A Loan Lease gives a retirement village resident the right to occupy the property for as long as they wish up to 99 years. This gives the occupier the full rights and protection as detailed in the Retirement Villages Act.
Because the development is a Loan Lease the initial contribution is not a purchase price, but a loan to the owner. Therefore, there is no requirement for GST or Stamp Duty to be paid. This represents a significant saving for residents looking to lease a unit.
Under the Retirement Villages Act, a first ranking charge (similar to a mortgage) fixes on the land in favour of all residents who have paid a contribution of more than $10,000.00.
There are no other expenses initially payable by a new resident, other than the cost of any legal or financial advice; of which we recommend you do seek.
No. For the protection of all residents, the units cannot be further rented out by a resident.
Yes. Your unit can be left vacant for long periods, with the knowledge that it will be secure and maintained during that period (as long as you tell the management and service fees payable are paid).
Yes. You may decide if and when you wish to end your lease and vacate the unit; as with accordance with the Residents agreement.
A resident is responsible for all internal maintenance of their unit and also rear garden area.
Yes certain pets are allowed. Consent from management is required, and an agreement must be signed by the resident.
No. To keep the price of units at an affordable level no alterations are permitted, 1 bedroom and 2 bedroom plans are offered which provide practical layouts.
The resident is required to pay their individual unit usage of power and telephone and have their own contents insurance and pay council & water rates.
There will be a security system throughout the common areas of the Village.
There will be visiting practitioners scheduled at the Clubhouse / Community Centre; subject to availability and demand.
Yes. For the protection of all the residents, visitors may only stay for a maximum 6 weeks within any 12 month period without first obtaining the consent of the management. Some special arrangements could apply after management consent is obtained.
If you are selling your own home you will be able to arrange settlement to comfortably tie in with the completion of your unit.
Yes. Conditions may apply.
When you decide which unit you would like to lease a deposit of $1000 will be taken. And like other unit sales contracts, the deposit will be refunded if a condition on the contract has not been met.
When you have decided which unit you would like to lease you will be required to fill in an Application-Form and pay a deposit of $1000. If you proceed you will then have to sign all relevant documents. The balance of your ingoing contribution is then payable on settlement before you move into the unit.
Please Note: This information is general in nature and can vary from stage to stage and between different villa designs. Please check with the Village Manager or Sales Consultant for specific detail at the village of your choice.