<p>Not all apartment amenities are immediately visible.</p>

<p>Swimming pools, gyms, rooftop terraces and residents' lounges have long featured on buyers' wishlists, but as the way Australians live has changed, so too have the features that make apartment living more convenient.</p>

<p>Increasingly, buyers are placing value on the practical aspects of day-to-day life. Fast internet, EV charging, secure bike storage, flexible workspaces and parcel management are becoming just as relevant as lifestyle amenities, reflecting changing habits and expectations.</p>

<p>Online shopping has been one of the biggest drivers of that shift.</p>

<p>Australians spent a record $82.6 billion shopping online in 2025, with almost one in every four retail dollars now spent digitally, making parcel deliveries a routine part of everyday life rather than an occasional convenience.</p>

<p>For apartment residents, however, receiving those deliveries isn't always straightforward.</p>

<p>Without someone home to accept a parcel, deliveries can be redirected to a nearby Post Office, left in building foyers or common areas, or require building management to temporarily store packages. As apartment living continues to grow across Australia's cities, parcel management has become an increasingly important consideration for both residents and developers.</p>

<p>Australia Post's Parcel Locker network is one response to that shift.</p>

<p><iframe allow="accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture; web-share" allowfullscreen="" frameborder="0" height="315" referrerpolicy="strict-origin-when-cross-origin" src="https://www.youtube.com/embed/KPZ9j5FRdsQ?si=Qztc1dNP3ZvEIUhb" title="YouTube video player" width="560"></iframe></p>

<p>Rather than relying on home delivery, eligible parcels can be directed to a nominated Parcel Locker, where they're securely stored until collected. Once a parcel arrives, residents receive a notification through the AusPost app or SMS and can retrieve it using a one-time code or QR code at a time that suits them.</p>

<p>The network has expanded to more than 1,500 locations nationwide, with Parcel Lockers positioned at Post Offices, shopping centres, supermarkets, transport hubs and, increasingly, within or alongside residential developments.</p>

<p>That growing presence reflects a broader change in how apartment buildings are being planned.</p>

<p>Developers are increasingly considering the operational side of apartment living alongside traditional lifestyle amenities. Just as secure mailrooms, bicycle storage and EV charging have become more common inclusions, parcel management is emerging as another feature that supports everyday convenience.</p>

<p>It also helps preserve the arrival experience within a building. Carefully designed lobbies and communal spaces can quickly become cluttered when deliveries accumulate, while secure parcel solutions reduce the likelihood of missed deliveries or parcels being left unattended.</p>

<p>For buyers comparing apartments, these everyday details are becoming part of the decision-making process.</p>

<p>Location, floorplans and finishes remain fundamental, but the features that simplify daily life are carrying greater weight than they once did. As online shopping continues to shape consumer behaviour, secure parcel delivery is increasingly becoming another amenity worth looking for.</p>


Joel Robinson

Parcel delivery is joining the apartment amenity checklist

<p data-end="471" data-start="164">Inca Property Group has lodged a State Significant Development Application (SSDA) for Dawn, a 53-apartment oceanfront development overlooking Mona Vale Beach.</p>

<p data-end="777" data-start="473">The proposal, at 35-39 Darley Street East, would replace an existing 18-apartment strata building with a new owner-occupier-focused development comprising 53 two and three-bedroom apartments, including nine affordable built-to-rent residences delivered under the State's infill affordable housing scheme.</p>

<p data-end="976" data-start="779">Positioned on a 2,679 sqm elevated site around 280 metres from Mona Vale Beach, the development has been designed to maximise panoramic ocean views while responding to the site's sloping topography.</p>

<p data-end="1119" data-start="978"><a href="https://www.apartments.com.au/developers/inca-property-group">Inca Property Group</a> Managing Director Josh Thompson said the State Significant pathway provided greater certainty for projects of this scale.</p>

<p data-end="1399" data-start="1121">"This State Significant pathway gives the team real certainty to progress <a href="https://www.apartments.com.au/new-apartments/dawn-35-39-darley-street-east-mona-vale-nsw-2103">Dawn</a> through to completion," Thompson said.</p>

<p data-end="1399" data-start="1121">"It allows us to acquire a one-off site, design it carefully and deliver the right offering for the suburb, assessed by the NSW Government's planning department."</p>

<p data-end="1605" data-start="1401">The project is one of the first developments in the area to be assessed under the NSW Government's Low and Mid-Rise Housing policy, with the site sitting on the edge of the policy's designated inner area.</p>

<p data-end="1852" data-start="1607">The proposal includes three basement levels providing 124 car spaces, alongside a range of resident amenities including a swimming pool, gym, sauna, wellness facilities and private plunge pools for selected ground-floor and penthouse apartments.</p>

<p data-end="1852" data-start="1607"><img alt="Dawn" data-entity-type="file" data-entity-uuid="fc1a1daf-0ce4-4f12-9076-b1fa553c7a91" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-07-21%20at%208.42.11%E2%80%AFAM.png?VersionId=4GZ9h.gpNkTljbxyAET8Jfhv51XUamDm" /></p>

<p data-end="2031" data-start="1854">Thompson said Dawn had been designed specifically for owner-occupiers and downsizers, a buyer profile that has driven demand across Inca's recent Upper North Shore developments.</p>

<p data-end="2299" data-start="2033">"The majority of buyers in our recent North Shore projects have been downsizers, and we are learning exactly what this market is looking for. Beyond the location itself, we have included resort-style amenities to deliver a genuine lifestyle offering," Thompson said.</p>

<p data-end="2588" data-start="2301">Located within walking distance of Mona Vale Beach, the town centre, Mona Vale Golf Club and the Royal Motor Yacht Club, Dawn represents Inca's first Northern Beaches project following the sell-out of Tara on Park in Waitara and Ellis Residences, currently under construction in St Ives.</p>

<p data-end="4143" data-start="3991">Construction will be undertaken by Inca's in-house construction arm, GOP Constructions.</p>

<p data-end="593" data-start="417">Dawn is the latest major apartment proposal for Mona Vale, with the suburb emerging as one of the key beneficiaries of the NSW Government's new Low and Mid-Rise Housing policy.</p>

<p data-end="789" data-start="598">New developer One Living, led by industry veteran Joseph Scuderi, recently secured a site on Mona Vale Road, on the border of Mona Vale and Pymble, where it is planning around 140 apartments.</p>

<p data-end="1053" data-start="794">IPM is also planning its third project in Mona Vale, significantly increasing the scale of its previous developments with an 82-apartment proposal at <a href="https://www.apartments.com.au/new-apartments/159-167-darley-street-west-mona-vale-nsw-2103">159-167 Darley Street West</a>, opposite Bayview Golf Course and less than 800 metres from Mona Vale town centre.</p>

<p data-end="4143" data-start="3991"><em>Read more:&nbsp;<a href="https://www.apartments.com.au/news/nsw/one-living-enters-sydneys-new-apartment-market-with-northern-beaches-site-acquisition">One Living enters Sydney's new apartment market with Northern Beaches site acquisition</a></em></p>

<p data-end="4143" data-start="3991"><em>Read more:&nbsp;<a href="https://www.apartments.com.au/news/nsw/first-look-ipm-plans-third-mona-vale-project">First look: IPM plans third Mona Vale project</a></em></p>


First look: Inca eyes Mona Vale with State Significant DA for Dawn apartments

<p>Seasoned Victorian apartment developer <a href="https://www.apartments.com.au/developers/central-equity">Central Equity</a> has logged more than $400 million in sales in its luxury apartment project Palmera Residences at Northcliffe on the Gold Coast.&nbsp;</p>

<p>Central Equity Director Karl Kutner said the sales result reflected a combination of location, product quality and delivery certainty with the project already under construction by building powerhouse Multiplex.&nbsp;</p>

<p>"Surpassing $400 million in sales since launch is a significant milestone and an outstanding endorsement of <a href="https://www.apartments.com.au/new-apartments/palmera-residences-gold-coast-18-garfield-terrace-surfers-paradise-qld-4217">Palmera Residences</a>,” he said.&nbsp;</p>

<p>"We believe one of the key reasons for this strong result is the confidence purchasers have in knowing the project is under construction with Multiplex. Buyers are increasingly looking for certainty. They want to know that the project they commit to today will be delivered by an experienced team with a proven track record."&nbsp;</p>

<p>[smartcode_project:default project_id=108274 project_image_fid=365782]</p>

<p>Kutner said it was clear there was still high demand for luxury projects that offered certainty of delivery.&nbsp;</p>

<p>“We are in a market where many residential developments have faced delays due to rising construction costs, labour shortages and financing challenges,” said Kutner.&nbsp;</p>

<p>"But having construction underway has provided our buyers with resounding confidence backed by more than 40 years of development delivery by Central Equity combined with construction by one of Australia's most respected construction companies."&nbsp;</p>

<p>[smartcode_project:default project_id=108274 project_image_fid=365785]</p>

<p>Central Equity is one of Australia's most experienced privately-owned property developers. Over more than four decades, the company has delivered in excess of 85 residential developments including 10,000 apartments and many thousands of stand alone homes.&nbsp;</p>

<p>Located on Garfield Terrace at Northcliffe, between Surfers Paradise and Broadbeach, Palmera Residences occupies one of the Gold Coast's most sought after beachside locations. The development has been designed to appeal to owner occupiers seeking premium residences that combine generous living spaces and resort style amenities.&nbsp;</p>

<p>Palmera Residences will feature an exceptional collection of resort style amenities, including two swimming pools: a generously sized family pool with safe shallow zones for relaxed recreation, and a 20 metre lap pool positioned to maximise all day sunlight.&nbsp;</p>

<p>Residents will also enjoy exclusive access to wellness and recreational facilities including a magnesium pool, sauna, yoga studio, expansive fitted gymnasium, resident lounge, outdoor BBQ’s&nbsp;and indoor and outdoor dining areas, together with a dedicated concierge and luxurious hotel inspired entrance foyer.&nbsp;</p>

<p>[smartcode_project:default project_id=108274 project_image_fid=365767]</p>

<p>A unique feature at Palmera Residences has been designed to enhance the Gold Coast lifestyle which includes both indoor and outdoor gymnasium facilities, together with thoughtfully designed indoor and outdoor dining and entertaining areas. A corner café has also been incorporated to provide residents with a destination for their everyday needs.&nbsp;</p>

<p>Kutner said buyer demand had been broad based with purchasers attracted from interstate as well as throughout South East Queensland.&nbsp;</p>

<p>"We're seeing strong interest from owner occupiers, lifestyle buyers and people relocating to the Gold Coast. Many purchasers have been searching for a premium beachside residence where quality, design and delivery are equally important."&nbsp;</p>

<p>[smartcode_project:default project_id=108274 project_image_fid=365771]</p>

<p>Kutner said the sales milestone was an important achievement, but the focus remained firmly on delivering an exceptional development.&nbsp;</p>

<p>"While reaching $400 million in sales is an important milestone, our priority remains delivering a project that exceeds purchaser expectations,” he said.&nbsp;</p>

<p>"Palmera Residences has been designed to become one of the Gold Coast's landmark residential addresses, and we look forward to welcoming our purchasers to their new homes."&nbsp;</p>

<p>There are a limited number of residences remaining in selected configurations with pricing from $2,950,000 to $8,950,000. Palmera Residences is also crowned by expansive penthouses with wrap around views.</p>

<p>[smartcode_project_cta:default project_id=108274]</p>


Construction certainty and strong buyer demand drive major sales result for luxury Gold Coast development

Palmera Residences fly out the door as sales pass $400 million

<p>National property developer <a href="https://www.apartments.com.au/developers/goldfields-group">Goldfields</a> has appointed BINAH as its construction partner for Quartet, its new Brisbane apartment development in the undersupplied suburb of <a href="https://www.apartments.com.au/developments/milton-qld-4064">Milton</a>.</p>

<p>Located just two kilometres from the Brisbane CBD and moments from key 2032 Olympic precincts, <a href="https://www.apartments.com.au/new-apartments/quartet-milton-33-manning-street-milton-qld-4064">Quartet</a> will deliver 131 one, two, three, and four-bedroom apartments priced from $1 million to $4.2 million, combining elevated design with a wellness-focused lifestyle offering.&nbsp;</p>

<p>[smartcode_project:default project_id=108736 project_image_fid=368000]</p>

<p>Goldfields’ Chief Executive Officer, Lachlan Thompson, said the appointment of <a href="https://www.apartments.com.au/builders/binah-constructions">BINAH</a> marked an important milestone for the project.&nbsp;</p>

<p>“Bringing BINAH on board as our construction partner will allow us to bring our vision for Quartet forward with a team that has a proven track record of delivering high-quality residential projects,” Thompson said.&nbsp;</p>

<p>“We’ve taken a considered approach to progressing the site because we wanted to deliver the whole package. Buyers ultimately back great developers, great projects and great builders, and with Quartet, we’ve made sure all three line up.</p>

<p>“People want certainty, they want to know the project will be built, that the homes will be delivered as promised, and that the developer stands behind the quality of what they create. That’s something Goldfields has built its reputation on over many years.”&nbsp;</p>

<p>[smartcode_project:default project_id=108736 project_image_fid=367993]</p>

<p>BINAH’s Managing Director, Khalil Hafza, said the company was proud to be partnering with Goldfields to deliver Quartet.&nbsp;</p>

<p>“Quartet is an exciting project to bring to life, particularly given the level of detail in the residences and the extensive rooftop amenity planned for the building,” Mr Hafza said.&nbsp;</p>

<p>“Our focus is on delivering a high-quality build that brings that design vision to life and creates homes residents will enjoy for many years.”&nbsp;</p>

<p>[smartcode_project:default project_id=108736 project_image_fid=367999]</p>

<p>The facilities at Quartet have been feared towards the roof, with a&nbsp;25 metre lap pool, spa, sauna and cold plunge, and a communal barbecue area and alfresco.</p>

<p>Town planning was designed by <a href="https://www.apartments.com.au/architects/rothelowman">Rothelowman</a> and brought to life by Melbourne-based architecture firm Cera Stribley.</p>

<p><a href="https://www.apartments.com.au/interior-designers/cera-stribley">Cera Stribley</a> Co-Founder and Managing Principal, Dom Cerantonio, said the project responds to both its riverside setting and Brisbane’s evolving urban character.&nbsp;</p>

<p>“Quartet has been designed to sit comfortably within its riverside context, offering a refined take on urban living through well-planned, generously proportioned residences that will stand the test of time,” Mr Cerantonio said.&nbsp;</p>

<p>“An emphasis on natural light, natural textures and carefully selected finishes from timber and marble to premium appliances, creates calm, considered interiors designed for comfort and long-term liveability.”&nbsp;</p>

<p>Construction of Quartet will commence in July 2026, with completion anticipated in Q4 2028.</p>

<p>[smartcode_project_cta:default project_id=108736]</p>


Construction to commence on 131-residence tower designed around wellness-focused living

Goldfields appoints BINAH for Quartet apartments in Milton

<p>The first partnership between national developer <a href="https://www.apartments.com.au/developers/fortis">Fortis</a> and Adelaide-based developer <a href="https://www.apartments.com.au/developers/otello">Otello</a> has made a strong start, with the pair securing $21 million in unconditional sales at <a href="https://www.apartments.com.au/new-apartments/one-four-four-hutt-adelaide-144-hutt-street-adelaide-sa-5000">One Four Four Hutt</a>&nbsp;on the edge of the Adelaide CBD.</p>

<p>Over a third of apartments have been snapped up in the boutique 44-apartment project on the corner of Hutt Stret and Wakefield Road. Local downsizers and owner-occupiers wanting to remain in Adelaide's tightly-held southeast quarter have been the most prominent purchasers.</p>

<p>The DKO-designed, mixed-use development is one of the few new apartment projects in the precinct, an area where new housing supply has remained limited despite continued demand from buyers wanting to stay close to the CBD, Victoria Park and Adelaide's established east-end amenities.</p>

<p>[smartcode_project:default project_id=151233 project_image_fid=375378]</p>

<p>Fortis Head of Development SA Arthur Dendrinos said the early sales reflected both the strength of the local owner-occupier market and confidence in the Hutt Street location.</p>

<p>"The level of early commitment reflects the confidence local buyers have in the Hutt Street precinct," Dendrinos said.</p>

<p>"Many purchasers are long-term east-end residents who love the area and want to stay connected to the neighbourhood. They recognise the value of a well-designed, well-located development.</p>

<p>"Our partnership with Otello has been central to this success, and the number of unconditional sales at this stage only strengthens our confidence in the South Australian market."</p>

<p>[smartcode_project:default project_id=151233 project_image_fid=375379]</p>

<p>Otello Director Daniel Harris said the sales result also highlighted the lack of new apartment opportunities within the Hutt Street precinct.</p>

<p>"One Four Four Hutt has clearly resonated with buyers, with strong early sales reflecting both the appeal of the Hutt Street corridor and the lifestyle on offer," Harris said.</p>

<p>"The activated ground-floor retail has also been a key drawcard, with purchasers responding to the vision of a more vibrant and connected streetscape, not just the residences themselves."</p>

<p>One Four Four Hutt will deliver 44 one, two and three-bedroom apartments, alongside a collection of penthouses, above a ground-floor retail offering designed to further activate the Hutt Street precinct.</p>

<p>Construction is scheduled to commence in the third quarter of this year, with completion anticipated in 2028.</p>

<p>[smartcode_project_cta:default project_id=151233]</p>


Fortis Head of Development SA Arthur Dendrinos said the early sales reflected both the strength of the local owner-occupier market and confidence in the Hutt Street location.

Fortis makes Adelaide debut with Otello as One Four Four Hutt records strong early sales

Royal Commission

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<h1>
<a href="https://theconversation.com/au/team#jenni-henderson" target="_blank" style="font-family: Tahoma, Helvetica, Arial, sans-serif; font-size: 12.16px;">The Financial Services Royal Commission has </a><a href="https://theconversation.com/the-financial-services-royal-commission-highlights-the-vulnerability-of-many-older-australians-93359">exposed some irresponsible lending</a><a href="https://theconversation.com/au/team#jenni-henderson" target="_blank" style="font-family: Tahoma, Helvetica, Arial, sans-serif; font-size: 12.16px;"><span style="color: #333333;"> by Australia’s biggest banks.</span></a>
</h1>
<p>Some of the revelations from the commission <a href="http://www.afr.com/business/banking-and-finance/financial-services/westpac-hit-outs-at-hayne-inquirys-release-of-mortgage-report-20180507-h0zqw2" target="_blank">have affected certain banks’ share prices</a> but not their profits.</p>
<p>The question is whether the information brought to light by the commission will further push down property prices?</p>
<p><img src="https://images.theconversation.com/files/218408/original/file-20180510-184630-1ac5082.png?ixlib=rb-1.1.0&amp;q=45&amp;auto=format&amp;w=754&amp;fit=clip" alt=""></p>
<h2>Three out of five experts said yes</h2>
<p><strong><em>Here are their detailed responses:</em></strong></p>
<p><iframe style="border: none;" src="https://cdn.theconversation.com/infographics/270/f98f31e4afcd21aa7d12f014580e8f1594d876cf/site/index.html" frameborder="0" width="100%" height="400"></iframe></p>
<hr>
<p><em><strong>Disclosures:</strong></em></p>
<p><em>Grattan Institute began with contributions to its endowment of $15 million from each of the Federal and Victorian Governments, $4 million from BHP Billiton, and $1 million from NAB. In order to safeguard its independence, Grattan Institute’s board controls this endowment. The funds are invested and contribute to funding Grattan Institute’s activities. Grattan Institute also receives funding from corporates, foundations, and individuals to support its general activities as disclosed on its website.</em></p>
<p><img src="https://counter.theconversation.com/content/96349/count.gif?distributor=republish-lightbox-basic" alt="The Conversation" width="1" height="1"><em>Cameron Murray is a senior economist at The Australia Institute and member of the Sustainable Australia political party.</em></p>
<p><span><a href="https://theconversation.com/au/team#jenni-henderson" target="_blank">Jenni Henderson</a>, Section Editor: Business + Economy, <em><a href="http://www.theconversation.com/" target="_blank">The Conversation</a></em></span></p>
<p>This article was originally published on <a href="http://theconversation.com" target="_blank">The Conversation</a>. Read the <a href="https://theconversation.com/we-asked-five-experts-will-the-banking-royal-commission-push-down-property-prices-96349" target="_blank">original article</a>.</p>
</body></html>

j.ballantyne1990-6AQqhLzZaK

Will the banking royal commission push down prices? Five experts offer opinion

<html><body>
<div class="cq-article-content-paras section">
<p>The ANZ expects the banking royal commission to probe its treatment of farmers following the Landmark acquisition during the financial crisis.</p>
<p>But chief executive Shayne Elliott says he is not expecting any surprises when the royal commission examines business lending during its next round of hearings, given almost every aggrieved customer has been remediated. </p>
<p>ANZ's purchase of the Landmark loan book from the Australian Wheat Board in 2009 was also a key focus of the 2016 parliamentary inquiry into loan impairments.</p>
<p>The committee heard evidence from a handful of Landmark's customers that ANZ had engaged in deliberate impairments or defaults of performing loans, but said in its final report it was not able to conclusively determine this had occurred. </p>
<p>The treatment of farmers by ANZ, and of developers by Bankwest and CBA, were the main motivation for members of the National Party to threaten to cross the floor of the Parliament late last year to initiate a royal commission into the banks. </p>
</div>
<div class="cq-article-content-media section">Elliott told The Australian Financial Review the next set of royal commission hearings, which begin on May 31, will look into business lending in the agricultural sector.</div>
<div class="cq-article-content-media section"> </div>
<div class="cq-article-content-media section">"We did have some failings with respect to the Landmark portfolio that we acquired," he said.</div>
<div class="cq-article-content-paras section">
<p data-gtm-vis-first-on-screen-7770372_137="29186" data-gtm-vis-total-visible-time-7770372_137="2800">"We acquired it, most of the problems we had came with that acquisition. We were not resourced sufficiently, to first identify the real problems, and then to deal with them in a timely manner. We were wrong. We have said that, and we have remediated (customers)." </p>
</div>
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ANZ readies for Landmark farmers complaints at royal commission

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<div class="_1665V undefined">
<p>An AMP planner ran a secret property advocacy business while advising clients to source investment properties from his firm, the banking royal commission has been told.</p>
<p>AMP planner Adam Palmer advised several of his clients to set up self managed super funds to buy investment properties through Property Saint of which he owned 60 per cent.</p>
<p data-gtm-vis-first-on-screen-6236702_632="1524482646666" data-gtm-vis-total-visible-time-6236702_632="4000" data-gtm-vis-has-fired-6236702_632="1">AMP had hired Palmer in May 2013 despite knowing Palmer had been found to have given poor advice previously.</p>
<p>AMP was also told ahead of Mr Palmer’s employment that the planner had been found by Financial Ombudsman Service in 2009 to have provided inappropriate advice to a client by recommending they invest in Basis Capital.</p>
<p>Basis Capital’s high risk Basis Yield hedge fund collapsed in 2008.</p>
<p>AMP did not conduct an audit of his advice until July 2014 when it was revealed he had at least 10 clients not told of his conflict of interest involving Property Saint.</p>
</div>
<div class="_1FVfK">
<div class="adWrapper _2UMq- _1UZJl ad">
<small class="_3ToRr"></small>
<div id="adspot-970x250_728x90-pos2" class="undefined _2rioU" data-google-query-id="CNz3l7Sk0NoCFUxolgodQXUCfQ">
<div id="google_ads_iframe_/21671780509/theage/business/bankingandfinance/bankingroyalcommission_3__container__">AMP was yet to notify Mr Palmer's clients, the royal commission heard.</div>
<div> </div>
<div>Property Saint is a Licensed Real Estate Agency that specialises in buying the right property for our clients and property management.</div>
<div>
<p>Property Saint has industry expertise and great customer service. Its real estate sales are facilitated with a Vendor Advocacy service delivering "excellent results."</p>
<p>Established in 2013, Property Saint claimed its provided "an easy solution for clients to buy property for investments and for primary residence." </p>
</div>
</div>
</div>
</div>
<div class="_1ysFk">
<div class="_1665V undefined">
<p data-gtm-vis-first-on-screen-6236702_632="1524482658571" data-gtm-vis-total-visible-time-6236702_632="4000" data-gtm-vis-has-fired-6236702_632="1">AMP head of advice compliance Sarah Britt told the royal commission AMP would start reviewing Mr Palmer's client files.</p>
<p>"Ideally we would be compensating them now," Ms Britt said, Fairfax Media reported.</p>
</div>
<div class="_1665V undefined">
<p>Senior counsel assisting the commission Rowena Orr, QC, grilled Ms Britt about Mr Palmer's advice to clients.</p>
<p>“Do you accept that Mr Palmer’s conduct was dishonest,” Ms Orr asked Ms Britt.</p>
<p data-gtm-vis-first-on-screen-6236702_632="1524482660572" data-gtm-vis-total-visible-time-6236702_632="4000" data-gtm-vis-has-fired-6236702_632="1">Ms Britt said: “I accept obviously that it’s a matter of grave concern that the adviser hasn’t disclosed his interest in this property business… I accept that it could be interpreted as dishonest.”</p>
<p>AMP also decided to not tell Mr Palmer's new employer Dover Financial Group of Mr Palmer's breaches. ASIC later conducted a review of Mr Palmer’s files at Dover and found multiple breaches of the Corporations Act.</p>
<p>According to ASIC's register of financial advisers, Mr Palmer remains a planner for Dover.</p>
</div>
</div>
</body></html>

AMP planner ran Property Saint property advocacy

<html><body>
<p class="post-title entry-title">EXPERT OBSERVER</p>
<p class="post-title entry-title"><a href="http://petewargent.blogspot.com.au/2018/04/housing-finance-at-6-month-high"></a><strong style="color: #333333; font-family: Tahoma, Helvetica, Arial, sans-serif; font-size: 12.16px;"><span style="text-decoration: underline;">Housing finance to slow</span></strong></p>
<div id="post-body-3782979424120573100" class="post-body entry-content">
<div>The Housing Finance figures were released for February 2018 this week, reported as "Housing finance falls in February" (Australian), "Falls felt for February" (Rate City), and so on.</div>
<div> </div>
<div>Interesting interpretations, given that housing finance was...well, up!</div>
<div> </div>
<div>Anyway, having allowed a few days to elapse, here are four thoughts.</div>
<div> </div>
<div><strong><span style="text-decoration: underline;">1 - Loan sizes up</span></strong></div>
<div> </div>
<div>One less well reported thing that I picked up was the rise in the average loan size over the past year to non-first homebuyers. </div>
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<br><div>Across the states, Victoria has been the main driver of rising average loan sizes, although each of the most populous states has seen an increase over the year. </div>
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<br><div>As a result, owner-occupier commitments rose +1.3 per cent in February, and investor loans were up +0.5 per cent, taking total housing finance to a 6-month high of $33.52 billion.</div>
<div> </div>
<div>Drilling the trendlines through the data shows that total housing finance has essentially been flat for 15 months now, while a fair chunk of refinancing has been in evidence within that total.</div>
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<br><div><strong><span style="text-decoration: underline;">2 - First homebuyer incentives bite</span></strong></div>
<div> </div>
<div>Another notable trend was that first homebuyer loans were up by a third from a year earlier, driven by New South Wales, where the number of first homebuyers doubled from February 2017.</div>
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<br><div class="separator"> </div>
<div>Homebuyer commitments for new dwellings rose by +6.6 per cent from a month earlier, but are now in a trend decline from 4-decade highs. </div>
<div> </div>
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<br><div><strong><span style="text-decoration: underline;">3 - Prevalence of non-banks</span></strong></div>
<div> </div>
<div>Thirdly, the trend result for non-bank lending declined in the month, and remains at only around half the peak levels of a decade ago, but will nevertheless remain a key point of interest as lending standards come into focus. </div>
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<br><div><strong><span style="text-decoration: underline;">4 - Royal Commission to slow lending</span></strong></div>
<div> </div>
<div>Overall housing finance beat expectations despite a small decline in the actual number of home loans. </div>
<div> </div>
<div>The Reserve Bank of Australia (RBA) noted in its Financial Stability Review that an average of $120 billion of interest-only loans per annum are <strong><span style="text-decoration: underline;">due</span> </strong>for conversion between now and 2021.</div>
<div> </div>
<div>Nothing unknown there, though some people misread that as $480 billion of loans that <strong><span style="text-decoration: underline;">will</span></strong> convert to principal repayments, which isn't going to happen.</div>
<div> </div>
<div>Elsewhere, Moody's reported 30+ day delinquencies at 1.45 per cent, down from 1.52 per cent a year earlier, despite some trouble spots including Gladstone, central Queensland, some suburbs of Perth, and other parts of Western Australia. </div>
<div> </div>
<div>A final point, and a key outcome to watch over the days and weeks ahead is the impact of the Royal Commission into banking misconduct.</div>
<div> </div>
<div>It seems that borrowers will now be required to be provide statements on all debts, a loophole closure which appears likely to be a wise move. </div>
<div> </div>
<div>However, there could be some overreach in terms of brokers needing to audit bank statements to support declared living expenses broken down by category, the aim being to reduce the typical reliance on benchmarks. </div>
<div> </div>
<div>There are many problem with this, not least that borrowers tend to have multiple bank accounts and credit cards these days with different banks.<br><br>Certainly private banking clients and affluent borrowers have never been subjected to such scrutiny, which may lead to some interesting discussions! </div>
<div> </div>
<div>Given that loans are already being assessed at mortgage rates way in excess of the rate actually being paid, it seems like overkill.</div>
<div> </div>
<div>If implemented forcefully this will slow the mortgage market and reduce transaction volumes as brokers and borrowers get to grips with the new requirements.<br><br>Mortgage brokers would presumably also need to consider switching to a fee-for-service model to compensate for the exponential increase in paperwork and compliance.<br><br>Regulators in the UK went through their own mortgage market review (MMR) in 2014 which ultimately lowered the risk of borrowers over-stretching and made the industry more professional.<br><br>The MMR also temporarily gummed up the lending market, so we'll have to see what plays out Down Under. </div>
</div>
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pwargent-M4siyDbqQY

Royal Commission to slow property lending: Pete Wargent

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<p>The financial services Royal Commission seems set to have significant consequences for home borrowers, and the impact will hit a lot quicker than any interim or final report to the Federal Government.</p>
<p>It already seems likely Commissioner Kenneth Hayne will recommend sweeping changes to the home loan industry arising out of just the first few weeks' hearings.</p>
<p>He has uncovered dreadful lending practices by banks and mortgage brokers.</p>
<p>The worst was NAB employees in greater western Sydney accepting cash bribes over the counter in white envelopes to facilitate loans they knew were based on fake documents in order to collect bonuses.</p>
<p>The fraud and bribery came with the manipulation of a mortgage commission incentive program that incentivised gym owners, taxi drivers, hairdressers and sporting clubs who made money by referring customers to the bank.</p>
<p>Then there's the more prevalent, so-called liar loans, where mum and dad borrowers simply skirt around the reality of their income, expenses, debts and assets when filling in their successful loan applications without much checking by the banks.</p>
<p>"By and large customers are poor historians when it comes to identifying their outgoings," Commissioner Hayne drily noted.</p>
<p>The regulatory backdrop has been Wayne Byres, the chairman of the Australian Prudential Regulation Authority, moving over recent times to put the brakes on dubious lending.</p>
<p>Byres has sought to ensure that standards for property lending are prudent, particularly in what he viewed as an environment of heightened risk.</p>
<p>Given the Australian banking system's very high exposure to both the residential mortgage and commercial property markets, APRA's ultimate goal was to protect bank depositors, because it's their money that banks are lending.</p>
<p>You would expect as Commissioner Kenneth Hayne uncovers further misconduct or poor lending oversight, getting an honest home or investment loan will become a lot harder for borrowers.</p>
<p>And any reining in the bank's zealous willingness to lend will trigger the possibility of a Royal Commission-induced credit slowdown.</p>
<p>This could impact on interest rates.</p>
<p>According to Shane Oliver, chief economist at AMP Capital, tighter lending may have the effect of pushing the next interest rate rise back to 2020, rather than 2019.</p>
<p>"It seems a real risk around the issues of lax lending standards is that banks move to a far more rigorous assessment of applications for loans," Shane Oliver noted.</p>
<p>This was unlikely to cause a full-on credit crunch, Oliver forecasts, but more likely a slowing in credit growth.</p>
<p>UBS analysts have warned too there is a growing risk the RBA was under-estimating the downside risk from tightening lending standards.</p>
<p>“While a tightening of mortgage underwriting standards is prudent, it has a material impact on the economy,” UBS noted.</p>
<p>“It must be remembered that house prices are determined by the demand and supply of credit, not the demand for and supply of housing,” UBS advised.</p>
<p><em>This article first appeared in </em>The Daily Telegraph.</p>
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jchancellor-FAypfDUnLy

Financial Services Royal Commission to have big impact on home borrowers

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<p>GUEST OBSERVER</p>
<p>One worrying takeaway from the first week of the Financial Services Royal Commission is how many elderly people are being adversely affected by irresponsible lending.</p>
<p>Such lending is often the result of an agreement with a family member, for example an adult child, to help that person financially by entering into a joint loan. These loans are secured against the older person’s home, which is a huge risk if the loan defaults and the older person cannot service the debt.</p>
<p>To ensure that older people contemplating joint loans are aware of the downside of transactions, there needs to be greater access to legal and financial advice prior to the transaction and better training for bank employees and loan officers about responsible lending obligations and the potential “unsuitabilty” of such loans.</p>
<p>Consideration should also be given to larger penalties for banks that provide unsuitable loans to older people.</p>
<p>Other examples we have seen this week include an elderly woman who has been paying off the same A$1,000 since the 1990s, and a 72-year-old nurse who was permitted to borrow more than A$3 million to buy 11 investment properties.</p>
<p>On the face of it, there are laws that should safeguard elderly consumers from “getting in over their head”.</p>
<p>When a consumer applies for credit, the National Consumer Credit Protection Act obliges a credit provider to make reasonable inquiries about the consumer’s financial situation and their requirements and objectives.</p>
<p>In so doing, the credit provider must take reasonable steps to verify the consumer’s financial situation. This means that payments must be able to be made without substantial hardship to the consumer.</p>
<p>However, the Consumer Action Law Centre says that “it is common that these steps are not adequately followed by lenders”.</p>
<p>Even if these steps are followed, the legislation does not define “substantial hardship”. There is a presumption that if a consumer must sell their principal residence to pay back a loan, this demonstrates substantial hardship.</p>
<p><strong>Emotional lending</strong></p>
<p>Of particular concern is when an older person is persuaded to enter into a joint loan with a third party, such as their son or daughter. These loans are invariably secured by the older person’s property, with the younger person agreeing to pay off the debt.</p>
<p>If the adult child does not pay off the debt, the older person – who is often asset-rich but income-poor – may be unable to service the loan. The older person’s property will be repossessed by the lender, forcing them to relocate, enter the rental market, or even become homeless.</p>
<p>The loans may arise simply because the older person wants to help their adult child through a difficult financial period. It is understandable that a parent would want to help if a business is failing or a child is at risk of losing their house.</p>
<p>But such loans often arise within an atmosphere of crisis (real or exaggerated), in which the adult child pressures the older person into entering into the loan.</p>
<p>In extreme cases, older people have been told that they will be unable to see their grandchildren if they do not enter into loans.</p>
<p>It is not always that the older person is vulnerable per se, but that they are “situationally vulnerable” because of concern for the well-being of a child, or the desire to maintain relationships.</p>
<p>The reality is that it is often difficult for the older person to refuse.</p>
<p>Karen Cox of the Financial Rights Legal Centre noted at the Royal Commission that these loans are: "outright exploitative … elderly persons [are] left in dire circumstances as a result of a loan for which they’ve seen absolutely no benefit."</p>
<p>Similar comments apply to other financial transactions made for the benefit of a third party such as entering into a “reverse mortgage”. This is where the older person takes out a loan against the equity built up in a home (or other asset), with the money given to a child to buy a house or prop up their business.</p>
<p><strong>What could be done?</strong></p>
<p>Advocates are rightly concerned about the financial consequences for older people who enter into such loans. However, the property does belong to the older person and they are entitled to make whatever decisions they want, including risky ones.</p>
<p>Elderly people should be fully informed of their obligations and the potential consequences, should a transaction goes wrong. Banks could lead the way with this.</p>
<p>One initiative would be for the banks to contribute to legal and financial advice for older people, or subsidise the provision of such advice at community legal centres.</p>
<p>Loan assessors and brokers must also be made aware of the risks of such transactions.</p>
<p>The Australian Bankers Association is introducing enhanced measures to address elder financial abuse and the risks associated with such loans should be emphasised.</p>
<p><img src="https://counter.theconversation.com/content/93359/count.gif?distributor=republish-lightbox-basic" alt="The Conversation" width="1" height="1">Finally, the government should consider tougher penalties against credit providers who disregard responsible lending obligations. Presently, if a bank is found to have lent irresponsibly they will simply compensate the consumer for the loss. Meaningful penalties that deter reckless lending should be considered.</p>
<p><em><strong>Eileen Webb</strong>, Professor, Curtin Law School, Curtin University</em></p>
<p><em>This article was originally published on <a href="http://theconversation.com" target="_blank">The Conversation</a>. Read the <a href="https://theconversation.com/the-financial-services-royal-commission-highlights-the-vulnerability-of-many-older-australians-93359" target="_blank">original article</a>.</em></p>
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The Financial Services Royal Commission highlights the vulnerability of many older Australians: Eileen Webb

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<p>A Royal Commission-induced credit slowdown could push the next interest rate rise back to 2020, according to Shane Oliver, head of investment strategy and economics and chief economist at AMP Capital.</p>
<p>"We are only two weeks into the Royal Commission, but it seems a real risk around the issues of lax lending standards is that banks move to a far more rigorous assessment of applications for loans," Shane Oliver noted.</p>
<p>"This is most unlikely to cause a full-on credit crunch, but the end result could be much tougher lending standards and a slowing in credit growth.</p>
<p>"Its early days yet but it’s worth keeping an eye on.</p>
<p>"It could serve to further delay any move to higher interest rates by the RBA, into say 2020," Oliver suggested.</p>
<p>Oliver anticipates more rigorous attention to lending in terms of each applicant’s income, expenses, assets and other debts.</p>
<div>
<p>Rowena Orr, QC, the senior counsel assisting the Hayne royal commission, has already revealed serious breaches committed by the banks and mortgage brokers.</p>
<p>There have been instances where banks had breached their statutory obligations under the National Consumer Credit Protection Act as well as under the Corporations Act to provide financial services "efficiently, honestly and fairly."</p>
<p>There appears to have been a failure to ensure that customers were not disadvantaged by conflicts of interest.</p>
</div>
<div>Bankers had not adhered to National Credit Act in making loans without making reasonable inquiries about the customer's financial circumstances.</div>
<div> </div>
<div>Bank staff frequently receive incentive payments based on the volume of products sold, rather than on ensuring that the bank met responsible lending obligations. It already seems likely Commissioner Kenneth Hayne will recommend sweeping changes to the country's home loan industry. </div>
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Royal Commission-induced credit slowdown could push interest rates rise back to 2020: Shane Oliver

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<p>Comparison website RateCity has welcomed the federal government’s decision to hold a Royal Commission into Australia’s financial sector.</p>
<p>RateCity CEO Paul Marshall said the only way to restore public trust in our financial sector was through a Royal Commission.</p>
<p>“Australians rely on financial products every single day," Marshall said.</p>
<p>"They hold the keys to our homes. They are the keepers of our retirement.</p>
<p>“We all agree banks are a fundamental to our economy but they are also fundamental to our society. We expect our banks to lend responsibility and help us manage our finances.</p>
<p>“Every Australian is entitled to financial products that are honest and fair. The government is right to focus on this point.</p>
<p>“We would like to see changes that make financial services more transparent and easy-to-understand. Any recommendations should focus on increasing competition and reducing costs for consumers, not the reverse.</p>
<p>“Australia’s big banks have been at the forefront of a long list of scandals and wrongdoings for too long. We’re well past the mea cupla stage.</p>
<p>“It’s time to look at the culture inside our banks and make sure it is in line with community values,” Marshall said.</p>
<p>Mr Turnbull’s announcement comes after the chief executives of the big banks, the Commonwealth, Westpac, National Australia and ANZ banks requested the government step in to  aunch an inquiry.</p>
<p>It was in an email sent to Treasurer Scott Morrison yesterday.</p>
<p>Treasurer Scott Morrison dubbed the Royal Commission a “regrettable but necessary action”.</p>
<p>Leader of the opposition Bill Shorten took to Twitter to take a dig at Prime Minister Malcolm Turnbull.</p>
<p>He tweeted "Is Malcolm Turnbull the last person in Australia who doesn't see the need for a Banking Royal Commission?"</p>
<p>Heritage Bank welcomed the Royal Commission into the banking sector, however Heritage Bank CEO Peter Lock said that the customer-owned banking sector, which included Heritage, should not be dragged into an inquiry based on the alleged wrong doings of the big banks. </p>
<p>“The whole issue of the need for an inquiry into the banking sector has been used as political football for far too long,” Mr Lock said. </p>
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jonathanchancellor-7SQnKwU6yx

Banking royal commission should focus on an honest and fair financial system

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<p><img src="https://counter.theconversation.edu.au/content/64216/count.gif" alt="The Conversation" width="1" height="1"></p>
<p>GUEST OBSERVER</p>
<p>Bill Shorten is continuing to press for a banking royal commission by highlighting rising bank profits and escalating consumer complaints in recent years.</p>
<p>Shorten said the tribunal that some government MPs – including Liberal Warren Entsch and Nationals John Williams – are urging be set up to consider grievances would not solve the problem.</p>
<p>The backbenchers want the tribunal to be a forum to give redress without victims facing expensive legal costs; they say it should also be able to impose fines. The government, under pressure from Shorten’s campaign for a royal commission, has indicated it will consider the proposal.</p>
<p>But Shorten said there was already the Financial Ombudsman Service (FOS), a not-for-profit, non-government organisation for dispute resolution that provides a free service for applicants.</p>
<p>In 2008-09 there were 19,107 new complaints to FOS; by 2014-15 this had risen to 31,895, a 60% increase. Credit card complaints rose by 145%, from 6731 in 2008-09 to 16,458 in 2014-15.</p>
<p>The Commonwealth Bank’s net profit went from almost A$4.8 billion in 2006 to nearly $9.2 billion in 2015. The figures of the other banks were: Westpac, about $3.9 billion in 2006 to nearly $8.3 billion in 2015; ANZ, almost $4.5 billion in 2006 to more than $7.8 billion in 2015; and NAB, from about $3.6 billion in 2008 to about $5.8 billion in 2015.</p>
<p>Shorten said that the tribunal that the backbenchers advocated “simply won’t cut it”. “There is already an Ombudsman in place but the number of people getting ripped off has been going up and up.</p>
<p>“While the banks have been getting richer, the rip-offs and rackets have been getting worse. The Coalition MPs who say they want to stop these rip-offs have a duty to stand up to Mr Turnbull and tell him anything less than a royal commission is just another cop out,” Shorten said.</p>
<p>Meanwhile the government on Monday morning will release its draft legislation to protect the Victorian Country Fire Authority (CFA) and similar volunteer organisations from union power. Malcolm Turnbull promised the legislation after the issue blew up dramatically before the election, with a push from the United Firefighers Union (UFU) through a new enterprise agreement.</p>
<p>Turnbull and Employment Minister Michaelia Cash say in a statement: “As enterprise agreements are governed by federal legislation – the Fair Work Act – we are intervening to amend the act to ensure that these agreements cannot be misused to undermine volunteer emergency services organisations”.</p>
<p>They say the proposed CFA agreement discriminates against volunteers and provides the union with an unwarranted amount of control over volunteer operations.</p>
<p>The legislation “will invalidate terms in enterprise agreements that undermine the capacity of firefighting or state emergency service bodies to properly manage their volunteer operations”.</p>
<p>It will also give volunteer organisations the right to make submissions to Fair Work Commission agreement approval proceedings – a right they presently do not have.</p>
<p>“This long-running debacle has now resulted in the resignation of the Victorian emergency services minister and the CFA CEO as well as the sacking of the CFA board, who refused to capitulate to the militant United Firefighters Union’s demands. We will not stand by and let the discriminatory and offensive terms of this agreement undermine the effective use of the CFA’s volunteer firefighters,” the statement said.</p>
<p><em><span class="fn author-name">Michelle Grattan is p</span>rofessorial fellow, University of Canberra and author for The Conversation. She can be contacted <a href="https://theconversation.com/profiles/michelle-grattan-20316" target="_blank">here</a>.</em></p>
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Shorten says grievance tribunal would not stop bank ‘rip-offs’

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<p><span style="line-height: 1.3em;">The Australian Property Institute has called for the establishment of a Royal Commission into banking. </span></p>
<p>API Chief Executive Mike Zissler said he is seeing significant changes within the industry which are not in the best interests of the banks and financiers, the valuation profession and the community as a whole.</p>
<p>According to him industry must change if the valuation profession is to continue to remain an independent, objective and authoritative provider of valuation services to the Australian banking and financing industry. </p>
<p>“We need a reset in which banks and valuers can come into a room and be pragmatic about what is happening," he said.</p>
<p>“Why is there so much distrust and enmity between the parties and why is it that members of the API cannot speak openly with the banks without implied threats and withdrawal of contracts as a punishment for speaking out?</p>
<p><span style="line-height: 1.3em;">“My members are more than unhappy and feel trapped. They must be able to speak with the lenders, whom they contract with, without fear of reprisal. </span></p>
<p>“Companies have been pitted off against each other over pricing, and prices have been forced back to 1980’s rates. Yet so much more work and prescription is now required. <span style="line-height: 1.3em;">Many companies would need to cut their margins to sub-cost pricing in order to be competitive in a tender process. Companies will be forced out of business which will inevitably lead to a monopoly and potential market failure. Moreover, some of the firms that have taken on the new work simply won’t have the capacity to service it particularly in areas they don’t have a presence,” he said. </span></p>
<p>“As the CEO of a members-based organisation it greatly concerns me that my members are intimidated by the banking industry, which apparently has failed to recognise the harm it is doing in the long run to itself, the industry and the community.”</p>
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