Templestowe Orchards Retirement Living, East Doncaster, Melbourne

Ingoing Loan

All independent living Units at Templestowe Orchards are occupied under a loan / lease agreement, where the resident pays a loan to the Company (Templestowe Baptist Church Community Centre) in exchange for the right to occupy an independent living Unit and use the Village facilities for the term of the lease.

The current loan amounts are:

An application fee of $2,500 is payable to secure the Unit prior to signing the lease. The balance of the deposit, to 10%, and the residue of the loan is payable on settlement or as negotiated.

Repayment of Loan upon settlement

The loan, less a deferred management fee (DMF), is repaid within fourteen days following re-letting of the independent living Unit. In the case of a short-term occupancy, i.e. not exceeding twelve months, the DMF is a pro rata amount of the DMF at 12 months.

For a period of occupancy exceeding twelve months, the DMF is six percent pro rata per annum (6% p.a.) of the new re-letting loan amount (excluding the garage), but subject to a cumulative maximum of thirty percent (30%).

At the termination of the lease there are some additional re letting charges such as marketing costs and refurbishing the Unit for sale.

Service Fee

There is a monthly service fee that is reviewed annually.

Currently the service fees are:

The service fee is applied towards payment of all municipal, water and sewerage rates, public liability and building insurance and $15,000 cover for resident’s contents, internal and external Unit maintenance and repairs, and various costs and expenses associated with the administration, running and maintenance of the common areas and facilities of the Village.

The quoted service fees, loan amounts and availability of independent living Units are subject to confirmation at the time of negotiation and may change without notice. In special circumstances other loan arrangements may be negotiated with Management.