It has been well over two decades since Oxley Secondary College, south west of the Brisbane CBD, closed its doors. The vast block of land sat perfectly between Oxley Station and Canossa Private Hospital, which made it ripe for a new residential-led masterplan.

Just over four years ago, <a href="https://www.apartments.com.au/developers/honeycombes-property-group">Honeycombes Property Group</a> Founder Peter Honeycombe expressed his interest in a 9,644 sqm section of the broader Songbird Oxley masterplan, where a new townhouse neighbourhood would take shape.

Having spent the last three decades in development, working on major suburb-shaping projects like Ferny Gr​ove Central and Coor​paroo Square, Honeycombe knew his first step.

[smartcode_project:default project_id=149443 project_image_fid=5238]

“While it’s not a requirement, we always hold public forums before we even lodge our development applications,” Honeycombe says. “We want to know what type of housing resonates the most with the local community, because ultimately they are the most likely to call it home.”

At <a href="https://www.apartments.com.au/developments/oxley-qld-4075">Oxley</a>, Honeycombes held four forums, which he attended personally to speak to the community. For Ferny Gr​ove Central, he held nine.

“It’s about creating something that belongs to the community. The site was ripe for regeneration, and the feedback we ascertained from the community was that they wanted amenities that could bring people together again.”

[smartcode_project:default project_id=149443 project_image_fid=5241]

Significant amenity is already established in the wider masterplan, like a childcare centre and a cafe, which are ideally located directly across from the <a href="https://www.apartments.com.au/new-townhouses/songbird-terraces-oxley-10-honeyeater-circuit-oxley-qld-4075">Songbird Terraces</a> development.

The feedback also signalled a preference for townhouses over apartments. A townhouse product would lend itself to young families who could utilise the nearby childcare centre, downsizers, and multi-generation families.

There are just 34 three and four-bedroom townhouses that make up Songbird Terraces, each with private courtyards, two car spaces, and access to shared outdoor spaces that include a heated swimming pool with an adjoining alfresco terrace.

[smartcode_project:default project_id=149443 project_image_fid=5242]

Honeycombe sees townhouses as an under-appreciated asset class, offering a middle ground between apartments and detached houses.

“Some people want the low maintenance and shared amenities of apartments. Others want the size of a house but without the upkeep of a large backyard. Townhouse communities like Songbird bridge that gap,” he said.

Songbird Terraces’ position within the larger Songbird Oxley masterplan reinforces its family and lifestyle focus. With a childcare centre opposite, a nursing home next door, and parks on two sides, the neighbourhood is positioned as a multigenerational community hub.

[smartcode_project:default project_id=149443 project_image_fid=5237]

Honeycombes, working with builder Clearcon, expects the retail component of the masterplan to be roofed by mid-next year, with the residential component nearing topping out around the same time.

For Honeycombe, new development is very much a journey, and a two-way street between developer and the local community.

“I think it can be difficult for prospective home buyers to trust developers a lot of the time, but the vast majority spend years on a development. We’ve spent four years getting to this stage of launching the project, and it will be another two years building it. Ferny Gr​ove took 12 years and Coorp​aroo took 11. These projects aren’t quick in-and-out ventures. We’re in it for the long haul, and that’s why the community has to be at the centre of it.”

[smartcode_project_cta:default project_id=149443]

Joel Robinson

Honeycombes Property Group takes community-first approach at Songbird Terraces in Oxley

International developer <a href="https://www.apartments.com.au/developers/mrcb">MRCB</a>&nbsp;has launched its $200 million <a href="https://www.apartments.com.au/new-apartments/maris-southport-20-queen-street-southport-qld-4215">Maris</a> apartments in Southport, with 75 per cent of residences already sold ahead of launch, the strongest sales result of any new Gold Coast project.&nbsp;

The strong sales momentum highlights renewed buyer confidence in the urban revival of the <a href="https://www.apartments.com.au/developments/southport-qld-4215">Southport</a> CBD.

Maris will rise 20 levels from its Queen Street location and delivering 192 one- and two-bedroom apartments, with the flexibility to combine into larger three-bedroom homes, a response to shifting buyer demand for adaptable urban living.&nbsp;

Designed by Plus Studio, Maris represents one of the most significant residential projects in the Southport pipeline.&nbsp;

The final release of the upper-level apartments, many with sweeping views across the Broadwater and city skyline, is expected to drive further interest when released to market later this year.&nbsp;

MRCB International CEO Ravi Krishnan said the response had exceeded expectations and reinforced confidence in Southport’s long-term investment appeal.&nbsp;

“Maris has resonated with buyers who recognised the value in Southport’s transformation,” said Krishnan.&nbsp;

“The demand we’ve received so far validated our approach to creating considered, lifestyle-driven residences in locations with strong infrastructure and long-term growth prospects.

“Officially launching the project is a significant milestone for us. It’s the culmination of years of planning and local engagement, and we’re proud to be bringing a project of this quality to market at a time when well-located housing is in high demand.&nbsp;

“For MRCB International, it reinforces our commitment to the Gold Coast and our belief in the region’s future as one of Australia’s most liveable urban centres.”&nbsp;

Located on the site of the former Sundale Motel, demolition is now complete, with construction expected to commence in the second half of 2025. Completion is anticipated in 2028.&nbsp;

Maris will deliver a comprehensive resident amenity offering, including a rooftop yoga and dining terrace, a podium-level pool, gym, sauna and a resident lounge.

Positioned directly opposite the Broadwater Parklands light rail station, the development offers walkable access to major retail and dining at Australia Fair, and the proposed Olympic arena at Carey Park, expected to be a catalyst for future infrastructure investment in the lead-up to the 2032 Games.&nbsp;

Recent research from Urbis confirmed Maris was the largest contributor to new apartment sales across the Gold Coast during the March quarter, accounting for 80 of the 209 sales recorded city-wide.&nbsp;

“We’re focused on delivering projects that reflect how people want to live. Connected, well-designed and future-focused,” Krishnan added.&nbsp;

“Southport is undergoing a significant evolution, and Maris is designed to meet the needs of buyers seeking quality homes in vibrant, well-located communities.”&nbsp;

The launch of Maris follows the success of MRCB International’s flagship 26 Vista development in Surfers Paradise, which emerged as one of the fastest-selling apartment projects on the Gold Coast in 2023 and 2024.&nbsp;

[smartcode_project_cta:default project_id=134403]

MRCB launches Southport Maris apartments

Brisbane developer Carbone Developments has lodged plans for its sixth residential project in Windsor, on the city’s northside.

The family-run builder–developer, which is currently delivering Amado Windsor, is proposing one of its largest projects to date, an <a href="https://www.apartments.com.au/new-apartments/42-federation-street-windsor-qld-4030">88-apartment development</a> spanning three adjoining lots on Federation Street.

The 2,023 sqm site sits within the Windsor East precinct of the Lutwyche Road Corridor Neighbourhood Plan, an area earmarked for higher-density residential growth.

<img alt="Carbone windsor podium" data-entity-type="file" data-entity-uuid="5d466d70-52a1-4db4-b005-b7d96266e16e" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Carbone%20Windsor%20podium.png?VersionId=xPtW9N2b3zRnfO5TNVx0ApsRGqz59tns" />

Designed by <a href="https://www.apartments.com.au/architects/angelo-patrick-architects">Angelo Patrick Architects</a>, the new project will be a mix of just one and two-bedroom apartments, a mix which struck a chord at Amado which is less than 750m away.

Car parking is contained within podium levels, with access via both Federation and Addison Streets.

The site is currently vacant and surrounded by a mix of older housing stock and newer apartment buildings.

“The precinct is clearly transitioning to higher density residential uses,” the documents submitted to the Brisbane City Council noted. The reports suggested the proposed scale is considered an appropriate response to the intended future character of the area.

The Carbone family, led by brothers Tony and Don Carbone, has been developing new apartments across inner-city&nbsp;<a href="https://www.apartments.com.au/developments/brisbane-qld" target="">Brisbane</a>&nbsp;for the best part of two decades.

First look: Carbone makes next Windsor play

Burgeoning national developer Fortis has spent $37.5 million on one New Farm's most sought-after streets, the highest price ever paid for a development site in the affluent Brisbane suburb.

They've settled on a rare and prized 5,272 sqm block on Bowen Terrace, which runs from the heart of New Farm to the foot of the Story Bridge.&nbsp;It was also the only available residential development site of this scale offered in New Farm for more than a decade.

The site, which is completely cleared and vacant, was sold by Ozcare, who have recently completed a new aged care facility in Newstead.&nbsp;Funds from the sale will be used to develop more aged care facilities for some of Queensland’s most vulnerable senior citizens.&nbsp;

<a href="https://www.apartments.com.au/project-marketer/colliers">Colliers</a> Queensland agents Brendan Hogan and Troy Linnane sold 424 Bowen Terrace,&nbsp;alongside Gallus Partners agent John Shepherd, the cleared and vacant site at

Hogan said the site attracted strong interest from &nbsp;local, national and international developers, drawn by the site’s scale and location in best luxury &nbsp;residential precincts. The EOI campaign was hotly contested with well over 100 enquiries and eight offers received at the close of the process.&nbsp;

“As the only residential development site of this scale offered in New Farm for more than a decade, the &nbsp;property attracted significant interest from premium developers,” Hogan said.&nbsp;

“Fortis presents a compelling vision for a high-quality project that responds to the growing demand &nbsp;from local owner-occupiers seeking larger, design-led apartments. This is a major opportunity to create &nbsp;something truly exceptional in Brisbane’s most prestigious suburb.”&nbsp;

Fortis has lodged development plans with Brisbane City Council for the site, proposing a landmark residential project designed by DKO Architecture. The scheme comprises 74 luxury apartments and four freehold homes.&nbsp;

Read more:&nbsp;<a href="https://www.apartments.com.au/news/qld/fortis-files-bowen-terrace-new-farm-apartment-plans">Fortis files Bowen Terrace, New Farm apartment plans</a>

Strong demand for expansive Bowen Terrace site signals resurgence of Brisbane’s apartment market 

Fortis settles on record $37.5 million New Farm site

In Brighton, where detached homes and long-settled streetscapes remain the norm,&nbsp;<a href="https://www.apartments.com.au/new-townhouses/elema-brighton-155-157-north-road-brighton-vic-3186">ELEMA</a> introduces a different model for high-quality housing.&nbsp;

Developed by <a href="https://www.apartments.com.au/developers/kervale">Kervale</a>, this new collection of 12 townhomes is underpinned by the four classical elements, earth, water, air, and light, not as styling cues, but as structural and spatial drivers across architecture, interiors, and landscape.

Designed by&nbsp;<a href="https://www.apartments.com.au/architects/martinoleah">Martino Leah</a>&nbsp;with interiors by Brahman Perera and landscaping by&nbsp;<a href="https://www.apartments.com.au/landscape-architect/acre">Acre</a>, the project responds to what Kervale identifies as a gap in the local Brighton housing market: mid-sized homes with character, amenity, and a genuine sense of community.&nbsp;

ELEMA’s configuration reflects this intent, with a horseshoe-shaped layout wrapped around a central garden, promoting passive ventilation and privacy without isolating residents.

Each home spans three levels and includes three bedrooms, 2.5 bathrooms, a study, and two car spaces, with internal areas up to 182 sqm and external zones up to 95 sqm.

Two of the twelve townhomes include private plunge pools with heated spa functionality in addition to pre-provisioning for internal passenger lifts. Prices start from $1.7 million, targeting aspirational Bayside owner-occupiers in their mid-30s to 60s seeking entry into Brighton’s tightly held upper market.

[smartcode_project:default project_id=145418 project_image_fid=300804]

‘Earth’ is expressed in the project’s grounded material palette and connection to site. Natural stone, granites and timber finishes in earthy hues are used consistently throughout, anchoring the homes in their context while supporting thermal mass.&nbsp;

Landscaped courtyards and native planting schemes featuring predominantly Australian Native species, developed by Acre, extend the concept beyond built form, using layered, low-maintenance vegetation to root the development in <a href="https://www.apartments.com.au/developments/brighton-vic-3186">Brighton</a>’s coastal ecology.

The site layout follows a horseshoe configuration, creating a central communal courtyard that provides both visual outlook and passive environmental benefits. This arrangement improves daylight access, facilitates cross-ventilation, and introduces a shared green space without compromising individual privacy.

[smartcode_project:default project_id=145418 project_image_fid=300809]

‘Water’ is introduced subtly but purposefully. Select townhomes include private plunge pools, integrated into rear terraces without visual dominance. These pools are designed for quiet retreat, and their placement reinforces the project’s broader focus on functional outdoor spaces that support private use rather than spectacle.

‘Air’ is enabled through architectural planning. The horseshoe site layout creates generous setbacks and enables cross-ventilation through each residence.&nbsp;

[smartcode_project:default project_id=145418 project_image_fid=300803]

‘Light’ is a defining component of both the architecture and interiors. Large-format glazing opens living areas to courtyards and terraces, while the façade screening filters daylight to reduce glare and soften internal environments.&nbsp;

Internally, Perera’s palette of muted tones and tactile finishes is designed to respond to natural light conditions, shifting in tone and texture throughout the day.

[smartcode_project:default project_id=145418 project_image_fid=300810]

ELEMA reflects a broader shift in how high-value suburbs are adapting to changing housing needs - away from uniformity, toward diversity in form, scale and function.

Rather than replicate detached housing models, ELEMA proposes an alternative built around balance, between public and private, built form and natural, permanence and flexibility. In doing so, it reframes the townhome as a highly resolved housing type capable of responding to both environmental and lifestyle needs.

ELEMA also targets an average 7-star NatHERS energy rating, supported by solar panels, drought-tolerant landscaping and high-spec energy-efficient appliances.

Three-bedroom townhomes at ELEMA Brighton are priced from $1,700,000.

[smartcode_project_cta:default project_id=145418]

Urban Editorial

Inside ELEMA Brighton: Designing with the elements

Mortgage Payment

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Roy Morgan reported from its survey of over 50,000 households per annum that those at risk of mortgage stress fell by some 78,000 from a year ago to 16.8 percent, to sit well below the decade average.
<a href="https://www.propertyobserver.com.au/images/2017/06/26/RM1.jpg" target="_blank">Click 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/2017/06/26/RM1.jpg" alt="">
Those 'extremely at risk' also fell to the lowest level in well over a decade, which is good to see. 
The high risk cohort overwhelmingly comprises lower income households, and is far less represented by households earning $100,000 per annum or more. 
PETE WARGENT is the co-founder of <a href="https://allenwargent.com/" target="_blank">AllenWargent</a> property buyers (London, Sydney) and a best-selling author and <a href="https://petewargent.blogspot.com/" target="_blank">blogger</a>.
His latest book is <a href="https://www.bigskypublishing.com.au/Books/General-Interest/Four-Green-Houses--and-a-Red-Hotel/1015/productview.aspx" target="_blank">Four Green Houses and a Red Hotel</a>.
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pwargent-M4siyDbqQY

Lower rates reducing mortgage stress

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<div>Low interest rates are allowing homeowners to forge ahead on repayments. </div>
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From the Reserve Bank: "...two-thirds of borrowing is [now] covered by a repayment buffer of at least one month's worth of required mortgage payments, and for half of this, that buffer is more than one year." One third have at least a 12 month buffer, a remarkable statistic.
</div>
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<div><a href="/images/2015/12/16/RBA.jpg" target="_blank">Click to enlarge</a></div>
<div><img src="/images/2015/12/16/RBA.jpg" alt=""></div>
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<div>The RBA also found that across every state "all arrears levels are relatively low", with New South Wales the best placed of all thanks to its solid economic performance. </div>
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<div><a href="/images/2015/12/16/RBA2.gif" target="_blank">Click to enlarge</a></div>
<div><img src="/images/2015/12/16/RBA2.gif" alt=""></div>
<div> </div>
<div>
PETE WARGENT is the co-founder of <a href="https://allenwargent.com/" target="_blank" rel="nofollow">AllenWargent</a> property buyers (London, Sydney) and a best-selling author and <a href="https://petewargent.blogspot.com/" target="_blank" rel="nofollow">blogger</a>. 
His latest book is <a href="https://www.bigskypublishing.com.au/Books/General-Interest/Four-Green-Houses--and-a-Red-Hotel/1015/productview.aspx" target="_blank" rel="nofollow">Four Green Houses and a Red Hotel</a>.
</div>
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Homeowners forging ahead on repayments: Pete Wargent

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New research by ING reveals 51% of all Aussie home loan holders fear they’ll never be able to pay off their home loan.
Some 40% are concerned they’ll carry their mortgage into retirement.
The research confirmed that 82% are paying down more than what’s required most years.
The research comes as ING launches Everyday Round Up for Home Loans, a digital tool that enables ING customers to round up the loose change from their card purchases to pay down their ING mortgage. 
Card purchases made through ING’s Orange Everyday account are rounded up to the nearest $1 or $5 and the extra amount is automatically shifted from the customer’s Orange Everyday account to pay down the mortgage. 
ING’s head of retail banking, Melanie Evans says the loose change in less than a year has helped over 160,000 customers collectively save $32 million.
ING estimates that customers who round up $50 each month to their 30 year owner occupier Mortgage Simplifier mortgage of $350,000 could shave 19 months or save $14,000 in interest by rounding up their loose change.
It assumes the customer puts down a 20% deposit and makes principal and interest repayments.
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j.ballantyne1990-6AQqhLzZaK

Anxious home loan holders seek fast lane to pay off their mortgage early

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The federal government is offering homeowners over 65 the possibility of a small reverse mortgage.
While tapping the equity in their homes would be seen as a last resort measure, the scheme offers $11,799 per year initially for part-pensioners.
But under the extended scheme anyone over the retirement age can now access equity in their homes without selling, as part of a $258 million package aimed at helping older people to better plan for a "healthy, independent, connected and safe" life in retirement.
There is an interest rate of 5.25 per cent on the loans, considerably below the commercial rates on reverse mortgages which are currently between 6.3 per cent and 6.4 per cent.  
The Pension Loans Scheme was introduced in 1997. 
The measure, which was leaked before last night's Federal Budget, is set to cost $11 million over the next four years, according to the budget papers.
About 1.8 million age pensioners own their home in Australia, according to the budget papers, including 1.1 million full pensioners and 700,000 part-rate age pensioners.
The scheme will attract attention from the elderly with their wealth tied up in property while cash-poor.
Under the new plan, if a 66-year-old took up the proposed offer and lived until 91, he or she could receive a total of $295,000 worth of ongoing payments which would simultaneously be removed from their equity in their home.
Retirees on a full age pension as well as fully self-funded retirees will be able to use equity in their homes to increase the maximum fortnightly income stream to 150 per cent of the age pension, which is about $23,000 a year for individuals. 
Last year Domain noted there are only a few reverse mortgages on offer.
It advised Bankwest Seniors Equity Release Home Loan charges 6.27 per cent and up to the lesser of 25 per cent of the value or $250,000.
CBA's Equity Unlock for Seniors charges 6.37 per cent, and the maximum loan ranges from the lesser of 20 per cent of value or $275,000 for those aged 65 to 69, up to 40 per cent or $450,000 for those 85 and over.
Toowoomba-based Heritage Bank's Heartland Finance Reverse Mortgage Home Loan charges 6.19 per cent, and offers up to 35 per cent at age 80.
P&amp;N Bank, the W.A. bank once known as the Police &amp; Nurses credit union, charges 6.24 per cent and offers up to 35 per cent of the home's value.
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Reverse mortgage loan scheme for elderly extended in Federal Budget

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In another crowdfunding first, DomaCom Australia announced that the crowdfunding campaign to fund a mortgage backed loan has been successfully completed. 
Newcastle based financial advice firm Shartru Wealth Management has used the DomaCom platform to acquire a $1.6 million residential property in Melbourne using both debt and equity.
A crowdfunding campaign was completed to raise around $682K for the equity component and another campaign was completed to raise the remaining $948K debt. 
In executing both sides of the transaction, Shartru have been able to satisfy the growth needs of their accumulation clients as well as the income needs of their retiree clients with an attractive net return of 5.06% in a low risk environment.
The loan is secured by a first mortgage security on residential property with a conservative LVR of around 60%. 
Shartru CEO, Rob Coyte, said it delivered a tax effective investment for our growth-oriented clients whilst also being able to deliver an attractive income investment to our retiree clients.
"An investment option returning 5.06% and secured by first registered mortgage with a low LVR is attractive in today’s environment where retirees are lucky to receive a 2.5% return from term deposits,” he said.
DomaCom CEO, Arthur Naoumidis explained that one of the great benefits of property investment is to be able to use internal gearing to deliver long term tax effective returns.
“We are pleased we can now facilitate debt arrangements via the DomaCom platform, offering expanded opportunities for investors”
“Advisers can now fund both the equity and the debt portions of a property investment which enables them to provide the appropriate investment outcomes for both accumulation and retiree clients”.
“We are now looking forward to accelerating our FUM with these new debt facilities, particularly in the SMSF space. SMSFs can have a precise asset allocation to real property via DomaCom, including debt, without the need for a Bare Trust, limited borrowing and with all the additional administration and cost involved”.
“With a managed fund like DomaCom and with access to debt, Advisers have an internal solution to help clients access investment property and fixed interest income in line with their portfolio strategy as part of the adviser’s fee for service.
"This is something DomaCom has been working towards for three years”.
To learn more about crowdfunding, visit <a href="https://www.domacom.com.au/" target="_blank">DomaCom here</a>.
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jchancellor-FAypfDUnLy

Domacom crowdfunds first mortgage backed loan for Melbourne purchase

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Sydney investor Nathan Birch has blamed administration oversight for his recent mortgage default, not cashflow issues.
The Australian Financial Review reported earlier this month that Birch had been sued by his lender, Permanent Mortgages, after defaulting on a $535,000 mortgage for a Paradise Point, Gold Coast investment property.
Birch told News Ltd the AFR story was a "misrepresentation” of his situation, noting the property never got repossessed.
He told <a href="https://au.news.yahoo.com/sunday-night/a/38540739/real-estate-whiz-kid-s-secret-to-property-success/" target="_blank">Channel 7's Sunday Night's </a>Denham Hitchcock all his 200 properties were positively geared.
News Ltd reported Birch saying that the default situation arose from an oversight.
"I had an overdue amount which equalled to one month’s interest which was paid immediately as soon as it came to my attention,” he said.
“Having 200-odd properties, the admin side of things can become a bit too much and not seeing the mail on time meant I had no idea of this.”
Birch had previously confirmed to the AFR he had "briefly" fallen behind on "one or two mortgages" citing increased lending restrictions arising from the much-heralded Australian Prudential Regulation Authority investor crackdown.
Last year Birch had revealed he was selling up some of his massive portfolio due to tightening finance conditions.
<div>
Birch told news.com.au mid-last year he was looking to offload up to 20 properties estimating he would reduce his debt to about $18 million.
</div>
<div>Birch blogged  at the time that he was adjusting his portfolio and riding the new APRA crackdown finance challenge "without breaking a sweat".</div>
He said that he had had to adapt his investment strategy.
"As a result of the tighter lending practices, I have simply sold some smaller properties and purchased larger ones to set myself up for a development phase in my portfolio," he advised.
Birch said he believed the best place to buy in2018 was the Gold Coast, where he holds 50 properties.
 “The market here I think is only just scratching the surface,” he told Sunday Night. 
“It’s like Australia’s Miami. Prices are still post-GFC prices, still very low.”
His most undervalued suburb is Coomera.
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Nathan Birch blames the overdue mortgage on having to administer 200 properties

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GUEST OBSERVER
Australian housing finance were materially weaker than expected in July with much of the detail also on the weak side, investor loans about the only exception.
The total number of owner occupier loans fell 4.2 percent, well below the consensus forecast for a 1.5 percent decline. 
Ex refinance the picture was even weaker with a 6.1 percent fall, the largest monthly decline since May last year.
Approvals can be choppy month to month but moves tend to be in the ±3 percent range.
Our estimates (using ABS seasonal factors) suggest seasonally adjusted owner occupier approvals ex refi were down 3-4% in NSW, Vic and Qld with, somewhat surprisingly, WA the only state to record a rise (+2.7%mth).
Note that the sum of these estimates across the big five states is firmer than the published national number (down about 2% rather than 6%).
Details 
Owner–occupiers (no.)              –4.2%mth, 1.8%yr
– ex-financing (no.)                  –6.1%mth, –2.7%yr      
Construction of dwellings (no.)  –4.9%mth, –3.9%yr
Purchase of newly built dwellings (no.)  –3.3%mth, 8.4%yr        
Value of loans:
Owner-occupiers ($bn)        –3.1%mth, 2.3%yr
Investors ($bn)                    0.5%mth, –9.3%yr
Total ($bn)                         –1.8%mth, –2.4%yr
Total ex refi ($bn)                –2.2%mth, –5.4%yr
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