How does it work?
I need some more details
The process can be a little hard to grasp, and we are more than happy to help you understand. The project is a Joint Venture (JV) development. A Joint Venturer (JVer) is an individual, couple or family purchasing a share of the development. This is called an ‘interest’ and is expressed as a percentage of the overall development. The joint venturers supply approximately one third of the capital required for the project, the balance is borrowed. The project is managed by a professional development manager, Property Collectives Australia who are engaged by the joint venture.
At the completion of the project, all joint venturers must purchase their interest from the joint venture and it is terminated. They already have significant equity in the project through their capital contributions and the balance is borrowed via a bank mortgage or paid from savings. You then own your unit and your share of the common land and buildings.
This page by Property Collectives Australia has an overview of the process and benefits of building as a group like this.
We currently have 6 dwellings available and because intergenerational living is important to us, we are especially keen to find younger people and people with young families.
How do I become a community member?
Attend an Info Session. Currently there isn’t one booked, but when there is it will appear here.
If you are interested, submit an Expression of Interest (EOI).
This will go to Tim Riley at Property Collectives, our development manager. He will send you an application form to become a member. He will also send a financial assessment so we can advise you if you are financially able to participate in the project.
Complete a Financial Assessment.
This is sent to you in our response email when you fill out the ‘expression of interest’ survey.
Become a Member
Members are able to participate in our Zoom calls and see most of our information without making the commitment to join the project. The cost of membership is $1570 which is fully refunded if you do not join as a joint venturer.
Meet current Joint Venturers and explore suitability between yourself and the project.
Apply to become a JVer.
When you are ready to apply to join the Joint Venture, we will schedule a chat with some community members for a final assessment of your application.
Become a JVer.
This is the point where the legal papers are signed and your first equity instalment will happen. The amount of the first payment depends on your selected unit type and the time that you join (to bring your payment up to the level of the other JVers for your unit type).
Project Development as a JVer
From here on in you will work alongside the other JVers to refine and finalise designs, development and eventually watch your homes being built. During this process more equity instalments will happen depending on where we are in the development timeline. Details of this will be made clear with you during the process of joining.
Your Home is Built
Once the build is complete you purchase your home from the joint venture by paying your share of the project cost less the equity you have already contributed. Often this final payment is via a bank mortgage. You now own your own home and individual title, as well as your share of the community land and shared facilities.
You can now move in. The journey of development is over, but the journey of cohousing is only just beginning.
You can proceed through these steps at your own pace and we are happy to support you throughout to better understand the project and the community. We are recruiting for the balance of new community members now.
What is the difference between being a member and a JVer?
Membership is a step towards Joint Venture status. Membership involves filling out an application form and is subject to group acceptance. A membership costs $1570 per household and it gives you access to current information on design and layout, access to our community Discord forum, and you will be able to participate in Joint Venture meetings and contribute your ideas and aspirations. If your application does not result in your joining us as a Joint Venturer, or if you choose not to proceed, this payment is fully refunded to you.
Being a member does not guarantee you a dwelling. What it does is give both yourself and the current Joint Venturers the opportunity to get to know each other. For you to see if cohousing, and this particular community, is the right fit for you.
Becoming a Joint Venturer (JVer) is the legal commitment to the project. It involves a legal commitment to purchase your home. JVers have a vote on all project related decisions. We try to make all decisions where possible based on no JVer disagreeing. Signing on to a joint venture property development is a big step, and we strongly recommend that you seek independent financial and legal advice before doing so.