Construction has begun on Manjimup's long-awaited Cherry Glades estate that will deliver affordable seniors housing in the South-West region including a unique co-ownership scheme for eligible seniors.
Housing Minister Peter Tinley said the co-ownership scheme will offer an alternative opportunity for eligible Manjimup seniors to achieve home ownership.
“The innovative, new co-ownership scheme that we are exploring is a first for WA and will mean significantly lower upfront costs and reduced financial stress for eligible seniors,” he said.
The scheme is a fixed shared-equity product that will allow eligible, low income seniors to purchase a minimum 65 per cent equity share of the home. The Department of Communities will retain the remaining equity share as a silent partner.
The scheme is accessible to people over the age of 65 with incomes under $49,900 per annum and with less than $332,000 in total net assets for singles or $412,000 for couples. It is targeted to those seniors with a superannuation lump sum payment or equity in a current home who do not require a loan to purchase the minimum 65 per cent share in the new home.
The Cherry Glades co-ownership scheme will apply to two dwellings, released in both stages 1 and 2. If successful, the scheme may be replicated in other developments across the State.
Pindan began constructing Stage1A of Cherry Glades in May 2019 which includes six 3-bedroom, 2-bathroom homes, and three 2-bedroom, 2-bathroom homes. Completion is scheduled for late 2019.
When it’s complete, Cherry Glades will be a safe and lively over-55s community, providing a range of appropriate housing choices in different sizes and styles that are high-quality, secure and easy to maintain.