Frequently Asked Questions - Palm Lake Resort Forster Lakes

Frequently Asked Questions THE BEST IN OVER-50s LIVING. THIS IS YOUR TIME.

Frequently asked questions Why consider moving into a designer lifestyle community?

The reasons people consider moving into a designer lifestyle community are as varied as the homeowners themselves. The lifestyle benefits include access to many impressive world-class facilities, a thorough weekly activities calendar, being surrounded by like-minded neighbours and a secure yet private way of life.

your creative passion or favourite sporting pursuit. Palm Lake Resort Forster Lakes also offers a wealth of activities to reinvigorate your mind, body and spirit. Whether it’s a competitive game of bowls or a gripping game of chess, the array of activities is as endless as your imagination. For more refined relaxation, recline by the pool or salt room.

Can I choose colours and make alterations to my home?

Palm Lake Resort Forster Lakes homeowners enjoy a carefree lifestyle, where they can travel with complete peace of mind knowing their home is nestled in a community that takes just as much pride in their surroundings as you do yourself. An emergency alert button and professional Caretakers offer further peace of mind whilst the gated community provides physical security without compromising your 24/7 ease of access.

Yes, you are welcome to choose the internal colours of your home, before the slab is poured. We appreciate that you may wish to personalise our already impressive floor plans. Whether it is something simple like an additional power point or taking advantage of one of our luxury upgrade options, your Sales Consultant can assist with your enquiries and determine whether your preferred alterations or additions are possible.

What facilities are provided at Palm Lake Resort Forster Lakes?

Is my home a stand-alone?

The hero of Palm Lake Resort Forster Lakes is undoubtedly the world-class Belleair Country Club, which delivers an unprecedented level of luxury. Creating a community hub within the resort, this Country Club includes a tenpin bowling alley, indoor and outdoor swimming pools, private cinema, library, Milon Gymnasium, grand lounge area with dance floor, billiards room, arts and crafts centre, music room and a coffee lounge. With a world-class eight-rink covered lawn bowls green, dedicated sports club, virtual golf simulator, tennis and pickleball precinct and a residents’ workshop, there is no better place to indulge

At Palm Lake Resort Forster Lake, we pride ourselves on a superb site layout with wide streetscapes allowing homeowners to take advantage of our private stand-alone single-storey homes.

Who is responsible for the maintenance of my home?

Homeowners are responsible for maintaining their own front and rear gardens on their individual home site, however, maintenance of the common areas remains the responsibility of Palm Lake Resort Forster Lakes.

Is there a storage facility for my van?

What if I need additional care?

Securing leisure vehicles when you’re not enjoying a getaway is easy at Palm Lake Resort Forster Lakes.

We offer storage areas and options for your caravan, motorhome or boat (upon application and agreement with Palm Lake Resort).

Palm Lake Care’s aged caring communities are the solution for your loved ones needing additional care. Palm Lake Resort Forster Lakes is proposing to have its own Palm Lake Care community in 2023, which is nearing approval.

On-site: • Uncovered Caravan/RV storage • 2 prep bays with power and water • Covered wash bay, raised gantry and high-powered pressure cleaner Speak to your Sales Consultant about the best option for your specificr ecreational vehicle.

Can I have a pet?

Yes! At Palm Lake Resort Forster Lakes we understand that four-legged friends are a much loved part of your family.

With fully enclosed rear gardens, having your pet with you at home is effortless. Please note: Pets must be approved by our Caretakers and homeowners must comply with the Palm Lake Resort Pet Policy.

Can my friends and family stay overnight?

Yes. At Palm Lake Resort Forster Lakes, your home is your home. We want you to enjoy the benefits of living in such beautiful surroundings and this includes the freedom to have your family and friends visit. Family and friends are also welcome to use resort facilities, provided you accompany them and they adhere to the same resort rules you do.

Keeping families and friends together, 24-hour residential care is provided by a range of clinical and care professionals. These include visiting doctors, dentists, audiologists and allied health specialists such as occupational therapists, physiotherapists and speech pathologists. Palm Lake Care also offers residents access to round-the-clock registered nurses, enrolled nurses and personal carers. Our chefs, cooks and food service teams, housekeeping and maintenance crews make important contributions to the care environment - one we can all be proud of. Palm Lake Care’s Lifestyle team members uncover residents’ interests and encourage interaction, social engagement, friendships and fun. For information on respite, residential and palliative care, call Palm Lake Care’s Care Solutions Team on 1800 246 677 or visit palmlakecare.com.au.

Cost considerations How much does a new home cost?

At Palm Lake Resort Forster Lakes, the cost of your home will vary, depending on the floor plan, location and features of your preferred home design. With alluring living spaces complemented by innovative inclusions, the hardest decision will be which design to call home. Our superb list of inclusions serves to adorn your home with the very best of interior design elements while our luxury packages allow you to individualise your home to your style.

Am I eligible for Rent Assistance?

Homeowners may be entitled to Rent Assistance. Our Rent Assistance Information Memorandum will provide you with guidance on whether Rent Assistance may be available to you. Every individual circumstance is different and it is your responsibility to make enquiries to determine whether you are eligible for Rent Assistance.

What other costs are associated with moving into Palm Lake Resort Forster Lakes?

Palm Lake Resort Forster Lakes aims to provide the ultimate over-50s lifestyle destination affordably. At Palm Lake Resort Forster Lakes you do not pay council rates or stamp duty. Under the Site Agreement, homeowners are required to pay a weekly site fee for services that are supplied and made available for resident use. The site fee is adjusted on an annual basis by a flat 3.5%. Palm Lake Resort Forster Lakes provides the infrastructure for electricity, water and telecommunications services and our homeowners only bear the usage cost.

Do I pay an exit fee when I leave Palm Lake Resort Forster Lakes?

No. If you choose to sell your Palm Lake Resort Forster Lakes home there is no exit fee payable and you retain 100% of the capital gain.

Legal considerations Do I own my home?

Yes. At Palm Lake Resort Forster Lakes you retain ownership of your home whilst Palm Lake Resort retains ownership of the land on which your home is located.

What documentation is involved in purchasing at Palm Lake Resort Forster Lakes?

The documentation you are required to enter into when purchasing a home at Palm Lake Resort Forster Lakes is a home sales contract, containing all of the terms and conditions of your purchase. As Palm Lake Resort retains the land on which your home is located, you will be required to enter into a Site Agreement, in addition to the home sales contract detailed above. The Site Agreement is a legal document that provides you with the security of your lifestyle and sets out all the rights and obligations of both the homeowner and Palm Lake Resort. Your Sales Consultant will readily explain each document in detail to you.

Can I sublease or rent out my home?

Although the homes in Palm Lake Resort Forster Lakes are owner-occupied, you can conditionally sublet your home in certain circumstances, as permitted under current legislation.

Do I pay stamp duty on the purchase?

No. As Palm Lake Resort retains ownership of the land and you are purchasing a home only, you do not pay stamp duty on the purchase of your home.

Is my lifestyle protected by legislation at Palm Lake Resort Forster Lakes?

Your lifestyle entitlements and right to live at Palm Lake Resort Forster Lakes is protected by the Residential (Land Lease) Communities Act 2013. Your Site Agreement is governed by this legislation.

What happens if I sell my home?

If you need to sell your home, you have the option to engage the Palm Lake Resort Sales Team as your exclusive agent, appoint an external agent or conduct a private sale.

We recommend that you consult the Sales Team first to discuss listing your home for sale.

Securing your home A simple six-step process Step 1

Step 3

Meet with a member of the Palm Lake Resort Sales Team and enjoy a personalised tour of the resort. Read through the information brochures and, once happy with the lifestyle offer and sale terms, select your preferred home based on what’s right for you in terms of design, size, location and price.

Within 30 days of deciding to proceed with your home purchase, you will be required to pay an additional investment of $5,000 and it will be time to sign the conditional contract.

Step 2

Before construction on your home starts, you will be invited to choose your internal colours and make minor variations to your home if you wish. You can visit your home during construction up to four times by booking an appointment with your Sales Consultant. For your safety, you are required to wear closed in shoes on site.

Register your interest by completing the Expression of Interest form and commit to an initial investment of $1,000 which is fully refundable if your circumstances change.

Your Sales Consultant will provide you with a copy of your home plans, receipt for your deposit and an information brochure with recommendations for selling your home.

It is important that you feel comfortable about the arrangements and we urge you to discuss your decision with family, friends and professional advisors.

Step 4

Step 5 During the build, your Sales Consultant will provide regular updates regarding the completion date of your home.

You will be required to go unconditional 30 days before completion of the home. At this time, you will pay the final deposit of $9,000 and sign the Site Agreement and accompanying documentation.

Step 6 Make the move! The balance of the agreed sale price is payable on settlement, after which you can begin living in your new home and enjoying the lifestyle at Palm Lake Resort Forster Lakes.

Downsizer superannuation contributions The Government has reduced a barrier for older Australians to move from homes that no longer meet their needs, so more homes can be available for younger Australian families. From 1 July 2018, people aged 65 and older can make a non-concessional (posttax) superannuation contribution of up to $300,000 from the proceeds of selling their home.

How long do I have to contribute?

Existing contribution caps and restrictions will not apply to the downsizer contribution.

The maximum you can contribute is $300,000 or the sale price of your home, whichever is less. You may make more than one contribution, but the total must not exceed this maximum. You may contribute less than the maximum. Can my spouse contribute? Yes, you may each make a downsizer contribution, even if your spouse was not on the title of your home. But the combined value of your spouse’s contribution and your own cannot exceed your home’s sale price.

Why do I have to be over 65?

This measure provides an exception to existing contribution rules, which have some restrictions on contributions for people aged over 65. Under 65, individuals can generally already make nonconcessional contributions of $100,000 per year, or $300,000 in a year using the 3-year ‘bring forward’.

Is my home eligible?

The sale of any dwelling in Australia (other than a caravan, houseboat or mobile home) can qualify the seller to make a downsizer contribution, provided the dwelling has been owned for at least 10 years.

You will have 90 days after the sale of your home settles in which to make the contribution. You may be able to seek an extension from the ATO.

How much can I contribute?

Can I downsize more than once?

No. You can only ever make downsizer contributions in respect of a single main residence.

How do I make a downsizer contribution?

How does the 10-year rule work?

You should talk to your fund about how to make a downsizer contribution. If you don’t have a superannuation account, you may open a new account to make your contribution.

You or your spouse must have held the property at all times for the 10 years leading up to the sale.

Does this affect my age pension?

You do not have to have lived in the home for all of the last 10 years, but it must meet the test for a ‘main residence’ exemption under CGT rules. You may need to seek advice about this, but generally, it will be okay if you have moved out of your home for several years before the sale.

Do I actually have to ‘downsize’?

You will be able to make a contribution once you sell an eligible home. You do not have to make any subsequent home purchase, and you can move into any living situation suitable for you.

Downsizer contributions are not exempt from the age pension means test. You should seek financial advice to consider whether this might affect you.

Does this affect my transfer balance cap?

Downsizer contributions are exempt from contribution rules but they still count toward the $1.6 Million transfer balance cap.

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While every endeavour has been made to ensure accuracy of the information contained in this document, Palm Lake Resort Pty Ltd and any subsidiaries provide no warranty, guarantee or representation regarding the accuracy, reliability and completeness of information. Artist impressions are indicative only and subject to change as a result of detailed design and planning. Palm Lake Resort will not be liable (in tort, contract or otherwise) for any loss suffered as a result of you relying on information provided in this document. Information is preliminary and subject to change. No warranties or assurances can be given about the suitability of this document for any specific transaction. You should seek legal advice or other professional advice on the form and contents of this document.

THE BEST IN OVER-50s LIVING. THIS IS YOUR TIME.

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