Coronavirus to drive the lowest interest rates in Australian history

first_img Video Player is loading.Play VideoPlayNext playlist itemMuteCurrent Time 0:00/Duration 2:04Loaded: 0%Stream Type LIVESeek to live, currently playing liveLIVERemaining Time -2:04 Playback Rate1xChaptersChaptersDescriptionsdescriptions off, selectedCaptionscaptions settings, opens captions settings dialogcaptions off, selectedQuality Levels720p720pHD540p540p360p360p270p270pAutoA, selectedAudio Tracken (Main), selectedFullscreenThis is a modal window.Beginning of dialog window. Escape will cancel and close the window.TextColorWhiteBlackRedGreenBlueYellowMagentaCyanTransparencyOpaqueSemi-TransparentBackgroundColorBlackWhiteRedGreenBlueYellowMagentaCyanTransparencyOpaqueSemi-TransparentTransparentWindowColorBlackWhiteRedGreenBlueYellowMagentaCyanTransparencyTransparentSemi-TransparentOpaqueFont Size50%75%100%125%150%175%200%300%400%Text Edge StyleNoneRaisedDepressedUniformDropshadowFont FamilyProportional Sans-SerifMonospace Sans-SerifProportional SerifMonospace SerifCasualScriptSmall CapsReset restore all settings to the default valuesDoneClose Modal DialogEnd of dialog window.This is a modal window. This modal can be closed by pressing the Escape key or activating the close button.Close Modal DialogThis is a modal window. This modal can be closed by pressing the Escape key or activating the close button.PlayMuteCurrent Time 0:00/Duration 0:00Loaded: 0%Stream Type LIVESeek to live, currently playing liveLIVERemaining Time -0:00 Playback Rate1xFullscreenCameron Kusher Covid-19 update02:05More from newsParks and wildlife the new lust-haves post coronavirus9 hours agoNoosa’s best beachfront penthouse is about to hit the market9 hours ago Mr Howen said the lowest interest rate right now as 2.09 per cent from ING fixed, with the major banks also sitting low with Commonwealth Bank at 2.19 per cent fixed. But he said that could drop down below 2 per cent even as soon as a month.“Will we see 1 per cent? It could happen but that will be banks and other lenders getting super competitive,” he said.“RBA has ruled out any further interest rate cuts … They’ve pumped majors and non banks with funding. If major banks are at 2.09 or 2.19 per cent now, there’s a chance that once that (funding) flows through to non bank lenders, we might see a 1 and we could potentially see that in a month or so.”“If you see a major bank with a 2.19 you go okay something’s up if they can offer such low rates, which is crazy.”Mr Howen said now that people were at home they had the time to go through their finances. FOLLOW SOPHIE FOSTER ON TWITTER Mr Howen said first home buyers and families refinancing current mortgages were driving the surge.“Our traffic has gone up five times,” he told The Courier-Mail. “We’re an online mortgage broker and lender, always 100 per cent online, and now that you can’t physically see people, we’re seeing a lot more people come through.”“This happened after the GFC as well, the stock market crashed, people took money out and people had self managed super funds. The same thing is kind of happening now. It’s early days but we’re getting that sense of people feel safer with property … It’s going to take a while to play out, I think six to 12 months.” Online brokers are seeing a rise in interest from people wanting to refinance and first home buyers.Homebuyers are lining up fresh new mortgages as the country prepares for what’s expected to be record low interest rates the likes of which Australia never dreamt it would see.Online lenders were already experiencing a massive spike in enquiries, with founder of Hero Broker Clint Howen, who runs Hero Home Loans online, seeing enquiries surge to five times their usual traffic.center_img MORE: Auctions wiped as vendors find new ways to sell Developers cautious but not deterred by COVID-19 threatlast_img read more

Space@Sea to prove multi-use potential of floating islands

first_imgThe Space@Sea project has officially started with the aim of developing a standardized and cost-efficient modular island capable of producing and storing energy from offshore renewable sources, among its other multi-use applications.Space@Sea consists of seventeen European partners, including companies, research institutes and universities, united under Horizon 2020-funded project to develop a modular concept for multi-use platforms with low ecological impact.The three-year project that officially started on November 1, 2017, will study the most suitable shape of the floaters to minimize the motions at sea.The total worth of the project is around €7.6 million, out of which Horizon 2020 is providing approximately €6.8 million to support its development.As a starting point, triangles that allow modular design will be used to maximize the flexibility of adding and removing deck space and applications if necessary.Offshore specialists will contribute to design a shared mooring solution in combination with a remote monitoring and sensing system to reduce installation and maintenance costs, according to the project consortium.Maarten Flikkema, Project Coordinator at Maritime Research Institute Netherlands (MARIN), said: “The three-year project can be regarded as a success if the modular design of the multi-use platform has successfully been validated in a relevant environment at model scale.”To remind, the concept for floating mega island, comprising 87 large triangle-shaped floaters, was tested at MARIN earlier this year.During Space@Sea project, four applications for the island will be studied including farming, transport and logistics hub, energy hub and living.To show the potential of multi-use modular floating islands, Space@Sea will conclude with the evaluation of three business cases with combinations of applications for various locations throughout Europe, the project consortium said.last_img read more

USC Racing team showcases racecar at LA Auto Show

first_imgFrom Nov. 22 to Dec. 1, the USC Racing Team, a student organization that models and builds a racecar from scratch every year, will showcase a car they built this year at the Los Angeles Auto Show.Pedal to the metal · Members of the USC Racing Team built a racecar, which is currently featured at the Los Angeles Auto Show from Nov. 22 to Dec. 1 in downtown Los Angeles. – Photo courtesy of USC Viterbi School of Engineering Follow us on Twitter @dailytrojan The team is mainly comprised of engineering majors from the Vitberi School of Engineering. The project is an opportunity for students to apply what they’ve learned in the classroom in real life. The group is one of 80 that compete in the Formula Society of Automotive Engineers car competition in Lincoln, Neb. every summer.Though the Formula SAE is a small competition between teams from other universities, team members said presenting their car at the L.A. Auto Show is a great chance to get the word out about the group.“It shows people who aren’t familiar with the competition what cool and exciting things students at USC are working on,” said Sean Summers, a representative for the USC Racing Team. “It gives the team a large sense of pride knowing that their hard work is being viewed and appreciated by thousands of people, and that we have the chance to represent the school.”Summers said it takes around 11 to 12 months for the team to finish the car, which they build in their “shop” in Parking Structure A. The team is never truly finished with the car, however, as they are constantly trying to improve its design and functionality. The team designs an entirely new car every year, with each successive car focusing on fixing and improving the shortcomings of the last one, as well as pushing the team’s technological and modeling boundaries.Though no prizes are given at the L.A. Auto Show, the event symbolizes the culmination of a lot of hard work for the team.“The L.A. Auto Show really boosts morale for the team, and shows everyone that our team is bigger than just a campus club,” Summers said. “We are important in the real world. This is experience and work that the auto industry appreciates and respects.”The team said they often feel a special bond with their car because they spend many hours designing and building the model. They also name each car. This year, they’ve chosen the moniker “Kimi.”The team members said they encountered many problems along the way in the building process, but that overcoming those made them a stronger and more unified team.“As a member for three years, I have learned a great deal that will prepare me for working in nearly any facet of engineering,” said Jason Zide, the team’s project manager. “Displaying our car at the L.A. Auto Show is a great way to demonstrate the abilities of the school, making the team and the school proud.”The team members agreed that seeing the end product is the best, most rewarding part of being on the team.“The best part is seeing the fruits of your labor,” Summers said. “It’s an invaluable, real life application of engineering that class doesn’t always provide. Seeing something you made from scratch actually work, and then compete, is a special feeling.”last_img read more