute Financial – Springhill, $125,034,502 </li>
<li>Jason Arnold, Quattro Finance &amp; Advisory, $118,615,199 </li>
<li>Daniel Green, Green Finance Group, $100,026,764 </li>
<li>Mark Churchill, Allfin Financial Services Pty Ltd, $99,559,979 </li>
<li>Danny Luu, Pagoda Finance, $91,666,508 </li>
<li>Glen Barnes, Barnes Finance Solutions Pty Ltd, $91,559,000</li>
</ol>
The list includes business lending brokers Jamie Giles of AstuteFinancial, Daniel Green of Green Finance, Mark Churchill of Allfin Finance and Glen Barnes of Barnes Finance Solutions.  
 
 
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jonathanchancellor-7SQnKwU6yx

Australia’s top commercial broker writes 15 loans totalling $520,345,000

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A mortgage broker at a Melbourne-based finance broking company has been sentenced to five years jail after pleading guilty to conspiring to defraud financial institutions.
The broker, Najam Shah, was charged during an ASIC investigation into Footscray-based finance broking company Myra Home Loans, which traded as Myra Financial Services (Myra).
The charge relates to Shah's role at Myra and the creation and use of false documents to support loan applications valued at nearly $170 million.
Shah's charge relates to conspiring with others to defraud financial institutions through the provision of false documents in support of loan applications submitted on behalf of Myra clients between about March 2008 and August 2010, the Australian Broker noted.
The fraud relates to submitting false documents for more than 500 loan applications valued at approximately $170 million to banks and financial institutions, including the Commonwealth Bank, Westpac, St George Bank, Bankwest, Adelaide Bank, Bank of Queensland, Choice Home Loans, Citibank, NAB, Pepper Homeloans and Suncorp Bank.
The documents included bank statements, payslips, citizenship certificates and statutory declarations. 
Shah pleaded guilty to one charge of conspiring to defraud financial institutions. He must serve three years and three months before being eligible for parole.
On 13 February 2017, Shah entered the guilty plea during an appearance at the County Court of Victoria. 
Shah’s plea followed his arrest and charge in January 2015. 
In sentencing Shah, Judge Gucciardo noted that mortgage fraud of this nature damages the integrity of the lending system and that Shah's well organised deception enabled such corruption. He further noted that Shah was motivated by greed.
"ASIC will continue to ensure that mortgage brokers who provide false documentation are held to account. Today's sentencing reflects both the severity of Mr Shah's actions and the consequences facing those who do not abide by the law,” ASIC deputy chair Peter Kell said.
The matter was prosecuted by the Commonwealth Director of Public Prosecutions.
The ASIC's probe is still on.
 
 
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Mortgage broker jailed for $170 million fraud

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GUEST OBSERVER
Nearly one in three Australian investors are worried about the rising cost of living, according to new data.  
Mortgage Choice’s Investor Survey found the increasing cost of living was the biggest issue facing Australian investors over the coming 12 months. 
I am not surprised to hear that so many property investors are worried about the cost of living.
Every day expenses such as gas, electricity, childcare, and transportation continue to rise every year, which is bound to negatively impact the hip pocket of all Australians, including property investors. 
On top of that, wage growth continues to stagnate, with the latest data from the Australian Bureau of Statistics showing wages grew just 1.9% over the 12 months to June 2017. 
According to the Investor survey, one in five investors were also worried about job security, while a further 15% were worried about rising interest rates. 
Perhaps most surprisingly, our data found one in four investors were actually concerned about rising property prices. This would suggest property investors are constantly looking to expand their portfolio of assets and, as such, don’t want property to become so expensive that it is out of reach.
There are a number of strategies investors can take to lessen the impact of the rising cost of living and rising interest rates. 
While you may not be able to control the inevitable rise in everyday living expenses or interest rates, you can control where you spend your money and how much money you save. 
With good strategic planning, you can ensure that you’re able to afford your mortgage repayments and your lifestyle now and into the future.
In the first instance, its pays to take the time to draw up a budget for your pay cycle, including all of your incomings and outgoings throughout that period. 
Make sure you are detailed so that you can identify where your money is going and where you may be able to cut back. It is important to set aside a regular portion of your income as savings. This money can then be used as an emergency fund for a rainy day. 
Moreover, whether you’ve had your mortgage for a short time or a while, it is always a good time to have your home loan checked. 
Your local broker can look at your current product and compare it with others on the market. They may be able to help you find a product with a sharper rate that will end up saving you thousands of dollars.
Investors wanting to make to make their money work harder for them should also consider speaking with a financial adviser.  
Even if you are comfortable with your current financial situation, it is worth speaking to a financial planner who can assess your financial situation and create a personalised plan to help you reach your goals. 
 
John Flavell is chief executive officer <a href="https://www.mortgagechoice.com.au/" target="_blank">Mortgage Choice</a>.
 
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1 in 3 investors concerned about cost of living: John Flavell

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One of the broker heads at National Australia Bank (NAB) said the lender broadly supports the securities regulator’s recommendations on broker commissions, but added that the commission model needs changes.
The Australian Securities and Investments Commission had suggested that incentives not be structured to encourage larger loan sizes with larger offset balances.
“We don’t believe that the current standard commission model has resulted in poor consumer outcomes, but we believe it is essential to manage not only actual conflicts but also the potential for perceived conflicts of interest,” said Anthony Waldron, NAB executive general manager of broker partnerships.
“We believe the industry needs to make adjustments to the standard commission model by paying up-front commissions based on the drawn down amount, not the total facility amount, and by paying up-front commission net of offset balances.”
The lender submitted its response to Treasury on the ASIC proposals on June 30, which Waldron said recognised the positive effects that brokers had on the market, the Australian Broker reported.
Waldon said ASIC made many observations that acknowledged the important role played by brokers in promoting good consumer outcomes and strong competition in the home loan market and NAB supported the six ASIC proposals “in broad terms”.
On regulator’s suggestion to move away from bonus payments, NAB had never paid volume bonuses on mortgages, he added.
“The time for such payments has passed.”
Soft dollar benefits should also be managed transparently through the use of gift and conflict of interest registers, he said.
“We note however that the ongoing education and professional development of brokers is essential and we need to continue to focus on this, ensuring it’s conducted in line with community expectations.”
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