Banks in todays market will generally not finance a vertical village, according to the panel of Richard gates (ANZ), John McNamara (Bendigo & Adelaide) and John Perry (Argyle Residents Group). They agreed that a staged development of a up to 20 ILUs with 50% pre sales, an experienced operator, experienced sales and marketing team and approaching 50% equity would be the starting line for consideration. As a result vertical villages will remain the domain for Not for Profits, that have the cash or the land bank or both.
ATO plans to charge GST on manufactured home parks scrapped
A concerted effort by the Residents Association of manufactured home parks has headed off the ATO which had planned to impose GST in mobile homes. This would have added 10% to the cost of the purchase of a home