This retirement village is ideally located in Bentleigh for people over 60 who are able to maintain an independant lifestyle.
They enter an "Occupation Agreement" with us which is prepared according to the requirements of The Retirement Villages Act which is designed to protect the interests of the residents.
This agreement requires the resident to provide an interest free loan equal to the current valuation of the property (as at March 2010 $370,000) in return for sole possession of the Unit for as long as they are able to maintain their independant lifestyle.
This money is invested in secured fixed interest investments and the loan is protected by these investments and a covenant on the entire freehold property which prevents us from borrowing against the property which must remain unencumbered.
The loan is repaid when occupation ceases and a new resident takes occupation. There are no exit fees payable - the only adjustment is 20% of the change in value of the property from ingoing to outgoing is added to or subtracted from the original loan amount. i.e. a benefit if property rises or a limited loss if the property falls in value.
As the property title does not change there is NO stamp duty payable.
Whilst in occupation the resident pays quarterly amounts to us (currently at the rate of $62.00 per week - or $54.00 if elegible for pension rebates) to cover all the running costs of the unit such as council and water rates,property ins., gardening, and all maintenance costs from light bulbs to internal and external painting, replacement of carpets,fixed appliances, etc.
Each unit has a large lounge/dining area, kitchen,laundry, bathroom, two large bedrooms w b/i robes in both and its own lock up garage. They have reverse cycle a/cond., fire sprinklers, smoke detectores and security doors.
This is really worry free living at its best.
Residents only have to pay their own gas, electricity phone and contents insurance.
Ring 9557 2226 for inspection.
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22-24 Gellibrand St, Kew, VIC, 3101
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