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‘First’creek homes near CONSTRUCTION of homes in Armstrong Creek’s first residential estate will begin before the end of the year, according to Warralily’s general manager. Mark Whinfield said the development would release titles for its first four stages in September and October after “positive progress” since the start of civil works early this year. The works underway covered internal roads, drains, sewers, water, electricity and broadband services, he said. “Within a fortnight we aim to start work on a signalised intersection on the corner of Barwon Heads Road and Warralily Boulevard and install underground drainage where Barwon Heads Road crosses Armstrong Creek.” Mr Whinfield said “restoration and rejuvenation” of Armstrong Creek was also underway to create an environmental centrepiece in Warralily. “We have already begun work to form the shape and base levels for the creek, including retention basins
Non-bank lenders ‘lose more ground’
and wetlands to treat stormwater prior to it flowing downstream to Lake Connewarre and the important Ramsar wetlands,” he said. “The shaping of the waterway will also provide for a wide range of edge conditions, water depths, shapes and forms to meet the needs of aquatic, fauna and plant life.” Mr Whinfield said workers had collected a range of indigenous tree, shrub, grass and aquatic seeds from the site to help recreate a “healthy and diverse ecosystem”. “A whopping 187,500 native seedlings are currently being propagated in anticipation for the first plantings to be completed by the end of winter in readiness for spring.” Mr Whinfield said the aim of the civil and environmental works was to lay “the foundations for a healthy, attractive and sustainable community”. “From the very outset in our planning for Warralily our priority has been to create a community for our residents that is both future-friendly Cable guy: Leopold’s Jesse Lothian lays a cable at Warralily. and environmentally sound.
AUSTRALIA’S non-bank lending sector has continued losing ground to Australia’s banks, according to latest figures from Australian Bureau of Statistics. The bureau reported last week that the banks accounted for 90.2 per cent of housing loan transactions in February compared to 1.9 per cent for the non-bank sector, its worst share since joining the mortgage market in 1995. The non-bank sector had a 13.6 per cent share in 2007 immediately before the start of the global financial crisis. The ABS figures showed the big four banks held 80 per cent of the market. Credit unions and building societies had a market share in February of 7.9 per cent, down marginally on the past last few months. Mortgage and Finance Association of Australia’s Phil Naylor said the future of nonbank lenders looked bleak despite Federal Government intervention in the mortgage market. “These figures support our contention that the upcoming elimination of exit fees will not increase competition,” Mr Naylor said. “Most of the major banks have already dropped their exit fees ahead of government regulation and this has clearly resulted in a churning of loans among the major banks but to the detriment of non-bank lenders. “On the basis of this trend, non-bank lenders will disappear when exit fees are totally banned in July. How can it be good for consumers when the most competitive lenders are forced out of the market?” Mr Naylor said the MFAA had unsuccessfully sought an exemption from the ban for nonbank lenders.
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5222 1488 The Independent, Friday April 15, 2011
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