Finances

We anticipate purchasing a property in the Central Coast hinterland for about $1.5 million. Hopefully, this will include some improvements which may used as community facilities, but most of the accommodation will have to be built.

Shares will cover the purchase costs of the property and material costs of building "minimal" homes for members. As well as shares, fees will be levied to cover maintenance and miscellaneous costs, such as rates.

Shareholding is expected to total $50,000 per person ($100,000 a couple) with an initial buy-in price of $20,000 each. The balance will be paid over 15 to 25 years, ie at about $2000 a year. Current projections are available on request.

It is anticipated sourcing appropriate finance may be a major undertaking because the co-operative does not represent a conventional nuclear family mortgage finance arrangement, nor does it fit within normal business loan provisions.