Frequently Asked Questions
Q. When will we find out the actual prices for each apartment?
We determine the market value of each apartment once we have completed the final design and using this, we are able to determine the Barnett price. This usually happens a few months prior to commencing the construction process. The Coburg project prices will be available the first week of May 2022.
Q. Who do you recommend for mortgages?
We cannot recommend a bank to you. This is a decision for you to make based on what is in your best interests. As you visit various banks and have some choices, we may be able to give you a contact name in the bank that understands the Barnett model.
Q. What are the Owners Corporation fees?
This is determined by the size, and thereby the market value, of each apartment so there is not one set fee. The amount will be disclosed in the Contract of Sale. However, as a guide, we expect an annual fee of approx. $2,500 per two-bed apartment; $3,250 per three-bed apartment and $3,750 for the 4-bedroom apartments.
Q. How much will the council rates be?
Rates are set by the Moreland Council and can be estimated by using the following equation:
Rates = Value of your property x Residential rate in the dollar (0.0024283)
For example: If your property has a market value of $750,000
Your rates for the year = $750,000 x 0.0024283 = $1,821
Q. What if I want to rent out the apartment?
The contract of sale will stipulate that the title holder can only rent the apartment for a cumulative time of 2 years before they will need to start repaying back the Barnett Advance. Our funding structure requires a buy to live set-up.
Q. How many car parks per apartment & is the bike parking allocated to apartments or just shared?
There is 1 car spot allocated for each apartment as well as a storage cage measuring over 5 square metres in area and over 2.5 m high. The bike parking is shared, allowing flexibility for the resident’s changing circumstances.
Q. Is it possible to add other people onto the title?
At a minimum, the names on the social housing lease must be on the title for the apartment. Other names, including children can be added, especially if they are contributing to the mortgage repayments. (However, this is not essential).
Q. Can I change the fittings, finishes & appliances?
No, unfortunately, these are set. Once you have moved in you are able to change any of these things.
Q. Do you have a recommended Legal Practitioner or Conveyancer?
Sorry, we are unable to recommend a Legal Practitioner or Conveyancer as this may cause a conflict of interest.
Q. Can I get the deposit back if circumstances change?
Contracts of Sale are binding legal documents; however all deposits are refunded in full (plus interest) if The Barnett Foundation does not fulfill the contract by delivering the property.
Q. What if there are more eligible purchasers than apartments available?
Applications are assessed on a first come, first served basis. When all available apartments are sold, the Barnett Foundation places applicants on a wait list. If/when a premises becomes available individuals on the waiting list are notified, giving them an opportunity to consider applying for an apartment.
Q. How long will the process take?
Construction will take approximately 18 months to complete. The Coburg development is scheduled to commence in August 2022.
Q. What is the process to participate in this project?
For more information on the purchaser process, please visit Register Your Interest