Frequently Asked Questions
So you have some questions?
We thought you might it’s only natural. Well we have put together some of our most commonly asked questions for you below.
1. Why consider living at Lake Mulwala Lifestyle Village?
Everyone has their own unique reasons for choosing a home in a retirement/lifestyle village. Some choose it for the opportunity to be free of the burden of maintenance and lawn mowing, others see the value in the companionship and friendship that comes through activities and belonging to a community. Most people agree that it is the sense of security of being amongst likeminded people, and family will tell you that it’s the peace of mind knowing support is only a call away.
Whatever the reason, and there may be many, it has to be your decision based on the value you see in choosing such a lifestyle, particularly when the real estate market is booming in capital cities, so you could sell your family home there, buy a new villa at an extremely affordable price – allowing you to have more money for your golden years.
2. What age do I have to be?
Lake Mulwala has been designed specifically to cater for the lifestyle needs of those over 55’s who are independent and wish to remain so.
3. When is the right time to make a move into a retirement village?
Again the answer to this is totally your decision. You will know when the time is right, but what we can categorically say is that the majority of residents already living in such estates will tell you “don’t leave it too late”. We often hear the comment “I should have done this 10 years ago”.
4. Can I have family and friends stay?
Of course! This is your home. Friends and family are very welcome to stay with you in your villa for an agreed time and may use the communal facilities while in your company. Consideration of other residents and their ability to enjoy the amenity of the village is important to remember when guests are present.
5. Can my family, including grandchildren join me to use the community facilities?
Absolutely! The Village welcomes your family and friends including children as guests. You should consider this as an extension of your home. For the safety and comfort of all residents, you should accompany them at all times while using village facilities.
6. How do you buy a villa?
The purchase of your villa is done by way of entering into a Loan – Lease agreement with the owner. In simple terms, this means that you provide the owner with a ‘loan’ amount (the purchase price) and in return the owner provides you with a ‘lease’ to occupy your home for up to 99 years. This saves you having to pay stamp duty.
Prior to deciding on the villa of your choice you will be provided with the following information
- A brochure on Lake Mulwala Village providing details such as site plans, villa designs and features of the village.
- A copy of the Fair Trading booklet which will provide you with information on retirement living in general.
- A General Enquiry Document containing information such as the size and location of the Village, level of service and facilities available, and monthly recurrent charges.
Once you have chosen your new villa there are certain steps in the sales process that are followed:
- All that you need is the payment of a fully refundable $1,000.00 holding deposit. (in case you change your mind!)
- The Sales Consultant will complete a Receipt reserving the villa for you and arrange for the Loan Lease Agreement to be prepared.
- Upon receiving this document you are required to wait 14 Days before signing during which you are encouraged to seek independent legal advice and discuss your decision with your family.
- In the situation where you need to sell your existing home to fund the purchase at Lake Mulwala, we would also require you to demonstrate that you have at a minimum begun the process of placing your house on the market.
- The balance of the purchase price is required only at the time of your settlement when you move into your unit.
- Of course our sales consultant will take you through this process step by step and be on hand to answer any questions you may have
7. How long do I have to settle and move into my new home?
- We understand that most purchasers will need to sell their current home and as such we allow 14 days from the initial deposit to list their home for sale. You are required to advise our sales consultant of listing details to show proof that you are a genuine buyer.
- We then provide you with a reasonable period to sell your home but would appreciate that you keep us informed of any progress and activity.
- On an unconditional sale of your home there is usually a 60 or 90 day settlement period. Once you know the exact date we will use this as the settlement date for your move in to Lake Mulwala.
- In the event that your home does not sell, please talk to the sales consultant to discuss your situation and we can plan the next steps to see if we can further assist.
8. How am I protected with a Loan/Lease?
Your name will go onto the Master Title as a Registered Interest Holder, as per the requirements of the “Retirement Villages Act 1999 No 81”
9. What does my service fee cover?
After paying your ingoing contribution (purchase price) the current service/maintenance fee is $451 per month up until 30th June 2020. The fee includes:
- Council rates
- Water rates
- Water usage charges for villas and community facilities
- Lawn mowing and gardening of the communal garden areas
- Building insurance on villas, communal facilities and public liability insurance
- Administration and Operational costs of the community centre (Gas, electricity, cleaning etc.)
- Maintenance of all capital items within the villa (including appliances)
- Maintenance and external painting of your villa
- Waste disposal
- Capital works provision fund
- All external common property lighting
- The costs associated with employing staff i.e. the manager
- 24 hour emergency call service – remotely monitored
Fees are reviewed and normally adjusted in accordance with C.P.I. on an annual basis.
10. What arrangements are made with my villa when I leave? Can I pass it on to a family member?
Your lease is non-transferable. Your agreement requires your villa to be sold unless your partner is also named as a resident in the agreement.
11. What about Stamp Duty?
Under a loan – lease agreement no stamp duty is payable when you enter the village.
12. Is there a Long Term Maintenance Fund to protect the value of the entire village?
Yes! A portion of the monthly maintenance fee is set aside in a separate fund to provide for future maintenance of capital items.
13. Can I garden around my villa?
Rear and front garden beds are the responsibility of the villa owner. Maintenance of lawn and gardens of common property areas are the responsibility of the Village. However, if you are a keen gardener please speak to the Village Manager if you would like to assist in the care of the common area gardens as we have an active garden club which you may wish to join.
14. Are pets allowed?
Small pets are usually welcome with the prior approval of village management. A copy of our pet policy and application form is available on request. Please check the rules with the sales consultant or village manager prior to signing your contract.
15. What happens when I go on holidays?
Enjoy! A huge advantage of retirement village living is the ability to come and go as you please knowing that your home is in a secure community and your front lawn is being looked after. All you need to do is notify Management of departure and arrival dates in the case of a village emergency.
16. What happens when I finally vacate the villa and wish to sell?
You have a choice to engage the Village Operator, at no cost, or a Licensed Real Estate agent (at your cost) to ‘sell’ your property.
Real Estate agents will set their own fees and any sales commission or marketing costs are your responsibility
Once your villa is sold and a settlement date is confirmed we will advise you or your estate the final payment amount.
17. Can I feel secure living in the Village?
Yes – your villa has a 24 hour emergency call system, 2 x smoke detectors, and the Fire Brigade changes the batteries for you annually. Each villa has direct internal access from the garage.
18. Where can my visitors park?
The village has a number of car parking spaces allocated for visiting friends, family and relatives. Your guests however, are also welcome to park in your personal driveway during the time they are visiting or outside along the surrounding streets.
19. Can I get Pay TV and Internet?
Yes you can arrange to have these installed with prior approval by village management. You simply advise the village manager of your arrangements prior to any installation. Your villa is ready for internet connection.
20. What role does the Manager play?
The Manager is available as a contact point for residents and visitors and to ensure the ongoing maintenance of the grounds and property. The Manager is responsible for the daily running of the Village and general administration. The Village Manager is available daily to run the day-to-day administration of the village, as well as the hiring and supervision of any village employee or contractors. If you have any queries, concerns or feedback about the village, the Village Manager should be your first port of call.
If I have any more questions?
Please make a list of these to ask our Sales Consultant. We also recommend that you seek legal advice prior to signing any contractual agreement. We advise you to discuss this with your family and friends when you are considering reserving your villa.