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One of China's biggest financial institutions is offering zero-deposit home loans for off-the-plan apartments in Melbourne and the Gold Coast.
The banking division of PingAn Insurance was offering the loans to Chinese investors in Shanghai, the Australian Financial Review reported..
"Become an Australian property owner with zero down payment," the marketing advised.
"Join hands with PingAn and realise your overseas property dream," it added. The banking division of Ping An unveiled the zero-deposit product to Chinese investors in Shanghai last week.
PingAn and property marketing group Austpac are offering Chinese investors the zero-down-payment option for apartments in Melbourne's West Brunswick and Hope Island on the Gold Coast.
<a href="https://www.rcorporation.com.au/apartment/the-york-west-brunswick/" target="_blank">The York, a large apartment development in West Brunswick</a> is one of the developments being promoted by PingAn's no-deposit loan offer.
PingAn is also offering the zero-down scheme for investors buying into the Ramada serviced apartments at Hope Island on the Gold Coast.
The lending practices come as the Australian Prudential Regulation Authority and the Reserve Bank of Australia seek to cool the Australian property market with tighten lending practices for local property investors.
Australian regulators are powerless to prevent the lending practices of offshore banks which has been <a href="finding/financing/loans-and-mortgages/43019-chinese-buyers-to-benefit-from-apra-crackdown-on-local-borrowers-john-symond" target="_blank">highlighted in the past by mortgage broking chief John Symond</a>.
Simon Moreira, a sales manager with R Corp, which is developing the The York told the AFR he was unaware buyers were being offered zero-deposit loans. 
It emerged Chinese investors being offered zero-deposit home loans over Australian apartments will be charged credit card interest rates, around an annual interest rate of 14 per cent.
China's benchmark, one-year lending rate sits at 4.35 per cent, after being lowered by 25 basis points last weekend.
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Zero deposit loans offered to Chinese property investors on Melbourne project

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GUEST OBSERVER
Over 90 new strata laws will come into play later this year and of the 90 these are some changes that will most likely make a difference to your everyday.
1. Parking 
Owners corporations will be able to reach agreements with local councils to allow parking officers into their schemes to issue fines to rogue parkers. 
Not only rogue parkers but residents who park over the lines of their parking spaces on to common property or leave their cars in visitor parking (however briefly) could also be ticketed. 
2. Fines
Almost all fines will be paid to the owners corporation, but this won’t be a cash cow for over-zealous committees; they still have to go through the same tribunal process. 
3. Short term rental
Owners corporations can now set limits on the number of people allowed to live in an apartment provided the upper limit is no less than two adults for each bedroom. Failure to abide by this law could result in fines from $11,000 to 22,000.  
4. Smoke 
Simply, an owners corporation can make a strata by-law banning smoking throughout an entire strata building. Orders can also be made against residents who smoke or allow their cigarette or barbeque smoke to drift into other units and landlords can be held liable to their tenants for second hand smoke exposure. 
5. Pets 
The new strata by-laws will not remove a scheme’s ability to make its own rules about pets. However, if the new model by-law is adopted, the request to keep a pet cannot be unreasonably refused. If the owners believe approval was unreasonably withheld, they can apply to the Tribunal. 
6. Renovations
New rules mean hanging pictures; coat hooks and filling cracks can go ahead while “minor alterations” – such as kitchen or bathroom renovations, installing timber or tile floors and replacing wiring or power points no longer need a special resolution by-law. But be aware there are other laws that allow owners corporations to charge owners for any damage caused to common property.  
7. Levies 
Owners corporations will be able to get compensation if a developer promised unrealistic low levies at time of sale. By the time the owners have to pay the actual bills for services, the developer is out of the picture. Now owners can pursue them for compensation through the tribunal (NCAT). 
8. Strata contracts
Strata manager contracts will be limited to one year in the first year of a building’s life and three years thereafter. The one-year initial contract gives strata manager’s ample time to prove themselves to the committee … or otherwise. The subsequent three-year contracts allow owners corps to change strata managers more easily if the relationship isn’t working out.  
9. Votes 
The biggest technological changes in our lives have been in communication. Voting electronically, via Skype calls, by email and even good old-fashioned snail mail will be introduced. 
10. Tenants
Tenants now have a right under the new laws and will be able to attend owners corporation meetings, no matter how many of the lots are tenanted in their scheme. They may vote if they hold a proxy (giving them voting rights on a lot owner’s behalf). 
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Adrian Mueller, is senior lawyer at J.S Mueller &amp; Co and can be contacted <a href="https://muellers.com.au" target="_blank">here</a>. 
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Property 101: Top 10 NSW strata law changes in November 2016

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Buyers agent Frank Valentic, of Advantage Property Consulting, watched the two-bedroom apartment at 4/1A Lansdowne Rd, St Kilda East fetch $661,000 at recent auction.
It last sold at $490,000 in 2009.
He said an apartment in an almost identical position in the block sold last year for about $500,000.
<a href="https://bigginscott.com.au/1867261/" target="_blank">There was a $548,000 sale</a> in December 2013, records show.
<a href="https://www.realestateview.com.au/Real-Estate/4-1a-lansdowne-road-st-kilda-east/Property-Details-sold-residential-9328024" target="_blank">The latest two bedroom sale</a> was one of only six.
It came with secure car parking. 
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St Kilda East price spurt 

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Seven Group boss Ryan Stokes has bought a Gold Coast apartment in the prized Silverpoint block.
He paid $1.2 million for a 14th level apartment in the tightly held late 1980s Girvan-built beachfront complex where Harry Triguboff holds the penthouse.
Comprising two bedrooms, two bathrooms and a spacious kitchen, the 225 sqm apartment has large balconies.
It was sold by LJ Hooker Sorrento agent Tony Trpeski. It first sold in 1989 at $730,000.
Stokes' fiancee, Claire Campbell, hails from Queensland where the family have the shoe emporium, Maryon's.
It was set up more than four decades ago by her mother on the Gold Coast. 
No doubt Ryan and Claire will utilise the apartment for Commonwealth Games entertaining.
The complex has always been popular with Sydneysiders, with current owners including mortgage broker James Symond and retired estate agent David Glasgow.
The 51-unit Main Beach block has two apartments per floor with a tennis court, pool, gym and practice putting green in its grounds. 
No holiday lettings are permitted.
This article was first published in the Saturday Daily Telegraph.
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Ryan Stokes buys into Gold Coast's Silverpoint

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With $15 million plus hopes, Mirvac has begun marketing its 500-square-metre Grand Pavilion penthouse overlooking Melbourne's Fitzroy Gardens at East Melbourne.
Mirvac's The Eastbourne penthouse comes with a 300-square-metre balcony, 50 metres of park frontage with pool and a spa.
"We expect the penthouse will be bought by a Melbourne local, some one from Toorak who is downsizing from their mansion," Mirvac boss Susan Lloyd-Hurwitz said. 
Fairfax Media advised she is one of around 200 buyers who have snapped up $300 million worth of apartments in the off the plan sales in the development. The penthouse will be at the former Dallas Brooks Hall and Freemasons Masonic Lodge site at 280 Albert Street.
One buyer has spent almost $11 million to join three apartments into one 250 sqm apartment. 
The Grand Pavilion penthouse won't be the city's most expensive apartment.
Across the gardens, there was a higher price at Salta's apartment block, and the record is held by the $25 million sale of the 100th floor penthouse in Australia 108 to a Chinese buyer.
Eastbourne has been designed for Mirvac by Bates Smart, the architects behind their other prime block, The Melburnian on St Kilda Road.
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