Retirement living for the over 55s

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
Cash Surplus (pa) $1,776
 
Sell your home $500,000
Cost of Lakelands home $200,000
Stamp duty $0
Settlement costs $0
Total cost $200,000
Money left over $300,000
Cost of weekly outgoings (pa) $7,619
 
Less Govt Rent Assistance (pa)* $3,395
Interest received on cash in bank (2% of $300,000) $6,000
 
Buying a small home or unit in the suburbs
Cash Shortfall (pa) ($4,360)
 
Sell your home $500,000
Cost of new home $450,000
Stamp duty $14,000
Settlement costs $4,000
Total cost $468,000
Money left over $32,000
 
 
Cost of rates, taxes, body corporate etc (pa) $5,000
Interest received on cash in bank (2% of $32,000) $640
 

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 more.