An ultra-luxury absolute beachfront tower on the Gold Coast’s <a href="https://www.apartments.com.au/developments/main-beach-qld-4217">Main Beach</a> has officially hit the market, having secured over $150 million in presales.

<a href="https://www.apartments.com.au/new-apartments/le-r-ve-main-beach-3555-main-beach-parade-main-beach-qld-4217">Le Rêve</a>, delivered by developer-builder <a href="https://www.apartments.com.au/developers/odus">ODUS</a> and <a href="https://www.apartments.com.au/builders/nazero">Nazero</a> in partnership with Metrics Credit Partners, comprises 40 opulent half and full-floor residences, perched directly on the dunes, starting from $7.45 million.

Pre-launch sales have achieved an average price tag of $8 million, highlighting strong demand from top-end buyers.

The 26-storey project at 3555 Main Beach Parade has development approval and is under construction, with completion anticipated by early 2028.

Occupying a 1,355 sqm site, Le Rêve enjoys double the beach frontage of most Main Beach towers, an incredible 30-metres, with generous 4.5-metre setbacks.

[smartcode_project:default project_id=112163 project_image_fid=357556]

ODUS director Byron Sakha said it offered a rare opportunity for wide, uninterrupted views that could never be built out, on one of the world’s most beautiful beaches.

“Le Rêve is French for ‘the dream’ and that’s what this location represents. We believe it is the best new development site anywhere on the Gold Coast; a dream site,” said Sakha.

“The apartments are located directly on the beachfront, with no roads or paths between, providing panoramic ocean views and direct access to the sand, and because it is elevated above the dunes, it also offers unrivalled privacy.

“We’ve worked with architect Bayden Goddard of <a href="https://www.apartments.com.au/architects/bgd-architects">BGD Architects</a> to enhance the original design, with a distinctive, elegant glass façade, world-class amenities, and the addition of eight residences. Le Rêve’s 30-metres of absolute beach frontage affords a view from virtually every room, and has allowed us to provide a grand 25-metre residents’ beachfront pool and private lawn.

“Buyers have recognised these opportunities are few and far between and have been quick to secure their place in Le Rêve.”

[smartcode_project:default project_id=112163 project_image_fid=357570]

The apartments start from nearly 300 sqm and range in size up to 900 sqm, with three or four bedrooms and multiple living spaces.

“The emphasis is on the view, with full-floor glazing, sleek glass balustrades and wrap-around balconies that are close to 4-metres wide, blurring the lines between inside and out, and inviting cooling ocean breezes,” Sakha added.

“The interiors epitomise understated luxury with natural materials, textures and tones including Taj Mahal stone, oak flooring, recessed LED lighting and high ceilings. Outside, its beautiful arched façade with glass balconies and double-storey curved podium will be complemented by lush, cascading landscaping that enhances Main Beach’s streetscape.”

[smartcode_project:default project_id=112163 project_image_fid=357567]

OTP Group Director James Elliott, who is selling&nbsp;<a href="https://www.apartments.com.au/new-apartments/le-r-ve-main-beach-3555-main-beach-parade-main-beach-qld-4217">Le Rêve</a>, said buyers were from the Gold Coast, Brisbane, Sydney and Melbourne, and predominately moving from luxury stand-alone homes or purchasing as a holiday home.

“We are anticipating sales will continue to ramp up now we’re officially on the market and design enhancements have been finalised,” Elliott said.

“Le Rêve offers house-sized residences that take luxury living to the next level, in an unrivalled location, with exceptional onsite resident amenities.

“The facilities are some of the most unique on the Gold Coast, if not Australia-wide, with a huge beachfront pool and wellness amenities including a cold plunge pool, spa, sauna, steam room, gym and yoga studio, along with a teppanyaki kitchen, and private residents’ lounge."

&nbsp;

&nbsp;

The Le Rêve development site was secured for $55.68 million in mid-2025.

ODUS and Nazero are also developing the adjacent 29-level La Mer tower in partnership with Metrics Credit Partners, which is earmarked for completion in late 2026. A fully completed prototype apartment is now available for private inspection.

[smartcode_project_cta:default project_id=112163]

Joel Robinson

Le Rêve Main Beach launches with $152 million in presales

Third.i Group and joint venture partner Phoenix Property Investors (PPI) have secured detailed design approval from the Independent Planning Commission (IPC) for <a href="https://www.apartments.com.au/new-apartments/elevate-hume-place-crows-nest-25-hume-street-crows-nest-nsw-2065">Elevate at Hume Place</a>,&nbsp;a landmark, state‑significant mixed-use residential development positioned directly above the Crows Nest Metro Station. 
&nbsp; 
This latest approval builds on the project’s existing stage one planning consent and marks a major milestone in the delivery of Elevate at Hume Place. It confirms the detailed design of the building within the already approved planning envelope, paving the way for construction to commence and giving purchasers and the broader market added confidence in the project’s progression. 
&nbsp; 
Throughout the detailed design process, <a href="https://www.apartments.com.au/developers/thirdi-group">Third.i Group</a> worked closely with the IPC, Sydney Metro, its consultant team and relevant Government stakeholders to refine the building outcome, ensuring Elevate responds sensitively to its urban context whilst at the same time maximises its development footprint above one of the NSW’s key pieces of transport infrastructure.&nbsp; 
&nbsp; 
This process has enabled the creation of some of the best one, two &amp; three bedroom apartments in Crow's Nest along with the introduction of an additional level of parking, providing the Elevate community with valuable off‑street parking while enhancing accessibility and convenience for residents.

[smartcode_project:default project_id=142550 project_image_fid=309368] 
&nbsp; 
Elevate at Hume Place is the first development of its kind to be delivered by Third.i Group and PPI in partnership with Sydney Metro, reflecting the group’s capability and trusted position as a delivery partner for complex, infrastructure‑led projects alongside Government. The Hume Place precinct will also include a component of affordable housing and build to rent (BTR) apartments which is currently pending a separate planning approval outcome. 
&nbsp; 
With direct access to the Sydney Metro, Elevate residents will benefit from travel times of just seven minutes to the CBD and four minutes to Chatswood, positioning the development as one of the most connected residential addresses on the Lower North Shore. 
&nbsp; 
The project will deliver 122 one-, two- and three-bedroom apartments, including a selection of premium three bedroom penthouses known as ‘Sky Homes’, designed by internationally acclaimed architecture firm <a href="https://www.apartments.com.au/architects/woods-bagot">Woods Bagot</a>. Residents will have access to a suite of amenities including a rooftop terrace with panoramic city views, swimming pool and wellness facilities, private gym, concierge services and communal spaces.

[smartcode_project:default project_id=142550 project_image_fid=309369] 
&nbsp; 
Florian Caillon, Partner &amp; Head of Acquisitions at Third.i Group, said the detailed design approval reinforces the significance of the project and Third.i Group’s ongoing partnership with Government. 
&nbsp; 
“Securing detailed design approval for Elevate at Hume Place is a defining moment for Third.i and a clear signal that this project is moving into its next phase of delivery," Caillon said. 
&nbsp; 
“This project sets a new benchmark for how integrated residential metro development can be delivered in direct alignment with major transport infrastructure. Being selected to deliver a project directly above a Metro station is a rare opportunity and a responsibility we take seriously. It allows us to create a living experience intrinsically connected to how people move, work and live, while also delivering enduring value for residents and the broader community.”

[smartcode_project_cta:default project_id=142550]

Elevate at Hume Place, above Crows Nest Metro, reaches detailed design milestone

Buyers looking to enter Sydney’s north-west growth corridor can now secure an apartment at <a href="https://www.apartments.com.au/new-apartments/kew-tallawong-23-27-schofields-road-tallawong-nsw-2762">Kew Tallawong</a> with a five per cent deposit for a limited time, as Stage 2 of the Tallawong development comes to market.

Delivered by <a href="https://www.apartments.com.au/developers/positive-investment-enterprise">Positive Investment Enterprise</a>, the project is located at 23–27 Schofields Road in Tallawong, offering a new collection of one, two and three-bedroom apartments within an established masterplanned community, where completed residences and landscaped spaces already shape a connected and liveable environment.

The limited-time deposit offer reduces the upfront cost for buyers seeking new apartments in Sydney’s expanding north-west, where infrastructure investment and population growth continue to reshape suburbs like <a href="https://www.apartments.com.au/developments/tallawong-nsw-2762">Tallawong</a> into emerging residential hubs.

[smartcode_project:default project_id=149637 project_image_fid=351025]

Inside the apartments, layouts have been designed with an emphasis on practicality and long-term liveability. Natural light and cross-ventilation are integrated into the planning of each residence, creating interiors that feel fresh and energy-efficient throughout the year. Soft, neutral finishes and durable materials are paired with contemporary kitchens that include integrated appliances and generous storage.

Bedrooms are positioned as quiet retreats, with the wider apartment layouts prioritising efficient use of space, flexibility for different household types, and strong indoor-outdoor connections through balconies and terraces. Wide frontage designs help maximise natural light and outlooks, with many north-facing homes capturing district views toward the Blue Mountains.

[smartcode_project:default project_id=149637 project_image_fid=351030]

Sustainability features are included throughout the development. Rooftop solar panels help offset common area energy consumption, while smart home technology and cross-flow ventilation contribute to lower operating costs and improved day-to-day comfort for residents.

The development also incorporates shared lifestyle spaces intended to extend living beyond the apartments themselves. Landscaped communal gardens, shaded seating areas, BBQ facilities, and outdoor gathering spaces provide places for residents to relax or connect with neighbours.

Tallawong Metro Station, Schofields Train Station and Rouse Hill Metro Station, place residents within reach of major employment centres including Norwest Business Park, Macquarie Park and the Sydney CBD via the Metro North West Line.

Nearby retail and lifestyle options include Rouse Hill Town Centre, Schofields Village and The Ponds Shopping Centre, while local parks, cycling trails and open space, including Rouse Hill Regional Park, support outdoor recreation across the growing precinct.

[smartcode_project:default project_id=149637 project_image_fid=351026]

Within the Kew community itself, plans for a future retail precinct aim to bring everyday convenience closer to home, complementing the landscaped open spaces and shared amenities planned across the site.

With Stage 2 now selling and apartments starting from $570,000, the current five per cent deposit offer provides buyers with a more accessible pathway into a new apartment in one of Sydney’s fastest-evolving residential corridors.

[smartcode_project_cta:default project_id=149637]

Kew Tallawong opens Stage 2 with five per cent deposit offer

<a href="https://www.apartments.com.au/developers/gardner-vaughan-group">Gardner Vaughan Group</a> (GVG) is heading back to Stones Corner with its latest Brisbane apartment development.

GVG, which completed Stonebrook last year, has filed plans for <a href="https://www.apartments.com.au/new-apartments/vivo-71-cleveland-street-greenslopes-qld-4120">VIVO, a 320-apartment development</a> less than 200 metres away on the corner of Cleveland and Zillah Streets.

VIVO will be delivered across two stages, with the first comprising 167 apartments and a further 153 in stage two. The first stage is expected to be completed in 2029, with the full project scheduled for delivery by 2032.

The development will include a mix of one-, two-, three- and four-bedroom apartments, above two ground-floor retail tenancies. VIVO will sit between the 5.2-hectare Hanlon Park and the Stones Corner café and retail precinct.

Crowning the buildings will be an expansive rooftop terrace with outdoor dining and CBD views, dual resort-style swimming pools, integrated indoor and outdoor entertaining spaces, and a fully equipped gym and wellness offering.

<img alt="Vivo" data-entity-type="file" data-entity-uuid="dcfd0ba2-cf9e-4bad-89f7-deab0169d897" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-04-23%20at%209.23.44%E2%80%AFAM.png?VersionId=3J4AqHZpDPnJsKvry1Lw6.8_IqdUVcny" />

Sam Gardner, Commercial Director at GVG, said the project reflects both market demand and the group’s continued investment in well-located Brisbane suburbs.

“VIVO represents a natural progression of our work in Stones Corner and our confidence in the long-term fundamentals of this precinct," Gardner says.

"The combination of proximity to the CBD, access to green space like Hanlon Park, and a well-established local amenity offering makes this an incredibly compelling location for buyers.

"Having recently delivered Stonebrook nearby in 2025, we’re able to provide a tangible example of what Gardner Vaughan Group does well. It gives our clients, the community and our partners confidence in both the quality of our product and our ability to deliver.”

<img alt="Vivo" data-entity-type="file" data-entity-uuid="8408faca-34a0-4fbb-864c-c75caa366f0c" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-04-23%20at%209.23.35%E2%80%AFAM.png?VersionId=48S5bvrbHMPPGT0EWAQDqhXX_mdsqL0y" />

Architecture firm Ellivo Architects says Vivo, meaning 'to live', "draws from the life of Stones Corner itself, its rich blend of old and new, where heritage masonry buildings, community life and evolving architectural languages coexist."

"The design responds to this layered urban fabric by reinterpreting the site’s historic ziggurat and stepped-grid geometries. The tower is shaped through three distinct tiers that reinterpret the site’s historic stepping forms, a central tier expressed in soft green tones that dissolve into the gum-tree canopy behind, stepped by denser, articulated edge tiers which reinforce the village character and urban grain of Stones Corner."

The submission of VIVO comes at a time of continued strength in the Brisbane property market, with growing demand for well-located, design-led apartment living. Looking ahead, Brisbane’s preparations for the 2032 Olympic and Paralympic Games are expected to further accelerate infrastructure investment and reinforce the appeal of inner-city precincts such as Stones Corner.

Gardner Vaughan Group plans VIVO, Stones Corner apartment development

Prominent developer&nbsp;<a href="https://www.apartments.com.au/developers/blue-earth-group">Blue Earth Group</a> is seeking approval for a revised and expanded second stage of its Pentridge Village development in Coburg, increasing the scale and yield of a previously approved scheme with a new 16-storey mixed-use building.

The proposal for <a href="https://www.apartments.com.au/new-apartments/45-pentridge-boulevard-coburg-vic-3058">45 Pentridge Boulevard</a> would deliver 252 apartments, up from the 201 previously approved, alongside ground-floor retail and a suite of resident-focused amenities, positioning the project as a key contributor to housing supply within Melbourne’s inner north.

The development is planned for the south-west portion of the broader 9,485 sqm site, which has already seen the completion of 48 townhouses under Stage 1. The Stage 2 site sits prominently on the corner of Pentridge Boulevard and Urquhart Street within the Pentridge Village precinct.

The new scheme retains the approved 16-storey height but introduces a revised internal layout and enhanced façade treatment. It will comprise a mix of one- and two-bedroom apartments, a wide ranging mix of one-bed plus studies and two-bedrooms with either one or two bathrooms.

At ground level, the building is designed to incorporate a café alongside resident amenities including a business centre, home offices, and a gym. Upper levels will include additional communal facilities such as cinema rooms, games areas, and a rooftop terrace spanning over 400 sqm with views toward the Melbourne CBD.

<img alt="First Look: Blue Earth Group plans 16-storey mixed-use tower with 252 apartments at Pentridge Village, Coburg" data-entity-type="file" data-entity-uuid="60456ba5-406b-447f-be53-d4685082eda5" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/coburg.png?VersionId=B.3bp4eCO_c.Pc9O17UgF27Gow3lL39C" />

The architectural response by <a href="https://www.apartments.com.au/architects/life-architecture-and-urban-design">LIFE Architecture and Urban Design</a> builds on an existing permit scheme, retaining the approved massing while refining the building’s articulation and material expression. “The proposed design response… will result in a highly resolved architectural, urban design, landscaped and mixed-use outcome befitting of the Site’s urban and evolving context,” the planning report states.

The façade strategy introduces a layered composition of podium and tower elements, with a clear distinction between lower street-wall levels and the upper residential form. The design prioritises “a timeless aesthetic, low maintenance, durable material palette, suburban constructability, [and] openness &amp; activation at street level,” according to the façade strategy report.

Material selections include dusty red and dark grey masonry, bronze and grey glazing, and textured concrete panels, referencing the industrial character of the former Pentridge Prison precinct while establishing a contemporary identity.

<img alt="First Look: Blue Earth Group plans 16-storey mixed-use tower with 252 apartments at Pentridge Village, Coburg" data-entity-type="file" data-entity-uuid="b62f01f2-46f2-4ae1-ac51-8b0f87264355" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/coburg%20site.png?VersionId=zliGtROqtre4LgVCGA9tr2_FGfbIO8ep" />

The building envelope responds to its irregular site through a series of setbacks and cantilevered elements, creating plaza-like spaces at ground level and enhancing pedestrian activation along both street frontages. A setback from Level 4 to the north provides a transition to the adjoining townhouse development.

The site sits within the Coburg Major Activity Centre, approximately nine kilometres from the Melbourne CBD, and is surrounded by a rapidly intensifying urban environment. Nearby developments range from eight to 20 storeys, including multiple mixed-use projects within the Pentridge precinct and along Sydney Road.

Residents will benefit from strong connectivity, with Coburg Station around 700 metres away and multiple bus routes operating along Bell Street. The site is also adjacent to McDonald Reserve and close to schools including Coburg High School and Coburg Primary School.

First Look: Blue Earth Group plans 16-storey mixed-use tower at Coburg's Pentridge Village

Mortgage Broker

<html><body>
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.
</body></html>

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

<html><body>
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.

 
</body></html>

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

<html><body>
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.’
 
</body></html>

j.ballantyne1990-6AQqhLzZaK

AAT reduces banning period for Michael Wilkins NSW mortgage broker

<html><body>
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.
</body></html>

ASIC bans Ding (Tim) Yang, Victorian mortgage broker and cancels credit licence of Advanced Choice Finance

<html><body>
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.
 
</body></html>

Mortgage brokers to keep getting trailing commissions until at least 2022 under Coalition 

<html><body>
<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.
</body></html>

Westpac invests extra $25 million in digital mortgage broker Uno 

<html><body>
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.  
 
 
</body></html>

jonathanchancellor-7SQnKwU6yx

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

<html><body>
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.
 
 
</body></html>

Mortgage broker jailed for $170 million fraud

<html><body>
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>.
 
</body></html>

jchancellor-FAypfDUnLy

1 in 3 investors concerned about cost of living: John Flavell

<html><body>
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.”
</body></html>

Mortgage Broker

Editor's Picks

Have something to contribute?

Developments

New apartments

New townhouses

News

Mortgage Broker

Editor's Picks

Receive the latest news stories to your inbox

Have something to contribute?

Developments

New apartments

New townhouses

News