<a href="https://www.apartments.com.au/developers/capital-corporation">Capital Corporation</a> has announced that its <a href="https://www.apartments.com.au/new-townhouses/lovedale-farm-1054-1184-wine-country-drive-lovedale-nsw-2325">Lovedale Farm</a> residential, resort and golf project has secured $24.6 million in sales in just three weeks since the opening of its display home, underscoring the appetite for premium lifestyle property in the Hunter Valley countryside.

The sales milestone has been driven by a diverse mix of buyers, including owner-occupiers and investors from Sydney, Newcastle and the local Hunter region, purchasing both land-only lots and house and land packages across the development.

<img alt="Lovedale" data-entity-type="file" data-entity-uuid="e173edc9-e60e-4f19-a060-9dc4421a3233" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/LovedaleFarm_20250215-1.jpg?VersionId=1LY6CvOaD.Dzrt8tWpWxXtPyfchixNIo" />

&nbsp;

The result builds on the momentum generated at the display home opening on 22 March, which attracted more than 460 attendees.

With house and land pricing from $1.14 million, Lovedale Farm continues to attract strong interest from buyers seeking a premium lifestyle offering at a compelling price point. The development’s vision, a championship golf course, future epicurean village and access to the Hunter Valley’s celebrated wine country, has resonated with a broad buyer profile, from first-time investors to those looking to make the move and call the Hunter Valley home.

<img alt="Lovedale Farm records $21.4 million in sales in three weeks" data-entity-type="file" data-entity-uuid="b358e789-e1eb-40ed-8105-ed5c8297136f" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/20260321LovedaleFarmDisplayHomeOpening--6.jpg?VersionId=6GUO8TNnxuELONrsM6n9imDB6oc82Bor" />

Jim Hunter, Managing Director of Capital Corporation said the response since opening the display home has been encouraging.

"To reach $24.6 million in sales in just three weeks speaks to the genuine demand for a lifestyle community of this calibre in the Hunter Valley," Hunter says.

"We’re seeing buyers from across the region and beyond, including investors who recognise the long-term value, and owner-occupiers who simply want to live somewhere truly special.

“Lovedale Farm is two decades in the making, and the market’s response is everything we hoped for. We’re excited to see these first buyers become part of the Lovedale Farm story from the very beginning."

<img alt="Lovedale" data-entity-type="file" data-entity-uuid="54d985cf-2ac2-400b-ac02-4401f3421ac7" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/20260321LovedaleFarmDisplayHomeOpening--5.jpg?VersionId=3866bPoqpLZsm.3ACg9EafAr1W3miC_f" />

&nbsp;

Spanning 240 hectares on Wine Country Drive in <a href="https://www.apartments.com.au/developments/lovedale-nsw-2325">Lovedale</a>, the $1 billion development is expected to deliver around 1,250 jobs during construction and inject more than $300 million into the local economy. The first 200 homes and championship 18-hole golf course are anticipated for completion in late 2027.

Capital Corporation has also lodged development plans for the Lovedale Farm clubhouse, set to become a vibrant hub for residents and the wider Hunter Valley community. Further releases are planned for later this year.

[smartcode_project_cta:default project_id=14476]

Joel Robinson

Lovedale Farm display home opening triggers $24.6 million in sales in three weeks

Prominent Malaysian developer <a href="https://www.apartments.com.au/developers/osk-property">OSK Property</a> has unveiled <a href="https://www.apartments.com.au/new-apartments/aura-at-melbourne-square-7-hoff-boulevard-southbank-vic-3006">Aura</a>, the next stage of its $3.5 billion Melbourne Square precinct in Southbank, continuing its push into wellness-led, amenity-rich apartment living.

The $800 million tower, planned for 7 Hoff Boulevard, will rise 67 storeys and deliver 673 apartments, with COX Architecture drawing on both Japanese design principles and Australia’s natural landscape to shape the building’s identity. A rectangular grid aesthetic defines the building’s exterior, with COX drawing design cues from New York high-rises and Tokyo’s skyline.

Aura builds on a growing trend in high-density living, where wellness is no longer an add-on but central to the product. The development is structured around four key pillars, combining calm, minimalist residences with layered communal spaces, landscaped gardens, and a suite of wellness amenities designed to support both physical and mental wellbeing.

[smartcode_project:default project_id=151921 project_image_fid=367465]

At the core of the project is what OSK describes as a vertical wellness ecosystem, a multi-level approach to amenity that integrates health, lifestyle, and social spaces throughout the building rather than confining them to a single level.

The main resident hub, the Aura Club on level seven, will include a pool, cold plunge, spa, gym, Pilates and yoga studios, alongside more lifestyle-driven inclusions like a golf simulator, music rooms, library, and work-from-home spaces. Above, a series of higher-level amenity zones, including the Meridian Club and Cumulus Club, introduce more refined, social and retreat-style environments, with private dining, lounges, and premium wellness spaces positioned to take advantage of city views.

[smartcode_project:default project_id=151921 project_image_fid=367467]

The residences themselves will largely include balconies, a key design move in a market increasingly focused on natural light, airflow, and connection to the outdoors. Views will extend across the CBD, the Arts Precinct, Royal Botanic Gardens, and beyond.

Aura also introduces approximately 1,600 sqm of retail across the lower levels, further activating the Melbourne Square precinct, which already includes Kennedy Park, a Woolworths, childcare, and a growing mix of hospitality operators.

[smartcode_project:default project_id=151921 project_image_fid=367474]

“Aura stands tall as an exemplar of holistic wellness – its focus on social, physical and mental health culminate in a building that is calming, restorative and relaxing, where residents will have their own sanctuary within the well-connected and sought-after <a href="https://www.apartments.com.au/developments/southbank-vic-3006">Southbank</a>," says&nbsp;OSK Property CEO Chong Boon Woon.

“We have been very encouraged by the market’s response to the BLVD offering, and we know there is a strong demand for the level of amenity, service and design that the Melbourne Square precinct is known for.

“Complemented by work-from-home lounges for professionals, family friendly outdoor garden spaces, and state-of-the-art fitness and wellness facilities, Aura will continue our focus on maximising physical, emotional, and mental wellbeing,” he said.&nbsp;

[smartcode_project:default project_id=151921 project_image_fid=367475]

The project follows the strong performance of BLVD, which is now around 80 per cent sold, and reinforces OSK Property’s long-term commitment to Melbourne Square as a fully integrated, mixed-use precinct.

Construction is expected to commence in late 2026.

[smartcode_project_cta:default project_id=151921]

OSK unveils AURA, the latest stage in Southbank's $3.5 billion Melbourne Square precinct

National developer Time &amp; Place appears to have settled on a design for its long-anticipated Potts Point project.

After several years of back and forth with local council and the NSW Government, the developer, which has spent seven years targeting the former The Chimes site on Macleay Street, has now progressed its plans.

Following a concept design submission last year by SJB, Time &amp; Place has lodged a full State Significant Development Application with the NSW Government, this time for a scheme designed by Kerry Hill Architects.

<img alt="Time &amp; Place" data-entity-type="file" data-entity-uuid="504d2a27-d65f-4227-8189-1e35e3376e62" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-04-20%20at%209.38.24%E2%80%AFAM.png?VersionId=_XqFKATYHF30KnVByPxhaI9UBzmkmfn7" />

The 16-storey proposal includes 44 apartments, 21 of which will be build-to-sell. These will comprise 19 three-bedroom apartments and two four-bedroom units.

More than 50 per cent of the development will be dedicated to affordable housing, with 23 studio apartments to be delivered in line with the NSW Government’s Housing SEPP.

Kerry Hill Architects said the proposal is driven by a strong response to place.

“Our proposal for a new residential building for Potts Point in Sydney is driven by a deep consideration of place,” the practice said in its submission.

“This operates on multiple levels, including a landscape approach that reinstates endemic flora of the Sydney peninsula and provides a ground-floor garden for residents, reconnecting the site to its pre-European history. A brick podium further strengthens this relationship to context, integrating planting and fine bronze detailing that references the predominant material language of Macleay Street.”

The three-level podium will be topped by a communal resident space, featuring a covered pool designed to receive direct afternoon sun in winter, a neighbouring reflection pool, dining and event areas oriented to maximise sunset views, and an outdoor exercise zone.

<img alt="Time &amp; Place" data-entity-type="file" data-entity-uuid="8d3eedc1-babb-44a3-bd96-d8a42f3adf1f" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-04-20%20at%209.37.48%E2%80%AFAM.png?VersionId=Ii7.4dvqNatu5GQi6bhqNjAswrMB998." />

The design also incorporates highly crafted shopfronts and a clearly defined residential entry to activate the street. Juliette balconies to the podium residences will provide passive surveillance and a strong sense of habitation.

Above, the larger apartments are housed within a light-coloured masonry and bronze tower.

“The tower steps back in a series of gently curved volumes that reference the rich Art Deco context of Macleay Street,” the architects said. “Carefully calibrated vertical fins frame the views while providing privacy and a sense of refuge.”

<img alt="Time &amp; Place" data-entity-type="file" data-entity-uuid="6fab60f4-3140-4469-b47a-48c781e0a30b" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-04-20%20at%209.28.44%E2%80%AFAM.png?VersionId=e5XxrM3kzdASdKlcIACHAHbOSZhSKC9O" />

Time &amp; Place has been one of the most active developers nationally in the last 12 to 24 months. Late last year they completed&nbsp;The Queensbridge in&nbsp;<a href="https://www.apartments.com.au/developments/southbank-vic-3006">Southbank</a>, a mixed-use tower with 353 apartments and a hotel. They are currently selling Park Modern, 246 apartments near the famous Botanic Gardens in South Melbourne.

The developer has approval for The Burke, a mixed-use project in&nbsp;<a href="https://www.apartments.com.au/new-apartments/glen-iris-vic-3146">Glen Iris</a>&nbsp;being delivered in partnership with Woolworths. The 60 apartments, positioned above a new Woolworths supermarket, are expected to launch in the coming months. Time &amp; Place is also progressing plans for the redevelopment of&nbsp;<a href="https://www.apartments.com.au/developments/northcote-vic-3070">Northcote</a>&nbsp;Plaza, and have recently submitted plans for a <a href="https://www.apartments.com.au/news/vic/time-place-unveils-plans-22-storey-south-melbourne-tower">22-storey tower</a>, another in South Melbourne.

In&nbsp;<a href="https://www.apartments.com.au/developments/sydney-nsw">Sydney</a>, the developer has two projects in Manly: Two Tides, which is currently under construction, and an ultra high-end building on&nbsp;<a href="https://www.apartments.com.au/buildings/shoreline-manly-beach-89-90-north-steyne-manly">North Steyne</a>, fronting the beach. It is also continuing to work through the redevelopment of The Chimes building on Macleay Street in&nbsp;<a href="https://www.apartments.com.au/developments/potts-point-nsw-2011">Potts Point</a>, as well as Marlborough House, the redevelopment of the original David Jones warehouse building in&nbsp;<a href="https://www.apartments.com.au/developments/surry-hills-nsw-2010">Surry Hills</a>.

First look: Time & Place settles on design for The Chimes, Potts Point redevelopment

<a href="https://www.apartments.com.au/developers/develotek">Develotek</a> is joining the likes of TOGA, Deicorp, and One Global Capital, betting on a boom in Five Dock ahead of the 2032 mooted opening of the Five Dock Metro Station.

Develotek, which is currently developing Bianca on the Drummoyne waterfront and has plans approved for a tower in Chatswood, has filed a State Significant Development Application for a <a href="https://www.apartments.com.au/new-apartments/79-81-queens-road-five-dock-nsw-2046">two-building project in the evolving Kings Bay precinct</a>.

The buildings, one more boutique just five storeys and the other 26 storeys, will rise from an 3,158 sqm site across&nbsp;79–81 Queens Road and 2–8 Spencer Street, will home 134 one-, two-, and three-bedroom apartments, above ground-floor retail and five basement levels of parking.

A key component of the proposal is the inclusion of 15 per cent of residential floor space as in-fill affordable housing, unlocking additional height and density under the Housing SEPP.

<img alt="First Look: Develotek lodges State Significant shop top housing project in Five Dock precinct" data-entity-type="file" data-entity-uuid="3ee31bf7-75ba-4bc5-b190-49885193219f" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/podium_2.png?VersionId=730UbrduuwK3C1sO28RHjiLPUPqXqjkh" />

Designed by <a href="https://www.apartments.com.au/architects/plus-studio">Plus Studio</a>, the scheme adopts a podium-and-tower configuration, with a five-storey street wall along Queens Road transitioning to a 26-storey tower set deeper into the site. The ground plane prioritises activation and permeability, with retail frontages and a new through-site link connecting Queens Road to Spencer Street.

At the upper levels, the tower façade has been conceived using a modular system to support prefabrication and reduce construction waste, while improving build efficiency. The splayed form draws on the geometry of surrounding industrial rooftops, reinterpreting the area’s heritage in a contemporary expression while also helping to reduce solar heat gain to east and west-facing apartments.

“This project aspires to transform a former industrial site into a connected, resilient and people-focused urban community, grounded in Country, shaped by history, and designed to enrich everyday life within the evolving Kings Bay Precinct,” said John Walsh, Principal at Plus Studio.

The proposal reflects the broader transformation of the Kings Bay Precinct under the Parramatta Road Corridor Urban Transformation Strategy, marking a shift from its industrial past to a higher-density, mixed-use urban neighbourhood.

<img alt="First Look: Develotek lodges State Significant shop top housing project in Five Dock precinct" data-entity-type="file" data-entity-uuid="abde734c-1e31-4a97-a1d2-fa9bcf31c380" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/building%20podium.png?VersionId=fNUupP6u146yEytQT31kKVRxwtACgPpP" />

Develotek is emerging as an active participant in the state’s affordable housing-led uplift pathway. The developer recently secured approval for a 34-storey mixed-use tower in Chatswood, where it similarly leveraged the in-fill affordable housing provisions to increase scale and deliver a 101-unit scheme with dedicated affordable apartments.

Their entry into Five Dock places them alongside a growing list of developers targeting the suburb ahead of its anticipated transport uplift, with Sydney Metro set to extend into the area. Major players including TOGA, Deicorp, and One Global Capital are all progressing large-scale precinct-style developments nearby, collectively reshaping the low-rise industrial fabric into a higher-density mixed-use corridor.

The Five Dock site sits within the Kings Bay Precinct, a key renewal area under the Parramatta Road Corridor Urban Transformation Strategy, where planning controls support significant uplift tied to affordable housing delivery. The consolidated 3,158 sqm site is currently occupied by low-rise industrial uses, including warehouses and vehicle workshops, earmarked for transition.

First Look: Develotek joins in Five Dock apartment boom

Ascot’s Racecourse Road continues to be a hive of activity for Brisbane developers.

Following Fortis and GRAYA, which are both preparing new projects along the key strip connecting Kingsford Smith Drive and Eagle Farm Racecourse, local developer <a href="https://www.apartments.com.au/developers/skyhold">Skyhold</a> is the latest to lodge plans for its own development.

The group is proposing One One Two Residences, a boutique project comprising just seven apartments, named after its address at 112 Racecourse Road.

The proposal outlines a five-storey building on an 810 sqm site. The built form slightly exceeds the four-storey expectation under the neighbourhood plan, aligning instead with the emerging character of the strip. As the planning report notes, “the locality is characterised by a transition toward medium-rise residential development, with a number of recent developments… above the stipulated height limits.”

<img alt="First Look: Skyhold lodges plans for boutique Ascot apartments as Racecourse Road revival gathers pace" data-entity-type="file" data-entity-uuid="ec577631-8c51-4163-960e-e7b3a77d655b" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Ascot.png?VersionId=iAzQ46D4Uu1UqiS0mVnlcy9jeFKBpJIj" />

Designed by 111 with landscape architecture by <a href="https://www.apartments.com.au/landscape-architect/paul-bangay-garden-design">Paul Bangay Studio</a>, the scheme adopts a layered architectural approach with strong articulation and a subtropical response. Deep balconies, integrated planters, and a mix of masonry and textured finishes define the façade, while upper-level setbacks reduce perceived bulk. The architectural statement describes “a series of horizontally expressed layers, defined by deep balconies and a consistent robust material palette,” aimed at delivering a refined streetscape presence.

Apartments are configured as large-format residences, including multiple three-bedroom layouts and a full-floor penthouse, supported by ground-level parking. A rooftop terrace will provide communal amenities including a pool and landscaped recreation areas. The design prioritises privacy, natural ventilation, and greenery, with planting integrated across all levels to soften the building form and contribute to the public realm.

<img alt="First Look: Skyhold lodges plans for boutique Ascot apartments as Racecourse Road revival gathers pace" data-entity-type="file" data-entity-uuid="1e1219bd-b45a-4d7f-bbc7-7207d7b2fc94" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Ascot%20entry.png?VersionId=JIoUOLMgQ5xWpEF0etEI3ffIoIVjD7gO" />

The proposal sits within the Racecourse Road precinct, a key mixed-use spine in Ascot that continues to attract renewed development interest.

Later this year national developer Fortis will launch its own boutique development, which, pending council approvals, will be 16 apartments designed by Koichi Takada Architects, just down the street.

“Racecourse Road is going through a massive revitalisation and we’re proud to be a part of that transformation,” said Fortis's QLD General Manager, Dan Boman.

Nearby, GRAYA is advancing its larger-scale The Gallery, a mixed-use shop-top housing project designed to act as a “catalytic project for Racecourse Road.”

First Look: Racecourse Road, Hamilton revitalization to continue as Skyhold joins the party

Mortgage Rates

RBA Governor Philip Lowe&#39;s meeting statement

At its meeting today, the Board decided to maintain the current policy settings, including the targets of 10&nbsp;basis points for the cash rate and the yield on the 3-year Australian Government bond, as well as the parameters of the Term Funding Facility and the government bond purchase program.

The global economy is continuing to recover from the pandemic and the outlook is for strong growth this year and next. The recovery remains uneven, though, and some countries are yet to contain the virus. Global trade in goods has picked up strongly and commodity prices are mostly higher than at the start of the year. However, inflation remains low and below central bank targets.

Sovereign bond yields have been steady recently after increasing earlier in the year due to the positive news on vaccines and the additional fiscal stimulus in the United States. Inflation expectations have lifted from near record lows to be closer to central banks&#39; targets. The 3-year government bond yield in Australia is at the Board&#39;s target of 10&nbsp;basis points and lending rates for most borrowers are at record lows. The Australian dollar remains in the upper end of the range of recent years.

The economic recovery in Australia has been stronger than expected and is forecast to continue. This recovery is especially evident in the strong growth in employment, with the unemployment rate falling further to 5.6&nbsp;per&nbsp;cent in March and the number of people with a job now exceeding the pre-pandemic level.

The Bank&#39;s central scenario for GDP growth has been revised up further, with growth of 4&frac34;&nbsp;per&nbsp;cent expected over 2021 and 3&frac12;&nbsp;per&nbsp;cent over 2022. A pick-up in business investment is expected and household spending will be supported by the strengthening in balance sheets over the past year. The unemployment rate is expected to continue to decline, to be around 5&nbsp;per&nbsp;cent at the end of this year and around 4&frac12;&nbsp;per&nbsp;cent at the end of 2022.

Despite the strong recovery in economic activity, the recent CPI data confirmed that inflation pressures remain subdued in most parts of the Australian economy. A pick-up in inflation and wages growth is expected, but it is likely to be only gradual and modest. In the central scenario, inflation in underlying terms is expected to be 1&frac12;&nbsp;per&nbsp;cent in 2021 and 2&nbsp;per&nbsp;cent in mid&nbsp;2023. In the short term, CPI inflation is expected to rise temporarily to be above 3&nbsp;per&nbsp;cent in the June quarter because of the reversal of some&nbsp;COVID-19-related price reductions.

Housing markets have strengthened further, with prices rising in all major markets. Housing credit growth has picked up, with strong demand from owner-occupiers, especially first-home buyers. Given the environment of rising housing prices and low interest rates, the Bank will be monitoring trends in housing borrowing carefully and it is important that lending standards are maintained.

At its July meeting, the Board will consider whether to retain the April 2024 bond as the target bond for the 3-year yield target or to shift to the next maturity, the November 2024 bond. The Board is not considering a change to the target of 10&nbsp;basis points. At the July meeting, the Board will also consider future bond purchases following the completion of the second $100&nbsp;billion of purchases under the government bond purchase program in September. The Board is prepared to undertake further bond purchases to assist with progress towards the goals of full employment and inflation. The Board places a high priority on a return to full employment.

The date for final drawings under the Term Funding Facility is 30&nbsp;June 2021. Given that financial markets in Australia are operating well, the Board is not considering a further extension of this facility. Authorised deposit-taking institutions have drawn $100&nbsp;billion so far and a further $100&nbsp;billion is currently available. Given the facility provides funding for 3&nbsp;years, it will continue to support low funding costs in Australia until mid&nbsp;2024.

The Board is committed to maintaining highly supportive monetary conditions to support a return to full employment in Australia and inflation consistent with the target. It will not increase the cash rate until actual inflation is sustainably within the 2&nbsp;to 3&nbsp;per&nbsp;cent target range. For this to occur, the labour market will need to be tight enough to generate wages growth that is materially higher than it is currently. This is unlikely to be until 2024 at the earliest.

The RBA kept the official cash rate at record lows at its May meeting

Housing markets strengthen further in all major markets: RBA Governor Philip Lowe's May 2021 meeting statement

The RBA maintained its current policy settings at its May meeting, keeping the official cash rate at a record low 0.1 per cent.

RBA governor Philip Lowe said housing markets have strengthened further, with prices rising in all major markets.

&quot;Housing credit growth has picked up, with strong demand from owner-occupiers, especially first-home buyers,&quot; Mr Lowe said.

&quot;Given the environment of rising housing prices and low interest rates, the Bank will be monitoring trends in housing borrowing carefully and it is important that lending standards are maintained.&quot;

The RBA stood by their view that rates won&#39;t likely change until 2024. Around&nbsp;65 per cent of experts surveyed in Finder&#39;s monthly RBA Cash Rate Survey believe there won&#39;t be any rate change until 2023.

AMP Capital chief economist Shane Oliver is one who believes a rate change will come before 2024.

&quot;While&nbsp;the economy is recovering faster than expected, the RBA is still a long way away from seeing its stated requirements for a rate hike &ndash; being a tight jobs market, wages growth well above 3% and actual inflation sustainably within the 2-3% target range,&quot; Oliver said.

&quot;A rate hike is still a fair way off although I think it will come before the RBA&rsquo;s expectation for &lsquo;2024 at the earliest&rsquo;.&rdquo;

[smartcode_project:default project_id=3298]

The clear&nbsp;message from the RBA however&nbsp;hasn&#39;t stopped banks changing their fixed rates, with Westpac, including their subsidiary banks including St George, Bank of Melbourne and BankSA, lifting their four-year fixed from 1.89 per cent to 2.19 per cent. They also raised their five-year fixed to 2.49 per cent.

The four-year rise copied the move by CBA in March, however CBA reduced its one and two-year fixed rates at the same time.

UHomeLoan also raised their three-year fixed by 10 basis points to 1.85 per cent.

&ldquo;This sudden wave of lenders increasing longer-term rates and decreasing shorter-term rates reveals a strategy to lock their customers in for shorter time periods,&quot; Graham Cooke, insights manager at Finder said.

&ldquo;This can be seen as a bet on variable rates increasing sooner than expected. It also reveals that the tide could be turning on our historically low fixed home loan rate environment.&quot;

AMP Capital chief economist Shane Oliver is one who believes a rate change will come before 2024.

RBA hold rates at May meeting

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Westpac have followed ANZ and NAB and cut their two and three year fixed mortgage rates for new owner-occupiers.

They now have the lowest two year fixed rate on the market at 1.79 per cent, having chopped 20 basis points from their record-low 1.99 per cent offering.

Westpac's three year rate has seen an 11 basis point cut, now at 1.88 per cent.

The rates are only for owner-occupiers paying principal and interest with an LVR ratio of 70 per cent or less.

The two year investor fixed rates have also been cut by 0.2 per cent.

[smartcode_project:default project_id=22584]

RateCity.com.au database shows that 57 lenders now have home loan rates under two per cent, including three of the big four banks.

“Westpac has thrown down the gauntlet to its competitors today proving there’s still heat in the fixed rate market.” RateCity.com.au research director Sally Tindall said.

“While we’re nearing the bottom of the rate cycle, provided the cash rates remains above zero, it’s likely there’ll be more cuts in the weeks to come as banks compete for the record levels of new lending coming through the door.

“Lenders are currently in a strong position to offer low fixed rates, which also have the benefit of locking a customer in for the fixed term.

“Westpac is now offering the lowest 2 year fixed rate, and was already offering the lowest 4-year fixed rate in the market – an unusual position for a big four bank.

[smartcode_project:default project_id=2772]

Tindall says home loans at the nation's largest lender, Commonwealth Bank, are starting to look outdated, with just one fixed rate under 2 per cent.

“Westpac group is reserving its sharpest rates for people who own at least 30 per cent of their home.

“Property price rises aren’t just helpful for people planning to sell. If you’ve had your home loan for a few years you might find you have more equity than you think and qualify for one of these low-rate loans."
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RateCity.com.au database shows that 57 lenders now have home loan rates under two per cent, including three of the big four banks.

Westpac offer lowest two-year fixed rate mortgage after cutting home loans

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UBank, a subsidiary of NAB, has announced the new lowest fixed rate in Australia – 1.75 per cent for three years.

But customers will have to be quick, with the rate set to expire in a little over a month.

The three-year fixed rate is 0.13 per cent below the next lowest fixed rate and 1.34 per cent lower than the average existing owner-occupier rate of 3.09 per cent (RBA data).

UBank has also cut its other fixed rates by up to 0.35 per cent for new customers.

There are now 53 lenders offering at least one fixed or variable rate under 2 per cent on over 120 different home loans, according to RateCity.com.au data.

RateCity.com.au research director Sally Tindall said while the RBA was set to keep rates on hold, competition between lenders was still driving home loan rates down.

“Lenders have been offering home loan rates under 2 per cent since June last year, yet thousands of existing mortgage holders seem content with the idea of paying a rate starting with a ‘3’,” she said.

<img alt="" height="459" src="https://s3-ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/pictures/article-images/cheaper_fixed_rates_urban.jpg" width="1200"> Source: RateCity.com.au

“UBank’s decision to offer a market-leading rate for just over a month is designed to get people to act.

“Putting an expiry date on this deal could help combat complacency among mortgage holders.

“Mortgage holders suffering from inertia are likely to be getting fleeced,” she said.

“Fixed rates are typically less flexible than variable ones, so if you want access to an offset account and unlimited repayments, you might look at splitting your loan or consider a variable rate loan,” she said.
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UBank, a subsidiary of NAB, has announced the new lowest fixed rate in Australia – 1.75 per cent for three years.

UBank announce Australia's lowest fixed rate home loan

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While it's possible to borrow money at significantly lower rates than reported here, mortgage rates have nudged higher over the last couple of months. 
Government bond yields have also crept steadily higher. 
<a href="https://www.propertyobserver.com.au/images/2017/02/09/RBA1.png" target="_blank">Click to enlarge</a>
<img src="https://www.urban.com.au/images/2017/02/09/RBA1.png" alt="">
In fact the 10-year bond yield had dropped well below 2 percent in the second half of 2016, but has since staged a strong rebound to sit around 2.70 percent. 
<a href="https://www.propertyobserver.com.au/images/2017/02/09/RBA2.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/2017/02/09/RBA2.jpg" alt="">
PETE WARGENT is the co-founder of <a href="https://allenwargent.com/">AllenWargent</a> property buyers (London, Sydney) and a best-selling author and <a href="https://petewargent.blogspot.com/">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">Four Green Houses and a Red Hotel</a>.
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Mortgage rates nudge higher: Pete Wargent

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According to the latest housing finance data release for March 2017 there was $33.2 billion in finance commitments over the month. 
The monthly value of commitments increased by 0.9 percent to be 5.3 percent higher year-on-year. 
While the value of commitments to investors has slowed over recent months, owner occupier demand lifted slightly in March 2017.
<a href="https://www.propertyobserver.com.au/images/2017/05/24/chart-1-2.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/2017/05/24/chart-1-2.jpg" alt="">
The data shows that in March 2017, the $33.2 billion in housing finance commitments comprised of $20.2 billion to owner occupiers and $13.0 billion to investors. 
The value of owner occupier commitments increased by 0.9 percent over the month to be at its highest level since June 2016. 
Investor demand also rose over the month, up 0.8 percent however, it remains well below levels from a few months ago. 
Looking at recent monthly data it suggests that demand from owner occupiers has been reasonably steady while the level of demand from investors has eased. 
Keep in mind that this data pre-dates the most recent policy announcement from APRA; over the coming months there are likely to be a number of headwinds for investors in the form of: higher mortgage rates, reduced availability of interest-only lending and changes to depreciation benefits for plant and equipment on investment property for new purchases. 
Given this we would expect that investor demand is likely to fall further over the coming months.
<a href="https://www.propertyobserver.com.au/images/2017/05/24/chart-2-2.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/2017/05/24/chart-2-2.jpg" alt="">
Owner occupier demand continues to be fueled by purchases of established housing stock while refinance activity continues to fade. 
The $20.2 billion in housing finance commitments to owner occupiers consisted of $1.8 billion for construction of dwellings, $1.1 billion for purchase of new dwellings, $6.1 billion for refinancing of established dwellings and $11.1 billion for purchase of other established dwellings. 
The value of lending for construction and purchase of new dwellings has remained at fairly consistent levels over the past year and a half. 
The value of refinancing has been trending lower since it peaked in December 2015 and it is now at its lowest level since July 2015. 
At the same time, demand for purchases of established dwellings is trending higher and is at its highest level since September 2015.
<a href="https://www.propertyobserver.com.au/images/2017/05/24/chart-3-2.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/2017/05/24/chart-3-2.jpg" alt="">
Mortgage demand from investors overwhelmingly comes from investors buying established housing rather than new housing. 
The $13.0 billion worth of commitments in March 2017 consisted of $1.1 billion from construction of dwellings and $11.9 billion from established housing. 
The $1.1 billion in commitments for construction was 6.1 percent higher over the month while the $11.9 billion for established housing is 0.3 percent higher over the month. 
The value of lending for investors for established housing is now down -4.6 percent from its most recent peak two months ago and -12.5 percent lower than its historic peak in April 2015.
<a href="https://www.propertyobserver.com.au/images/2017/05/24/chart-4-2.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/2017/05/24/chart-4-2.jpg" alt="">
Comparing established housing to new housing continues to show that the bulk of housing demand is coming from established housing stock. 
Over the month, 85 percent of mortgage demand (excluding refinances) was for established housing stock ($23.0 billion) with the remaining 15 percent ($4.0 billion) for new housing stock.
The data is pointing to ongoing weaker demand from the investor segment of the market and refinances from owner occupiers slowing while demand from owner occupiers for established housing stock is trending higher. 
With the lending environment continuing to change, particularly for investors, we would expect that demand from investors will continue to wane. 
Higher interest rates, the rationing of the availability of interest-only lending and reduced negative gearing benefits is likely to weigh on investor demand over the coming months.
Cameron Kusher is research analyst for CoreLogic. You can contact him <a href="https://blog.corelogic.com.au/about/">here</a>.
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ckusher-ujnxiKuFQs

Investor mortgage demand continues to wane: Cameron Kusher

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Through 2008, outstanding loans to households by Australia's banks totalled less than $700 billion.  The final 2016 numbers are not yet plugged into the chart below, but the monthly banking statistics suggest that the total by the end of the year will exceed $1.5 trillion. 
Australia has experienced strong population growth during this period, but nevertheless outstanding housing debt has been compounding at around 9 percent per annum. 
<a href="https://www.propertyobserver.com.au/images/2017/02/28/A1.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/2017/02/28/A1.jpg" alt="">
Such a strong pace of increase in household debt is bound to be reflected in housing market conditions one way or another, and in Australia's case the result has been price increases in Sydney and Melbourne. 
This dynamic since the financial crisis has been arousing the interest of short sellers, including from overseas. 
Although house prices have declined in Perth, Darwin, and parts of regional Queensland in particular, to date the most heavily populated markets have held up well. 
If anything, housing market sentimen<a href="https://petewargent.blogspot.com.au/2017/02/deuces-are-wild">t</a> seems to be improved in Sydney and Melbourne again at the beginning of 2017. 
Changes to the lending environment
Regulators have encouraged several tweaks to lending criteria over the years since the financial crisis first erupted. 
"Low-doc" loans, once fairly commonplace, today only comprise a small share of the mortgage market, while 100 per cent mortgages have thankfully gone the same way.
In fact, new mortgages today overwhelmingly have a loan to value ratio (LVR) of 90 per cent or lower, although in reality many borrowers have used equity from existing properties to fund their deposits. 
<a href="https://www.propertyobserver.com.au/images/2017/02/28/A3.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/2017/02/28/A3.jpg" alt="">
Lending standards in Australia are higher than they were, but on some measures remain concerning.
For example, the share of interest only loans remains high by international standards, despite having declined from somewhat alarming levels in 2015. 
<a href="https://www.propertyobserver.com.au/images/2017/02/28/A2.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/2017/02/28/A2.jpg" alt="">
ASIC had previously reported that about two in three investor loans in Australia were interest only mortgages, and around a quarter of owner occupier loans - with the repayment typically increasing when the interest only period ends. 
Shorting: what and when
Short sellers rarely bet on house prices directly, rather they tend to be interested in the outcomes of a market downturn (and housing markets are necessarily always cyclical). 
Some will sell the stock of banks, others will look at developers or home building companies, materials companies, retailers of household goods, financiers, or the institutions that insure mortgages. 
Alternatively some may look at buying Australian government bonds, while one of the cleanest and potentially profitable ways to bet against the housing market might be to short the Australian dollar, which at 76.7 US cents arguably still has plenty of downside. 
Timing short bets is important
Maintaining short positions can be costly in terms of interest or dividend obligations, while opportunity cost of suboptimal market timing is another factor to be considered. 
There has been plenty of discussion of the potential impact of an apartment glut in Australia, but in the case of both Melbourne and Sydney accelerating population growth appears to be absorbed much of the new supply to date, although tens of thousands of apartments remain under construction.
The potential for non-resident buyers defaulting on apartment settlements has been another salient risk closely watched by sceptics, though to date news of any fallout appears to have been relatively contained.  
One market risk which cannot so easily be quantified is the potential for defaults in the scenario whereby mortgage rates increase, prices in secondary and lower socio-demographic areas decline, and a swathe of interest only loans reach the end of their interest only period. 
Maths can get ugly
Anyone who had a standard variable rate mortgage in 2009 at above 8 percent will recall that principle and interest repayments could be excruciatingly difficult.
Consider that a homeowner with a $600,000 interest only mortgage at 4.5 percent today might be paying only ~$2,250 per month, whereas as and when the mortgage flips to principal and interest, were the mortgage rate to have increased to 6 percent the repayments could be more than 50 percent higher, even on a 30 year product.
Mortgage repayment calculators don't always give the option to calculate what would happen in a 7 percent scenario, but the answer on a 30 year product might be a potentially punishing ~$4,000 per month. 
With the amount of outstanding interest only debt having increased at an unprecedented pace through this cycle it's not too hard to analyse when this market risk will arise, and in turn which areas might see defaults increase. 
The most successful shorters will be those that can combine market timing with bets lined up against those companies with the most vulnerable financials. 
The big players
Market participants will be well aware of the attractive mortgage rates that the Commonwealth Bank of Australia (CBA) has been offering lately, and in turn the growth in the CBA investor mortgage book looks likely to bump up against the notional 10 percent per annum cap set by the regulator APRA.
Unfortunately for analysts the market data reported for investor loans has been muddied by reclassifications from investor to owner-occupier loans.
For example, the Westpac Banking Corporation (WBC) switched more than $21 billion of loans between July and October 2015 taking outstanding investor credit down from $156 billion to $135 billion and in turn causing its year-on-year growth in outstanding investor credit to appear negative for some time. 
<a href="https://www.propertyobserver.com.au/images/2017/02/28/A5.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/2017/02/28/A5.jpg" alt="">
Despite the reclassification Westpac retains the greatest balance of outstanding investor loans, while Commonwealth has the largest total of outstanding household mortgage debt, although the quality of loans rather than the volume is what should be of interest to analysts. 
Investors today typically pay higher mortgage rates than owner-occupiers, with further tweaks a possibility in 2017. 
<a href="https://www.propertyobserver.com.au/images/2017/02/28/A4.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/2017/02/28/A4.jpg" alt="">
What shorters should really be paying attention to is which financiers, insurers and developers have been active in the highest risk markets, areas which have been discussed here on this blog previously. 
Prospective borrowers should take into account the likelihood that mortgage rates may move higher over the years ahead. 
PETE WARGENT is the co-founder of <a href="https://allenwargent.com/">AllenWargent</a> property buyers (London, Sydney) and a best-selling author and <a href="https://petewargent.blogspot.com/">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">Four Green Houses and a Red Hotel</a>.
 
 
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Outstanding housing debt has been compounding: Pete Wargent

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GUEST OBSERVER
CoreLogic’s Accumulation Index looks at the total returns from the housing asset class factoring in the change in the value of the dwelling and the gross rental return from the property.
The CoreLogic Accumulation Index shows that nationally, the total returns from the housing asset class over the 12 months to August 2017 were 13.2%.  Because the return is calculated from value change as well as the gross rental yield, you tend to find that houses have a superior value growth performance while units offer superior rental returns.  
Over the past year, total returns for houses nationally have been recorded at 13.5% compared to a 12.0% return for units.  Over the 10 years to August 2017, the annual total returns for housing nationally have been recorded at 8.8%, split between 8.9% for houses and 8.5% for units.
<h3 class="text-align-center">Annual total returns from the housing asset class, National</h3>
Click to enlarge
<img src="https://www.urban.com.au/images/2017/09/20/2017-09-18-image1.png" alt="">
Total housing returns have generally been superior in capital cities to regional markets however, in the 2008 and 2010-11 downturns, returns slumped by a greater magnitude in the capital cities.  Over the past decade, combined capital city annual total returns have been recorded at 9.3% with returns of 9.5% for houses and 9.0% for units.  Over the 12 months to August 2017, total returns have been recorded at 14.0% for houses and 12.3% for units.  Like the national chart, the recent data for the combined capital cities shows that total returns have started to slow.
<h3 class="text-align-center">Annual total returns from the housing asset class, combined capital cities</h3>
Click to enlarge
<img src="https://www.urban.com.au/images/2017/09/20/2017-09-18-image2.png" alt="">
Regional markets are also beginning to see total returns slow however, the returns over recent years have generally not been as strong as those across the combined capital cities.  Over the past 12 months, total returns have been recorded at 11.7% for houses and 10.2% for units.  Over the past decade, annual total returns for housing outside of the capital cities have been recorded at 7.0%, 7.2% for houses and 5.6% for units.
<h3 class="text-align-center">Annual total returns from the housing asset class, combined regional markets</h3>
Click to enlarge
<img src="https://www.urban.com.au/images/2017/09/20/2017-09-18-image3.png" alt="">
Hobart has recorded the strongest annual growth of all capital cities over the past year and it also has some of the highest rental yields which has meant it has had the strongest total returns.  Total returns for houses over the past year have been above 10% in each of Sydney, Melbourne, Adelaide, Hobart and Canberra.  For units, double-digit total returns have been achieved over the past year in each of Sydney, Melbourne and Hobart.  Units in Darwin were the only capital city property type to achieve negative returns over the past year.
<h3 class="text-align-center">Annual total returns from the housing asset class, individual capital cities, to Aug-17</h3>
Click to enlarge
<img src="https://www.urban.com.au/images/2017/09/20/2017-09-18-image4.png" alt="">
With capital growth now appearing to have peaked and rental yields at record lows it is reasonable to expect a further moderating of total returns over the coming months.  
The other important thing to consider when looking at total returns is the calculation of the rental income.  Although rents are increasing in many areas, the assumption in a gross rental yield calculation is that the property is occupied for 52 weeks of the year.  In some parts of the country this is increasingly difficult to achieve and it can eat into the investment returns.
The total returns data, particularly for the past decade, shows why housing investment has been so popular and hit record highs.  
Returns have been fairly consistent and less volatile than equities however, the ongoing strength and the evidence of a recent slowdown should give investors pause for thought.  
With mortgage rates starting to increase for investors, record-high levels of new housing supply and value growth slowing, housing investors shouldn’t assume that the types of returns seen over recent years will continue to be replicated going forward.
Cameron Kusher is research analyst for CoreLogic. You can contact him <a href="https://blog.corelogic.com.au/about/" target="_blank">here</a>.
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Total returns from housing are starting to ease: Cameron Kusher

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<div>The Reserve Bank released its Board Meeting Minutes today for June 2018. </div>
<div> </div>
<div>I noted the other day that there was an addition in June relating to declining mortgage rates on outstanding loans. </div>
<div> </div>
<div>It was interesting to note that in today's release the wording was given a little tweak to add a bit more clarity, suggesting that mortgage rates on new housing are no longer falling. </div>
 
<div class="separator"><img src="https://1.bp.blogspot.com/-XUa5IBHKl30/Wyi8hJGD8LI/AAAAAAAAqqQ/uOGb4cMNgIYJvLI3hzpxqcC0W1ZQETVaQCLcBGAs/s400/RBA%2BTweak.jpg" width="392" height="400" data-original-height="713" data-original-width="704"></div>
 
<div>There was a bit of discussion about the positive impacts of immigration on the ageing population. Australia has experienced strong population growth over the past decade. Thanks to young migrants, notably the median age had declined in New South Wales and Victoria. There was a murmur of excitement due to there being no direct reference to the next move in rates being up.</div>
<div> </div>
<div>Not sure I'd read too much into that personally, although currency markets flickered a little!</div>
<div> </div>
<div>There was also a reference to wages being 'low and stable' which isn't wording that exactly screams imminent tightening, although there is reportedly some evidence of wage pressures in parts of the economy. </div>
<div> </div>
<div>In any event, reality is dawning on financial markets, with RBA meeting overnight indexed swaps looking increasingly skinny and now not pricing in a hike until 2020. </div>
 
<div class="separator"><img src="https://2.bp.blogspot.com/-DKhJxLca4W0/Wyi8IWgEHSI/AAAAAAAAqqI/S7QL7LzI-4kS9hTrJTk-Uw1HH1ntXiVTQCLcBGAs/s640/OIS.jpg" width="640" height="406" data-original-height="787" data-original-width="1240"></div>
 
<div>Source: Martin Whetton, ANZ</div>
 And a lot might change between now and 2020 - including the government. As you were.
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Financial markets now not pricing in a cash rate hike until 2020: Pete Wargent

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Demand for fixed rate home loans fell in February, according to new data from Mortgage Choice.
The broker's latest national home loan approval data showed demand for fixed rate home loans fell over the month of February, accounting for 22.82% of loans - a reduction of 1.05% from the month prior.
Demand for fixed rate loans had picked up in the latter half of 2018, in what may have been a response to rate hikes on variable home loan products.
Mortgage Choice found that borrower preference varied across the country :
<ul>
<li>Borrowers in Queensland were the most likely to fix their interest rate, with over 25% opting for a fixed rate home loan; </li>
<li>This was followed by New South Wales where over 24% of borrowers chose to fix their home loans; </li>
<li>In South Australia 22% of borrowers opted for a fixed rate mortgage;</li>
<li>In Western Australia 20% of borrowers chose to fix;</li>
<li>And Victorians continue to prefer variable rate home loans with almost 17% choosing to fix their home loans.</li>
</ul>
<img src="https://res.cloudinary.com/dz9xllyip/image/fetch/c_scale,w_580,q_auto:good/https://s3-ap-southeast-2.amazonaws.com/po.images/2019/3/14/susan-mitchell_ceo_mortgage-choice_b.jpg" alt="">
Mortgage Choice Chief Executive Officer Susan Mitchell (pictured above) said a number of reasons may be discouraging borrowers from locking in to a fixed rate.
“Mounting speculation that the Reserve Bank may cut the official cash rate later this year may be weighing on borrower expectations around interest rates. These borrowers, who are expecting interest rates to fall in the near term may be less inclined to lock in to a fixed rate,” said Mitchell. 
“Borrowers’ caution may be compounded by continued property price falls in the nation’s capitals which, according to the latest figures from CoreLogic fell 0.9% in the month of February. 
“In the current property market, it is unsurprising to see an increase in demand for variable rate loan products. These loans are more flexible and allow borrowers to make added loan repayments, access home loan features such as an offset account and redraw facility, and of course save on their loan repayments if their interest rate drops.
“That being said, fixed rate loans are still an attractive option to people who are looking for certainty in their home loan repayments.  This is particularly important at a time when there is considerable uncertainty in the market.
“Fixed rate loans may be a suitable option for borrowers who foresee a potential change to their income or, budget constraints.
“At present, there are many deals to be had for those looking to lock in a fixed rate, with two-year fixed rate loans on our lender panel as low as 3.69% p.a.* it’s a great time to review your home loan.
“My advice for anyone looking to have the best of both worlds is to speak to their mortgage broker about splitting their loan, which allows a borrower to allocate a proportion of the loan to a fixed interest rate, and a proportion to a variable interest rate depending on their financial situation.”
* NAB First Home Buyers Special 2 Year Choice Fixed Rate OO P&amp;I accurate at 8 March 2019
<a href="https://www.propertyobserver.com.au/images/2019/3/14/1.jpg" target="_blank">Click here</a> to enlarge:
 <img src="https://res.cloudinary.com/dz9xllyip/image/fetch/c_scale,w_580,q_auto:good/https://s3-ap-southeast-2.amazonaws.com/po.images/2019/3/14/1.jpg" alt="">
<a href="https://www.propertyobserver.com.au/images/2019/3/14/2.jpg" target="_blank">Click here </a>to enlarge:
<img src="https://res.cloudinary.com/dz9xllyip/image/fetch/c_scale,w_580,q_auto:good/https://s3-ap-southeast-2.amazonaws.com/po.images/2019/3/14/2.jpg" alt="">
Source: Mortgage Choice
 
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