Work with the ideal Article Writing Assist to have a Inconvenience-Cost free Article Writing
Work with the ideal Article Writing Assist to have a Inconvenience-Cost free Article Writing
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Concerns Sydney levy could push prices higher
The revised Metropolitan Strategy for Sydney along with the six District Plans contains a 10-per-cent levy proposal on new housing to fund affordable housing, which could increase the cost of all new housing according to Urban Taskforce Australia.
“While there’s a lot of good work in the long-awaited District Plans for Sydney, there’s an ominous proposal to add yet another levy onto new housing,” Urban Taskforce CEO Chris Johnson says.
“The plans use a false logic that by requiring developers to provide up to 10 per cent of new housing as affordable this will help with Sydney’s rapidly escalating house prices.
“Clearly, the cost of giving away 10 per cent of new homes will have to be distributed across the other 90 per cent of new homes, therefore forcing house prices up.”
The Urban Taskforce, Johnson says, has presented a better way to create even more affordable housing by allowing new projects an increased floor space of 20 per cent, provided it’s for affordable housing.
“We estimate that this could provide 40,000 new affordable homes over the next 10 years,” he says.
“The Greater Sydney Commission fact sheet is now targeting 189,100 new homes over five years, which requires an average of 37,820 new homes a year. The highest number of new homes in recent years has been 30,000 last financial year so the most important task the Greater Sydney Commission has is to increase housing supply, but by adding a new tax the opposite is likely to occur.”
According to Johnson, a Greater Sydney Commission Fact Sheet does suggest that the levy would be in areas where some floor space uplift would compensate for the levy but the approach to “give away affordable homes” under SEPP 70 rather than providing them as low-cost rental for 10 years as indicated in the Affordable Rental Housing SEPP will definitely affect the feasibility of future housing development, he says.
“Sydney needs a plan to increase housing supply dramatically and to provide large numbers of affordable homes. The Urban Taskforce approach achieves both of these aims.
“The District Plans seem to be fairly general documents with little data on heights or density,” Johnson continues.
“There are broad jobs and housing targets but the real definition of built form would appear to be delegated to the development of Local Environmental Plans by councils.
“This could leave certainty in the planning system on hold for a few years, particularly as elections for new amalgamated councils are a year off.
“The new data in the draft District Plans is likely to generate many planning proposals that want to vary existing controls.
“We have a concern that the definitions of District and Strategic Centres now do not include residential accommodation. The Urban Taskforce supports mixed-use urban centres that are activated all the time rather than only being nine-to-five work environments. With so much focus on providing transport infrastructure to major centres, it’s important that this investment supports a bustling 24/7 mixed use environment.”
Johnson believes the package of documents doesn’t address the issue of value capture either, which was recently raised by the federal government to help fund new infrastructure, adding: “This could become another tax on the cost of new homes.
“The Urban Taskforce is keen to work with the Greater Sydney Commission to ensure housing supply is maximised and that quality, mixed-use urban centres can be achieved.”
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When assessing your mortgage application, lenders base their decisions about whether or not to approve your loan on many factors including:
- your income including bonuses, allowances, rental income, etc.
- your employment history
- how many places you have lived in the last few years
- your savings history
- your loan repayment history
- your credit history and credit score
Today, we’ll explain what lenders can see about your credit history and how to make sure your credit history isn’t getting in the way of getting that property of your dreams.
What is a credit report and a credit score?
A credit report/ credit file (or credit history report) provides a snapshot of your borrowing history. Every time you apply for a credit card, loan or mortgage payment, information about these repayments is stored as part of your credit history – even if the loan or credit card is not approved.
The information in your credit report is used to work out your credit score (or credit rating). Your credit score is ranked anywhere from 0 to 1200 – with 0 being the worst, and 1200 being excellent. This score essentially ranks your credit history against other Australians.
How do lenders access your credit history?
The two main reporting agencies that lenders in Australia use for credit reporting services are Veda and Dun Bradstreet (DnB). These agencies collect data from many sources including all types of lenders, telco’s (phone contracts are a form of credit) and debt collection services.
A credit report can only be accessed with your permission through signing a privacy request form with a lender. Alternatively, you can contact a credit reporting agency directly to obtain the report.
What lenders can see about your financial history
- How many applications for credit you have made
- How much credit you have applied for
- Who you applied for finance with
- When you applied for finance
- Information you declared at the time of making a credit application e.g. your employment details, income and where you live
- Any bad credit notes or defaults
- Your credit score
How to make sure your credit history is clean
At Mortgage Corp, we always recommend clients subscribe to a credit file or identity monitoring service such as Veda Access or Identity Watch. This costs around $100 per year but gives you peace of mind that your credit history isn’t reflecting something that it shouldn’t.
On the off-chance you are notified of a change being made without your knowledge, you can promptly take action to fix the mistake rather than being surprised when your mortgage application is rejected!
Also, always be careful of companies offering FREE credit checks or credit scores as you don’t know who you are giving your personal information to. We would generally recommend dealing only with Veda and DnB to access your credit file.
It’s also important not to take a ‘scattergun’ approach when applying for loans as this can impact your chances of success. For example, don’t go to three banks within three weeks and hope someone gives you a loan – all of your applications will be visible to each bank!
A good mortgage broker will do the hard work first and single out the most suitable option before applying for finance, to maximise your chances of approval based on the correct info you provide at your appointment.
Does having a bad credit rating mean you can’t get finance?
Answer: not all of the time!
We deal with lenders who specialise in this area, and whilst the rates and fees might be a little higher, this may be the best option for you.
There are a number of companies out there which offer services to clean up a bad credit file – BE VERY WARY OF THEM! These companies will often charge excessive fees and not guarantee any results. In many cases, it’s more worthwhile speaking to a good broker/lawyer first.
Your Credit file is essentially a snapshot of you and your position financially, therefore, protect it and get good advice from a reputable mortgage broker when applying for finance, this will save you any hassles and make the process smooth.
An experienced mortgage broker like Mortgage Corp can help guide you towards the next steps of either cleaning up your credit history or finding a suitable lender for your circumstances. But more importantly, they can help strategically structure your loan for long term investment success.
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Emotional Im Sorry Characters
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Globalization
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How baugruppen are pioneering the self-made city
By Kristien Ring, University of Western Australia
This is the second piece in our series, Reinventing density, co-published with Future West (Australian Urbanism).
Profit-driven developments shape the housing markets of most major cities today. However, new models exist that offer greater choice and lower costs, foster cohesive neighbourhoods and enable adaptable, customised living solutions.
These alternatives have been diverse and of a high architectural standard. They also allow self-determination: they are initiated by the people who will dwell in them.
Baugruppe – German for “building group” – stands for a long tradition of self-initiated, community-oriented living and the shared responsibility of building. The concept has taken off in Berlin. There is no “typical model” – every project differs in its financing, social make-up, the wishes and desires of the group, and the project’s resulting architectural and urban qualities.
The most significant and innovative built examples, particularly in Berlin, have been initiated by architects for a specific group of clients who were all looking to live in the buildings.
On the surface, these are practical solutions, where single-family homes are stacked and combined to optimise the use of an urban site.
On closer inspection, it is clear that close collaboration between architects and clients has resulted in projects packed with special features and spaces that foster social interaction – such as Ritter Strasse 50 and Spreefeld.
Communal spaces throughout baugruppe Spreefeld include playrooms, office space, terraces and a teenager club. Andrea Kroth, Author provided
Every baugruppe project in Berlin has a shared garden, which is often also open to the public.
Permeable solitary blocks through to the River Spree create public access at Spreefeld. Andrea Kroth, Author provided
Affordable and sustainable
Long-term affordability helps to create stable neighbourhoods. Alternative models for financing and ownership have offered a new level of long-term affordability within a non-profit ideology.
In collective projects, the future users decide what to invest in and where money can be best saved. This redefines the quality-to-price relationship.
One example of this is the co-op association Spreefeld. This project diverges from the traditional owner-occupier baugruppe model: here, a land grant or a leasehold contract guarantees the long-term use of land in return for rent. It also ensures that what is built and established there meets certain criteria and ideals.
Architect Florian Koehl worked closely with owners to design fold-out balconies at Strelitzer Strasse 53. Andrea Kroth, Author provided
Personalised solutions, and spaces that can be adapted to suit changing needs over time, allow people with special needs to find a place in the city. For example, these spaces can allow multi-generation living, barrier-free standards, or an environmentally aware way of life.
The Strelitzer Strasse 53 project, on which architect Florian Koehl worked closely with the owner group, includes fold-out balconies, as city planning regulations prohibited real ones.
This inspired many other baugruppen to try new ideas. Such projects show the architect’s role expanding from that of designer to that of initiator, developer, moderator of engagement processes and project manager.
At Urban Living 01, Abcarius and Burns Architecture Design created an operable facade to get around a ban of balconies. Andrea Kroth, Author provided
Balconies become backyards at 3xGruen, by Atelier Pk, RoedigSchop and Rozynski-Sturm Architects. Stefan Mueller, Author provided
Co-operating to create better lives
It is time that our cities are determined by the people who live in them. High-quality solutions that improve the surrounding communities should become standard. This requires the architectural profession, as well as policymakers, to value such solutions.
Often, the largest challenge for groups is buying a site. Specifically, they must organise the loan quickly enough to beat other investors to the table. Governments could allow payment on a site to be deferred until the groups are fully formed and have planning approval.
By designating public land for development, the social, cultural and urban planning goals of the city can be realised through private initiatives and long-term self-administration.
Goals such as social mix, mixed use, environmental standards or non-profit constraints can all be regulated within land allocation policies. England, Finland and many other countries are re-establishing policy to facilitate baugruppe building.
Baugruppen can help cities meet the challenge of providing an adequate supply of suitable, affordable housing in a sustainable way. By transforming themselves from consumers into pioneers, the people who make up the collectives have succeeded in developing affordable projects that allow a high quality of life and add value to the community.
The Conversation is co-publishing articles with Future West (Australian Urbanism), produced by the University of Western Australia’s Faculty of Architecture, Landscape and Visual Arts. These articles look towards the future of urbanism, taking Perth and Western Australia as its reference point. You can read other articles here.
Kristien Ring, Assistant Professor, University of South Florida, and 2016 Visiting Fellow, Institute of Advanced Studies, University of Western Australia
This article was originally published on The Conversation. Read the original article.
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Hi there lovers of property, I’ve got some very exciting news.
As an Intelligence Analyst and highly experienced Independent Buyers Agent that has purchased over $15 million worth of property for clients in the past 12 months, I regularly get calls from investors asking us to keep an eye out and call them when we see a great deal.
With this in mind, I have been trying to come up with a cost effective way of sharing my extensive analytical skills along with my passion for property, without having to charge the price of a “FULL” Buyers Agent service.
Well, HERE IT IS! The good news is that after 15 years of perfecting my property searching techniques, I have designed a new product that enables me to share my knowledge and skills at a fraction of the cost of a one on one service.
I am extremely excited to announce the unveiling of:
AAA Properties Membership Subscription
AAA properties is an exclusive membership designed for busy investors that are looking for the expertise of a local Independent Buyers Agent to identify great investment properties.
This exclusive membership delivers the best quality properties to your inbox. No need to go anywhere! Just sit back and we will do all the work for you!
How does it work?
Essential Property Advice (EPA) continually conducts a full research and analysis of the market through proven techniques to keep abreast of the latest hotspots.
Desktop Analysis and due diligence checks are then conducted on current properties identified in the hotspot areas. The shortlisted properties are then physically inspected before they are rated and only the AAA rated properties are put forward as recommendations.
All you are required to do is sit back and relax, whilst our team of specialist local Independent Buyers Agents analyse the market to find great investment properties for you.
Rest assured we are not affiliated with any sellers. We do not accept secret commissions, spotter’s fees, or any form of monetary assistance from vendors (including developers) or selling agents.
Our staff are committed to giving impartial, independent and accurate advice to all of our clients to help them secure their dream investment property with absolute confidence. We only recommend the best properties that are rated “AAA properties” after passing rigorous analysis and inspections.
Don’t hesitate to contact me today to find out more about this exciting new product. You can either phone Leanne on 0437 570 977 or email leanne@essentialpropertyadvice.com.au. The best news of all is if you sign up before the end of December, you get one extra month free.
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By Mala Raghavan, University of Tasmania
States like Tasmania have benefited from the end of the mining boom says Christopher Kent, speaking for the last time as the RBA Chief Economist. Lower interest rates have boosted the housing markets, and a lower Australian dollar has made agriculture and services more competitive in these states.
But the news isn’t all rosy. Deloitte Access Economics projects Tasmania experiencing low-but-stable growth, buffeted by demographic trends. The state is also struggling with workforce participation, employment growth, labour productivity and educational attainment.
All of this will need to be addressed for Tasmania to realise the full benefit of the end of the mining supercycle.
Tasmania suffered during the mining boom
From early 2000 onwards, the Australian economy split in two. While the resource-rich west and north of Australia did very well during the mining investment boom, it was not really an exciting time for Tasmania. Tasmanian economist Saul Eslake noted:
Not only did Tasmania not benefit from the mining boom, but it was actually hurt by it
The boom drove inflation, interest and real exchange rates to very high levels. This was not favourable nor profitable for an economy that is highly reliant on competitive industries such as tourism, agriculture, manufacturing, forestry and building.
Tasmania was severely affected as exports make up around 19% of its Gross State Product (GSP). A higher Australian dollar made Tasmanian exports more expensive for others to buy. Higher interest rates made it more costly and harder to invest.
This also manifested within Australia, as Tasmania must compete with other states in the domestic market, even with the ACT whose exports only make up about 4.6% of its GSP.
During this era, Tasmania posted an average 0.3% and 0.27% annual average decline in GSP and employment growth respectively.
Some sectors are booming now
Though NSW and Victoria are leading the way, Tasmania is doing well since investment in the mining industry peaked a few years ago.
Lower interest rates and fuel prices are breathing new life into the Tasmanian economy. Tasmania is leading the nation in both retail spending growth and housing finance growth. The latter, growing around 10.3% year on year, is a leading indicator for real estate activity and housing construction.
Tasmania’s exports are also doing particularly well and tourism is a major driver of the growth in services exports. Tasmania recently topped the tourism growth league table, with international visitor numbers growing 19% year on year, boosted mainly by Chinese visitors. It looks like China is now impacting the Australian economy through tourism as well as mining.
The Tourism Investment Monitor 2016 report shows a 47% increase in Tasmania’s tourism investment last year, while the nation as a whole grew just 12%. In Tasmania, an unsurprising 66% of tourism investment was allocated for arts, recreation and business investment.
The way forward
But despite this growth in tourism and retail, Tasmania is still falling short in economic growth when compared to other states. It is at or near the bottom of national ranks on a number of different metrics – workforce participation, employment growth, labour productivity and educational attainment.
Further, as Deloitte highlighted, Tasmania is facing a demographic problem. The state government does have a target to grow the population to 600,000, but birth rates are low and immigration isn’t picking up the slack. Tasmania’s population is growing slowly.
Tasmania’s low population growth, coupled with its high ageing population, could significantly affect the labour force participation rate. The working age population as a percentage of total population is declining over time. There will soon be fewer workers and consumers, leading to lower investment and demand for retail and consumer goods and services. The ageing population will also raise the costs of health care and pensions, further affecting the state budget.
Australia’s near term growth prospects, if focused on securing stronger growth in non-mining sectors, is definitely welcome news for Tasmania. Tasmania should take advantage of the Asia-Pacific region’s increasingly dynamic environment to boost its production and innovative capacity.
But for Tasmania to have a credible continuing growth path it needs to have a realistic assessment of its own growth prospect. Tasmania needs to focus on long-term growth drivers such as population, participation and productivity. The declining labour participation rate needs to be supported through enhanced labour productivity or population growth. If not, it could lead to more anaemic growth.
Mala Raghavan, Lecturer of Economics, University of Tasmania
This article was originally published on The Conversation. Read the original article.
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New rules to shake up financial advice industry
Legislation has been introduced into Parliament to mandate professional standards for financial advisers.
The Corporations Amendment (Professional Standards of Financial Advisers) Bill 2016 includes:
- Compulsory education requirements for both new and existing financial advisers
- Supervision requirements for new advisers
- A code of ethics for the industry
- An exam that will represent a common benchmark across the industry
- An ongoing professional development component.
Currently, guidance from the Australian Securities and Investments Commission sets out the minimum knowledge, skills and education standards for financial advisers.
Both the Financial System Inquiry and the Parliamentary Joint Committee raised concerns with the current standards, and questioned whether they were appropriate to ensure advisers were professionally competent.
“The current requirements have allowed some financial advisers to become qualified to provide financial advice to retail consumers after only four days of training,” Minister for Revenue and Financial Services Kelly O’Dwyer says.
“There is also no specific requirement currently for advisers to undertake continuous professional development.
“The government’s reforms will significantly increase the education, training and ethical standards of financial advisers, who will need to be qualified to a standard equivalent to a degree.”
The new professional standards regime will commence on January 1, 2019. From this date, new advisers entering the industry will be required to hold a relevant degree.
Existing financial advisers will have access to transitional arrangements, allowing them two years, until January 1, 2021, to pass the exam, and five years, until January 1, 2024, to meet the education requirements. The transition period recognises that existing advisers may need to complete the education requirements on a part-time basis, while continuing to service their existing clients.
The government is set to establish an independent standards body, as a Commonwealth company, to administer the regime. From the date of establishment until the regime commences, the body will be responsible for developing and setting the industry exam, developing the code of ethics, and setting the education requirements, including working with education providers to establish appropriate courses. The body will develop the exam, the code and the standards in accordance with international best practice and will consult broadly with stakeholders throughout the process. It will be funded by the industry.
“These reforms will deliver significant benefits to consumers by building trust and confidence in the financial advice industry, by ensuring that people have access to financial advisers who will put their interests first, and who are professionally competent and ethical,” O’Dwyer says.
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