What are the risks?
Being part of a this model of development is considered more risky than your standard off the plans purchase. That is because your deposit will be used in the development rather than being held in a trust. All of our households are collectively absorbing the risks that a developer would typically face. We believe we can offset these risks by only building townhouses for the amount of committed households, and holding a register of interested parties if interest exceeds the amount of townhouses that we could build on a particular site and allowing significant contingencies (which if unspent are returned to households). All households will also have to meet pre approved lending criteria and robust sensitivity analysis. We strongly recommend independent legal advice before proceeding.
What if I become a member and then change my mind?
Members will pay $5,000 to secure their townhouse once they have sorted independent legal and financial advice. The remainder of their deposit requirements will be required once you completed the sale and purchase process. If for whatever reasons your circumstances change before settlement we will simply find a new household to take over your spot. They will pay their deposit requirements and you will have your deposit refunded. Upon completion townhouses can only be sold within the first three years with written approval from the formed body corporate.
Do I have to be able to contribute skills to the project?
No. While we encourage any people who can offer skills and services to this project to let us know so we can support their industries we do not require members to have to be able to contribute to the project. We don’t expect anyone to work for free but are hoping for achieve some good “mates rates” along the way. We welcome all demographics who are passionate about this type of development who like the prospect of urban village living.