Using shared equity frees up capital that would otherwise be tied up in your home.
Looking to Downsize? An innovative finance solution could save you up to $100,000 on your new home.
The main reason homes are more affordable in lifestyle villages rather than traditional retirement villages is that ownership of the land and home are separate.
Although you own your home, you rent rather than buy the land. Also, there is no stamp duty, expensive legal fees or ongoing Council Rates to pay and pensioners are eligible for government funded rent assistance.
However, if you are still concerned about having sufficient funds to enjoy a comfortable retirement and to tick off some of the things on your 'bucket list' you can take advantage of a unique shared equity facility which is available for new homes purchased at both Bayway Village in Fern Bay and Banksia Grove Village in Williamtown.
Rather than paying the full price on settlement, you can pay from 65% of the purchase price in return for the same percentage ownership.
Using shared equity frees up capital that would otherwise be tied up in your home, allowing you to spend it or invest it as you choose.
Although ownership of the home is shared between you and the village, naturally you have exclusive use of the home and the right to sell your home when you wish.
Shared equity is a fantastic option for anyone wanting to secure a new home and lifestyle for a fraction of the cost and without having to break the bank.
"It has put more money in our pockets, selling our family home and buying here," Bayway Village residents Karen and Paul Jansson said.
"We thought about buying another property but buying a home within Bayway freed up so much extra cash which has enabled us to travel and really enjoy our retirement.
"Plus, there are all these other benefits that come from living within a lifestyle community - new friendships, fantastic facilities and a busy calendar of activities and events. The list goes on. We couldn't be happier."
Sue and Alan Dee agree: "We came here to live our life and we are enjoying our lifestyle here very much."
For more information visit www.hampshirevillages.com.au or phone 02 4295 1492.