Discover affordable retirement living
Banksia Grove Village is an affordable retirement living solution for the over 50s. One of the reasons why houses are so affordable is that the ownership of the land and home is separate. Although you will own your home, you do not own the land.
When you purchase your home you will enter into a residential site agreement which gives you exclusive right to occupy the land and to enjoy the villages’ facilities and services. Under this agreement your tenure is protected by the Residential (land lease) Communities 2013 Act and Regulation.
There are many financial advantages of living in a land lease community –
✓ Affordable homes
✓ Government funded rent assistance is available to eligible pensioners
✓ No stamp duty
✓ No council rates or taxes
✓ No strata maintenance or sinking fund fees
Shared Equity Facility
Want to save tens of thousands of dollars upfront?
Rather than paying the full purchase price of a house on settlement, our shared equity facility allows you to pay 65% to 99.99% in return for an identical percentage ownership of the home. For example, if you choose to pay 85% of the total purchase price then you own 85% of the home. The shared equity agreement provides you with exclusive use of the home and subject to conditions recognises your right to sell your interest in the home.
Shared equity enables you to secure your new home and the lifestyle you have been dreaming of sooner rather than later and without having to break the bank. Freed up capital, that would otherwise be tied up in your home, can then be spent or invested as you choose!
Shared Equity is only available on the purchase of new homes.