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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. Flexible financial arrangements are available just come and talk to us.
The current loan amounts are:
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Independent Living Unit with a Garage |
From $265,000 |
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Independent Living Unit without a Garage |
From $260,000 |
A Deposit of $2,500 is payable to secure the Unit for 28 days prior to signing the lease. The balance of the loan is payable on settlement or as negotiated. You can pay $1000 to go on our Waiting List which will be taken off the ingoing fee or refunded if you decide not to pursue in the future.
Repayment of Loan upon settlement
The loan, less a deferred management fee (DMF), is repaid to the exiting resident (or estate) 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.
Maintenance Fee
There is a monthly maintenance fee that is reviewed annually.
Currently this fee is:
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Pensioner |
$365 per calendar month (Price set for 12mths as of 1st July 09) |
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Self-funded retiree |
$394 per calendar month. (Price set for 12mths as of 1st July 09) |
The maintenance 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 maintenance 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. You can pay $1000 to go on our Waiting List which will be taken off the ingoing fee or refunded if you decide not to pursue in the future.
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Services Summary