Templestowe Orchards Retirement Living, East Doncaster, Melbourne

Ingoing Loan

All serviced Apartments 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 Apartment 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 Apartment 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 Apartment. In the case of a short-term occupancy, i.e. not exceeding nine months, the deferred management fee is a pro rata amount of the DMF at nine months.

For a period of occupancy exceeding nine months but not exceeding two years, the DMF is twenty percent (20%) of the new re-letting loan amount. For a period of occupancy exceeding two years, the DMF is calculated at a rate of twenty percent (20%) for the first two years plus six and one half percent pro rata (6.5%) for each additional year of occupancy (or pro rata thereof), but subject to a cumulative maximum of sixty five percent (65%). The percentage so calculated is applied to the new re-letting loan amount.

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

Service Fee

There is a monthly service fee equal to eighty five percent (85%) of the full Social Security Aged Pension.

Currently the service fees are:

The service fee is applied towards payment of all municipal, water and sewerage rates, electricity, gas, insurance on buildings and $15,000 cover for resident’s contents, provision of all meals, weekly cleaning and laundry services and various costs and expenses associated with the personal care and support of the resident. An extra service fee will be charged should the resident require additional care.

Service fees, loan amounts and availability of serviced Apartments are subject to confirmation at the time of purchase and may change without notice. In special circumstances other loan arrangements may be negotiated with Management.