What is a Loan Lease?

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.

Who are the developers and builders of the Village?

The Developer and builders are Heatherlea Properties Pty Ltd, with over 20 year experience in the Retirement Village and building industry.

Is GST or Stamp Duty included in the price?

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.

How secure is my ingoing contribution?

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.

What expenses are payable in addition to the lease price on entry to the Village?

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.

Can the units be rented?

No. For the protection of all residents, the units cannot be further rented out by a resident.

Can the units be left vacant for long periods?

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).

Can I end my lease at any time?

Yes. You may decide if and when you wish to end your lease and vacate the unit; as with accordance with the Residents agreement.

What maintenance will I be responsible for?

A resident is responsible for all internal maintenance of their unit and also rear garden area.

Are pets allowed?

Yes certain pets are allowed. Consent from management is required, and an agreement must be signed by the resident.

Can colour schemes be chosen?

Yes. if you are leasing off the plan, there may be an opportunity to choose floor coverings, benchtops and kitchen cupboards from a selected range. All other colour schemes are fixed and cannot be altered.

Can floor plans be altered?

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.

What expenses other than the monthly service fee are payable?

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.

Will there be a security system?

There will be a security system throughout the common areas of the Village and a 24hr emergency call system within each unit.

What health services will be available?

There will be visiting practitioners scheduled at the Clubhouse / Community Centre; subject to availability and demand.

Are there any restrictions on visitors staying (ie. long term)?

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.

What is the timing of settlement on the unit?

If you are selling your own home you will be able to arrange settlement to comfortably tie in with the completion of your unit.

Will subject to sale contracts be accepted?

Yes. Conditions may apply.

Will a deposit be taken, and if so how much? Are these deposits refundable?

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.

How Do I Secure A Unit?

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.