Financial Comparison
Believe it or not, many over fifty- fives, after selling their homes and buying a home in Lakelands Leisure Village, are finding themselves with a substantial tax free cash reserve.
Here is an example of the benefits:
| Buying a Lakelands Leisure Village Home | Buying a small home or unit in the suburbs | |||
| Sell your home | $450,000 |
Sell your home | $450,000 |
|
| Cost of Lakelands home | $225,000 |
Cost of new home | $365,000 |
|
| Stamp duty | $0 |
Stamp duty | $13,252 |
|
| Settlement costs | $0 |
Settlement costs | $2,100 |
|
| Total cost | $225,000 |
Total cost | $380,352 |
|
| Money left over | $225,000 |
Money left over | $69,658 |
|
| Cost of weekly outgoings (pa) | $6378 |
|||
| Less Govt Rent Assistance (pa)* | $2,854 |
Cost of rates, taxes, body corporate fees etc (pa) | $4,250 |
|
| Interest received on cash in bank (4.5% of $225,000) |
$10,125 |
Interest received on cash in bank (4.5% of $69,658) |
$2,786 |
|
| Cash Surplus (pa) | $6,601 |
Cash Shortfall (pa) | $1,464 |
|
This is an example only and has not been prepared with the objectives, financial situation or particular needs of any person in mind. You should seek independent financial advice and carefully read any documents presented prior to any investment in Lakelands Leisure Village.
*This figure is based on Government Rent Assistance to a single person. The amount for a couple would be $1644