FREE UP YOUR MONEY
Retirees who are asset rich but cash poor can now have their cake and eat it too by taking advantage of the “land lease” model.
Land lease means you buy a new home but don’t own the land, so there are no entry or exit fees, no stamp duty, rates or body corporate fees, just a small fortnightly land lease fee, and the home owners get to keep 100 per cent of the capital gain when they sell.
Orianna Lifestyle Resort at Sandstone Point in Bribie Island is one of the retirement communities offering land lease, which is well established in southern states.
General manager Brett Robinson said the Orianna model was an exciting solution for many retirees around Australia, who were asset rich and cash poor and needed to free up money to live on after selling the family home.
“It is a very real dilemma that many retirees find themselves in,” he said. “They need to retain some cash from the sale of the family home but they don’t want to downsize on their quality of life or standard of living. Orianna’s land lease model is the solution. It is a highquality contemporary home, with high-quality amenities without the high-cost outlays.”
The first lifestyle resort is under construction at Sandstone Point, with 122 homes. Community amenities include a recreation centre, bowling greens, a pool and communal boat to enjoy Bribie Passage.
Orianna Lifestyle Resorts have two and three-bedroom homes for people over 50 with prices from $375,000 to $475,000.
New home designs have recently been released featuring double lock-up garages.
“We understand clients may be downsizing from their four-bedroom family home on 800sq m, but not from life,” Mr Robinson said.
“They still have hobbies, a second car or even a motorbike and want the option of a double garage. We are really trying to embrace the small-town feel of a peaceful, coastal community while still providing the amenities and convenience of city living.”
Orianna Lifestyle Resort at Sandstone Point in Bribie Island incorporates amenities including a recreation centre, bowling greens and a communal boat.