Our Frequently Asked Questions is a great place
to start when deciding to live at Aspen LV Plus Ballina |
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What is Aspen LV Plus Ballina?
(LV is the Roman Numeral for 55)
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| Aspen LV Plus Ballina is legally defined as a retirement village under the NSW Retirement Villages Act 1999 (“the Act”). As such, all residents of Aspen LV Plus Ballina have their rights protected under the provisions of the Act and all rights and obligations of the operator and the residents are set out in the legal agreement signed as part of the entry process. |
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Who is the operator of Aspen LV Plus Ballina?
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Aspen LV Plus Ballina is owned and operated by Aspen Communities Management Pty Ltd, a wholly owned subsidiary of Aspen Group Ltd, an S & P ASX300-listed property investment and funds management group. For more information about Aspen Group and Aspen Communities please visit our website: www.aspengroup.com.au
Aspen Communities was launched as a new division of Aspen Group in 2007 with the aim to create a visionary, inclusive and innovative range of accommodation developments across Australia for people aged 55 plus.
In the short time that Aspen Communities has been established, a number of properties have been or are in the process of being acquired throughout Australia for the development of outstanding communities for people aged 55 plus.
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How much will I pay for my new home at Aspen LV Plus Ballina?
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| Full details about the prices of the new homes and associated costs for moving into Aspen LV Plus Ballina are available by contacting our Sales office on 02 6686 6660 of Freecall:1800 335 666. However, the total amount you pay for moving to Aspen LV Plus Ballina depends very much on the style of home you choose |
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| Who manages Aspen LV Plus Ballina? |
Aspen Communities employs appropriately qualified and skilled on-site staff to maintain and manage the day-to-day operations of the Aspen LV Plus Ballina community.
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| How do I secure a property in Aspen LV Plus Ballina and what do I have to pay? |
If you have an interest in becoming a resident at Aspen LV Plus Ballina, firstly we recommend you talk to our site-based sales consultant.
If you wish to proceed with an exclusive right to secure a home in Aspen LV Plus Ballina, you will be required to sign an ‘Expression of Interest’ form and pay a $1,000 holding deposit which will hold the property of your choice for a period of up to ninety (90) days. If you haven't sold your house within the 90 day period, an extension of time for you to sell your home may be granted.
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| What form of title will I have to my home in Aspen LV Plus Ballina? |
| The title for homes in Aspen LV Plus Ballina will be held under a 99-year lease. |
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| What other deposits are required when I have decided to proceed after my original $1,000 holding deposit? |
Upon deciding to proceed, lease contracts for a home at Aspen LV Plus Ballina will be issued to your nominated solicitor. Upon confirmation that you have accepted an unconditional offer to sell your existing property, a further $4,000 deposit will be required to secure the right to proceed with the lease of your new home at Aspen LV Plus Ballina.
Should you be relying on the settlement of a property to meet the full deposit requirements, an option is to purchase “Deposit Bonds” at around $200 each over a period of time - once you have an unconditional contract for the sale of your home. Further information about Deposit Bonds is available by speaking with our Sales Coordinator.
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| Are the deposits I pay refundable if my circumstances change or if I change my mind? |
| Yes, as set out in the Act, your deposit is fully refundable should you decide not to proceed. |
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| When will final payment be required? |
Final payment is required upon settlement, or if purchasing off-the-plan, when your home is completed and ready for you to occupy.
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| What other costs will I incur in acquiring a home in Aspen LV Plus Ballina? |
| You will be required to pay any fees relating to the registration and execution of the lease relating to the title over the land as well as fifty percent (50%) of any costs and disbursements incurred by the operator for preparation, stamping and registration of the various contracts. |
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| Are there any recurrent charges? |
| Yes, recurrent charges of $92.86 per week (inc. GST) are charged for each home at Aspen LV Plus Ballina and are payable fortnightly in advance by Direct Debit facility – arranged at settlement. |
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| What costs are covered by the recurrent charges? |
- Building and other appropriate insurances
- External building, roads and grounds maintenance
- Ongoing maintenance of internal fixtures and fittings supplied by Aspen LV Plus Ballina
- Care call system monitoring
- Common area lighting and power charges
- Fees for watering to common areas
- Operation and use of communal facilities
- All administration and site management services
- Garbage collection and disposal
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| What other recurrent costs relating to my home will I incur? |
| Ballina Council will levy quarterly charges that apply to each home
including a sewer access charge, a water access charge and water
consumptions charges. These charges are set by Ballina Council and may
vary from year to year. |
| Residents will also have to pay for their own electricity, telephone,
pay-television charges (including installation charges) and personal
contents insurance. |
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When I depart from Aspen LV Plus Ballina, what share of any capital gain or loss on resale of my home do I get?
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| Under the current lease structure, the resident is entitled to one
hundred percent (100%) of capital gains and losses on resale of their
home in Aspen LV Plus Ballina, less any agreed fees and charges. |
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Are there any departure fees when I leave Aspen LV Plus Ballina?
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Yes, under the lease a Lease Departure Fee (LDF) will be charged when
you leave Aspen LV Plus Ballina which forms part of the Lease
Termination Payment. The Lease Termination Payment is explained below.
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How is the lease departure fee calculated?
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For the purposes of the
Lease, the LDF is an amount calculated as follows:
6% per year or part thereof for years 1 to 3
4% per year or part thereof for years 4 to 6
No increase during years 7, 8, 9 and 10
1% per year or part thereof for years 11 to 15
For a maximum of 15 years up to a maximum of 35% of
the new ingoing contribution.
Residents must also contribute to a Reinstatement
Fund currently 0.5% per annum (or part thereof) of the new ingoing
contribution. |
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What amount do I get back when I leave Aspen LV Plus Ballina?
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The amount returned to a resident when they leave Aspen LV Plus Ballina is calculated as:
The full repayment of their original loan amount, plus or minus the Lease Termination Payment.
The Lease Termination Payment is the capital gain on the new ingoing contribution minus the LDF (or, if should there be a capital loss, the capital loss plus the LDF).
If the new ingoing contribution value exceeds your original ingoing price the Lease Termination Payment is calculated as the capital gain on new ingoing contribution of the home, less the LDF. If the capital gain exceeds the departure fee the excess amount is payable by the operator to the resident. If the capital gain is less than the departure fee the shortfall is payable by the resident to the operator.
If the resale price is less than your original entry price (i.e. a capital loss) the lease termination payment is calculated as the capital loss plus the LDF and this amount is payable by the resident to the operator.
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Can I set the selling price of my home in Aspen LV Plus Ballina?
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| Yes, upon consultation with Aspen Communities Management Pty Ltd, residents are able to determine the selling price of their home. |
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| Are there any Resident Rules? |
Yes, Residential Rules are applicable at Aspen LV Plus Ballina however, the Rules are not designed to be restrictive but to enhance resident lifestyle.
A copy of the Rules will be issued to residents at the time of being offered a home and form part of the contractual agreement that is entered into by residents prior to occupation of their home.
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| Can I have visitors stay with me? |
Family and guests are welcome at Aspen LV Plus Ballina at any time.
In the interests of resident security you are asked to notify us of any family or guests staying in your home. If your family or guests stay or intend to stay with you for a period in excess of one month you must obtain the consent of management and otherwise comply with the terms of your lease agreement.
In order to protect the interests of all residents, the Rules apply to your family and guests and you are responsible for ensuring they behave properly and comply with the Rules at all times when they are in Aspen LV Plus Ballina.
For the security, comfort and convenience of other residents your family and guests are permitted to use the community and recreational facilities only when they are in your company.
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| What happens if my needs change and I can no longer live independently in my home? |
Currently, Aspen Communities is working with an approved provider of residential care services for the delivery of such service at Aspen LV Plus Ballina.
Plans for a 120-bed residential aged care facility are currently before Council for consideration and further announcements on this project are anticipated to be made in 2009.
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| What services are available to self-care residents of Aspen LV Plus Ballina? |
The following services are currently available to all independent living residents at Aspen LV Plus Ballina:
an emergency call alarm system that is monitored 24 hours per day, seven days per week
maintenance of lawns and private gardens including lawns around your home (you are encouraged to maintain your own gardens if you are able to)
external maintenance of homes and community buildings
cleaning and maintenance of the existing Community Centre
maintenance of roads, sewer and water systems and other infrastructure
maintenance of appliances installed to your home when you entered (for example ovens, cook tops, garage door openers, water heaters and air-conditioners)
garbage collection and disposal
pest inspections
community management and administration
Free, secure parking for residents' caravans and boats is also available.
Assistance can also be provided with internal home maintenance and to arrange home cleaning, laundry and other support services for residents. These additional services will be available on a user-pays basis and enquiries should be directed to management at Aspen LV Plus Ballina.
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| What if I need to sell my existing home to buy into Aspen LV Plus Ballina? |
| Aspen LV Plus Ballina is happy to discuss your particular circumstances with you and provide flexible settlement arrangements to suit your individual needs. Alternatively, you might like to consider placing a deposit on a home in one of the future stages of Aspen LV Plus Ballina which can be arranged by discussing this option with our Sales Coordinator. |
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| Am I allowed to have a pet? |
| Yes, Aspen LV Plus Ballina does allow the keeping of one small dog or cat, small birds and fish in your home subject to the Rules. |
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| What security features are included in homes at Aspen LV Plus Ballina? |
Security screen doors are fitted to every external door. The front door of each home is fitted with a triple-locking, stainless steel mesh security door
Window locks are fitted to all opening windows
Sensor lights are fitted to the front porch of every home
Homes are designed to provide visibility from adjoining properties
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| Am I responsible for the connection of electricity, gas, water and telephone? |
Yes, it is the resident's responsibility to have the electricity, gas and telephone connected prior to occupation as are all the charges incurred for connection and use. It is also the resident's responsibility to have these services disconnected when vacating your home.
Telephone, water, sewerage and electricity are all connected underground. |
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| Can I have my own garden? |
Every home in Aspen LV Plus Ballina has a private rear garden area. You are welcome to establish your own garden in this area however, you are responsible for maintaining this area. For the safety and convenience of residents there are some limitations on the size and type of plants you can use. Vegetable gardens are also permitted in your rear garden area.
If you are unable to maintain your private garden area, the manager can arrange for this to be done on your behalf on a fee for service arrangement.
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| Is there a bus service available? |
| A regular bus service operates from North Creek Road opposite the current entry and it is expected that charter buses will be arranged for community outings. Additional bus services will be evaluated once further development of Aspen LV Plus Ballina gets underway. |
